MIRA INFORM REPORT

Report No. :	336308
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	THOMYAM FOOD INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	Plot D – 4, SIPCOT Industrial park, Irunkattukottai, Sriperumnuthar Taluk, Kancheepuram – 602105, Tamilnadu
Tel. No.:	91-44-37105744
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.07.2002
Com. Reg. No.:	18-049235
Capital Investment / Paid-up Capital :	Rs. 11.655 Million
CIN No.: [Company Identification No.]	U15135TN2002PTC049235
IEC No.:	0404005616
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT6305M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of food products (Jelly)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. For the financial year ended 2014, the company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-44-37105744)

LOCATIONS

Registered Office :	Plot D – 4, SIPCOT Industrial park, Irunkattukottai, Sriperumnuthar Taluk, Kancheepuram – 602105, Tamilnadu, India
Tel. No.:	91-44-37105744/27156743
Fax No.:	91-44-47100331
E-Mail :	thomyam_food@yahoo.com
Website :	www.thomyamfood.com

DIRECTORS

As on 29.09.2014

Name :	Mr. Thu Chong Soon
Designation :	Managing Director
Address :	A – 5232, Lorong Kubang, Buaya 77, Kuantan, Pahang – 25050, Malaysia
Date of Birth/Age :	02.10.1948
Date of Appointment :	10.07.2002
DIN No.:	00917933
Name :	Mr. Ng Ke Ming
Designation :	Whole time Director
Address :	A1349, Lorong Selamat 34, Jalan Telok Sisek, Kuantan Pahang 25050, Malaysia
Date of Birth/Age :	30.12.1949
Date of Appointment :	28.01.2009
DIN No.:	02444047
Name :	Mr. Yeong Jye Thu
Designation :	Director
Address :	No. 9, Lorong IM 10/5, Taman Bukit Istana, Indera Mahkota, Kuantan 25200, Malaysia
Date of Birth/Age :	01.07.1976
Date of Appointment :	14.11.2012
DIN No.:	06425068
Name :	Mr. Kok Hong Ng
Designation :	Director
Address :	A 1349, Lorong elamat, 34, Jalan Teluk Sisek, Kuantan Pahang 25050, Malaysia
Date of Birth/Age :	15.11.1978
Date of Appointment :	14.11.2012
DIN No.:	06425067

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Thomyam Food Industries SDN BHD, Malaysia	5000	0.43
Taran Boon Jin	5000	0.43
Thomyam Food Industries India SDN BHD, Malaysia	1155527	99.14
Total	1165527	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of food products (Jelly)
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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

Customers :

Reference :	Not Divulged
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 :

Not Divulged

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Other Parties	0.000	0.162
SHORT TERM BORROWING
From Other Parties	0.025	0.000
Total	0.025	0.162

Banking Relations :	--
Auditors :
Name :	R. Venkatakrishnan and Associates Chartered Accountants
Address :	“RANGAS”, ¼, Fourth Main Road, R.A. Puram, Chennai – 600028, Tamilnadu, India
Tel. No.:	91-44-24618778/24618740
E-Mail :	assurance@rvkassociates.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFV8214B
Memberships :	--
Collaborators :	--
Holding Company :	Thomyam Food Industries India SDN BHD, Malaysia

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,165,527	Equity Shares	Rs.10/- each	Rs. 11.655 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.655	10.000	10.000
(b) Reserves & Surplus	(51.324)	(42.209)	(33.062)
(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)	(39.669)	(32.209)	(23.062)
(3) Non-Current Liabilities
(a) long-term borrowings	47.923	45.586	44.099
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	47.923	45.586	44.099
(4) Current Liabilities
(a) Short term borrowings	0.025	0.000	0.231
(b) Trade payables	35.177	28.015	22.979
(c) Other current liabilities	10.667	7.046	2.073
(d) Short-term provisions	0.100	0.074	0.939
Total Current Liabilities (4)	45.969	35.135	26.222
TOTAL	54.223	48.512	47.259
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.437	38.385	37.721
(ii) Intangible Assets	0.019	0.020	0.019
(iii) Capital work-in-progress	2.986	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	0.102	0.083	0.065
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	39.544	38.488	37.805
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.071	3.492	3.581
(c) Trade receivables	0.172	0.122	1.915
(d) Cash and cash equivalents	2.600	2.729	2.384
(e) Short-term loans and advances	4.836	3.681	1.574
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	14.679	10.024	9.454
TOTAL	54.223	48.512	47.259

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	43.519	55.716	54.650
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(6.731)	6.723	(7.627)
Less	FINANCIAL EXPENSES	0.144	0.256	0.289
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(6.875)	(6.979)	(7.916)
Less/ Add	DEPRECIATION/ AMORTISATION	2.240	2.167	1.924
	PROFIT/ (LOSS) BEFORE TAX	(9.115)	(9.146)	(9.840)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(9.115)	(9.146)	(9.840)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(42.208)	(33.062)	(23.222)
	Balance Carried to the B/S	(51.32)	(42.208)	(33.062)
	Earnings / (Loss) Per Share (Rs.)	(7.82)	(7.85)	(8.44)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(20.94)	(16.42)	(18.01)
Operating Profit Margin (PBIDT/Sales)	(%)	(15.47)	12.07	(13.96)
Return on Total Assets (PBT/Total Assets}	(%)	(17.79)	(18.85)	(20.82)
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.43
Debt Equity Ratio (Total Debt /Networth)		(1.21)	(1.42)	(1.92)
Current Ratio (Current Asset/Current Liability)		0.32	0.29	0.36

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	11.655
Reserves & Surplus	(33.062)	(42.209)	(51.324)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(23.062)	(32.209)	(39.669)
long-term borrowings	44.099	45.586	47.923
Short term borrowings	0.231	0.000	0.025
Total borrowings	44.330	45.586	47.948
Debt/Equity ratio	(1.922)	(1.415)	(1.209)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	54.650	55.716	43.519
		1.951	(21.891)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	54.650	55.716	43.519
Profit	(9.840)	(9.146)	(9.115)
	(18.01%)	(16.42%)	(20.94%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan and advances from related parties
Loan from holding parties	41.839	39.498
Loan from Director	6.084	5.926
Total	47.923	45.424

OPERATIONS:

The principal activities of the Company remained unchanged. During the year, the company witnessed a decrease in Turnover to Rs. 43.519 Million from Rs. 55.716 Million. The company has incurred a loss of Rs. (9.115) Million during the current year as against a loss of Rs(9.146) Million in the previous year. The net worth of the company has eroded completely as the accumulated losses of the company has exceeded the paid up capital, however the holding company will provide necessary funds required to sustain as a going concern.

Despite increase in sales, the high raw material cost, personnel cost and selling expenses and increasing fuel rate and an unfavorable increase in the exchange rate has incapacitated the company from reaching the expected performance. The Company did not perform well due to stiff competition and lack of product diversity. However, the company is planning to expand the business base by introducing various products thereby expecting to acquire more market share. The company will also propagate various business strategies to enhance customer satisfaction and product quality. No Stock Ricogel , this reason only did not take the production for 2 months.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Office Equipment
• Factory Equipment
• Computer and Accessories
• Plant and Machinery
• Motor Vehicle

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.65.12
UK Pound	1	Rs.101.61
Euro	1	Rs.72.56

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		12

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.