MIRA INFORM REPORT

Report No. :	319777
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	HIACME AUTOMATIONS INDIA PRIVATE LIMITED
Registered Office :	88, Sai Nivas,Ganesan Street, Rathinapuri, Coimbatore – 641027, Tamilnadu
Mobile No.:	91-9643336481 (Mr. Karthigeyan)
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.07.2005
Com. Reg. No.:	18-012001
Capital Investment / Paid-up Capital :	Rs. 3.200 Million
CIN No.: [Company Identification No.]	U34300TZ2005PTC012001
TAN No.: [Tax Deduction & Collection Account No.]	CMBH03366G
PAN No.: [Permanent Account No.]	AABCH5957M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of machine components for textile industry, automobile and hydraulic valve, petro chemical valves.
No. of Employees :	28 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. Management of the company has failed to file its financial for the year 2014 with the government department. As per available financial of 2013, reserves of the company seems to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Karthigeyan
Designation :	Director
Contact No.:	91-9643336481
Date :	27.04.2015

LOCATIONS

Registered Office :	88, Sai Nivas,Ganesan Street, Rathinapuri, Coimbatore – 641027, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9643336481 (Mr. Karthigeyan)
Fax No.:	Not Available
E-Mail :	hailcbe@yahoo.co.in gk@hiacme.in
Website :	www.acmeautomation.net
Factory:	#27, (Old No 1-E) 1st Kasturibai Street Ganapathy, Coimbatore – 641006, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Jothieswari Narayana Swamy
Designation :	Managing director
Address :	4st, 4^th cross Rahamath Nagar, Rtnagarpost, Bangalore - Coimbatore – 560032, Tamilnadu, India
Date of Birth/Age :	19.05.1955
Date of Appointment :	19.07.2005
DIN No.:	02038209
Name :	Mr. Perumal Govindasamy
Designation :	Director
Address :	7/311, New N7/311, New No. 7/665, Nehrunagar Nallur, Sathyamangalam, Erode – 638459, Tamilnadu, India
Date of Birth/Age :	30.04.1932
Date of Appointment :	19.07.2005
DIN No.:	02919489
Name :	Mr. Nagammal Perumal Govindasamy Karthigeyan
Designation :	Managing director
Address :	O No.7/311, N No. 7/665, Nehrunagar, Nallur, Sathyamangalam, Erode – 638459, Tamilnadu, India
Date of Birth/Age :	01.06.1975
Date of Appointment :	20.09.2010
DIN No.:	03143746

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Palanisamy Kumarasamy	6750
Perumal Govindasamy	6974
Jothieswari Narayana Swamy	6974
Nagammal Perumal Govindasamy Karthigeyan	7746
N Vidyasakar	3780

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of machine components for textile industry, automobile and hydraulic valve, petro chemical valves.
Products :	Textile industry Automobile and hydraulic valve Petro chemical valves
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Germany USA Switzerland
Imports :
Products :	Machinery
Countries :	Taiwan Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Ram Prasad Tubes and Bars, Coimbatore, Tamilnadu, India
• Fortune Enterprise
• Hemant Tools Private Limited
• Indra Engineering Service
• Multitech
• Sri Maha Ganapathy Marketing
• Sri Multitech
• Subhash Engineering
• Tespa Calibration Centre
• Vipul Tools Centre

Customers :

Reference :	Rieter India Private Limited, Pune, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

60 (Approximately)

Bankers :

Bank Name	Andhra Bank
Branch	764, Oppanakara Street, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Tamilnadu Industrial Infrastructure Corporation Term Loans	2.463	2.841
Tamilnadu Industrial Infrastructure Corporation Subsidy Bridge Loan	0.495	0.495
Kotak Mahindra Finance	0.154	0.288
Total	3.112	3.624

Banking Relations :	--
Financial institute:	The Tamilnadu Industrial Investment Corporation Limited, United Shopping Complex, 1st Floor, Dr. Nanjappa Road, Coimbatore - 641018, Tamil Nadu, India
Auditors :
Name :	PSG and Company Chartered Accountants
Address :	63, Gokhale Street, Ramnagar, Coimbatore – 641009, Tamil Nadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP9824H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Shri Vaitsswa CNC

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs. 4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32000	Equity Shares	Rs.100/- each	Rs. 3.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	3.200	3.200	3.200
(b) Reserves & Surplus	2.196	1.586	0.596
(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)	5.396	4.786	3.796
(3) Non-Current Liabilities
(a) long-term borrowings	3.577	4.268	6.127
(b) Deferred tax liabilities (Net)	0.215	0.367	0.738
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.792	4.635	6.865
(4) Current Liabilities
(a) Short term borrowings	0.050	0.000	0.000
(b) Trade payables	3.870	1.926	1.404
(c) Other current liabilities	4.660	4.586	2.767
(d) Short-term provisions	0.262	0.182	0.115
Total Current Liabilities (4)	8.842	6.694	4.286
TOTAL	18.030	16.115	14.947
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.672	8.999	10.387
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.420	0.283	0.359
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.092	9.282	10.746
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.845	0.735	0.180
(c) Trade receivables	5.829	4.610	2.750
(d) Cash and cash equivalents	0.155	1.343	1.155
(e) Short-term loans and advances	0.109	0.145	0.116
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6.938	6.833	4.201
TOTAL	18.030	16.115	14.947

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Turnover	22.242	18.160	10.136
Other Income	NA	NA	NA
TOTAL	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4.254	4.571	2.232
DEPRECIATION/ AMORTISATION	2.693	2.950	1.170
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.561	4.055	0.947
FINANCIAL EXPENSES	0.621	0.671	0.321
PROFIT/ (LOSS) BEFORE TAX	0.940	1.090	0.627
CURRENT TAX	0.422	0.406	0.116
DEFERRED TAX	(0.152)	(0.371)	0.252
PROFIT/ (LOSS) AFTER TAX	0.670	1.055	0.259
Earnings / (Loss) Per Share (Rs.)	20.94	NA	NA

Expected Sales (2014-2015) : Rs.60.000 Million

The above information has been parted by Mr. Karthigeyan

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.21	6.76	4.19
Return on Investment (ROI) (PBT/Networth)		0.17	0.23	0.17
Debt Equity Ratio (Total Debt /Networth)		0.67	0.89	1.61
Current Ratio (Current Asset/Current Liability)		0.78	1.02	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.200	3.200	3.200
Reserves & Surplus	0.596	1.586	2.196
Net worth	3.796	4.786	5.396
long-term borrowings	6.127	4.268	3.577
Short term borrowings	0.000	0.000	0.050
Total borrowings	6.127	4.268	3.627
Debt/Equity ratio	1.614	0.892	0.672

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	10.136	18.160	22.242
		79.163	22.478

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	10.136	18.160	22.242
Profit	0.259	1.055	0.670
	2.56%	5.81%	3.01%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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	No

PERFORMANCE

The performance of the company has been good during the year. Despite the continued general global market recession the Company has been able to exceed the target turnover. However, the profitability has been effected due to the acute power shortage and increased labour cost. The Company has executed major orders from Flowlink Systems Private Limited., and Reiter LMW Machinery Limited., Doiter Castings, Coimbatore, which has helped improve its performance on all parameters. The Company has increased its production capacity. The Company has undertaken specialized orders which are being undertaken by sub-contracting with a sister concern.

The directors have undertaken more marketing effort and also have reasonable orders on hand for the current year. There is a general expectation of an economic slowdown for the next two years. The Company it has geared itself to face the slowdown and is also looking to tap the export market. The Company is yet to fulfill its export obligations for set off of import duties for which it has time until December 2013.

In view of the steady expansion of the Company’s operations, the number of employees has also steadily increased. The Company has also shifted from sending materials to other concerns for processing to carrying out such operations in house for most operations. The directors intend to initiate steps to register its employees for Employees State Insurance and Provident Fund.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Other Long Term Liabilities Trade Payables	0.465	0.636
Long Term Statutory liabilities	0.000	0.008
Short-term borrowings
Loans and Advances from Related Parties	0.050	0.000
Total	0.515	0.644

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10335485	27/01/2012	1,500,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LT D	NO.94 DR. NANJAPPA ROAD, 1ST FLOOR, UNITED SHOPPI NG COMPLEX,, COIMBATORE, TAMIL NADU - 641018, INDI A	B32095838
2	10247403	02/11/2010	2,520,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LT D.	NO.94 DR. NANJAPPA ROAD,, 1ST FLOOR, UNITED SHOPP ING COMPLEX,, COIMBATORE, TAMIL NADU - 641018, IND IA	A97739767
3	10208691	22/03/2010	2,336,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LI MITED	UNITED SHOPPING COMPLEX, 1ST FLOOR, DR. NANJAPPA ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	A81627978
4	10028534	18/12/2006	3,046,000.00	THE TAMIL NADU INDUSTRIAL INVESTMENT CORPORATION L IMITED	692, ANNA SALAI,, NANDANAM,, CHENNAI, TAMIL NADU - 600035, INDIA	A07879398

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 records 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.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.