MIRA INFORM REPORT

Report No. :	303437
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	MAGICK WOODS EXPORTS PRIVATE LIMITED
Registered Office :	A-8, Industrial Complex, Maramalai Nagar, Kancheepuram – 603209, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.08.2003
Com. Reg. No.:	18-051375
Capital Investment / Paid-up Capital :	Rs. 63.610 Millions
CIN No.: [Company Identification No.]	U36101TN2003PTC051375
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEM07034G
PAN No.: [Permanent Account No.]	AADCM6228N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Modular Kitchens, vanity, kitchens, storage and mirrors, legacy doors, flutes chorme knobs, Decorative kick and magick guard dark chocolate finish etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration high customer concentration and intense competition leads to limited pricing power and the stretched coverage indicators of the company. However, trade relations are fair. Business is active. Payment 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Long Term : Term Loan Facilities = BB
Rating Explanation	Have moderate risk of default
Date	October 2014

Rating Agency Name	ICRA
Rating	Short Term Fund Facilities = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	October 2014

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 :	A-8, Industrial Complex, Maramalai Nagar, Kancheepuram – 603209, Tamilnadu, India
Tel. No.:	91-44-47402900/ 27454955
Fax No.:	91-44-27456090
E-Mail :	oviacs2004@yahoo.co.uk

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Thavakumar Pathmanathan

Designation :

Managing Director

Address :

1250 Bridle Towne Circle1509, Scarbrough, Ontario, M1W2V1, Canada

Date of Birth/Age :

10.12.1961

Date of Appointment :

06.09.2013

DIN No.:

00774716

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	U36101TN2005PTC057247	MAGICK WOODS (INDIA) PRIVATE LIMITED	Director	13/09/2006	13/09/2006	-	Strike off	NO
2	U72200TN2005PTC057634	INDYCA SOLUTIONS (INDIA) PRIVATE LIMITED	Director	25/09/2007	13/09/2006	-	Active	NO
3	U36101TN2003PTC051375	MAGICK WOODS EXPORTS PRIVATE LIMITED	Managing director	06/09/2013	13/09/2006	-	Active	NO
4	U51900TN2009PTC070850	INDYCA EXIM PRIVATE LIMITED	Director	27/02/2009	27/02/2009	-	Active	NO

Name :

Mr. Pathmakumar Pathmanathan

Designation :

Director

Address :

No. 12, Holloway Road, Markham Ontario, L3S4P4, Canada

Date of Birth/Age :

30.07.1960

Date of Appointment :

22.12.2004

DIN No.:

01075353

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	U36101TN2003PTC051375	MAGICK WOODS EXPORTS PRIVATE LIMITED	Director	22/12/2004	22/12/2004	-	Active	NO
2	U36101TN2005PTC057247	MAGICK WOODS (INDIA) PRIVATE LIMITED	Director	22/08/2005	22/08/2005	-	Strike off	NO
3	U72200TN2005PTC057634	INDYCA SOLUTIONS (INDIA) PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO

Name :

Mr. Venkateswara Rao Rambha

Designation :

Director

Address :

44/1, Navanjeethanmnmal Street, Saligramam, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

03.06.1977

Date of Appointment :

21.12.2009

DIN No.:

02880588

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Indrakumar Pathmanathan	3434940	54.00
Pathmakumar Pathmanathan	1526640	24.00
Trust Investment and Marketing Inc., Canada	1399420	22.00
Total	6361000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	22.00
Directors or relatives of Directors	78.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Modular Kitchens, vanity, kitchens, storage and mirrors, legacy doors, flutes chorme knobs, Decorative kick and magick guard dark chocolate finish etc.
Products :	Modular kitchens Vanity Storage Mirrors Legacy Doors Flutes Chorme Knobs Decorative Kick Magick guard
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Bank, No.86, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan	200.776	221.118
SHORT TERM BORROWINGS
Working capital loan from banks	192.178	263.761
Total	392.954	484.879

Financial Institution :	SBI Factors and Commercial Services Private Limited, Chennai Main Branch Building, Ground Floor, 84, Rajaji Salai, Chennai – 600001, Tamilnadu, India
Auditors :
Name :	G. Natesan and Company Chartered Accountant
Address :	Ashok Lakshmi Kripa, No.9, 43^rd Street, VI Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India
PAN No.:	AAFFG1495
Memberships :	Not Available
Collaborators :	Not Available
Related party :	Trust Investment and Marketing Inc

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs. 10/- each	Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,361,000	Equity Shares	Rs. 10/- each	Rs. 63.610 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	63.610	63.610	63.610
(b) Reserves & Surplus	275.242	221.112	255.913
(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)	338.852	284.722	319.523
(3) Non-Current Liabilities
(a) long-term borrowings	200.776	221.118	124.163
(b) Deferred tax liabilities (Net)	0.000	0.000	0.940
(c) Other long term liabilities	3.534	6.946	4.954
(d) long-term provisions	3.995	5.187	0.000
Total Non-current Liabilities (3)	208.305	233.251	130.057
(4) Current Liabilities
(a) Short term borrowings	192.178	263.761	321.243
(b) Trade payables	194.373	199.243	172.385
(c) Other current liabilities	72.326	36.874	30.169
(d) Short-term provisions	2.933	5.694	6.018
Total Current Liabilities (4)	461.810	505.572	529.815
TOTAL	1008.967	1023.545	979.395
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	167.073	169.675	183.422
(ii) Intangible Assets	259.841	273.710	287.579
(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	31.359	35.693	34.343
(e) Other Non-current assets	38.209	30.095	29.568
Total Non-Current Assets	496.482	509.173	534.912
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	102.489	100.337	130.420
(c) Trade receivables	327.730	359.532	236.959
(d) Cash and cash equivalents	50.809	35.235	52.010
(e) Short-term loans and advances	24.457	13.268	12.189
(f) Other current assets	7.000	6.000	12.905
Total Current Assets	512.485	514.372	444.483
TOTAL	1008.967	1023.545	979.395

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	1573.539	1266.838	105.100
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		54.130	(34.800)	55.700
Less	TAX		0.000	0.000	2.500
	PROFIT/ (LOSS) AFTER TAX		54.130	(34.800)	53.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		221.112	255.912	202.700
	BALANCE CARRIED TO THE B/S		275.242	221.112	255.900
	Earnings / (Loss) Per Share (Rs.)		8.51	(5.47)	8.36

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.44	(2.74)	50.62
Return on Total Assets (PBT/Total Assets}	(%)	5.36	(3.40)	5.69
Return on Investment (ROI) (PBT/Networth)		0.16	(0.12)	0.17
Debt Equity Ratio (Total Liability/Networth)		1.16	1.70	1.39
Current Ratio (Current Asset/Current Liability)		1.11	1.02	0.84

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	63.610	63.610	63.610
Reserves & Surplus	255.913	221.112	275.242
Net worth	319.523	284.722	338.852
long-term borrowings	124.163	221.118	200.776
Short term borrowings	321.243	263.761	192.178
Total borrowings	445.406	484.879	392.954
Debt/Equity ratio	1.394	1.703	1.160

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	105.100	1266.838	1573.539
		1,105.364	24.210

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	105.100	1266.838	1573.539
Profit	53.200	(34.800)	54.130
	50.62%	(2.75%)	3.44%

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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90297936	20/10/2012 *	699,700,000.00	State Bank of India	Overseas Branch, No.86.Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA	B64171929

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Buildings
• Furniture and Fixture
• Vehicles
• Office Equipments
• 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. 62.15
UK Pound	1	Rs. 94.24
Euro	1	Rs. 73.29

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	JYO

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.