MIRA INFORM REPORT

Report No. :	332263
Report Date :	15.07.2015

IDENTIFICATION DETAILS

Name :	MAG SOLVICS PRIVATE LIMITED

Registered Office :	SF No. 149/5, Dynamic Center, Solavampalayam Post, Coimbatore – 642109, Tamilnadu
Tel No.:	91-4259-242700

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.07.2005

Com. Reg. No.:	18-011986

Capital Investment / Paid-up Capital :	Rs.31.860 Million

CIN No.: [Company Identification No.]	U29261TZ2005PTC011986

IEC No.:	3206018463

TAN No.: [Tax Deduction & Collection Account No.]	CMBM04812D

PAN No.: [Permanent Account No.]	AAECM5056F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture, Exporter and Importer of testing instruments, fiber testing instruments, yarn testing instruments, fabric testing instruments, hank for silver, roving (Wrap blocks) etc.

No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 150000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Ram
Designation :	Marketing Head
Contact No.:	91-7667833811
Date :	14.07.2015

LOCATIONS

Registered Office/ Factory :	SF No. 149/5, Dynamic Center, Solavampalayam Post, Coimbatore – 642109, Tamilnadu, India
Tel. No.:	91-4259-242700
Mobile No.:	91-9667844804 (Mr. Asookan)
Fax No.:	91-4259-242711
E-Mail :	info@magsolvics.com cdpani@magsolvics.com marketing@magsolvics.com
Website :	http://www.magslovics.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :	Mr. Rangaswamy Manikandamurthy
Designation :	Managing Director
Address :	1/114, H1, Rakki Chetti Thottam, Malummichampatti Post, Coimbatore – 641021, Tamilnadu, India
Date of Birth/Age :	02.04.1971
Date of Appointment :	11.07.2005
DIN No.:	00805580

Name :	Mr. Mani Gangadharan
Designation :	Whole Time Director
Address :	4/5, GH Uppliarthitt U Street, Kuruchi, Coimbatore – 641024, Tamilnadu, India
Date of Birth/Age :	05.05.1971
Date of Appointment :	30.11.2007
DIN No.:	01893675

Name :	Mr. Chidambaram Dhandayuthapani
Designation :	Whole-time director
Address :	NO.3/7, Ramaswami Naidu Nagar Extension, V K Road, Peelamedu, Coimbatore - 641035, Tamilnadu, India
Date of Appointment :	01.04.2015
DIN No.:	06966326

Name :	Mr. Palaniswami Sreenithi
Designation :	Whole-time director
Address :	No.4 Kurunji Nagar, Civil Aerodrome Post, Coimbatore - 641014, Tamilnadu, India
Date of Appointment :	01.04.2015
DIN No.:	06975080

Name :	Mr. Velusamy Gounder Rajarajeswari
Designation :	Additional director
Address :	Old No.1/114, New No.1/167, Rakki Chetti Thottam, Malumichampatti,, Coimbatore, 641021, Tamilnadu, India
Date of Appointment :	01.04.2015
DIN No.:	07112789

KEY EXECUTIVE

Name :	Mr. Ram
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
R.Manikandamurthy		720000
M Gangadharan		460000
A Rangasamy		250000
K. S. Mani		120000
V. Rajarajeshwari		487000
G. Sangeetha		189000
Mylatha		230000
M. Prabh		50000
Jayalakshmi M		20000
M Balamurali		20000
M Ramasamy		100000
V. Padmavathi		50000
R Seethalakshmi		50000
P S Palaniswami		85000
P Sreenithi		170000
P Aravinth		85000
C D Niraimathi		30000
C Dhandayuthapani		70000
Total		3186000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	84.62
Other top fifty shareholders	15.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture, Exporter and Importer of testing instruments, fiber testing instruments, yarn testing instruments, fabric testing instruments, hank for silver, roving (Wrap blocks) etc.

Products :	Testing instruments Fiber testing instruments Yarn testing instruments Fabric testing instruments Hank for silver Roving (Wrap blocks) etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Indonesia Vietnam

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash, Advance Payment, L/C, Cheque and Credit

Purchasing :	Cash, Advance Payment, L/C, Cheque and Credit

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 :	Alok Industries Limited, Mumbai, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	91-22-61787000 (Ringing)
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

110 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Trichy Road Branch, Kaviraj Towers, 1192, Trichy Road, Sungam, Coimbatore - 641018, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	91-422-2300873 (Ringing)
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	State Bank of India
Branch Address	Chettipalayam, Coimbatore - 641018, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	10706539504 (Not Confirmed)
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan
Canara Bank – Term Loan A/C 56	1.200	0.000
Canara Bank – Term Loan A/C 64	1.262	0.000
Sundaram Finance Limited – Ford Fiego	0.023	0.000
Sundaram Finance Limited – Mahindra Borero Truck	0.128	0.000
Short-term borrowings
Carana Bank CC A/c (541)	30.889	18.333
Canara Bank – Term Loan A/C 56	2.400	6.000
Canara Bank – Term Loan A/C 64	0.500	2.283
Sundaram Finance Limited – Ford Fiego	0.164	0.349
Sundaram Finance Limited – Mahindra Borero Truck	0.197	0.000
Total	36.763	26.965

Auditors :
Name :	SM. Nagappan and Company Chartered Accountant
Address :	42 and 43, Sathyamoorthy Road, Ram Nagar, Coimbatore – 641009, Tamilnadu, India
Tel. No.:	91-422-2238448 / 4379451 / 2238138
E-Mail :	smnagappan@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	ABNPN2556N

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 33.400 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3186000	Equity Shares	Rs.10/- each	Rs. 31.860 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	31.860	29.160	19.860
(b) Reserves & Surplus	21.645	15.032	9.808
(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)	53.505	44.192	29.668

(3) Non-Current Liabilities
(a) long-term borrowings	2.613	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.613	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	34.149	26.965	36.551
(b) Trade payables	6.923	17.699	18.055
(c) Other current liabilities	5.588	2.425	2.425
(d) Short-term provisions	3.163	2.445	2.895
Total Current Liabilities (4)	49.823	49.534	59.926

TOTAL	105.941	93.726	89.594

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.886	30.452	30.432
(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)	0.343	0.123	0.041
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	2.379
Total Non-Current Assets	31.229	30.575	32.852

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.066	31.620	26.927
(c) Trade receivables	19.081	26.567	27.627
(d) Cash and cash equivalents	1.343	1.011	0.615
(e) Short-term loans and advances	10.925	2.717	1.573
(f) Other current assets	0.297	1.236	0.000
Total Current Assets	74.712	63.151	56.742

TOTAL	105.941	93.726	89.594

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Turnover	83.513	69.328	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14.901	NA	NA

Less	FINANCIAL EXPENSES	4.998	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.903	7.149	7.719

Less/ Add	DEPRECIATION/ AMORTISATION	3.510	2.008	3.361

	PROFIT/ (LOSS) BEFORE TAX	6.393	5.141	4.358

Less	TAX	(0.220)	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	6.613	5.141	4.358

	Earnings / (Loss) Per Share (Rs.)	2.08	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Operating Profit Margin (PBIDT/Sales)	(%)	17.84	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	6.05	5.49	4.87

Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.15

Debt Equity Ratio (Total Debt /Networth)		0.69	0.61	1.23

Current Ratio (Current Asset/Current Liability)		1.50	1.27	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	19.860	29.160	31.860
Reserves & Surplus	9.808	15.032	21.645
Net worth	29.668	44.192	53.505

long-term borrowings	0.000	0.000	2.613
Short term borrowings	36.551	26.965	34.149
Total borrowings	36.551	26.965	36.762
Debt/Equity ratio	1.232	0.610	0.687

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Turnover	69.328	83.513
		20.461

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Turnover	69.328	83.513
Profit	5.141	6.613
	7.42%	7.92%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS:

During the year the company has achieved the Turnover of Rs. 83.513 Million by comparing the last year Turnover of Rs. 69.328 Million that is 20.46% of increase in Turnover. The Net profit of Rs. 6.613 Million by comparing last year profit of Rs. 5.140 Million that is 28.03% increase in Net Profit. The Company expects to improve the business with the introduction of more new products at higher quality and also concentrating in the global market in the years to come.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10243003	08/04/2015 *	68,800,000.00	CANARA BANK	TRICHY ROAD BRANCH,, KAVIRAJ TOWERS, 1192, TRICHY ROAD, SUNGAM,, COIMBATORE, TAMIL NADU - 641018, I NDIA	C57569329

* Date of charge modification

FIXED ASSETS

Computer Accessories
Land
Plant and Machinery
Vehicles
Building Factory
Furniture and Fittings
Office Equipment’s
Generator

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.63.50
UK Pound	1	Rs.98.20
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	KAR

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit