MIRA INFORM REPORT

Report No. :	306810
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	DECCAN PUMPS PRIVATE LIMITED
Registered Office :	No.43, E3 - E6, Bharathi Nagar, Sathy Road, Ganapathy, Coimbatore - 641006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1995
Com. Reg. No.:	006378
Capital Investment / Paid-up Capital :	Rs.5.800 Millions
CIN No.: [Company Identification No.]	U29194TZ1995PTC006378
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 :	Manufacturer of pumpsets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 525000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company is acceptable. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. Subject can be considered for business dealings at usual trade terms and conditions.

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.

LOCATIONS

Registered Office / Factory :	No.43, E3 - E6, Bharathi Nagar, Sathy Road, Ganapathy, Coimbatore - 641006, Tamilnadu, India
Tel. No.:	91-422-2531141 / 2533534 / 2532930 / 2533696
Fax No.:	91-422-2530153
E-Mail :	ganesh@ksp.co.in info@deccanpumps.com finance@deccanpumps.com sales@deccanpumps.com exports@deccanpumps.com
Website :	http://www.deccanpumps.com
Sales Office :	Located At : · Chennai · Pune

DIRECTORS

As on 30.09.2014

Name :

Periaswamy Arumugam

Designation :

Managing director

Address :

43F, Sathy Road, Ganapathy, Coimbatore – 641006, Tamilnadu, India

Date of Birth/Age :

04.05.1961

Date of Appointment :

30.03.2013

DIN No.:

00183319

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	U29194TZ1995PTC006378	DECCAN PUMPS PRIVATE LIMITED	Managing director	30/03/2013	27/07/1995	-	Active	NO
2	U65921TZ1994PLC005116	UDHAYALAKSHMI PROPERTIES LIMITED	Director	30/08/2006	30/08/2006	27/03/2013	Active	NO

Name :

Arumugam Saraswathi

Designation :

Whole-time director

Address :

43F, Sathy Road, Ganapathy, Coimbatore – 641006, Tamilnadu, India

Date of Birth/Age :

05.03.1965

Date of Appointment :

30.03.2013

DIN No.:

00183379

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	U65921TZ1994PLC005116	UDHAYALAKSHMI PROPERTIES LIMITED	Director	30/08/2006	30/08/2006	27/03/2013	Active	NO
2	U29194TZ1995PTC006378	DECCAN PUMPS PRIVATE LIMITED	Whole-time director	30/03/2013	27/03/2013	-	Active	NO

Name :

Arumugam Kanishka

Designation :

Director

Address :

43 F Sathy Road, Ganesh Gardens, Ganapathy, Coimbatore -641006

Tamilnadu, India

Date of Birth/Age :

06.02.1990

Date of Appointment :

30.09.2013

DIN No.:

06567741

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	U29194TZ1995PTC006378	DECCAN PUMPS PRIVATE LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
P. ARUMUGAM	28500
A SARASWATHI	100
K Ramasamy	100
R. Periathai	100
M K Natarajan	10200
M Vasudevan	7500
V Kavitha	6500
V Muthusamy	5000
Total	58000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pumpsets.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Central Bank of India, Cross Cut Road Branch, Coimbatore - 641012, Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Central Bank of India – O/D	0.444	5.752
Machinery Loan	5.000	0.000
Total	5.444	5.752

Banking Relations :
Auditors :
Name :	M Alagiriswamy and Company Chartered Accountants
Address :	NO 16 6th Street, Tatabad, Coimbatore – 641012, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABYPA7181K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000	Equity Shares	Rs.100/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58,000	Equity Shares	Rs.100/- each	Rs.5.800 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	5.800	5.800	5.800
(b) Reserves & Surplus	12.543	8.993	5.741
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.000
Total Shareholders’ Funds (1) + (2)	18.343	14.793	12.541
(3) Non-Current Liabilities
(a) long-term borrowings	27.273	30.452	7.334
(b) Deferred tax liabilities (Net)	0.638	0.479	0.479
(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)	27.911	30.931	7.813
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	43.853	20.870	4.291
(c) Other current liabilities	3.802	2.804	0.534
(d) Short-term provisions	4.336	2.086	0.909
Total Current Liabilities (4)	51.991	25.760	5.734
TOTAL	98.245	71.484	26.088
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.376	15.997	11.877
(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	0.750	0.750	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	0.000	0.000	0.000
(e) Other Non-current assets	0.096	0.101	0.090
Total Non-Current Assets	34.222	16.848	11.967
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.861	21.798	5.961
(c) Trade receivables	13.389	14.551	1.439
(d) Cash and cash equivalents	3.167	8.187	0.767
(e) Short-term loans and advances	2.718	0.425	0.800
(f) Other current assets	2.888	9.675	5.154
Total Current Assets	64.023	54.636	14.121
TOTAL	98.245	71.484	26.088

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	279.718	118.180	27.612
	Other Income	0.879	0.440	0.438
	TOTAL (A)	280.597	118.620	28.050
Less	EXPENSES
	Cost of Materials Consumed		86.712	17.521
	Purchases of Stock-in-Trade		0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		0.000	-0.429
	Employees benefits expense		3.847	2.841
	Other expenses		21.538	5.940
	TOTAL (B)	271.646	112.097	25.873
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		6.523	2.177
Less	FINANCIAL EXPENSES (D)		0.724	0.729
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	8.951	5.799	1.448
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.712	1.018	0.867
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.239	4.781	0.581
Less	TAX (H)	1.690	1.529	0.119
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.549	3.252	0.462
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	8.993	5.741	5.279
	Balance Carried to the B/S	12.542	8.993	5.741
	Earnings / (Loss) Per Share (Rs.)	0.61	0.56	0.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.27	2.75	1.67
Operating Profit Margin (PBIDT/Sales)	(%)	3.20	5.52	7.88
Return on Total Assets (PBT/Total Assets}	(%)	5.37	6.76	2.23
Return on Investment (ROI) (PBT/Networth)		0.29	0.32	0.05
Debt Equity Ratio (Total Debt /Networth)		1.49	2.06	0.58
Current Ratio (Current Asset/Current Liability)		1.23	2.12	2.46

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	5.800	5.800	5.800
Reserves & Surplus	5.741	8.993	12.543
Share Application money pending allotment	1.000	0.000	0.000
Net worth	12.541	14.793	18.343
long-term borrowings	7.334	30.452	27.273
Short term borrowings	0.000	0.000	0.000
Total borrowings	7.334	30.452	27.273
Debt/Equity ratio	0.585	2.059	1.487

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	27.612	118.180	279.718
		328.002	136.688

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	27.612	118.180	279.718
Profit	0.462	3.252	3.549
	1.67%	2.75%	1.27%

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	No
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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	21.829	24.700
Total	21.829	24.700

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90003108	27/05/2013 *	10,000,000.00	CENTRAL BANK OF INDIA	CROSS ROAD BRANCH, COIMBATORE, Tamil Nadu - 641012  , INDIA	B92807205

* Date of charge modification

NOTE :

The registered office of the company has been shifted from SS No 111/1 C2 FCI Road, Ganapathy, Ganapathy, Coimbatore – 641006, Tamilnadu, India to the present address w.e.f. 24.05.2013

WORKING RESULTS

During the year the company has made a turnover of Rs. 279.718 Millions and earned cash profit of Rs. 8.951 Millions.

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		41

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.