MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	MANIKANDAN AUTOMOBILE PRIVATE LIMITED (w.e.f. 27.11.2013)
Formerly Known As :	MANIKANDAN AUTOMOTIVES PRIVATE LIMITED
Registered Office :	Door No. 39/3842 55/2311, Alappat Road, Ravipuram, Ernakulam – 682016, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.04.1988
Com. Reg. No.:	09-005033
Capital Investment / Paid-up Capital :	Rs. 1.892 Millions
CIN No.: [Company Identification No.]	U50101KL1988PTC005033
TAN No.: [Tax Deduction & Collection Account No.]	CHNM00708B
PAN No.: [Permanent Account No.]	AABCM5972B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Automobile Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 42000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Company has incurred loss from its operation in the year 2013. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to medium 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DECLINED BY

Name :	Mr. Manoj
Designation :	Accounts Manager
Contact No.:	91-9846068886
Date :	20.03.2014

LOCATIONS

Registered Office :	Door No. 39/3842 55/2311, Alappat Road, Ravipuram, Ernakulam – 682016, Kerala, India
Tel. No. :	91-484-2357744/ 3245250
Mobile No. :	91-9846068886
Fax No. :	Not Available
E-Mail :	macauto@vsnl.com manikandanautomobilepvtltd@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sreenivasan Sivakumar

Designation :

Director

Address :

Manikanda Nivas, K.S.N. Menon Road, Ernakulam, Cochin – 682016, Kerala, India

Date of Birth/Age :

11.07.1964

Date of Appointment :

10.05.1988

Voter ID No. :

KL/11/072/381364

DIN No. :

01631799

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U50101KL1988PTC005033	MANIKANDAN AUTOMOBILE PRIVATE LIMITED	Director	10/05/1988	10/05/1988	-	Active	NO
2	U31103KL1997PTC011604	RAJASREE MOTORS PRIVATE LIMITED	Managing director	04/07/1997	04/07/1997	-	Active	NO
3	U50101KL2005PTC018615	MANIKANDAN MOTORS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
4	U51103KL2006PTC019546	MANIKANDAN EQUIPMENTS PRIVATE LIMITED	Director	19/01/2007	19/01/2007	-	Strike off	NO
5	U29307KL2013PTC035222	MANIKANDAN DUNAMIS PRIVATE LIMITED	Director	17/10/2013	17/10/2013	-	Active	NO

Name :

Mr. Sreenivasan Krishnakumar

Designation :

Director

Address :

Manikanda Nivas, K.S.N. Menon Road, Ernakulam, Cochin – 682016, Kerala, India

Date of Birth/Age :

02.06.1969

Date of Appointment :

10.05.1988

Voter ID No. :

KL/11/072/381365

DIN No. :

01643879

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U50101KL1988PTC005033	MANIKANDAN AUTOMOBILE PRIVATE LIMITED	Director	10/05/1988	10/05/1988	-	Active	NO
2	U31103KL1997PTC011604	RAJASREE MOTORS PRIVATE LIMITED	Director	04/07/1997	04/07/1997	-	Active	NO
3	U50101KL2005PTC018615	MANIKANDAN MOTORS PRIVATE LIMITED	Managing director	05/09/2005	05/09/2005	-	Active	NO
4	U51103KL2006PTC019546	MANIKANDAN EQUIPMENTS PRIVATE LIMITED	Managing director	26/06/2006	26/06/2006	-	Strike off	NO
5	U29307KL2013PTC035222	MANIKANDAN DUNAMIS PRIVATE LIMITED	Director	17/10/2013	17/10/2013	-	Active	NO

Name :

Gangu Swamy Rajam

Designation :

Director

Address :

Manikanda Nivas, K.S.N. Menon Road, Ernakulam, Cochin – 682016, Kerala, India

Date of Birth/Age :

04.05.1942

Date of Appointment :

10.05.1988

Voter ID No. :

KL/11/072/381089

DIN No. :

02141269

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U50101KL1988PTC005033	MANIKANDAN AUTOMOBILE PRIVATE LIMITED	Director	10/05/1988	10/05/1988	-	Active	NO
2	U31103KL1997PTC011604	RAJASREE MOTORS PRIVATE LIMITED	Director	04/07/1997	04/07/1997	-	Active	NO
3	U50101KL2005PTC018615	MANIKANDAN MOTORS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
4	U29307KL2013PTC035222	MANIKANDAN DUNAMIS PRIVATE LIMITED	Director	17/10/2013	17/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
G. Rajam	4041	21.36
S. Krishnakumar	7438	39.32
S. Sivakumar	7438	39.32
Total	18917	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Automobile Services.

GENERAL INFORMATION

Suppliers :

· Evershine Agencies

· Madras Auto Service

· Steel Wheels

· The Kerala Automobiles

· Dupont Performance Coating India Private Limited

· Kulathunkal Motors

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· State Bank of Travancore

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Bank – Overdraft (On hypothecation of stock and receivables)	0.515	3.940
Total	0.515	3.940

Banking Relations :	--
Auditors :
Name :	PSDY and Associates Chartered Accountants
Address :	9A, Jawahar Nagar, Kadavanthra, Cochin – 682020, Kerala, India
Income-tax PAN of auditor or auditor's firm :	AAHFP5551G
Associate Concern:	· Rajasree Motors Private Limited · Manikandan Motors Private Limited · Manikandan Automobiles

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,917	Equity Shares	Rs.100/- each	Rs. 1.892 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	1.892	1.892	1.892
(b) Reserves & Surplus	8.603	8.973	8.766
(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)	10.495	10.865	10.658
(3) Non-Current Liabilities
(a) long-term borrowings	3.907	3.903	4.145
(b) Deferred tax liabilities (Net)	0.021	0.020	0.033
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.928	3.923	4.178
(4) Current Liabilities
(a) Short term borrowings	0.515	3.940	4.031
(b) Trade payables	1.555	1.042	0.750
(c) Other current liabilities	0.027	0.038	0.040
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	2.097	5.020	4.821
TOTAL	16.520	19.808	19.657
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.251	6.781	6.733
(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	0.225	0.225	0.225
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.476	7.006	6.958
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.409	6.595	6.922
(c) Trade receivables	1.684	1.627	1.498
(d) Cash and cash equivalents	1.130	2.128	1.660
(e) Short-term loans and advances	0.821	2.452	2.619
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10.044	12.802	12.699
TOTAL	16.520	19.808	19.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1.462	2.481	2.953
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.160	0.836	0.632
Less/ Add	DEPRECIATION/ AMORTISATION		0.530	0.596	0.532
	PROFIT/ (LOSS) BEFORE TAX		(0.370)	0.240	0.100
Less	TAX		0.000	0.032	0.022
	PROFIT/ (LOSS) AFTER TAX		(0.370)	0.208	0.078
	Earnings / (Loss) Per Share (Rs.)		(19.55)	10.97	4.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	(25.31)	9.67	3.39
Return on Total Assets (PBT/Total Assets}	(%)	(2.27)	1.23	0.51
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.02	0.01
Debt Equity Ratio (Total Debt/Networth)		0.42	0.72	0.77
Current Ratio (Current Asset/Current Liability)		4.79	2.55	2.63

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.892	1.892	1.892
Reserves & Surplus	8.766	8.973	8.603
Net worth	10.658	10.865	10.495
long-term borrowings	4.145	3.903	3.907
Short term borrowings	4.031	3.940	0.515
Total borrowings	8.176	7.843	4.422
Debt/Equity ratio	0.767	0.722	0.421

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2.953	2.481	1.462
		(15.984)	(41.072)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2.953	2.481	1.462
Profit	0.078	0.208	(0.370)
	2.64%	8.38%	(25.31%)

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	Yes
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10296906	17/06/2011	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B16756603
2	90017538	05/04/2011 *	5,000,000.00	CARANA BANK	ERNAKULAM SOUTH BRANCH, ERNAKULAM - 682016, KERALA, INDIA	B10278802
3	90017044	27/01/1998	1,080,000.00	CANARA BANK	SOUTH BRANCH ERNAKULAM, KERALA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Related Parties (Unsecured/ Interest free)
From Directors	0.385	0.385
From Associate Company	0.782	0.778
Rent Deposit – Associate Company	2.740	2.740
Total	3.907	3.903

PERFORMANCE

The turnover for the financial year 2012-13 went down. The performance of the company is poor in the fiscal year 2012-13.

FIXED ASSETS

· Land

· Workshop Building

· Plant and Machinery (Let Out)

· Building

· Furniture and Fixtures

· Plant and Machinery

· Computer

· Car and Scooter

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 records 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.61.05
UK Pound	1	Rs.100.81
Euro	1	Rs.84.18

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.