MIRA INFORM REPORT

Report No. :	306692
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	MTANDT LIMITED (w.e.f. 19.01.2012)
Formerly Known As :	MADRAS TOOLS AND TACKLES LIMITED
Registered Office :	17/8, West Mada Church Road, Royapuram, Chennai – 600013, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.2005
Com. Reg. No.:	18-057617
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U29150TN2005PLC057617
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is in the trading of machines, safety tools and equipment’s, trading and installation of structure, Steel (MAPs); direct and indirect commission and renting of immovable property.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established having satisfactory track record. Financial position of the company seems to be decent. Trade relation are fair. Business is active. Payment terms are usually correct. The company can be considered for the business dealings at 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 – 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 DECLINED BY

Name :	Mr. Shailendra
Designation :	Not Divulged
Contact No.:	91-7718897739
Date :	05.02.2015

LOCATIONS

Registered Office / Head Office:	17/8, West Mada Church Road, Royapuram, Chennai – 600013, Tamilnadu, India
Tel. No.:	91-44-42632500
Mobile No.:	91-7718897739 (Mr. Shailendra)
Fax No.:	91-44-42632600
E-Mail :	pa@onrent.net
Website :	www.mtandt.net
Delhi Office:	C-186, Vivek Vihar, Phase – 1, New Delhi – 110095, India
Tel. No.:	91-11-43502500

DIRECTORS

As on 17.09.2014

Name :

Mr. Mukesh Modi

Designation :

Managing director

Address :

39, West Mada, Chruch Road, Royapuram, Chennai – 600013, Tamilnadu, India

Date of Birth/Age :

28.11.1969

Date of Appointment :

04.04.2013

DIN No.:

00805737

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	U29150TN2005PLC057617	mtandt Limited	Managing director	04-04-13	29-09-05	-	Active	NO
2	U28112UP2006PTC032609	ABC RAILROAD PRODUCTS PRIVATE LIMITED	Director	11-12-06	11-12-06	24-12-08	Active	NO
3	U29253DL2011PLC218391	I.A. ACCESS SYSTEMS LIMITED	Director	02-05-11	02-05-11	-	Active	NO
4	U29253TN2009PLC073258	MTANDT RENTALS LIMITED	Director	22-08-11	10-06-11	01-04-13	Active	NO

Name :

Mr. Raj Kumar Modi

Designation :

Director

Address :

146, Broadway, Chennai – 60001, Tamilnadu, India

Date of Birth/Age :

18.10.1945

Date of Appointment :

26.09.2005

DIN No.:

00805826

Name :

Ms. Alka Modi

Designation :

Additional director

Address :

39, West Mada, Chruch Road, Royapuram, Chennai – 600013, Tamilnadu, India

Date of Birth/Age :

22.04.1967

Date of Appointment :

01.04.2013

DIN No.:

02799259

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	U29253TN2009PLC073258	MTANDT RENTALS LIMITED	Director	19-10-09	19-10-09	01-04-13	Active	NO
2	U29150TN2005PLC057617	mtandt Limited	Additional director	01-04-13	01-04-13	-	Active	NO

Name :

Mrs. Parul Modi

Designation :

Additional director

Address :

39, West Mada, Chruch Road, Royapuram, Chennai – 600013, Tamilnadu, India

Date of Birth/Age :

03.08.1976

Date of Appointment :

01.04.2013

DIN No.:

06584754

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2014

Names of Shareholders	No. of Shares	%age holding
Gotapl Modi	109046	18.17
Rakesh Modi	109045	18.17
Mukesh Modi	95409	15.90
Raj Kumar Modi	60000	10.00
Sangeeta Modi	84591	14.10
Parul Modi	70955	11.83
Alka Modi	70954	11.83
Total	600000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 17.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is in the trading of machines, safety tools and equipment’s, trading and installation of structure, Steel (MAPs); direct and indirect commission and renting of immovable property.
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 :	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 :

• Standard Chartered Bank, 2nd Floor, No.19, Rajaji Salai, Chennai - 600001, Tamil Nadu, India
• Union Bank of India, Chennai Main Branch, 139 Broadway, Chennai - 600108, Tamil Nadu, India

Banking Relations :	--
Financial Institute:	Riwals International Sales B V Netherland, Maxwellstraat, 27, 3316gp, Dordrecht - 0000000, Netherlands
Auditors :
Name :	Khemka and Company Chartered Accountants
Address :	873, Poonamallee High Road, Kilpauk, Chennai – 600084, Tamil Nadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFK4485M
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	6.000	6.000	12.000
(b) Reserves & Surplus	35.111	29.274	138.480
(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)	41.111	35.274	150.480
(3) Non-Current Liabilities
(a) long-term borrowings	50.395	22.303	117.626
(b) Deferred tax liabilities (Net)	2.437	3.259	18.935
(c) Other long term liabilities	0.000	0.000	27.536
(d) long-term provisions	3.923	3.861	4.356
Total Non-current Liabilities (3)	56.755	29.423	168.453
(4) Current Liabilities
(a) Short term borrowings	37.985	0.000	58.553
(b) Trade payables	47.919	63.370	62.587
(c) Other current liabilities	25.236	53.762	191.545
(d) Short-term provisions	2.522	4.440	13.061
Total Current Liabilities (4)	113.662	121.572	325.746
TOTAL	211.528	186.269	644.679
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.493	47.198	391.930
(ii) Intangible Assets	22.712	30.283	47.338
(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	0.600	0.600	0.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.805	78.081	439.868
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.936	25.969	19.846
(c) Trade receivables	60.128	52.635	149.847
(d) Cash and cash equivalents	4.493	3.095	2.147
(e) Short-term loans and advances	33.166	26.489	32.971
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	143.723	108.188	204.811
TOTAL	211.528	186.269	644.679

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	224.314	248.032	196.821
	Other Income	10.340	16.802	9.611
	TOTAL (A)	234.654	264.834	206.432
Less	EXPENSES
	Purchases of Stock-in-Trade	162.558	192.131	164.441
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(19.967)	(6.123)	6.508
	Employees benefits expense	31.717	22.213	11.241
	Other expenses	33.296	26.048	13.655
	TOTAL (B)	207.604	234.269	195.845
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	27.050	30.565	10.587
Less	FINANCIAL EXPENSES (D)	7.279	4.919	11.849
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	19.771	25.646	-1.262
Less/ Add	DEPRECIATION/ AMORTISATION (F)	12.249	15.313	21.444
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.522	10.333	(22.706)
Less	TAX (I)	1.694	2.553	(59.196)
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	5.828	7.780	36.490
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	8.273	96.480	59.990
	DEMERGER TRANSFER	0.000	95.986	0.000
	Balance Carried to the B/	14.101	8.273	96.480
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2.123	0.116	NA
	TOTAL EARNINGS	2.123	0.116	NA
	IMPORTS
	Purchase	20.258	37.388	NA
	Purchase customs duty	5.779	6.290	NA
	TOTAL IMPORTS	26.037	43.678	NA
	Earnings / (Loss) Per Share (Rs.)	10.00	13.00	61.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.60	3.14	18.54
Operating Profit Margin (PBIDT/Sales)	(%)	12.06	12.32	5.38
Return on Total Assets (PBT/Total Assets}	(%)	3.57	5.57	-3.53
Return on Investment (ROI) (PBT/Networth)		0.18	0.29	-0.15
Debt Equity Ratio (Total Debt /Networth)		2.15	0.63	1.17
Current Ratio (Current Asset/Current Liability)		1.26	0.89	0.63

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.000	6.000	6.000
Reserves & Surplus	138.480	29.274	35.111
Net worth	150.480	35.274	41.111
long-term borrowings	117.626	22.303	50.395
Short term borrowings	58.553	0.000	37.985
Total borrowings	176.179	22.303	88.380
Debt/Equity ratio	1.171	0.632	2.150

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	196.821	248.032	224.314
		26.019	-9.562

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	196.821	248.032	224.314
Profit	36.490	7.780	5.828
	18.54%	3.14%	2.60%

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	Yes
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	No

OPERATIONS

During the year, the company has total income 234.600 Millions a pat of Rs. 5.837 Millions as compared tp PAT of Rs.7.780 Millions in 2012-13. The company’s future prospects are showing positive signal and all in company are working towords the same

CORPORATE INFORMATION:

Subject incorporated under the provisions of the Indian companies Act 1956. The company is in the trading of machines, safety tools and equipment’s, trading and installation of structure, Steel (MAPs); direct and indirect commission and renting of immovable property. The company has its registered office in Chennai.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10534202	07/11/2014	12,500,000.00	STANDARD CHARTERED BANK	2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	C35548577
2	10482511	29/01/2014	252,260,000.00	STANDARD CHARTERED BANK	2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	B98456676
3	10328910	15/12/2011	15,716,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA	B29577897
4	10328911	15/12/2011	16,143,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA	B29580347
5	10101312	07/11/2014 *	136,000,000.00	STANDARD CHARTERED BANK	2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	C35552082

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Air Conditioner
• Computer
• Furniture
• Office Equipment
• Other Vehicles
• Trade Mark

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.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

INFORMATION DETAILS

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

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	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.