MIRA INFORM REPORT

Report No. :	354639
Report Date :	17.12.2015

IDENTIFICATION DETAILS

Name :	CARBONAIRE INDUSTRIES (MADRAS) PRIVATE LIMITED
Registered Office :	New No. 207, (Old No. 129), St. Mary’s Road, Alwarpet, Chennai – 600018, Tamilnadu
Tel. No.:	91-44-24311257
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.05.1997
Com. Reg. No.:	18-038208
Capital Investment / Paid-up Capital :	Rs. 4.551 Million
CIN No.: [Company Identification No.]	U25209TN1997PTC038208
IEC No.:	0488047170
TIN No.:	33210921961
TAN No.: [Tax Deduction & Collection Account No.]	CHEC04044F
PAN No.: [Permanent Account No.]	AAACC4731H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Injection Plastic Components. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1997. It has satisfactory track. Management of the company has failed to file financials for the year 2015 with the government department. The rating takes into consideration strong financial risk profile of the company marked by adequate networth base and comfortable gearing in FY14. The company has reported significant increase in its sales turnover along with fair net profit margin in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered can be for business dealings with usual 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Maruti Kathare
Designation :	Director
Contact No.:	91-9841045711
Date :	17.12.2015

LOCATIONS

Registered Office :	New No. 207, (Old No. 129), St. Mary’s Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9841045711 (Mr. Maruti Kathare)
Fax No.:	Not Available
E-Mail :	anand@carbonaire.com
Head Office :	106, Kalavakkam Village, Thiruporur - 603110, Tamilnadu, India
Tel. No.:	91-44-24311257
E-Mail :	cabonai@vsnl.com
Factory :	S. No. 217 (P) 221/1 and 2 Old Mahabalipuram Road, V. No. 106, Kelavakkam Village, Tiruporur Town Panchayat, Chennai – 600106, Tamilnadu, India
Correspondence Office :	Plot No. 87, Thirumalai Nagar, 4^th Cross Street, Perugudi, Chennai – 600096, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :	Anand Rajaram Kathare
Designation :	Whole-Time Director
Address :	207 St Marys Road, Alwarpet, Chennai - 600018, Tamil Nadu, India
Date of Birth/Age :	02.05.1960
Date of Appointment :	16.05.1997
DIN No.:	00863777
Name :	Mukund Rajaram Kathare
Designation :	Whole-Time Director
Address :	207 St Marys Road, Alwarpet, Chennai - 600018, Tamil Nadu, India
Date of Birth/Age :	06.09.1967
Date of Appointment :	27.11.1999
DIN No.:	00863892
Name :	Maruti Rajaram Kathare
Designation :	Managing Director
Address :	207 St Marys Road, Alwarpet, Chennai, 600018, Tamil Nadu, India
Date of Birth/Age :	02.05.1960
Date of Appointment :	16.05.1997
DIN No.:	00863732
Name :	Sharada Rajaram Kathare
Designation :	Director
Address :	207 St Marys Road, Alwarpet, Chennai, 600018, Tamil Nadu, India
Date of Birth/Age :	03.07.1940
Date of Appointment :	27.11.1999
DIN No.:	01523689

KEY EXECUTIVES

Name :	M Alagar and Associates
Designation :	Company Secreatary
Address :	No. 21-B, 1^st Floor, ARK Colony, Eldams Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24344230
Mob. No.:	91-9003199947
E-Mail :	alagarassociates@gmail.com

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Mr. Maruth R Kathare	16440
Mr. Anand R Kahare	9830
Mr. Kavitha Loganathan	1250
Mr. Rajaram N Kathare	5000
Mr. Sharadha R Kathare	5000
Mr. Mukund R Kathare	6080
Mohanlal Fatechchand Bhatia	1911
Total	45511

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	93.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Injection Plastic Components. [Registered Activity]
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 :

Information declined by the management

Bankers :

Banker Name	State Bank of India
Branch Address	Siruthozhil Branch, No.1 KRM Towers, V Floor, Har  rington Road, V Floor, Chennai - 600031, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From banks	0.007	0.059
Total	0.007	0.059

Auditors :
Name :	S. Venkatram and Company Chartered Accountants
Address :	No.218, T. T. K. Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
PAN No.:	AABFS8836R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45511	Equity Shares	Rs.100/- each	Rs. 4.551 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	4.551	4.551	4.551
(b) Reserves & Surplus	159.480	143.187	132.324
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.001	0.001	0.001
Total Shareholders’ Funds (1) + (2)	164.032	147.739	136.876
(3) Non-Current Liabilities
(a) long-term borrowings	73.068	28.243	11.598
(b) Deferred tax liabilities (Net)	0.892	1.469	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.595	0.000	0.000
Total Non-current Liabilities (3)	75.555	29.712	11.598
(4) Current Liabilities
(a) Short term borrowings	0.008	0.059	4.497
(b) Trade payables	27.078	31.017	10.074
(c) Other current liabilities	3.690	2.775	4.561
(d) Short-term provisions	0.848	1.095	1.017
Total Current Liabilities (4)	31.623	34.946	20.149
TOTAL	271.210	212.397	168.623
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.640	63.909	48.822
(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	50.000	20.000	25.423
(c) Deferred tax assets (net)	0.000	0.000	1.454
(d) Long-term Loan and Advances	16.921	12.825	3.017
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	131.561	96.734	78.716
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.664	9.695	8.895
(c) Trade receivables	68.058	49.941	44.294
(d) Cash and cash equivalents	48.918	47.462	17.386
(e) Short-term loans and advances	11.843	4.775	2.300
(f) Other current assets	4.166	3.790	17.032
Total Current Assets	139.649	115.663	89.907
TOTAL	271.210	212.397	168.623

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income			230.365
	Other Income			12.649
	TOTAL	326.923	264.514	243.014
Less	EXPENSES
	TOTAL	307.201	247.727	230.804
	PROFIT/ (LOSS) BEFORE TAX	19.722	16.787	12.210
Less	TAX	3.429	5.924	8.092
	PROFIT/ (LOSS) AFTER TAX	16.293	10.863	4.118
	Earnings Per Share (Rs.)	358.00	238.69	--

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
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.98	4.11	1.79
Return on Total Assets (PBT/Total Assets}	(%)	8.92	8.73	8.61
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.09
Debt Equity Ratio (Total Debt /Networth)		0.45	0.19	0.12
Current Ratio (Current Asset/Current Liability)		4.42	3.31	4.46

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	4.551	4.551	4.551
Reserves & Surplus	132.324	143.187	159.480
Share Application money pending allotment	0.001	0.001	0.001
Net worth	136.876	147.739	164.032
long-term borrowings	11.598	28.243	73.068
Short term borrowings	4.497	0.059	0.007
Total borrowings	16.095	28.302	73.075
Debt/Equity ratio	0.118	0.192	0.445

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	230.365	264.514	326.923
		14.824	23.594

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	230.365	264.514	326.923
Profit	4.118	10.863	16.293
	1.79%	4.11%	4.98%

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	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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
From related parties	73.068	28.243
Total	73.068	28.243

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90294150	13/07/2004	339,760.00	SUNDARAM FINANCE LTD.	NO-21 PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002,  INDIA	-
2	90293775	06/05/2013 *	46,000,000.00	State Bank of India	Siruthozhil Branch, No.1 KRM Towers, V Floor, Har  rington Road, V Floor, Chennai, Tamil Nadu - 60003  1, INDIA	B76307214
3	90294605	02/05/2001 *	15,135,000.00	STATE BANK OF INDIA;	SIRUTHOZHIL BRANCH, CHENNAI, Tamil Nadu - 600034,  INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Office Equipment
• Computer
• Furniture and Fixture
• Vehicles

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. 66.85
UK Pound	1	Rs. 100.58
Euro	1	Rs. 73.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.