MIRA INFORM REPORT

Report No. :	303980
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	BESMAK COMPONENTS PRIVATE LIMITED
Registered Office :	No. 21, Mangali Nagar, IInd Street, S Arumbakkam, Chennai – 600106, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.1994
Com. Reg. No.:	18-28942
Capital Investment / Paid-up Capital :	Rs.19.500 Millions
CIN No.: [Company Identification No.]	U33112TN1994PTC028942
TAN No.: [Tax Deduction & Collection Account No.]	CHEB04179A
PAN No.: [Permanent Account No.]	AAACB2531N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Components for Automobiles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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 – 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

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/ Corporate Office :	No.21, Mangali Nagar, IInd Street, S Arumbakkam, Chennai – 600106, Tamilnadu, India
Tel. No.:	91-44-24752776/ 24751597
Fax No.:	91-44-24759782
E-Mail :	accounts@besmakindia.com besmak@vsnl.com rajeshr@besmakindia.com md@besmakindia.com
Website :	www.besmakindia.com
Area :	1000 Sq. ft.
Location :	Rented
Factory 1 / Administrative Office :	241, Avadi – Poonamallee Main Road, K Veeraragavavapuram, Chennai – 600077, Tamilnadu, India.
Tel. No.:	91-44-26802210
Fax No.:	91-44-26802210
Area :	21000 Sq. ft.
Location :	Rented
Factory 2 :	Plot No.A45, Sipcot Industrial Growth Centre, Oragadam, Sriperumbudur Taluk, Kancheepuram District – 602105, India
Warehouse :	Haryana Plot No.2, Basement, Pataudi Road, Gurgaon – 122001, India Tel No: 91-124-2220318 Maharashtra Gut No.134/2, Sho No.3, Chakantalegaon Road, Mahalunge, Chakan (Near Jindal), Pune – 410501, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Hema Hari

Designation :

Managing Director and Chairman

Address :

134, Sundaram Street, Sree Raag Apartments, Chinmaya Nagar, Stage I, Chennai – 600111, Tamilnadu, India

Date of Birth/Age :

12.12.1974

Qualification :

Post Graduate

Date of Appointment :

19.09.2005

Din No.:

00920335

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	U33112TN1994PTC028942	BESMAK COMPONENTS PRIVATE LIMITED	Managing director	19/09/2005	19/03/2005	Active	NO
2	U25194TN2012PTC086932	CNH MOULDS PRIVATE LIMITED	Director	25/07/2012	25/07/2012	Active	NO

Name :

Mr. Rajesh Ramannambesan

Designation :

Director

Address :

134, Sundaram Street, Sree Raag Apartments, Chinmaya Nagar, Stage I, Chennai – 600111, Tamilnadu, India

Date of Birth :

14.11.1976

Date of Appointment :

20.06.2005

Qualification :

Engineer

Din No.:

00630328

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	U33112TN1994PTC028942	BESMAK COMPONENTS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	Active	NO
2	U25194TN2012PTC086932	CNH MOULDS PRIVATE LIMITED	Director	25/07/2012	25/07/2012	Active	NO

Name :

Mrs. Devi Narayan

Designation :

Director

Address :

Royal Towers, Flat No.403, A Wing, Sector 8A, Airoli, Navi Mumbai – 400 708, Maharashtra, India

Qualification :

Graduate

Date of Birth :

21.02.1971

Date of Appointment :

20.06.2005

Din No.:

00728624

Name :

Mrs. Ambika Chullixie

Designation :

Additional Director

Address :

134, Sundaram Street, Sree Raag Apartments, Chinmaya Nagar, Stage I, Chennai – 600111, Tamilnadu, India

Date of Birth :

27.11.1939

Date of Appointment :

20.06.2005

Din No.:

00920358

KEY EXECUTIVES

Name :	V. Mahesh and Associates
Designation :	Company Secretaries
Address :	9/5, Nandanam Extension, 1^st Street, Namdanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-24354113
Fax No.:	91-44-43174474
E-Mail :	chennaiho@vmace.co.in
Name :	Mr. Muralidhar
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Hema Hari	1949415
Ambika Chulliyie	195
Rajesh Ramannambesan	195
Devi Narayan Nambiar	195
Total	1950000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Components for Automobiles.
Products :	Plastic Components for Automobiles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Connectors and Terminals	1500 HP	1030 HP	270260903 Nos.

GENERAL INFORMATION

Suppliers :

Company Name :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark :	Not Available

Customers :

Company Name :	Not Available
Name of the Person :	Not Available
Contact No.:	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 :

The South Indian Bank Limited, Nungambakkam Branch, Sterling Road, Chennai – 600034, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Secured loans	69.714	37.041
Short Term Borrowings
Cash credit south Indian Bank Limited	61.172	56.448
External credit borrowings from banks	20.040	14.825
Current maturities of long term borrowings	21.411	0.000
Total	172.337	108.314

Banking Relations :	--
Auditors :
Name :	Krishnan and Natarajan Chartered Accountants
Address :	9/5, First Floor, First Street, Nandanam Extension, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-461-2331690
E-Mail :	knaudit@vsnl.com
PAN No.:	AEHPK7883A
Membership :	--
Wholly Owned Subsidiary :	CNH Moulds Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 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	19.500	19.500	19.500
(b) Reserves & Surplus	77.404	77.351	64.345
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	15.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	111.904	96.851	83.845
(3) Non-Current Liabilities
(a) long-term borrowings	79.441	37.041	2.820
(b) Deferred tax liabilities (Net)	7.106	7.046	6.810
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.298	3.156	2.787
Total Non-current Liabilities (3)	90.845	47.243	12.417
(4) Current Liabilities
(a) Short term borrowings	102.623	71.273	57.306
(b) Trade payables	66.721	48.906	38.596
(c) Other current liabilities	24.766	69.363	40.043
(d) Short-term provisions	0.885	0.858	0.499
Total Current Liabilities (4)	194.995	190.400	136.444
TOTAL	397.744	334.494	232.706
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	80.305	73.480	63.990
(ii) Intangible Assets	1.756	1.934	0.552
(iii) Capital work-in-progress	112.867	64.851	1.713
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.070	2.270	0.270
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.092	7.415	7.076
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	218.090	149.950	73.601
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.581	30.870	31.568
(c) Trade receivables	121.189	116.252	92.828
(d) Cash and cash equivalents	6.151	3.807	10.709
(e) Short-term loans and advances	13.733	33.615	24.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	179.654	184.544	159.105
TOTAL	397.744	334.494	232.706

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales			357.177
		Export Sales			2.466
		Other Income			4.769
		TOTAL (A)	402.500	360.592	364.412
Less	EXPENSES
		TOTAL (B)	400.469	340.849	314.476
			(Including Financial & Depreciation Expenses)	(Including Financial & Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				49.936
Less	FINANCIAL EXPENSES (D)				10.231
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				39.705
Less	DEPRECIATION/ AMORTISATION (F)				7.895
	PROFIT BEFORE TAX (E-F) (G)		2.031	19.743	31.810
Less	TAX (H)		0.940	6.736	10.210
	PROFIT AFTER TAX (G-H) (I)		1.091	13.007	21.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.851	60.844	39.244
	BALANCE CARRIED TO THE B/S		74.942	73.851	60.844
	Earnings Per Share (Rs.)		38.43	6.67	11.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	0.73	7.38	13.79
Return on Investment (ROI) (PBT/Networth)		0.02	0.20	0.38
Debt Equity Ratio (Total Debt /Networth)		1.63	1.12	0.72
Current Ratio (Current Asset/Current Liability)		0.92	0.97	1.17

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	19.500	19.500	19.500
Reserves & Surplus	64.345	77.351	77.404
Share Application money pending allotment	0.000	0.000	15.000
Net worth	83.845	96.851	111.904
long-term borrowings	2.820	37.041	79.441
Short term borrowings	57.306	71.273	102.623
Total borrowings	60.126	108.314	182.064
Debt/Equity ratio	0.717	1.118	1.627

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	364.412	360.592	402.500
		(1.048)	11.622

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	364.412	360.592	402.500
Profit	21.600	13.007	1.091
	5.93%	3.61%	0.27%

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	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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Unsecured loans	9.727	0.000
Total	9.727	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390822	18/06/2014 *	19,500,000.00	THE SOUTH INDIAN BANK LIMITED	NUNGAMBAKKAM BRANCH, NIAGRA APPARTMENTS,, NO.1, STERLING ROAD, NUNGAMBAKKAM,, CHENNAI, TAMIL NADU - 600034, INDIA	C15591910
2	90290796	02/04/2014 *	281,100,000.00	SOUTH INDIAN BANK	NUNGAMBAKKAM BRANCH,, NO.1, STERLING ROAD, NUNGAM BAKKAM, CHENNAI, TAMIL NADU - 600034, INDIA	C15588031
3	90281525	27/10/1999	7,500,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION	473 ; ANNA SALAI ; NANDANAM, CHENNAI, TAMIL NADU - 600035, INDIA	-
4	90283753	02/07/2001 *	2,500,000.00	THE SOUTH INDIAN BANK LTD.	NUNGAMBAKKAM BRANCH, CHENNAI, TAMIL NADU - 600034, INDIA	-
5	90281446	11/10/1995	2,600,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION	ARULMANAI ; 27 WHITES ROAD, MADRAS, TAMIL NADU - 600014, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Office Equipments – Computers

· Vehicle

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.