MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	SARADHA PAPERS AND BOARDS PRIVATE LIMITED (w.e.f. 06.12.2005)
Formerly Known As :	VAIKGUNTH DUPLEX BOARD MILLS PRIVATE LIMITED
Registered Office :	122-1, Venkatasamy Road, Siddhapudur, Coimbatore – 641044, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.07.2002
Com. Reg. No.:	18-010260
Capital Investment / Paid-up Capital :	Rs.395.800 Millions
CIN No.: [Company Identification No.]	U02101TZ2002PTC010260
TAN No.: [Tax Deduction & Collection Account No.]	CMBS09264D
PAN No.: [Permanent Account No.]	AAJCS5518D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of paper boards.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 3200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked by low reserve level and highly fragmented as well as competitive nature of the paperboard industry. However, trade relations are 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

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	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	28.10.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	28.10.2013

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

Management Non Co-Operative (Tel No.: 91-422-4210993)

LOCATIONS

Registered Office :	122-1, Venkatasamy Road, Siddhapudur, Coimbatore – 641044, Tamilnadu, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	spbpl@sancharnet.in finance@saradhaduplexboard.in
Website :	http://saradhaduplexboard.in
Administrative Office :	Senthel Towers, 6th Floor, 1078, Avanashi Road, Coimbatore – 641018, Tamilandu, India
Tel. No.:	91-422-4210993/ 4210994
Fax No.:	91- 422-2520994
E-Mail :	spbduplex1@gmail.com spbduplex1@rediffmail.com spbpl@saradhaduplexboard.in
Factory :	S.F.No.106, Ikkarai Thathapalli Village, Sathy Taluk, Erode - 638 451, Tamilnadu, India
Tel. No. :	91- 4295-241315/ 292415

DIRECTORS

As on 23.09.2013

Name :

Mr. Arumugasamy Senthilkumar

Designation :

Managing Director

Address :

213, Race Course Road, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

23.07.1980

Date of Appointment :

24.10.2005

DIN No.:

01629733

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	U45201TZ1989PTC003035	SENTHEL BUILDING MATERIAL MANUFACTURING COMPANY PRIVATE LIMITED	Managing director	19/11/2011	25/09/1998	-	Active	NO
2	U24292TZ1986PTC001725	SENTHIL FRUIT PRODUCTS PRIVATE LIMITED	Managing director	10/07/2002	10/07/2002	-	Active	NO
3	U02101TZ2002PTC010260	SARADHA PAPERS AND BOARDS PRIVATE LIMITED	Managing director	20/06/2011	24/10/2005	-	Active	NO
4	L17111TZ1938PLC000079	KASTHURI MILLS LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
5	U01134TZ1992PTC003775	VEE YEL FRUIT PRODUCTS PRIVATE LIMITED	Managing director	19/11/2011	19/11/2011	-	Active	NO
6	U27109TZ1990PTC002721	SENTHIL STEEL COMPANY PRIVATE LIMITED	Managing director	19/11/2011	19/11/2011	-	Active	NO
7	U15131TZ1991PTC003423	SENTHIL PAPAIN AND FOOD PRODUCTS PRIVATE LIMITED	Managing director	19/11/2011	19/11/2011	-	Active	NO
8	U45200TZ2012PTC017970	SENTHIL CONSTRUCTION CORPORATION PRIVATE LIMITED	Director	02/03/2012	02/03/2012	-	Active	NO
9	U02710TZ2003PTC010760	ROSVAR IRON AND POWER Private LIMITED	Director	28/09/2012	23/03/2012	-	Active	NO
10	U21090TZ2012PTC018772	SENTHIL PAPER PRODUCT PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
11	U40106TZ2013PTC019209	SENTHIL ENERGY PRIVATE LIMITED	Director	27/02/2013	27/02/2013	-	Active	NO
12	U02101TZ1995PTC006289	SRI KARPAGA VINAYAGA PAPERS PRIVATE LIMITED	Additional director	17/04/2013	17/04/2013	-	Active	NO
13	U27310TZ1996PTC006850	M P S STEEL CASTINGS PRIVATE LIMITED	Managing director	25/09/2013	01/05/2013	-	Active	NO

Name :

Mr. Marappa Gounder Palanisamy

Designation :

Director

Address :

Door No.134, Syrian Condoth Cly, Coimbatore – 641044, Tamilnadu, India

Date of Birth/Age :

15.04.1951

Date of Appointment :

12.10.2005

DIN No.:

01865892

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	U27109TZ1990PTC002721	SENTHIL STEEL COMPANY PRIVATE LIMITED	Director	28/05/1990	28/05/1990	06/12/2013	Active	NO
2	U02101TZ2002PTC010260	SARADHA PAPERS AND BOARDS PRIVATE LIMITED	Director	12/10/2005	12/10/2005	-	Active	NO
3	L17111TZ1938PLC000079	KASTHURI MILLS LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
4	U14297TZ2009PTC015545	THANGAM MINERALS PRIVATE LIMITED	Director	21/10/2009	21/10/2009	-	Active	NO
5	U27310TZ1996PTC006850	M P S STEEL CASTINGS PRIVATE LIMITED	Director	25/09/2013	10/09/2013	-	Active	NO

Name :

Mr. Olaikaragowder Arumugasamy

Designation :

Additional director

Address :

D. No.107-A, Senguptha, St. Ramnagar, Coimbatore – 641009,
Tamilnadu, India

Date of Birth/Age :

15.11.1940

Date of Appointment :

20.06.2011

DIN No.:

02172975

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	U24292TZ1986PTC001725	SENTHIL FRUIT PRODUCTS PRIVATE LIMITED	Director	21/01/1986	21/01/1986	-	Active	NO
2	U45201TZ1989PTC003035	SENTHEL BUILDING MATERIAL MANUFACTURING COMPANY PRIVATE LIMITED	Director	19/11/2011	14/09/1989	-	Active	NO
3	U27109TZ1990PTC002721	SENTHIL STEEL COMPANY PRIVATE LIMITED	Director	28/05/1990	28/05/1990	-	Active	NO
4	U15131TZ1991PTC003423	SENTHIL PAPAIN AND FOOD PRODUCTS PRIVATE LIMITED	Director	04/09/1991	04/09/1991	-	Active	NO
5	U01134TZ1992PTC003775	VEE YEL FRUIT PRODUCTS PRIVATE LIMITED	Director	02/06/1992	02/06/1992	-	Active	NO
6	U02101TZ2002PTC010260	SARADHA PAPERS AND BOARDS PRIVATE LIMITED	Additional director	20/06/2011	20/06/2011	-	Active	NO
7	U45200TZ2012PTC017970	SENTHIL CONSTRUCTION CORPORATION PRIVATE LIMITED	Director	02/03/2012	02/03/2012	-	Active	NO
8	U21090TZ2012PTC018772	SENTHIL PAPER PRODUCT PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
9	U40106TZ2013PTC019209	SENTHIL ENERGY PRIVATE LIMITED	Director	27/02/2013	27/02/2013	-	Active	NO
10	U02101TZ1995PTC006289	SRI KARPAGA VINAYAGA PAPERS PRIVATE LIMITED	Additional director	17/04/2013	17/04/2013	-	Active	NO
11	U27310TZ1996PTC006850	M P S STEEL CASTINGS PRIVATE LIMITED	Director	25/09/2013	24/08/2013	-	Active	NO

Name :

Mr. Vetrivel Thukkanaickenpalayam Nanjaya

Designation :

Director

Address :

88, Rajiv Gandhi Nagar, Sowripalayam, Coimbatore – 641028, Tamilnadu, India

Date of Birth/Age :

07.05.1954

Date of Appointment :

12.10.2005

DIN No.:

03052930

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	U02101TZ2002PTC010260	SARADHA PAPERS AND BOARDS PRIVATE LIMITED	Director	12/10/2005	12/10/2005	-	Active	NO
2	U91900TZ2012PTC019043	INDIAN PRINT PARK PRIVATE LIMITED	Managing director	18/12/2012	18/12/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 23.09.2013

Names of Shareholders	No. of Shares	% of Holding
A.Senthil Kumar	64806667	97.34
O. Armugasamy	298333	0.45
M. Palanisamy	1412500	2.12
T.N. Vetrivel	62500	0.09
Total	66580000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of paper boards.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Tamilnad Mercantile Bank Limited, Dr. Nanjappa Road Branch, Coimbatore - 641018, Tamilnadu, India

· Indian Overseas Bank, 1027 Avinashi Road, Near VOC Ground, Park Square Branch, Coimbatore - 641018, Tamil Nadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	67.070	5.449
Short Term Borrowings
Loans repayable on demand from banks	22.530	19.520
Total	89.600	24.969

Banking Relations :	--
Auditors :
Name :	Vekam and Associates Chartered Accountants
Address :	9/1 B K R Nagar, Sathy Road, Gandhipuram, Coimbatore – 641012, Tamilnadu, India
PAN No.:	AQOPS2672N
Company in which Key Managerial Personnel can Exercise significant Influence :	· Continental Packaging’s · Kovai Graphers · Senthil Infra Developers Private Limited · Senthel Building Materials Manufacturing Company Private Limited · Roswer Iron and Power Private Limited · Sri Vijayalakhsmi Charitable Trust

CAPITAL STRUCTURE

As on 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66580000	Equity Shares	Rs.10/- each	Rs.665.800 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
395800000	Equity Shares	Rs.10/- each	Rs.395.800 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	395.800	147.700	65.400
(b) Reserves & Surplus	200.804	62.505	33.337
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	195.692	136.342	2.355
Total Shareholders’ Funds (1) + (2)	792.296	346.547	101.092
(3) Non-Current Liabilities
(a) long-term borrowings	83.468	19.347	23.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.023
(c) Other long term liabilities	7.620	10.200	8.321
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	91.088	29.547	31.644
(4) Current Liabilities
(a) Short term borrowings	22.530	19.520	30.055
(b) Trade payables	36.256	25.423	42.663
(c) Other current liabilities	105.223	28.869	5.903
(d) Short-term provisions	6.688	0.534	0.168
Total Current Liabilities (4)	170.697	74.346	78.789
TOTAL	1,054.081	450.440	211.525
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.503	41.441	38.540
(ii) Intangible Assets	0.008	0.014	0.023
(iii) Capital work-in-progress	556.640	176.058	7.589
(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)	5.635	13.993	0.000
(d) Long-term Loan and Advances	176.210	121.029	109.712
(e) Other Non-current assets	0.000	0.247	0.507
Total Non-Current Assets	775.996	352.782	156.371
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.759	25.597	25.762
(c) Trade receivables	36.570	20.450	21.047
(d) Cash and cash equivalents	140.999	8.327	1.942
(e) Short-term loans and advances	58.757	43.280	6.403
(f) Other current assets	0.000	0.004	0.000
Total Current Assets	278.085	97.658	55.154
TOTAL	1,054.081	450.440	211.525

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)		323.400	262.100	284.200
Less	EXPENSES
		TOTAL (B)		286.000	236.000	258.300
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			37.400	26.100	25.900
Less	FINANCIAL EXPENSES (D)			3.600	5.000	4.700
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			33.800	21.100	21.200
Less	DEPRECIATION/ AMORTISATION (F)			6.000	6.000	5.400
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			27.800	15.100	15.800
Less	TAX (H)			13.600	(14.100)	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			14.200	29.200	15.800
	IMPORTS
			Raw Materials	9.803	4.150	5.606
			Capital Goods	10.812	133.269	0.000
	TOTAL IMPORTS			20.615	137.419	5.606
	Earnings Per Share (Rs.)			0.37	1.97	2.41

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.39	11.14	5.56
Return on Total Assets (PBT/Total Assets}	(%)	5.65	5.80	7.75
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.16
Debt Equity Ratio (Total Debt /Networth)		0.13	0.11	0.53
Current Ratio (Current Asset/Current Liability)		1.63	1.31	0.70

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	65.400	147.700	395.800
Reserves & Surplus	33.337	62.505	200.804
Share Application money pending allotment	2.355	136.342	195.692
Net worth	101.092	346.547	792.296
long-term borrowings	23.300	19.347	83.468
Short term borrowings	30.055	19.520	22.530
Total borrowings	53.355	38.867	105.998
Debt/Equity ratio	0.528	0.112	0.134

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
Total Income	284.200	262.100	323.400
		(7.776)	23.388

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	284.200	262.100	323.400
Profit	15.800	29.200	14.200
	5.56%	11.14%	4.39%

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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from directors	12.510	10.010
Loans and advances from others	3.888	3.888
Total	16.398	13.898

REVIEW OF OPERATIONS

During the year, the company has achieved Gross sales of Rs.323.400 Millions (Rs.262.100 Millions) despite of failure in continuing power supply. With efficient operations and marketing of the company has achieved Profit before Tax 27.800 Millions and Cash profit of Rs.33.800 Millions.

During the year the company has widened its product segment into Triplex Board which is having high demand in the indigenous market. The company having planned to procure the captive power through wind mill to manage the power crises, Hence your company having confident to achieve higher sales and profitability during the current financial year.

EXPANSION PROJECT

As already informed, The Company is implementing an expansion project for manufacturing coated paper boards with 15 MW co-gen power plant for un interpreted power supply and cost savings. The expansion project expected to be commissioned before 31st March 2014. The cost of project is estimated at Rs.2992.600 Millions with term loan component of Rs.2052.000 Millions.

INDUSTRY SCENERIO AND FUTURE OUTLOOK

Now a days paper board product, are been used for packaging, as cups, plates etc, widely in Textile, Pharmaceutical, Cosmetics, Engineering, FMCG, snacks shops, cool drinks hall, Departmental Stores, Hotel and Marriage hall etc. Meanwhile, it is spread to inner middle and small cities including villages. The potential of the market is very large, it provides large market space for Paper products. Also, vital green dishwares and kitchenwares in 21st Century are paper cups, paper bowels, paper dinner case, paper cake trays and paper snack boxes.

The Company is currently producing uncoated paper board and it will be produce coated paperboard in the proposed expansion. Ours is a growing economy with millions of people graduating to the middle income group every year and pushing up demand for our product. There is no large scale paper board capacity addition in India and there is no threat of cheap imports from China or the West. Hence your expanded capacity has ready market both domestic and exports.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413988	25/03/2013	2,052,000,000.00	Tamilnad Mercantile Bank Limited	364 Dr. Nanjappa Road Branch, Coimbatore, Tamilnadu - 641018, India	B71507313
2	10315474	12/10/2011	4,813,500.00	Indian Overseas Bank	1027 Avinashi Road, Near Voc Ground, Park Square Branch, Coimbatore, Tamilnadu - 641018, India	B24457152
3	10183836	12/06/2014 *	202,500,000.00	Tamilnad Mercantile Bank Limited	364 Dr. Nanjappa Road Branch, Coimbatore, Tamilnadu - 641018, India	C11553054

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.43
UK Pound	1	Rs.97.25
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.