MIRA INFORM REPORT

Report No. :	307830
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	THANGAM TIN CANS PRIVATE LIMITED
Registered Office :	No. 21, T.H. Road, New Washermanpet, Chennai – 600081, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.04.2005
Com. Reg. No.:	18-055992
Capital Investment / Paid-up Capital :	Rs. 6.100 Millions
CIN No.: [Company Identification No.]	U28112TN2005PTC055992
TAN No.: [Tax Deduction & Collection Account No.]	CHET08360C
PAN No.: [Permanent Account No.]	AACCT2233K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tin Containers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has reported low profitability for the current year. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – 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

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 :	No. 21, T.H. Road, New Washermanpet, Chennai – 600081, Tamilnadu, India
Tel. No.:	91-44-25912015
Fax No.:	91-44-25914231
E-Mail :	thangammetal@gmail.com

DIRECTORS

AS ON 15.09.2014

Name :

Lenin Balaji

Designation :

Managing director

Address :

K31 NPL Agasthya Apartment, 605, T.H. Road, Chennai – 600081, Tamilnadu, India

Date of Birth/Age :

30.05.1965

Date of Appointment :

15.04.2005

DIN No.:

01078622

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	U52599TN1993PTC026355	SATTUR AUTOMOBILES PRIVATE LIMITED	Director	26/10/1998	26/10/1998	20/08/2014	Active	NO
2	U28122TN2005PTC055993	THANGAM METAL CANS PRIVATE LIMITED	Managing director	15/04/2005	15/04/2005	-	Active	NO
3	U28112TN2005PTC055992	THANGAM TIN CANS PRIVATE LIMITED	Managing director	15/04/2005	15/04/2005	-	Active	NO

Name :

Balaji Inimai

Designation :

Director

Address :

K31 NPL Agasthya Apartment, 605, T.H. Road, Chennai – 600081, Tamilnadu, India

Date of Birth/Age :

08.08.1968

Date of Appointment :

01.11.2013

DIN No.:

00925299

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	Company/ LLP Status	Defaulting status
1	U74999TN2006PTC059573	KITS AND CONCEPTS (INDIA) PRIVATE LIMITED	Director	20/04/2006	20/04/2006	Active	NO
2	U28122TN2005PTC055993	THANGAM METAL CANS PRIVATE LIMITED	Director	08/07/2013	08/07/2013	Active	NO
3	U28112TN2005PTC055992	THANGAM TIN CANS PRIVATE LIMITED	Director	01/11/2013	01/11/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2014

Names of Equity Shareholders	No. of Shares
L. Balaji	10000
R. Srinivasan	20000
L. Saravanan	2000
B. Inimai	10000
S. Jeyasree	25000
Thangam Metalcans Private Limited, India	433000
Total	500000

Names of Preference Shareholders	No. of Shares
L. Balaji	20000
R. Srinivasan	35000
L. Saravanan	20000
S. Jeyasree	33000
B. Aditya Kumar	1000
S. Dakshna Kumar	1000
Total	110000

AS ON 15.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Tin Containers.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· State Bank of India

Siruthozhil Branch, No. 1, K.R.M. Towers, V Floor, Harington Road, Chetpet, Chennai - 600031, Tamilnadu, India

· State Bank of India

No. 16, Wheenels Road, Egmore, Chennai - 600008, Tamilnadu, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Vairavanathan and Company Chartered Accountants
Address :	New No. 93, Old No. 45, SM Plaza, 3rd Floor, Armenian Street, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25222634
Income-tax PAN of auditor or auditor's firm :	AAEFV9577B
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
820,000	Equity Shares	Rs. 10/- each	Rs. 8.200 Millions
180,000	Preference Shares	Rs. 10/- each	Rs. 1.800 Millions
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions
110,000	Preference Shares	Rs. 10/- each	Rs. 1.100 Millions
	Total		Rs. 6.100 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	6.100	6.100	6.100
(b) Reserves & Surplus	5.534	5.403	4.753
(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)	11.634	11.503	10.853
(3) Non-Current Liabilities
(a) Long-term borrowings	13.443	16.630	18.928
(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	0.116	0.116	0.116
Total Non-current Liabilities (3)	13.559	16.746	19.044
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	13.404	5.794	4.904
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.380	0.340	0.405
Total Current Liabilities (4)	13.784	6.134	5.309
TOTAL	38.977	34.383	35.206
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.845	8.742	8.974
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.064	2.417	2.268
(e) Other Non-current assets	0.008	0.009	0.010
Total Non-Current Assets	9.917	11.168	11.252
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.669	10.795	13.485
(c) Trade receivables	16.294	12.215	10.226
(d) Cash and cash equivalents	0.097	0.205	0.243
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	29.060	23.215	23.954
TOTAL	38.977	34.383	35.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	74.190	61.423	58.623
Less	EXPENSES
		TOTAL	73.719	60.225	57.512
	PROFIT BEFORE TAX		0.471	1.198	1.111
Less	TAX		0.341	0.548	0.295
	PROFIT AFTER TAX		0.130	0.650	0.816
	Earnings Per Share (Rs.)		0.21	1.07	1.34

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.21	3.48	3.16
Return on Investment (ROI) (PBT/Networth)		0.04	0.10	0.10
Debt Equity Ratio (Total Debt/Networth)		1.16	1.45	1.74
Current Ratio (Current Asset/Current Liability)		2.11	3.78	4.51

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.100	6.100	6.100
Reserves & Surplus	4.753	5.403	5.534
Net worth	10.853	11.503	11.634
Long-term borrowings	18.928	16.630	13.443
Short term borrowings	0.000	0.000	0.000
Total borrowings	18.928	16.630	13.443
Debt/Equity ratio	1.744	1.446	1.155

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)
Total Income	58.623	61.423	74.190
		4.776	20.785

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	58.623	61.423	74.190
Profit	0.816	0.650	0.130
	1.39%	1.06%	0.18%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90290860	26/05/2011 *	2,800,000.00	STATE BANK OF INDIA SIRUTHOZHIL BRANCH	NO. 1, K.R.M. TOWERS, V FLOOR, HARINGTON ROAD, CHETPET, CHENNAI, TAMILNADU - 600031, INDIA	B14932453

* Date of charge modification

BUSINESS PERFORMANCE AND FUTURE PLAN OF ACTION

The Company was able to achieve with great difficulty a turnover of Manufacturing of Tin Containers for Rs. 74.200 Millions and but the profit on the was achieved only with a Net Profit of the Rs. 0.130 Million after Income Tax Interest, Tax and Depreciation.

Due to severe competition in the market, resulted in decreasing the market share of their company and the competition is so tight that the future visibility of the sales will be difficult to achieve with a reasonable margin. Revamping the existing infrastructure to modernize the P & M and the operating methodology with huge investment is not profitable and the company deeply thinking of selling the entire P & M along with the business to maximize the profit and to avoid the loss in business.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Vehicles

· Computer

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. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10
--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		33

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.