MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	CHAMUNDI TEXTILES (SILK MILLS) LIMITED
Registered Office :	No 10-1/172, K V Street, Kottaiyur, Sivagangai - 623106, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.04.1947
Com. Reg. No.:	18-000477
Capital Investment / Paid-up Capital :	Rs. 44.603 Millions
CIN No.: [Company Identification No.]	U17116TN1947PLC000477
TAN No.: [Tax Deduction & Collection Account No.]	MRIC00020G
PAN No.: [Permanent Account No.]	AABCC1453F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pure Silk Fabrics.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 770000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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

Name :	Mr. Prasad / Mr. Balsubramanian
Designation :	Assistant Accounts Manager
Contact No.:	91-9886224126
Date :	25.04.2014

LOCATIONS

Registered Office :	No 10-1/172, K V Street, Kottaiyur, Sivagangai - 623106, Tamilnadu, India
Tel. No. :	Not Available
Mobile No. :	91-9886224126 (Mr. Prasad/ Mr. Balsubramanian)
Fax No. :	Not Available
E-Mail :	cs@chamundisilks.com
Website :	www.chamundisilks.com
Area :	1000 sq.ft.
Location :	Rented
Administrative Office:	B-206, Brigade Majestic, 1st Main Road, Gandhi Nagar, Bangalore - 560009, Karnataka, India
Tel. No. :	91-80-22257290/ 8275/ 5463/ 22265928
Fax No. :	91-80-22266179
Area :	8000 sq.ft.
Factory :	Located at Mysore

DIRECTORS

As on 24.08.2013

Name :

Mr. Alagappa Muthiah

Designation :

Managing Director

Address :

34, Rajamahal Vilas Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

25.10.1933

Date of Appointment :

01.01.2014

PAN No.:

AAMPM8076C

DIN No. :

00188242

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	U85110KA1970PTC001937	INDIA PACKAGING PRODUCTS PRIVATE LIMITED	Director	18/08/1970	18/08/1970	-	Active	NO
2	U51909KA1972PTC002159	INDIA COATED CARTONS PRIVATE LIMITED	Director	09/02/1972	09/02/1972	01/07/2011	Under Process of Striking off	NO
3	U17116TN1947PLC000477	CHAMUNDI TEXTILES (SILK MILLS) LIMITED	Managing director	01/01/2014	31/12/1981	-	Active	NO
4	U29219KA1981PTC004540	KARNATAKA PRINTED CARTONS PRIVATE LIMITED	Director	15/07/1984	15/07/1984	-	Strike off	NO
5	U02520KA1984PTC006576	ALMAN PLASTICS PRIVATE LIMITED	Director	14/12/1984	14/12/1984	-	Active	NO
6	U27104KA1985PTC006927	VANI PRIVATE LIMITED	Managing director	12/06/1987	12/06/1987	-	Active	NO
7	U06592KA1992PTC013609	SUPERFINE CREDITANDINVESTMENTS PRIVATE LIMITED	Director	14/10/1992	14/10/1992	-	Under liquidation	NO
8	U72200KA2010PTC052825	COOOLIO ONLINE PRIVATE LIMITED	Director	11/03/2010	11/03/2010	-	Active	NO
9	U72400KA2010PTC052840	STRATBURG MARKET RESEARCH AND CONSULTING PRIVATE LIMITED	Director	12/03/2010	12/03/2010	-	Active	NO

Name :

Valli Muthiah

Designation :

Director

Address :

34, Rajamahal Vilas Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

04.07.1934

Date of Appointment :

01.08.2013

PAN No. :

ADFPV0672D

DIN No. :

00188268

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	U17116TN1947PLC000477	CHAMUNDI TEXTILES (SILK MILLS) LIMITED	Whole-time director	01/08/2013	31/12/1981	Active	NO
2	U27104KA1985PTC006927	VANI PRIVATE LIMITED	Director	04/03/1987	04/03/1987	Active	NO
3	U02520KA1984PTC006576	ALMAN PLASTICS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	Active	NO

Name :

Mr. Alagappa Annamalai

Designation :

Director

Address :

221, Upper Palace, Orchards Bellary Road, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

05.03.1949

Date of Appointment :

11.01.1982

PAN No. :

AAMPA5460P

DIN No. :

00188265

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	U51909KA1972PTC002159	INDIA COATED CARTONS PRIVATE LIMITED	Director	09/02/1972	09/02/1972	01/07/2011	Under Process of Striking off	NO
2	U85110KA1970PTC001937	INDIA PACKAGING PRODUCTS PRIVATE LIMITED	Managing director	16/04/1980	16/04/1980	-	Active	NO
3	U17116TN1947PLC000477	CHAMUNDI TEXTILES (SILK MILLS) LIMITED	Director	11/01/1982	11/01/1982	-	Active	NO
4	U02520KA1984PTC006576	ALMAN PLASTICS PRIVATE LIMITED	Director	14/12/1984	14/12/1984	-	Active	NO
5	U27104KA1985PTC006927	VANI PRIVATE LIMITED	Director	23/05/1985	23/05/1985	-	Active	NO
6	U06592KA1992PTC013609	SUPERFINE CREDITANDINVESTMENTS PRIVATE LIMITED	Director	14/10/1992	14/10/1992	-	Under liquidation	NO
7	U72200KA2010PTC052825	COOOLIO ONLINE PRIVATE LIMITED	Director	11/03/2010	11/03/2010	-	Active	NO
8	U72400KA2010PTC052840	STRATBURG MARKET RESEARCH AND CONSULTING PRIVATE LIMITED	Director	12/03/2010	12/03/2010	-	Active	NO

Name :

Mr. Arunachalam Solayappa Chettiar

Designation :

Director

Address :

47, AM Street, Pallatur, Sivagangai – 623107, Tamilnadu, India

Date of Birth/Age :

02.09.1923

Date of Appointment :

28.12.1982

DIN No. :

00376353

Name :

Mr. Vankipuram Rajamani Srinivasan

Designation :

Director

Address :

Flat No. A-041, Sobha Magnolia, Bannerghatt, Bangalore – 560068, Karnataka, India

Date of Birth/Age :

05.01.1957

Date of Appointment :

01.06.2013

DIN No. :

00029117

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	U30006TN1997PLC038525	MENAKA MILLS LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
2	U99999MH1996PTC097194	BRICS GILT FINANCE PRIVATE LIMITED	Director	01/09/2001	01/09/2001	03/03/2008	Active	NO
3	U15493TN1976PTC007260	MENAKA COTTON MILL PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Amalgamated	NO
4	U45200MH2003PTC143120	BRICS REALTY (INDIA) PRIVATE LIMITED	Director	13/11/2003	13/11/2003	-	Active	NO
5	U65990MH1993PLC072800	BRICS SECURITIES LIMITED	Director	27/09/2013	16/04/2004	-	Active	NO
6	U17116TN1947PLC000477	CHAMUNDI TEXTILES (SILK MILLS) LIMITED	Whole-time director	01/06/2013	12/02/2005	-	Active	NO
7	U74999MH2005PTC157709	OPTIONALYSIS PRIVATE LIMITED	Director	01/12/2005	01/12/2005	16/07/2012	Active	NO
8	U74999TN1996PLC037132	PURPLE INFOTECH LIMITED	Director	10/09/2007	10/09/2007	14/06/2011	Active	NO
9	U72200KA2007PTC044083	SPREC INDIA PRIVATE LIMITED	Director	11/10/2007	11/10/2007	-	Active	NO
10	U72200TN2008PTC069597	BOTREE SOFTWARE INTERNATIONAL PRIVATE LIMITED	Additional director	01/07/2013	20/10/2008	-	Active	NO
11	U72900TN2014PTC095552	DEEP IDENTITY PRIVATE LIMITED	Director	20/03/2014	20/03/2014	-	Active	NO

Name :

Mr. Nakul Arun Jagjivan

Designation :

Director

Address :

6th Floor, Ivorine Building, R.M. Karve Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

28.01.1965

Date of Appointment :

12.02.2005

DIN No. :

00277772

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	U51900MH1992PTC068642	YATISH TRADING COMPANY PVT LTD	Director	04/04/1994	04/04/1994	-	Active	NO
2	U15142MH1994PLC079578	VITAL VEGETABLE OILS AND PROTEINS LIMITED	Director	12/07/1994	12/07/1994	-	Strike off	NO
3	U67120MH1995PTC085121	J V GOKAL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	01/02/1995	01/02/1995	-	Active	NO
4	U13200MH1963PTC012752	CONTREX PRIVATE LIMITED	Director	31/10/1995	31/10/1995	-	Active	NO
5	U99999MH1996PTC097194	BRICS GILT FINANCE PRIVATE LIMITED	Director	13/02/1996	13/02/1996	24/03/2014	Active	NO
6	U01132MH1999PTC118046	GOKAL TEA PRIVATE LIMITED	Director	28/01/1999	28/01/1999	-	Active	NO
7	U51900MH1950PTC008051	J V GOKAL AND COMPANY PRIVATE LIMITED	Director	28/09/2004	23/02/2004	-	Active	NO
8	U74899DL1992PLC049022	LEMON TREE HOTELS LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
9	U29130MH2004PTC149846	JV ROULEMENTS INTERNATIONAL PRIVATE LIMITED	Director	07/12/2004	07/12/2004	01/03/2014	Active	NO
10	U17116TN1947PLC000477	CHAMUNDI TEXTILES (SILK MILLS) LIMITED	Director	12/02/2005	12/02/2005	-	Active	NO
11	U55101DL2004PTC130720	TANGERINE HOTELS PRIVATE LIMITED	Director	03/05/2005	03/05/2005	-	Amalgamated	NO
12	U63033MH2005PTC197169	O S S AIR MANAGEMENT PRIVATE LIMITED	Director	30/09/2006	05/05/2005	-	Active	NO
13	U65990MH1993PTC073855	VALATION FINANCE AND MARKETING PRIVATE LIMITED	Director	27/05/2005	27/05/2005	-	Active	NO
14	U55101DL2002PTC118179	CITRUS HOTELS PRIVATE LIMITED	Director	17/08/2005	17/08/2005	04/02/2010	Active	NO
15	U55101DL2005PTC138835	SPANK HOTELS PRIVATE LIMITED	Director	29/09/2006	26/07/2006	-	Amalgamated	NO
16	U29253MH2007PTC169898	ENERGENICS INDIA PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	NO
17	U67190MH2007PTC170028	MATRIX METALLICS PRIVATE LIMITED	Director	17/04/2007	17/04/2007	-	Active	NO
18	U51100MH2004PTC144076	BRICS COMMODITIES PRIVATE LIMITED	Director	24/09/2007	30/07/2007	-	Active	NO
19	U74999MH2008PTC178651	SILICA TOOL MANUFACTURING AND ALLIED SERVICES PRIVATE LIMITED	Director	11/09/2008	01/04/2008	11/02/2011	Active	NO
20	U31109MH2007PTC175215	ESPRIT ENERGY APPLIANCES PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
21	U29219MH2007PTC167005	ENVIROX PROTECTION COMPANY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	22/03/2012	Active	NO
22	U67120MH2000PTC125480	EQUINOX IMPEX PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
23	U51909MH2008PTC180524	GLOBEX ENERGIA PRIVATE LIMITED	Director	25/09/2009	04/12/2008	-	Active	NO
24	U90000MH2009PTC190594	SADE ENVIROX NETWORK SERVICES PRIVATE LIMITED	Additional director	15/04/2009	15/04/2009	24/08/2009	Active	NO
25	U90002MH2009PTC195697	SHERIDAN ENVIRONMENT PROTECTION PRIVATE LIMITED	Director	11/09/2009	11/09/2009	-	Active	NO
26	U90009MH2008PTC181958	ENVIROX PROJECTS COMPANY PRIVATE LIMITED	Additional director	21/12/2009	21/12/2009	16/09/2010	Active	NO
27	U29248MH2008PTC183380	ENRIKA TRADES AND SERVICES PRIVATE LIMITED	Director	09/09/2010	21/12/2009	05/09/2013	Active	NO
28	U74990MH2008PTC178964	ADRIENNE INFORMATION SUPPLIERS PRIVATE LIMITED	Director	10/09/2010	21/12/2009	17/08/2011	Active	NO
29	U65990MH2006PTC158664	ZEUS ENVIRONMENT PROTECTION PRIVATE LIMITED	Director	09/09/2010	21/12/2009	-	Active	NO
30	U65910KA2007PTC043110	BRICS LEASING & FINANCE PRIVATE LIMITED	Director	29/07/2011	07/05/2011	-	Active	NO
31	U13203MH2008PTC184041	ORANE MINING COMPANY PRIVATE LIMITED	Director	20/07/2012	24/05/2011	-	Active	NO
32	U14200MH2011PTC224504	BELAZ-ENRIKA MINING EQUIPMENTS SERVICES PRIVATE LIMITED	Director	30/11/2011	30/11/2011	-	Active	NO
33	U85191MH2012NPL227027	JAGJIVAN FOUNDATION	Director	16/02/2012	16/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manivannan Srinivasan
Designation :	Secretary
Date of Appointment :	08.06.1995
PAN No.:	AATPM1105H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.08.2013

NOTE: EQUITY SHARE DETAILS FILE ATTCHED AND PREFERENCE SHARE DETAIL FILE NOT AVAILABLE.

As on 24.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	67.00
Bodies corporate	28.00
Directors or relatives of Directors	1.00
Others	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pure Silk Fabrics.

Products :

Item Code No. (ITC Code)	Product Description
50072090	Fabric Containing 100% Natural Silk

Exports :

Products :

Finished Goods

Countries :

· UK

USA

Middle East

Australia

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, Advance Payment, Cheque and Credit

Purchasing :

Cash, Advance Payment, L/C, Cheque and Credit

GENERAL INFORMATION

Suppliers:

Not Divulged

Customers :

Not Divulged

No. of Employees :

350 (Approximately)

Bankers :

Indian Overseas Bank, Bangalore City Branch, I Main Road Gandhi Nagar, Bangalore - 560009, Karnataka, India

Facilities :

Cash Credit : Rs. 180.000 Millions (From Indian Overseas Bank)

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	26.662	6.018
Working capital loans from banks	31.981	25.670
Loans repayable on demand from banks	98.923	67.028
Loans taken for vehicles	0.786	1.226
Total	158.352	99.942

Banking Relations :	--
Auditors :
Name :	Peri Thiagraj and Company Chartered Accountants
Address :	37, Hakkim Ajmal Khan Road, Chinna Chockikulam, Madurai – 625002, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFP0258J

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs. 65.000 Millions
2,500,000	Preference Shares	Rs.10/- each	Rs. 25.000 Millions
	Total		Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,460,294	Equity Shares	Rs.10/- each	Rs. 34.603 Millions
1,000,000	Preference Shares	Rs.10/- each	Rs. 10.000 Millions
4,460,294
	Total		Rs. 44.603 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	44.603	44.603	59.603
(b) Reserves & Surplus	146.686	162.806	165.887
(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)	191.289	207.409	225.490
(3) Non-Current Liabilities
(a) long-term borrowings	158.352	99.942	64.004
(b) Deferred tax liabilities (Net)	3.540	3.540	3.540
(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)	161.892	103.482	67.544
(4) Current Liabilities
(a) Short term borrowings	10.704	1.120	0.241
(b) Trade payables	33.505	49.193	29.257
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.793	1.720	1.508
Total Current Liabilities (4)	46.002	52.033	31.006
TOTAL	399.183	362.924	324.040
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77.148	84.203	92.805
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	20.093	0.580	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.002	0.002	0.063
(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	97.243	84.785	92.868
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	210.193	200.705	147.940
(c) Trade receivables	66.429	58.819	52.704
(d) Cash and cash equivalents	8.310	5.491	10.867
(e) Short-term loans and advances	17.008	13.124	19.661
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	301.940	278.139	231.172
TOTAL	399.183	362.924	324.040

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	414.912	407.890	328.006
		Other Income	39.567	9.264	2.286
		TOTAL (A)	454.479	417.154	330.292
Less	EXPENSES
		Cost of Materials Consumed	209.404	182.376	121.746
		Purchases of Stock-in-Trade	37.964	44.120	50.646
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.976)	(32.606)	(15.837)
		Employees benefits expense	69.073	62.330	51.099
		Other expenses	129.950	137.942	102.997
		Exceptional Items	0.000	4.405	-1.822
		TOTAL (B)	445.415	398.567	308.829
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.064	18.587	21.463
Less	FINANCIAL EXPENSES (D)		7.771	4.504	2.278
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.293	14.083	19.185
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.413	17.164	17.021
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(16.120)	(3.081)	2.164
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(16.120)	(3.081)	2.164
	EARNINGS IN FOREIGN CURRENCY		192.350	242.558	198.478
	IMPORTS
		Raw Materials	183.110	158.444	112.209
		Components and Spare Parts	1.194	2.701	1.667
		Capital Goods	0.000	0.000	1.505
	TOTAL IMPORTS		184.304	161.145	115.381

Particulars	31.03.2014
Sales Turnover (Approximately)	450.000

The above information has been parted by Mr. Prasad/ Mr. Balsubramanian (Assistant Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.55)	(0.74)	0.66
Net Profit Margin (PBT/Sales)	(%)	(3.89)	(0.76)	0.66
Return on Total Assets (PBT/Total Assets}	(%)	(4.25)	(0.85)	0.67
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.01)	0.01
Debt Equity Ratio (Total Debt/Networth)		0.88	0.49	0.28
Current Ratio (Current Asset/Current Liability)		6.56	5.35	7.46

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	59.603	44.603	44.603
Reserves & Surplus	165.887	162.806	146.686
Net worth	225.490	207.409	191.289
long-term borrowings	64.004	99.942	158.352
Short term borrowings	0.241	1.120	10.704
Total borrowings	64.245	101.062	169.056
Debt/Equity ratio	0.285	0.487	0.884

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	328.006	407.890	414.912
		24.354	1.722

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	328.006	407.890	414.912
Profit	2.164	(3.081)	(16.120)
	0.66%	(0.76%)	(3.89%)

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 four 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
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	90301362	26/08/2004 *	129,700,000.00	INDIAN OVERSEAS BANK	BANGALORE CITY BRANCH; 7 SRISAILAM 1ST MAIN, BANGALORE, KARNATAKA - 560009, INDIA	-
2	90301184	22/03/2004 *	87,200,000.00	INDIAN OVERSEAS BANK	BANGALORE CITY BRANCH; 7 SRISAILAM 1ST MAIN, GAND HI NAGAR, BANGALORE, KARNATAKA - 560009, INDIA	-
3	90301169	04/06/2003 *	52,200,000.00	INDIAN OVERSEAS BANK	BANGALORE CITY BRANCH; 7 SRISAILAM 1ST MAIN, GAND HI NAGAR, BANGALORE, KARNATAKA - 560009, INDIA	-
4	80010911	31/10/2012 *	191,000,000.00	INDIAN OVERSEAS BANK	BANGALORE CITY BRANCH, I MAIN ROAD GANDHI NAGAR, BANGALORE, KARNATAKA - 560009, INDIA	B61589834
5	90290293	24/09/2005 *	37,000,000.00	INDIAN OVERSEAS BANK	BANGALORE CITY BRANCH, 7; SRISARILAM; 1ST MAIN GA NDHI NAGAR, BANGALORE, KARNATAKA - 580009, INDIA	-
6	90301065	07/08/2003 *	37,000,000.00	INDIAN OVERSEAS BANK	1; SRISAILAM I MAIN GANDHINAGAR, BANGALORE, KARNATAKA - 560009, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans repayable on demand from banks	0.526	1.120
Loans repayable on demand from others	10.178	0.000
Total	10.704	1.120

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipment’s

Other Equipment’s

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.61.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
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	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.