MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	ACOUSTICS INDIA PRIVATE LIMITED
Registered Office :	377, Rajaram Salai, K. K. Nagar, Trichy – 620021, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.09.1991
Com. Reg. No.:	18-021419
Capital Investment / Paid-up Capital :	Rs.4.500 Millions
CIN No.: [Company Identification No.]	U36999TN1991PTC021419
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of noise control equipments.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by some dip in the turnover and profit margin of the company is also low. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL NSIC
Rating	SE3B
Rating Explanation	Moderate performance capability and moderate financial strength.
Date	29.01.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shanmugam
Designation :	Accounts Manager
Contact No.:	91-431-4044900
Date :	16.10.2014

LOCATIONS

Registered Office :	377, Rajaram Salai, K. K. Nagar, Trichy – 620021, Tamilnadu, India
Tel. No.:	91-431-4044900
Fax No.:	91-431-2456148
E-Mail :	shanmugam@acousticsind.com
Website :	www.acausticsind.com
Area :	5000 sq. ft.
Location :	Rented
Factory :	9/1, Kumaramangalam Industrial Estate, Pakkudi Road, Mathur – 622515, Kulathur - Taluk, Pudukottai District, Tamil Nadu, India
Area :	2.21 Acers
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sukumar Pachamuthu

Designation :

Managing Director

Address :

90, 91, Dr. Abdulkalam Salai, Anbil Nagar, K. K. Nagar,, Trichy – 620021, Tamilnadu, India

Date of Birth/Age :

07.06.1958

Date of Appointment :

20.09.1991

DIN No.:

00822480

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	U36999TN1991PTC021419	ACOUSTICS INDIA PRIVATE LIMITED	Managing director	20/09/1991	20/09/1991	-	Active	NO
2	U40106TN2006PTC061419	SAR ENERGY PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Active	NO
3	U29199TN2009PTC070749	SISCO PROJECTS PRIVATE LIMITED	Managing director	17/02/2009	17/02/2009	-	Active	NO
4	U40108TG2010PTC067781	Samkitec Resources Private Limited	Director	01/04/2010	01/04/2010	-	Active	NO
5	U45200TZ2011PTC016712	KAVIN INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	01/02/2011	01/02/2011	05/09/2014	Active	NO
6	U74999TN2012PTC088370	SISCO SOLAR PRIVATE LIMITED	Managing director	05/11/2012	05/11/2012	-	Active	NO

Name :

Mr. Sukumar Shanthi

Designation :

Director

Address :

90, 91, Dr. Abdulkalam Salai, Anbil Nagar, K. K. Nagar,, Trichy – 620021, Tamilnadu, India

Date of Birth/Age :

15.09.1967

Date of Appointment :

20.09.1991

DIN No.:

02453717

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	U36999TN1991PTC021419	ACOUSTICS INDIA PRIVATE LIMITED	Director	20/09/1991	20/09/1991	-	Active	NO
2	U29199TN2009PTC070749	SISCO PROJECTS PRIVATE LIMITED	Director	17/02/2009	17/02/2009	-	Active	NO
3	U74999TN2012PTC088370	SISCO SOLAR PRIVATE LIMITED	Director	05/11/2012	05/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shanmugam
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
N. P. Sukumar	34921	77.60
Sukumar Shanthi	1079	2.40
Ramchandran Sundararaj	9000	20.00
Total	45000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Noise Control Equipments.
Exports :
Products :	Noise Control Equipments
Countries :	Canada Taiwan Arab Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

250 (Approximately)

Bankers :

• Small Industries Development Bank of India, No.19, Royal Road, Cantonment, Trichy – 620001, Tamilnadu, India
• State Bank of India, Tiruchirapelli, Tamilnadu, India
• Bank of Baroda, 46, Chinnakadai Street, Main Branch, Tiruchirapalli – 620002, Tamilnadu, India

Facilities :

Fund= Rs.30.000 Millions / Non Fund= Rs.20.000 Millions (From Bank of Baroda)

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
HDFC Bank Vehicle Loan – ABT Maruti	0.099	0.173
HDFC Bank Vehicle Loan – Manza	0.126	0.340
BOB Term Loan	0.000	0.690
SIDBI	2.947	1.743
Short Term Borrowings
BOB working capital CC	31.041	37.662
Total	34.213	40.608

Banking Relations :	--
Auditors :
Name :	Sethuraman and Srivatsan Chartered Accountants
Address :	New No.9, (C-3), Third Cross, West Extension, Thillainagar, Trichy – 620017, Tamilnadu, India
PAN No.:	ABAPK5093N

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs.4.500 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	4.500	4.000	4.000
(b) Reserves & Surplus	29.492	28.866	27.914
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.350	0.450	0.450
Total Shareholders’ Funds (1) + (2)	34.342	33.316	32.364
(3) Non-Current Liabilities
(a) long-term borrowings	5.432	6.913	6.838
(b) Deferred tax liabilities (Net)	0.000	0.000	0.147
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.388	0.933	0.000
Total Non-current Liabilities (3)	6.820	7.846	6.985
(4) Current Liabilities
(a) Short term borrowings	31.041	37.662	19.009
(b) Trade payables	23.316	46.161	56.821
(c) Other current liabilities	19.070	27.944	27.063
(d) Short-term provisions	1.909	8.306	7.095
Total Current Liabilities (4)	75.336	120.073	109.988
TOTAL	116.498	161.235	149.337
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.329	30.307	27.557
(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)	0.263	0.232	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.986	1.550	1.831
Total Non-Current Assets	32.578	32.089	29.388
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.791	53.562	33.561
(c) Trade receivables	31.742	60.160	78.150
(d) Cash and cash equivalents	14.390	13.153	5.481
(e) Short-term loans and advances	1.997	2.271	2.757
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	83.920	129.146	119.949
TOTAL	116.498	161.235	149.337

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	178.600 (Gross Income)	209.700 (Gross Income)	218.451
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		177.600	208.000	218.500
	PROFIT/(LOSS) BEFORE TAX		1.126	1.784	18.902
Less	TAX		0.638	0.832	6.383
	PROFIT/(LOSS) AFTER TAX		0.488	0.952	12.519
	EARNINGS IN FOREIGN CURRENCY		18.157	2.894	11.936
	Earnings Per Share (Rs.)		12.17	23.80	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.97	1.11	12.66
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.58
Debt Equity Ratio (Total Debt /Networth)		1.06	1.34	0.80
Current Ratio (Current Asset/Current Liability)		1.11	1.08	1.09

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	4.000	4.000	4.500
Reserves & Surplus	27.914	28.866	29.492
Share Application money pending allotment	0.450	0.450	0.350
Net worth	32.364	33.316	34.342
long-term borrowings	6.838	6.913	5.432
Short term borrowings	19.009	37.662	31.041
Total borrowings	25.847	44.575	36.473
Debt/Equity ratio	0.799	1.338	1.062

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	Yes

NOTE: Registered office of the company has been shifted from 11, Fourth Cross, Sunder Nagar, Trichy – 620021, Tamilnadu, India to the present address w.e.f. 24.07.2008

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Shareholder
N. P. Sukumar	0.010	1.527
S. Shanthi	0.939	1.129
S. Ramachandran	1.311	1.311
Total	2.260	3.967

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493123	07/05/2014	11,500,000.00	BANK OF BARODA	MEHAR PLAZA, NO.5, NORTH ANDAR STREET, TIRUCHIRAPALLI, TAMIL NADU - 620002, INDIA	C02861144
2	10321329	22/09/2014 *	9,890,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	19, ROYAL ROAD,, CANTONMENT, TIRUCHIRAPALLI, TAMIL NADU - 620001, INDIA	C22286132
3	10186182	11/07/2011 *	52,527,000.00	BANK OF BARODA	46, CHINNAKADAI STREET, MAIN BRANCH, TIRUCHIRAPALLI, TAMIL NADU - 620002, INDIA	B19729391
4	90321784	25/02/1993	148,000.00	STATE BANK OF INDIA	TIRUCHIRAPELLI, TIRUCHIRAPALLI, TAMIL NADU, INDIA	-
5	90322486	20/01/1998 *	2,620,000.00	STATE BANK OF INDIA	TIRUCHIRAPELLI, TIRUCHIRAPALLI, TAMIL NADU, INDIA	-
6	90321736	03/01/1995 *	2,620,000.00	STATE BANK OF INDIA	TIRUCHIRAPELLI, TIRUCHIRAPALLI, TAMIL NADU, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Machinery

· Electricals

· Office Equipments

· Computer

· Software

· Furniture

· Motor Car and Vehicles

· Tools and Tackles

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--RESERVES	1~10	4
--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		31

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.