MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	SURAKHSHA TRANSPORT SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	SF No. 113/2, Seerapalayam Road, Bodypalayam, Coimbatore – 641 105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.10.2000
Com. Reg. No.:	18-009527
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U60231TZ2000PTC009527
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Swap Body.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported as slow but correct. The company can be considered for normal business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Anand Raman
Designation :	Senior Manager
Contact No.:	91-422-2611011
Date :	23.01.2014

LOCATIONS

Registered Office/ Factory :	SF No. 113/2, Seerapalayam Road, Bodypalayam, Coimbatore – 641105, Tamilnadu, India
Tel. No.:	91-422-2611011/ 2611035/ 2611036
Mobile No.:	91-9443761190 (Mr. V. P. Vargheese)
Fax No.:	91-422-2611012
E-Mail :	info@surakhsha.in surakhsha@vsnl.net arvind_srus@yahoo.com pmprabhakar@gmail.com mktg@suraksha.in stsl@suraksha.in
Website :	http://www.surakhsha.in
Area :	60000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 23.08.2013

Name :

Mr. Vargheese V P

Designation :

Managing Director

Address :

Saras 33/1783C Puthiya Road, Vennala, Kochi – 682028, Kerala

Date of Birth/Age :

08.01.1959

Qualification :

Graduate in Engineering

Date of Appointment :

23.10.2003

DIN No. :

00242249

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U60231TZ2000PTC009527	SURAKHSHA TRANSPORT SYSTEMS (INDIA ) PRIVATE LIMITED	Managing director	23/10/2000	23/10/2000	Active	NO
2	U65992KL2000PTC014382	SAN GEO KURIES PRIVATE LIMITED	Director	18/12/2000	18/12/2000	Active	NO

Name :

Mr. Saindran Nair V D

Designation :

Director

Address :

Sharika Kattithara Road, Marodu , Kochi – 682304, Kerala, India

Date of Birth/Age :

07.11.1951

Qualification :

B.A.

Date of Appointment :

06.01.2003

DIN No. :

00242283

Name :

Mr. Santosh Kumar P K

Designation :

Director

Address :

Gowtham Apartments, Sundareswar Layout, Trichy Road, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

23.06.1963

Qualification :

B Com

Date of Appointment :

24.03.2004

DIN No. :

00242371

Name :

Mr. Babu D

Designation :

Director

Address :

3/12, Parsn Sesh Nestle Castle, Nanjundapuram Road, Coimbatore – 641136, Tamilnadu, India

Date of Birth/Age :

23.01.1965

Qualification :

BSC

Date of Appointment :

23.03.2004

DIN No. :

00242414

KEY EXECUTIVES

Name :	Mr. Anand Raman
Designation :	Senior Manager

MAJOR SHAREHOLDERS

AS ON 23.08.2013

Names of Shareholders	No. of Shares
V P Vargheese	50000
D. Babu	50000
P K Santosh Kumar	50000
Saindran Nair	50000
Total	200000

Equity Share Break up (Percentage of Total Equity)

AS ON 23.08.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Swap Body.
Products :	· Chilled Aplications · Frozen Aplications · Dry Cargo · Milk Tanks and Silos · PUF Water Bousers · Bunk House
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· Tamilnad Mercantile Bank Limited, Podanur, Coimbatore – 641 023, Tamilnadu, India

Contact No.: 91-422-2411827

· IndusInd Bank Limited, 3 Village Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans From Banks
Working capital loans from Banks	12.527	27.607
Loan taken for vehicles	3.311	2.548
Rupee term loan from Banks	3.856	3.697
Short Term Borrowings
Bank Overdraft	22.096	8.304
Total	41.790	42.156

Banking Relations :	--
Auditors :
Name :	P. M. Prabhakar Chartered Accountants
Address :	1951 E/5, Gounder Complex, Trichy Road, Ramanathapuram, Coimbatore – 641 045, Tamil Nadu, India

CAPITAL STRUCTURE

AS ON 23.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 100/- each	Rs.20.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	9.800	9.800
(b) Reserves & Surplus	19.589	16.447	14.565
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	29.589	26.247	24.365
(3) Non-Current Liabilities
(a) long-term borrowings	19.694	33.852	30.081
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.599	0.372	0.139
Total Non-current Liabilities (3)	20.293	34.224	30.220
(4) Current Liabilities
(a) Short term borrowings	22.096	8.504	15.133
(b) Trade payables	105.104	54.027	108.793
(c) Other current liabilities	10.241	3.293	11.246
(d) Short-term provisions	1.677	3.641	0.700
Total Current Liabilities (4)	139.118	69.465	135.872
TOTAL	189.000	129.936	190.457
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.957	27.829	26.419
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.293	0.182	0.062
(d) Long-term Loan and Advances	3.290	0.377	0.576
(e) Other Non-current assets	0.599	0.372	0.139
Total Non-Current Assets	36.139	28.760	27.196
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.933	52.691	62.560
(c) Trade receivables	40.671	21.837	79.201
(d) Cash and cash equivalents	6.310	10.731	10.835
(e) Short-term loans and advances	20.947	15.917	10.665
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	152.861	101.176	163.261
TOTAL	189.000	129.936	190.457

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		338.933	301.790	345.201
		Other Income		1.980	1.345	1.422
		TOTAL (A)		340.913	303.135	346.623
Less	EXPENSES
		TOTAL (B)		325.783	288.638	332.910
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			15.130	14.497	13.713
Less	FINANCIAL EXPENSES (D)			5.353	5.141	4.076
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			9.777	9.356	9.637
Less	DEPRECIATION/ AMORTISATION (F)			5.003	4.654	3.487
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			4.774	4.702	6.150
Less	TAX (H)			1.677	2.820	1.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			3.142	1.882	5.150
	IMPORTS
			Raw Materials	3.217	8.124	3.586
	TOTAL IMPORTS			3.217	8.124	3.586
	Earnings Per Share (Rs.)			31.94	19.20	52.55

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.92	0.62	1.49
Net Profit Margin (PBT/Sales)	(%)	1.41	1.55	1.78
Return on Total Assets (PBT/Total Assets}	(%)	2.58	3.64	0.03
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.25
Debt Equity Ratio (Total Debt /Networth)		1.41	1.61	1.86
Current Ratio (Current Asset/Current Liability)		1.10	1.46	6.18

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans from Directors	0.000	0.200
Total	0.000	0.200

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10036998	23/07/2013 *	69,002,000.00	INDUSIND BANK LIMITED	3 VILLAGE ROAD, NUNGAMBAKKAM, CHENNAI – 600 034, TAMIL NADU, INDIA	B82691817

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Office Building

· Electrical Fittings

· Computer

· Furniture and Fittings

· Plant and Machinery

· Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.99
UK Pound	1	Rs.102.67
Euro	1	Rs.83.98

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.