MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	INDSIL ENERGY AND ELECTROCHEMICALS LIMITED
Registered Office :	“Indsil House” Door No. 103-107, Tiruvnkataswamy Road (West), R S Puram, Coimbatore – 641002, Tamil Nadu
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	21.08.1996
Com. Reg. No.:	18-007421
Capital Investment / Paid-up Capital :	Rs.39.863 Millions
CIN No.: [Company Identification No.]	U04010TZ1996PLC007421
PAN No.: [Permanent Account No.]	AABCI0028G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Activate Carbon, Silicon Manganese
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, the rating takes in to company sound financial risk profile marked by established market position in the ferroalloy industry and decent liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating (BBB+)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	April.30.2014

Rating Agency Name	CRISIL
Rating	Short term rating (A2)
Rating Explanation	Strong degree of safety and loan credit risk
Date	April.30.2014

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 DENIED BY

Management non co-operative (91-422-4522922)

LOCATIONS

Registered Office :	“INDSIL HOUSE” Door No. 103-107, Tiruvnkataswamy Road (West), R. S. Puram, Coimbatore, Tamil Nadu – 641002, India
Tel. No.:	91-422-4522922/4522914
Mobile No.:	91-9360059595( Mr.N. Sundara)
Fax No.:	91-422-4522925
E-Mail :	indsilho@indsil.com
Location :	Owned
Factory Address :	Sector C, Plot No. 114-122, Urla Industrial Area, Raipur – 493221, chattisgarh, India
Tel. No.:	91-771-2323826
Fax No.:	91-711-2323852/4057161
E-Mail :	ieec@indsil.com

DIRECTORS

As on 30.09.2013

Name :

Mr. S. N. Varadarajan

Designation :

Whole time director

Address :

239, Alagesan Road, Coimbatore – 641011, Tamil Nadu, India

Date of Birth/Age :

29.10.1945

Date of Appointment :

01.07.2013

DIN No.:

00035693

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	U27106TZ1980PTC010578	SUNMET HOLDINGS INDIA PRIVATE LIMITED	Managing director	21/08/1980	21/08/1980	-	Active	NO
2	L27101TZ1990PLC002849	INDSIL HYDRO POWER AND MANGANESE LIMITED	Whole-time director	21/12/2009	30/08/1990	-	Active	NO
3	U04010TZ1996PLC007421	INDSIL ENERGY AND ELECTROCHEMICALS LIMITED	Whole-time director	01/07/2013	21/08/1996	-	Active	NO
4	U40101TZ2003PLC010727	INDSIL POWER COMPANY LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
5	U67120TZ1994PTC005287	SNV INVESTMENTS PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
6	U70101TZ2004PTC011400	SNV HOLDINGS PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
7	U85320KL1954NPL001125	SREE SANKARA COLLEGE ASSOCIATION	Director	01/01/2007	01/01/2007	25/03/2013	Active	NO
8	U70102TZ2007PTC013853	SUN METALS AND ALLOYS PRIVATE LIMITED	Director	13/07/2007	13/07/2007	-	Active	NO
9	U74999MH1961NPL012060	THE INDIAN FERRO ALLOY PRODUCERS ASSOCIATION	Director	28/09/2007	28/09/2007	28/09/2011	Active	NO
10	U70101TZ2007PTC014071	SNV REAL ESTATE PRIVATE LIMITED	Director	07/12/2007	07/12/2007	-	Active	NO
11	U01111TZ2007PLC014114	INDSIL AGROCARB LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO
12	U14200TZ2008PLC014280	GOOD EARTH INDSIL NATURAL RESOURCES LIMITED	Director	06/03/2008	06/03/2008	-	Strike off	NO
13	U27101AP2008PTC060147	SREE MAHALAKSHMI SMELTERS PRIVATE LIMITED	Director	24/11/2011	24/10/2011	17/01/2013	Active	NO

Name :

Ms. D.Pushpa Varadarajan

Designation :

Director

Address :

239, Alagesan Road, Coimbatore – 641011, Tamil Nadu, India

Date of Birth/Age :

03.02.1948

Date of Appointment :

21.08.1996

DIN No.:

00035787

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	U27106TZ1980PTC010578	SUNMET HOLDINGS INDIA PRIVATE LIMITED	Director	21/08/1980	21/08/1980	-	Active	NO
2	L27101TZ1990PLC002849	INDSIL HYDRO POWER AND MANGANESE LIMITED	Director	30/08/1990	30/08/1990	-	Active	NO
3	U67120TZ1994PTC005287	SNV INVESTMENTS PRIVATE LIMITED	Whole-time director	19/08/1994	19/08/1994	-	Active	NO
4	U04010TZ1996PLC007421	INDSIL ENERGY AND ELECTROCHEMICALS LIMITED	Director	21/08/1996	21/08/1996	-	Active	NO
5	U72200TZ2003PTC010618	SKAVA SYSTEMS PRIVATE LIMITED	Director	04/06/2003	04/06/2003	-	Active	NO
6	U40101TZ2003PLC010727	INDSIL POWER COMPANY LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
7	U70102TZ2007PTC013853	SUN METALS AND ALLOYS PRIVATE LIMITED	Director	31/12/2008	16/07/2007	-	Active	NO
8	U70101TZ2007PTC014071	SNV REAL ESTATE PRIVATE LIMITED	Director	07/12/2007	07/12/2007	-	Active	NO
9	U01111TZ2007PLC014114	INDSIL AGROCARB LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO
10	U14200TZ2008PLC014280	GOOD EARTH INDSIL NATURAL RESOURCES LIMITED	Director	06/03/2008	06/03/2008	21/03/2008	Strike off	NO
11	U70101TZ2004PTC011400	SNV HOLDINGS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
12	U51102TZ1994PTC005221	CROSIMN AGENCIES PRIVATE LIMITED	Director	30/09/2009	07/07/2009	-	Active	NO
13	U72200TZ2010PTC015730	SKAVA IT SERVICES PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Strike off	NO

Name :

Ms. Vinod Narsiman

Designation :

Whole Time Manager

Address :

222, Alagesan Road, Coimbatore – 641011, Tamil Nadu, India

Date of Birth/Age :

27.03.1972

Date of Appointment :

01.07.2013

DIN No.:

00035746

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	U27106TZ1980PTC010578	SUNMET HOLDINGS INDIA PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
2	U04010TZ1996PLC007421	INDSIL ENERGY AND ELECTROCHEMICALS LIMITED	Whole-time director	01/07/2013	21/08/1996	-	Active	NO
3	L27101TZ1990PLC002849	INDSIL HYDRO POWER AND MANGANESE LIMITED	Managing director	17/12/2012	18/01/1997	-	Active	NO
4	U40101TZ2003PLC010727	INDSIL POWER COMPANY LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
5	U72200TZ2003PTC010618	SKAVA SYSTEMS PRIVATE LIMITED	Director	19/04/2004	19/04/2004	15/03/2012	Active	NO
6	U70101TZ2004PTC011400	SNV HOLDINGS PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
7	U70102TZ2007PTC013853	SUN METALS AND ALLOYS PRIVATE LIMITED	Director	13/07/2007	13/07/2007	-	Active	NO
8	U70101TZ2007PTC014071	SNV REAL ESTATE PRIVATE LIMITED	Director	07/12/2007	07/12/2007	-	Active	NO
9	U01111TZ2007PLC014114	INDSIL AGROCARB LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO
10	U14200TZ2008PLC014280	GOOD EARTH INDSIL NATURAL RESOURCES LIMITED	Director	06/03/2008	06/03/2008	-	Strike off	NO
11	U45204KA2008PTC071480	SHAN EPC & INDUSTRIES PRIVATE LIMITED	Director	24/10/2008	24/10/2008	30/09/2011	Active	NO
12	U72200TZ2010PTC015730	SKAVA IT SERVICES PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Strike off	NO
13	U27101AP2008PTC060147	SREE MAHALAKSHMI SMELTERS PRIVATE LIMITED	Director	24/11/2011	24/10/2011	17/01/2013	Active	NO

Name :

Ms. Jayashree Vinod

Designation :

Director

Address :

222, Alagesan Road, Coimbatore – 641011, Tamil Nadu, India

Date of Birth/Age :

17.05.1972

Date of Appointment :

18.08.2003

DIN No.:

00035814

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	U04010TZ1996PLC007421	INDSIL ENERGY AND ELECTROCHEMICALS LIMITED	Director	18/08/2003	18/08/2003	-	Active	NO
2	U14200TZ2008PLC014280	GOOD EARTH INDSIL NATURAL RESOURCES LIMITED	Director	06/03/2008	06/03/2008	21/03/2008	Strike off	NO
3	U70101TZ2004PTC011400	SNV HOLDINGS PRIVATE LIMITED	Whole-time director	01/04/2008	01/04/2008	-	Active	NO
4	U70102TZ2007PTC013853	SUN METALS AND ALLOYS PRIVATE LIMITED	Additional director	01/06/2009	01/06/2009	06/12/2010	Active	NO
5	U51102TZ1994PTC005221	CROSIMN AGENCIES PRIVATE LIMITED	Director	30/09/2009	07/07/2009	-	Active	NO

Name :

Mr. Nirmal Jugraj Parakh

Designation :

Director

Address :

C-12, Sec-II, Drvendre Nagar, Raipur – 490001, Chhattisgarah

Date of Birth/Age :

14.12.1960

Date of Appointment :

30.03.2013

DIN No.:

06390032

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.03.2013

Names of Shareholders	No. of Shares
Mr. S. N. Varadarajan	4450
Ms. D. Pushpa Varadarajan	200
Ms. Vinod Narsiman	450
Ms. Jayashree Vinod	100
Indsil Hydro Power and Manganese Limited, India	25500
Sunmet Holdings India Private Limited, India	3205600
Crosimn Agencies Private Limited, India	660000
Total	3896300

As on 17.10.2013

Names of Allotees	No. of Shares
Sri. B. Ajithkumar Jain	1500000
Sri. Mahaveerchand B	1500000
Sri. Balchand Nirmalkumar Jain	1500000
Sri. Pankajkumar B	1500000
Sri. Balchand Vasanth Kumar	1500000
Total	7500000

Equity Share Break up

Category	Percentage
Bodies corporate	99.87
Directors or relatives of Directors	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Activate Carbon, Silicon Manganese
Products :	· Silicone Cover · Silicone Sponge · Silicone Rubber · Silicone Keypad · Silicon Transparent Tub · Silicone Cake Mould · Silicon Tray · Silicon Gastro · Epoxy Putty · High Temperature Silicon Cloth

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Karnataka Bank Limited, 346, D. B. Road, R. S. Puram, Coimbatore – 641002, Tamil Nadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 30.09.2012	As on 30.09.2011
Long Term Borrowing
Rupee terms loans from banks	47.179	62.198
Foreign currency term loans from bank	1.948	0.740
Total	49.127	62.938
Short Term Borrowing
Rupee terms loans from banks	221.691	201.222
Foreign currency term loans from bank	266.338	79.715
Total	488.029	280.937

Banking Relations :	---
Auditors :
Name :	M/S. K. S.G. Subramanya and Company Chartered Accountant
Address :	II floor, United Comples, 94/36, Dr. Nanjappa Road, Coimbatore – 641018, Tamil Nadu, India
PAN No.:	AACFK3963E
Name :	M/S. Haribhakti and Company Chartered Accountant
Address :	“Shree Shanmugapriya”, 2^nd Floor, Ponnaiyan Street, Crosscut Road, Gandhipuram, Coimbatore – 641012, Tamil Nadu, India
PAN No.:	AACFK3963E
Subsidiaries :	INDSIL HYDRO POWER AND MANGANESE LIMITED U27106TZ1980PTC010578
Holding Company :	Sunmet Holdings India Private Limited L27101TZ1990PLC002849
Associates :	SHREE MAHALAKSHMI SMELTERS PRIVATE LIMITED U27101AP2008PTC060147

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs.10/- each	Rs. 95.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3896300	Equity Shares	Rs.10/- each	Rs. 38.963 millions

After 30.09.2012

Authorised Capital : Rs. 250.000 Miliions

Issued, Subscribed & Paid-up Capital : Rs. 188.963 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2012	30.09.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	39.863	39.863
(b) Reserves & Surplus	618.740	560.322
(c) Money received against share warrants	0.000	0.000
		0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	658.603	600.185
(3) Non-Current Liabilities
(a) long-term borrowings	49.127	62.938
(b) Deferred tax liabilities (Net)	34.555	29.919
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.187	1.489
Total Non-current Liabilities (3)	85.869	94.346
(4) Current Liabilities
(a) Short term borrowings	488.029	280.937
(b) Trade payables	130.640	165.505
(c) Other current liabilities	71.964	40.728
(d) Short-term provisions	0.043	0.000
Total Current Liabilities (4)	690.676	487.170
TOTAL	1435.148	1181.701
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	471.849	481.526
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	28.499	9.343
(iv) Intangible assets under development	2.561	0.000
(b) Non-current Investments	37.817	5.082
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	50.974	37.718
(e) Other Non-current assets
Total Non-Current Assets	591.700	533.669
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	587.339	462.575
(c) Trade receivables	76.259	49.669
(d) Cash and cash equivalents	36.720	90.151
(e) Short-term loans and advances	61.852	31.318
(f) Other current assets	81.278	14.319
Total Current Assets	843.448	648.032
TOTAL	1435.148	1181.701

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.863
2] Share Application Money		0.000
3] Reserves & Surplus		471.150
4] (Accumulated Losses)
NETWORTH		511.013
LOAN FUNDS
1] Secured Loans		319.575
2] Unsecured Loans		0.000
TOTAL BORROWING		319.575
DEFERRED TAX LIABILITIES		28.928
Other liabilities		1.489
TOTAL		861.006
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		497.683
Capital work-in-progress		5.185
INVESTMENT		7.332
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	443.205
	Sundry Debtors	8.442
	Cash & Bank Balances	17.354
	Loans advance	59.649
	Total Current Assets	528.651
Less : CURRENT LIABILITIES & PROVISIONS
	Current liabilities	169.918
	provisions	7.999
Total Current Liabilities		177.917
Net Current Assets		350.734
MISCELLANEOUS EXPENSES		0.072
TOTAL		861.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2012	30.09.2011	30.09.2010
	SALES
		Income	1227.472	1267.206	990.216
		Other Income	12.581	4.740	7.004
		TOTAL (A)	1240.053	1271.946	997.220
Less	EXPENSES
		Cost of Materials Consumed	758.620	827.463
		Purchases of Stock-in-Trade	7.452	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.290)	(3.636)
		Employees benefits expense	28.543	19.726
		Other expenses	297.726	245.607
		Extraordinary Items		2.250
		TOTAL (B)	1064.051	1091.141	802.864
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		176.002	182.786	194.356
Less	FINANCIAL EXPENSES (D)		70.242	42.176	43.736
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.758	140.610	150.620
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.866	33.199	30.395
	PROFIT BEFORE TAX (E-F) (G)		71.892	107.411	120.225
Less	TAX (H)		13.474	15.990	21.151
	PROFIT AFTER TAX (G-H) (I)		58.418	89.171	99.074
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		456.821	367.650	268.577
	BALANCE CARRIED TO THE B/S		515.239	456.821	367.650
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	427.963	320.306
	IMPORTS
		Raw Materials	NA	247.182	117.941
		Travels and others	NA	0.184	0.173
	TOTAL IMPORTS		NA	247.366	118.114
	Earnings Per Share (Rs.)		14.99	22.89	25.43

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
PAT / Total Income	(%)	4.71	7.01	9.94
Net Profit Margin (PBT/Sales)	(%)	5.86	8.48	12.14
Return on Total Assets (PBT/Total Assets}	(%)	5.26	9.20	13.96
Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.23
Debt Equity Ratio (Total Debt /Networth)		0.82	0.57	0.82
Current Ratio (Current Asset/Current Liability)		1.22	1.33	1.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	39.863	39.863	39.863
Reserves & Surplus	471.150	560.322	618.740
Net worth	511.013	600.185	658.603
long-term borrowings		62.938	49.127
Short term borrowings	319.575	280.937	488.029
Total borrowings	319.575	343.875	537.156
Debt/Equity ratio	0.625	0.573	0.816

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	990.216	1267.207	1227.472
		27.973	(3.136)

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	990.216	1267.207	1227.472
Profit	99.074	89.171	58.418
	10.01%	7.04%	4.76%

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	No
10]	Designation of contact person	No
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	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	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10510556	26/06/2014	30,000,000.00	AXIS BANK LIMITED	1095, AVINASHI ROAD, PAPPANAICKENPALAYAM, COIMBAT  ORE, Tamil Nadu - 641037, INDIA	C12498002
2	10461848	11/07/2014 *	100,000,000.00	ICICI BANK LIMITED	1090 CHERAN PLAZA 1ST FLOOR TRICHY ROAD, COIMBATOR  E, Tamil Nadu - 641018, INDIA	C14707889
3	10399573	30/03/2013 *	120,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR  E COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400  005, INDIA	B72483530
4	10288189	10/05/2012 *	67,500,000.00	STANDARD CHARTERED BANK	GRINDLAYS CENTRE, 509, D B ROAD, R S PURAM, COIMB  ATORE, Tamil Nadu - 641002, INDIA	B39149950
5	10255067	16/05/2012 *	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B42746149
6	10222087	23/01/2014 *	100,000,000.00	KARNATAKA BANK LIMITED	346 D B ROAD, R S PURAM, COIMBATORE, Tamil Nadu -  641002, INDIA	B97238984

* Date of charge modification

Fixed Assets

· Building

· Plant machinery

· Office equipments

· Other equipments,

· Computer equipments

· Furniture fixtures

· Motor vehicles

Note.: Register office of the company has been shifted from 49, avanashi road, Coimbatore – 641037, Tamil Nadu, India to the present address w.e.f. 17.04.2006

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. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Information Gathered by :	GAY
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.