MIRA INFORM REPORT

Report No. :	350930
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	SIVASAKTHI INDUSTRIAL EXPLOSIVES PRIVATE LIMITED
Registered Office :	Meenakshi Illam, 63/14, Udaiyappa Colony, Salem – 636007, Tamilnadu
Tel. No.:	91-427-2417863
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.2008
Com. Reg. No.:	18-014580
Capital Investment / Paid-up Capital :	Rs.113.000 Million
CIN No.: [Company Identification No.]	U24292TZ2008PTC014580
IEC No.:	Not Available (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	CHES43954B
PAN No.: [Permanent Account No.]	AAMCS0836R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Producer, Processors, Makers, Retailers, Wholesalers, Suppliers, Distributors or otherwise to deal in all kind of explosive for industrial, mining and for any other purpose.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was incorporated in the year 2008. It has moderate track. As per Registrar of Companies the date of balance sheet (i.e. financial field) is shown as 31.03.2014 but related documents for the same is not available from any other sources. As per the available financials of the year 2013, the company has obtained license from various departments for the industrial activity of the company. And land has been acquired by the company where the proposed factory is to be set up. Further Mr. Uppalajan Arrora (Marketing Manager) denied to provide any information about the subject to us. Payment terms are not known. In view of risk associated with the unavailability of latest financials, the company can be considered for business dealings with fully safe and secured 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Uppalaiah Arroju
Designation :	Marketing Manager
Contact No.:	91-8940721621
Date :	24.11.2015

Mobile No.; 91-9842714000 (Continuously Ringing)

Tel No.: 91-427-2417863 (Not Working)

LOCATIONS

Registered Office :	Meenakshi Illam, 63/14, Udaiyappa Colony, Salem – 636007, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-8940721621 (Mr. Uppalaiah Arroju)
Fax No.:	Not Available
E-Mail :	fca_ramanan@yahoo.com

DIRECTORS

As on 30.09.2014

Name :	Mr. Thirumalairaju Perumal
Designation :	Director
Address :	25 Sreerangapalayam Road, Kumarasamypatty, Salem - 636007, Tamil Nadu, India
Date of Birth/Age :	04.04.1951
Date of Appointment :	20.06.2008
DIN No.:	02184303
Name :	Mr. Mohan Kumar Perumal
Designation :	Director
Address :	25 Sreerangapalayam Road, Kumarasamypatty, Salem - 636007, Tamil Nadu, India
Date of Birth/Age :	02.12.1956
Date of Appointment :	20.06.2008
DIN No.:	02184323

KEY EXECUTIVES

Name :	Mr. Uppalaiah Arroju
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Mohan Kumar Perumal	27500	2.43
Thirumalairaju Perumal	27500	2.43
Krishnasamy Subraman	925000	81.86
Kittu Subraman	75000	6.64
Kalarani Subraman	75000	6.64
Total	1130000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Producer, Processors, Makers, Retailers, Wholesalers, Suppliers, Distributors or otherwise to deal in all kind of explosive for industrial, mining and for any other purpose.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :	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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, Chinnayyan Towers 120/2 and Cherry Road, Salem – 636007, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term Loan from Banks	36.821	0.000
(Secured by Hypothecation of Movable and Immovable properties of the Company)
Short-term borrowings
Term Loan from Banks	2.659	0.000
(Secured by Hypothecation of Inventory and Book Debts of the Company)
Total	39.480	0.000

Auditors :
Name :	Ramanan R Chartered Accountants
Address :	Salem, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAVPR4073K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs.120.000 Million

Issued :

No. of Shares	Type	Value		Amount
1200000	Equity Shares	Rs.100/- each	Rs.120.000 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
1130000	Equity Shares	Rs.100/- each	Rs.113.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	113.000	25.500	40.070
(b) Reserves & Surplus	(0.441)	(0.109)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	3.500	72.232	0.000
Total Shareholders’ Funds (1) + (2)	116.059	97.623	40.070
(3) Non-Current Liabilities
(a) long-term borrowings	36.821	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)	36.821	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	2.659	0.000	0.000
(b) Trade payables	0.000	0.000	0.027
(c) Other current liabilities	12.881	5.711	0.000
(d) Short-term provisions	0.030	0.020	0.000
Total Current Liabilities (4)	15.570	5.731	0.027
TOTAL	168.450	103.354	40.097
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.043	11.043	11.043
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	149.985	79.922	11.514
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	161.028	90.965	22.557
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.267	11.106	17.381
(e) Short-term loans and advances	6.954	1.082	0.000
(f) Other current assets	0.201	0.201	0.159
Total Current Assets	7.422	12.389	17.540
TOTAL	168.450	103.354	40.097

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	(0.332)	(0.109)	0.000
	Earnings / (Loss) Per Share (Rs.)	(0.29)	(0.09)	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.34	0.00	0.00
Current Ratio (Current Asset/Current Liability)	0.48	2.16	649.63

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.070	25.500	113.000
Reserves & Surplus	0.000	(0.109)	(0.441)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	72.232	3.500
Net worth	40.070	97.623	116.059
long-term borrowings	0.000	0.000	36.821
Short term borrowings	0.000	0.000	2.659
Total borrowings	0.000	0.000	39.480
Debt/Equity ratio	0.000	0.000	0.340

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL REVIEW

The company‘s performance was satisfactory during the year. The comp any has obtained license from various departments for the industrial activity of the company. L and has been acquired by the company in a place where the proposed factory is to be set up. The future of the company seems to be brig ht.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10387807	27/01/2015 *	135,300,000.00	State Bank of India	COMMERCIAL BRANCH, CHINNAYYAN TOWERS, 120/2 & 120 / 3 CHERRY ROAD, Salem, Tamil Nadu - 636007, INDIA	C44422640

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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.