MIRA INFORM REPORT

Report No. :	355716
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	N.S.RATHINAM AND SONS PRIVATE LIMITED
Registered Office :	179, M.T.H. Road, Avadi, Chennai – 600054, Tamilnadu
Tel. No.:	91-44-26382168
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.02.2000
Com. Reg. No.:	18-044147
Capital Investment / Paid-up Capital :	Rs.50.000 Million
CIN No.: [Company Identification No.]	U27101TN2000PTC044147
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Cold Storage Facility. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 54000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was incorporated in the year 2000. It has moderate track. The company has incurred losses from its operations in FY15, which has resulted in partial erosion of the networth base. Further, the company has reported huge external borrowing in the same consecutive year. However, the company has reported decent increase in its revenue base in FY15. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of leveraged capital structure along with losses, 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 – 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 DECLINED

Management Non-Cooperative

LOCATIONS

Registered Office :	179, M.T.H. Road, Avadi, Chennai – 600054, Tamilnadu, India
Tel. No.:	91-44-26382168
Fax No.:	Not Available
E-Mail :	nsrshipbreaker2004@yahoo.co.in

DIRECTORS

As on 31.03.2015

Name :

Mr. Chandrasekharan Rathinam

Designation :

Managing Director

Address :

New No.291, Old No.179, M.T.H. Road, Avadi, Chennai - 600054, Tamil Nadu, India

Date of Birth/Age :

26.04.1966

Date of Appointment :

10.02.2000

DIN No.:

01908429

Name :

Mr. Akkammal Rathinam

Designation :

Director

Address :

New No.291, Old No.179, M.T.H. Road, Avadi, Chennai - 600054, Tamil Nadu, India

Date of Birth/Age :

19.07.1946

Date of Appointment :

10.02.2000

DIN No.:

01908439

Name :

Padmavathy Chandrasekharan

Designation :

Director

Address :

New No.291, Old No.179, M.T.H. Road, Avadi, Chennai - 600054, Tamil Nadu, India

Date of Birth/Age :

31.05.1972

Date of Appointment :

29.09.2003

DIN No.:

01908446

Name :

Mr. Sridhar Vijayaraghavan

Designation :

Director

Address :

F-2 Samudra Apartments H-100 Seaward Road Ist, Valmiki Nagar, Chennai - 600041, Tamil Nadu, India

Date of Birth/Age :

13.12.1953

Date of Appointment :

04.03.2011

DIN No.:

01025915

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	U52334TN2002PTC049945	CLIMA-COOL SYSTEMS PRIVATE LIMITED	Managing director	10/03/2004	10/03/2004	01/07/2012	Active	NO
2	U27101TN2000PTC044147	N.S.RATHINAM & SONS PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Chandrasekharan Rathinam	1875000	37.50
Akkammal Rathinam	625000	12.50
Padmavathy Chandrasekharan	2500000	50.00
Total	5000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Cold Storage Facility. (Registered activity)

Products :

Item Code No.	Product Description
99672100	Refrigerated storage services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 :
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 :
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Indian Overseas Bank
Branch	226, Arcot Road, Kodambakkam, Chennai – 600026, 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	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	135.077	138.374
(Personal guarantee of all directors and land owner)
Short-term borrowings
Working capital loans from banks	9.806	0.207
(Receivables and Book Debts Personal guarantee of all directors and land owner)
Total	144.883	138.581

Auditors :
Name :	Krishaan and Company Chartered Accountants
Address :	C10 6th Floor Parsn Manere 442 Anna Salai Chennai – 600006, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK0459P
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	N.S. Rathinam and Sons, India

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000	50.000
(b) Reserves & Surplus	(31.193)	(23.356)	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	36.515
Total Shareholders’ Funds (1) + (2)	18.807	26.644	86.515
(3) Non-Current Liabilities
(a) long-term borrowings	210.756	214.463	115.613
(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)	210.756	214.463	115.613
(4) Current Liabilities
(a) Short term borrowings	9.806	0.207	0.000
(b) Trade payables	19.657	23.605	29.124
(c) Other current liabilities	9.949	0.867	0.519
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	39.412	24.679	29.643
TOTAL	268.975	265.786	231.771
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	205.478	229.098	187.675
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	16.700	12.943	10.883
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.489
(c) Deferred tax assets (net)	0.321	0.000	0.000
(d) Long-term Loan and Advances	1.101	0.743	0.889
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	223.600	242.784	199.936
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	11.084	1.113	0.000
(d) Cash and cash equivalents	20.300	6.317	2.248
(e) Short-term loans and advances	10.054	13.633	0.972
(f) Other current assets	3.937	1.939	28.615
Total Current Assets	45.375	23.002	31.835
TOTAL	268.975	265.786	231.771

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	42.439	9.504
	Other Income	2.550	0.107
	TOTAL (A)	44.989	9.611	NA
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.065)	(1.602)
	Employees benefits expense	10.317	4.382
	Other expenses	17.279	9.784
	TOTAL (B)	25.531	12.564	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	19.458	(2.953)	NA
Less	FINANCIAL EXPENSES (D)	14.267	8.268
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5.191	(11.221)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)	26.824	17.135	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(21.633)	(28.356)
Less	TAX (H)	(0.321)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(21.312)	(28.356)	0.000
	Earnings / (Loss) Per Share (Rs.)	(4.33)	(5.67)	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	26.059	5.983	NA
Net cash flow from operating activity	25.471	5.884	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(50.22)	(298.36)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	45.85	(31.07)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(8.59)	(11.21)	NA
Return on Investment (ROI) (PBT/Networth)		(1.15)	(1.06)	NA
Debt Equity Ratio (Total Debt /Networth)		11.73	8.06	1.34
Current Ratio (Current Asset/Current Liability)		1.15	0.93	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	0.000	(23.356)	(31.193)
Share Application money pending allotment	36.515	0.000	0.000
Net worth	86.515	26.644	18.807
long-term borrowings	115.613	214.463	210.756
Short term borrowings	0.000	0.207	9.806
Total borrowings	115.613	214.670	220.562
Debt/Equity ratio	1.336	8.057	11.728

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	9.504	42.439
		346.538

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	9.504	42.439
Profit	(28.356)	(21.312)
	(298.36%)	(50.22%)

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	Yes
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Madras High Court

Case Status Information System

Case Status : Pending

Status Of : INSOLVENCY PETITION 19 Of 2014

Litigants : M/S.DINESH M.SHAH HUF Vs. M/S.N.S.RATHINAM & SONS

Pet's Adv : M/S.T.SKANDHAKUMAR

Res's Adv : 1. M/S.N.S.RATHINAM & SONS

Last Date of Hearing : ---

Next / Final Date of Hearing : Thursday, November 26, 2015

Case Updated On : Thursday, November 26, 2015

Category : ---

BUSINESS PERFORMANCE

As may be seen from the financials results, the company has earned a Surplus of Rs.19.556 Million before Interest and depreciation and Taxation as against the Loss in the previous year Rs.2.093 Million. The potential gross Income could be around 60.000 Million which is being targeted during the Current Year. The company hopes Break Even during the Current Year considering the revenue from operation so far.

The customer base is increasing due to awareness among the users and the Company hope to achieve increased usage in the coming months resulting in higher revenue and profits. The facilities offered by the Company are unique with almost zero level wastage in handling and storage.

On a long term basis with the levels of usage by the customers shows increasing trend due to awareness created and excellent facility offered and the revenues are as per expectation and company has obtained Additional load capacity from Electricity board for 140KVA and power problem was stabilized with that the Company hopes to realize increased returns to meet all commitments and expected to achieve profits in forthcoming years.

As you are aware that their pack house has been Inspected and Certified by Pack house Recognition Committee constituted by AGRICULTURAL AND PROCESSED FOOD PRODUCTS EXPORT DEVELOPMENT AUTHORITY (APEDA) to meet the prescribed level for export of fresh Fruits and Vegetables to European Union and ours is only storage with pack house facility for small exporters.

Company is already obtained Letter of Intent from National Horticulture Board. The company is awaiting the financials sanction for the same from the bank. The company is already incurred 16.700 Million in 2014-15 towards expansion of the project. On the completion of the expansion additional revenue is expected around 90.000 Million.

SUBSIDY

The Company is eligible for Back ended Investment Subsidy of Rs. 5.000 Million for Ripening Chambers and of Rs. 14.000 Million for Cold Storage from National Horticulture Board (NHB). As on date of this Report. Rs.18.475 Million has been disbursed by NHB which has been kept in a deposit a/c by the bank pending adjustment against term loan.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	75.562	75.845
Loans taken for fixed assets	0.117	0.244
Total	75.679	76.089

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10309461	30/12/2013 *	174,000,000.00	INDIAN OVERSEAS BANK	226, ARCOT ROAD, KODAMBAKKAM, CHENNAI, Tamil Nadu  - 600026, INDIA	B97258669

FIXED ASSETS

• Land
• Buildings
• Factory building
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Computer equipments
• Office equipment

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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	SUJ

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	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		26

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.