MIRA INFORM REPORT

Report No. :	340576
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	BEARDSELL LIMITED
Registered Office :	47, Greames Road, Chennai - 600006, Tamilnadu
Tel. No.:	91-22-25000786
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.11.1936
Com. Reg. No.:	18-001428
Capital Investment / Paid-up Capital :	Rs.46.832 Million
CIN No.: [Company Identification No.]	L65991TN1936PLC001428
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB1429P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject Is a Manufacturing and Supply of (EPS) Products and Prefabricated Buildings for Various Industrial Applications
No. of Employees :	Information declined by the management

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is based in Chennai (Tamilnadu) and incorporated in 1936, it is engaged manufacturing of polystyrene sheets and prefabricated panels. It is having satisfactory track record. The rating on company reflect healthy operational and financial risk profile marked by growing scale of revenue and healthy capital structure backed by comfortable debt protection metrics. Rating further derived strength from the extensive industry experience of its promoters and its long standing customer relationships. This rating strength is partially offsets by its susceptibility to volatility in raw materials prices leading to loss in FY-14 and intense competition in the industry. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In the view of long track record, the company can be considered for normal 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 – 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	CRISIL
Rating	Fixed Deposit Programmed = FB+/ STABLE
Date	25.02.2015

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

MANAGEMENT NON COOPERATIVE (91-80-26627111) (91-22-25000786)

LOCATIONS

Registered Office/ Corporate Office :	47, Greames Road, Chennai - 600006, Tamilnadu, India
Tel. No.:	91-44-28293296/ 0900/0901
Fax No.:	91-44-28290391
Email :	ho@bearsell.co.in
Website:	http://www.beardsell.co.in
Branch Office1:	No 15/1, Padma Nivas, Jain Temple Main Rd, V.V. Puram, Bangalore – 560004. Karnataka, India
Branch Office 2:	Also Located At: Mumbai Hyderabad Chennai Vizag Delhi Ahmedabad Kochi Coimbatore

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Bharat Anumolu

Designation :

Managing Director

Address :

H No. 12, Park View Enclave, Road No. 2, Banjara Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

05.04.1975

Date of Appointment :

20.05.2014

DIN No.:

02660220

PAN No.:

AHMPA2608P

Name :

Mr. Suraneni Venkata Narasimha Rao

Designation :

Whole-Time Director

Address :

Nakshatra Apartments, New No. 11, Old No. 6, Sri Krishnapuram Street, Royapetta, Chennai - 600014, Tamilnadu, India

Date of Birth/Age :

07.10.1948

Date of Appointment :

29.06.2014

DIN No.:

00025635

PAN No.:

AAFPV1405P

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	U36998TN1981PTC051249	GUNNAM SUBBA RAO INSULATION PRIVATE LIMITED	Managing director	5/10/1998	5/10/1998	29/06/2009	Active	NO
2	U32109TZ1999PTC008729	SAROVAR INSULATION PRIVATE LIMITED	Director	1/2/1999	1/2/1999	26/09/2009	Active	NO
3	L25119AP1984PLC004719	NILE LIMITED	Director	30/09/2014	28/10/2003	-	Active	NO
4	L65991TN1936PLC001428	BEARDSELL LIMITED	Whole-time director	29/06/2014	20/05/2009	-	Active	NO
5	U25209TN1990PTC019537	XMOLD POLYMERS PRIVATE LIMITED	Additional director	26/06/2012	26/06/2012	25/02/2014	Active	NO

Name :

Mr. Amrith Anumolu

Designation :

Director

Address :

House 12 Park View Enclave Road No 2, Banjarahills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

14.09.1978

Date of Appointment :

13.08.2013

DIN No.:

03044661

PAN No.:

AIUPA0184B

Name :

Mr. Uttam Reddi Mallu

Designation :

Director

Address :

37, Voc Street,, Kodambakkam, Chennai - 600024, Tamilnadu, India

Date of Birth/Age :

12.09.1926

Date of Appointment :

23.10.1970

DIN No.:

00025755

PAN No.:

AAJPU8790N

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	L65991TN1936PLC001428	BEARDSELL LIMITED	Director	23/10/1970	23/10/1970	-	Active	NO
2	L15421TN1960PLC004255	ARUNA HOTELS LIMITED	Director	12/8/1980	12/8/1980	30/04/2009	Active	NO

Name :

Mr. Thirumal Rao Venkatapuram

Designation :

Director

Address :

Harrington Apartments, 98, Harrington Road, Chetput, Chennai - 600031, Tamilnadu, India

Date of Birth/Age :

15.06.1945

Date of Appointment :

19.01.1986

DIN No.:

00018346

PAN No.:

AAFPT9322F

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	L65991TN1936PLC001428	BEARDSELL LIMITED	Director	19/01/1986	19/01/1986	-	Active	NO
2	U45400TN2008PTC068901	ASIA HOME DEPOT PRIVATE LIMITED	Director	19/08/2008	19/08/2008	29/09/2008	Active	NO

Name :

Mr. Ramaswamy Gowri shankar

Designation :

Director

Address :

4/241, Mgr Salai, Palavakkam, Chennai - 600041, Tamilnadu, India

Date of Birth/Age :

31.07.1956

Date of Appointment :

27.09.2006

DIN No.:

00104597

PAN No.:

AADPG0323M

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	L45202TN1991PLC046402	MASCON GLOBAL LIMITED	Director	28/07/2006	30/06/2003	3/2/2011	Active	NO
2	L65991TN1936PLC001428	BEARDSELL LIMITED	Director	24/09/2006	24/09/2006	-	Active	NO
3	L17124TN1989PLC017807	SPL POLYMERS LIMITED	Director	20/10/2006	20/10/2006	-	Amalgamated	NO
4	U72200TN2006PTC060124	ABLANDIG BUSINESS SOLUTIONS PRIVATE LIMITED	Director	7/6/2007	7/6/2007	-	Strike off	NO
5	U22121TN2000PTC045368	OKS PREPRESS SERVICES PRIVATE LIMITED	Director	10/1/2013	28/11/2007	23/04/2013	Active	NO
6	U72900DL2004PTC126188	OKS GROUP INTERNATIONAL PRIVATE LIMITED	Director	2/1/2009	2/1/2009	10/4/2013	Active	NO
7	U74899DL1995PTC066236	OKS-SPAN TECH PRIVATE LIMITED	Director	2/1/2009	2/1/2009	10/4/2013	Active	NO
8	U74999DL2004PTC131332	OKS BIOTECH PRIVATE LIMITED	Director	2/1/2009	2/1/2009	4/1/2013	Active	NO
9	U72200TN2006PTC059072	V PUBLISHING SOLUTIONS PRIVATE LIMITED	Additional director	29/12/2011	29/12/2011	11/3/2013	Active	NO
10	L65944MH1984PLC031807	SECURE EARTH TECHNOLOGIES LIMITED	Director	7/11/2013	7/11/2013	30/12/2014	Active	NO
11	U74910TN2007PTC064132	TQM PERSONNEL SERVICES INDIA PRIVATE LIMITED	Additional director	9/7/2014	9/7/2014	-	Active	NO
12	U80301TN2014PTC097299	MED SKILL INDIA PRIVATE LIMITED	Director	11/9/2014	11/9/2014	-	Active	NO
13	U72900KA2014PTC076577	PRO PSK TECHNOLOGIES PRIVATE LIMITED	Director	25/09/2014	25/09/2014	-	Active	NO

Name :

Mr. Velu j. Singh

Designation :

Director

Address :

Principal's Quarters LIC Zonal Training Centre, Prithvipakkam Ambattur, Chennai - 600053, Tamilnadu, India

Date of Birth/Age :

12.02.1952

Date of Appointment :

27.09.2010

DIN No.:

03129164

PAN No.:

AYEPS0759E

KEY EXECUTIVES

Name :	Mr. Yacoob Mukthar Basha
Designation :	Chief Financial Officer
Address :	Flat No 5, R E Apartments, 12/9 Sankarapuram 1st Street, Choolaimedu, Chennai - 600094, Tamilnadu, India
Date of Birth/Age :	31.03.1956
Date of Appointment :	29.05.2014
PAN No:	AAAPY5223D
Name :	Mr. Krishnamurthy Murali
Designation :	Secretary
Address :	3/9 Rajarathnam 4th Street, Sai Krishna Apartments, Ullagaram, Chennai - 600091, Tamilnadu, India
Date of Birth/Age :	24.05.1962
Date of Appointment :	11.01.2008
PAN No.:	ALFPK3479B

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals	2956144	63.12
Bodies Coprporete	554720	11.85
Sub Total	3510864	74.97
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3510864	74.97
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	22040	0.47
Sub Total	22040	0.47
(2) Non-Institutions
Bodies Corporate	104786	2.24
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	548132	11.71
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	482562	10.30
Hindu Undivided Families	5756	0.12
Non Resident Indians	9028	0.19
Sub Total	1150264	24.56
Total Public shareholding (B)	1172304	25.03
Total (A)+(B)	4683169	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4683169	100.00

BUSINESS DETAILS

Line of Business :

Subject Is a Manufacturing and Supply of (EPS) Products and Prefabricated Buildings for Various Industrial Applications

Products :

Item Code No.	Product Description
39031100	Expanded Polystyrene
94060099	Prefab Panels

Brand Names :

Not Available

Agencies Held :

Not Available

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 :

• IDBI Bank Limited, 115 Anna Salai, P.B.No.805 Saidapet, Chennai - 600015, Tamilnadu, India

Banker Name	Bank Of India
Branch Address	Chennai Overseas Branch, Star House, No. 30, Old No. 17, Errabalu Street, Chennai - 600001, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loan from Banks	91.965	95.845
SHORT TERM BORROWING
Loans repayable on demand from Banks
Packing Credit	0.000	22.600
Cash Credit	110.709	73.003
Buyer's Credit	17.729	9.849
Demand loan from Banks	0.000	10.000
Total	220.403	211.297
Notes: LONG TERM BORROWING: The Rupee term loan from Bank of India are secured by exclusive charge on the entire fixed and current assets of the Company. They are also secured by deposit of the Title Deeds of all its properties except at Thane and Bihar. These term loans are repayable over a period of six years and the floating interest rate is 13.10% (P.Y. 11.50% to 12.00%) For current maturities of long term borrowings, refer Item (a) in Note 9- Other Current Liabilities Hire purchase loans are secured by hypothecation of vehicles acquired out of the loan and are payable over a period of two to four years. For current maturities of hire purchase loans, refer item (b) in Note 9- Other Current Liabilities. The Company has not defaulted in repayment of the loans, public deposits and interest thereon. SHORT TERM BORROWING: Working capital facilities from Bank of India are secured by exclusive charge on the entire fixed and current assets of the Company. They are also secured by deposit of the Title Deeds of all its properties except at Thane and Bihar. The company has not defaulted in repayment of the loans, public deposits and interest thereon.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASVN Ramana Tower 52, Venkatnarayana Road, T Nagar, Chennai, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Enterprise that is controlled by the Company:	Saideep Polytherm - Partnership Firm (W.e.f.07.05.2015)
Other Related Parties:	Sarovar Insulation Private Limited Gunnam Subbarao Insulation Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4683168	Equity Shares	Rs.10/- each	Rs.46.832 Million

Reconciliation of Number of Shares and amount outstanding at the beginning and at the end of reporting period:

Type	AS ON 31.03.2015
	No. Of Shares	Rs. In Million
Balance as at the beginning of the year	4683168	468.320
Add / Less : Movements during the year	--	--
Balance as at the end of the year	4683168	468.320

List of shareholders holding more than 5% of the total number of shares issued by the company:

Type	AS ON 31.03.2015
	No. Of Shares	% Holding
Mr. Bharat Anumolu	1440881	30.77 %
Mrs. A. Jayasree	1515063	32.35 %
Gunnam Subba Rao Insulation Private Limited	554720	11.84 %

Terms attached to equity shares:

The Company has issued only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting. Repayment of capital will be in proportion to the number of equity shares held.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	46.832	46.832	46.832
(b) Reserves & Surplus	278.500	285.697	278.264
(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)	325.332	332.529	325.096
(3) Non-Current Liabilities
(a) long-term borrowings	146.365	125.556	53.923
(b) Deferred tax liabilities (Net)	18.564	18.400	11.546
(c) Other long term liabilities	0.323	0.896	0.741
(d) long-term provisions	12.871	11.621	12.177
Total Non-current Liabilities (3)	178.123	156.473	78.387
(4) Current Liabilities
(a) Short term borrowings	150.779	117.667	53.246
(b) Trade payables	230.244	186.800	196.964
(c) Other current liabilities	56.269	37.086	39.245
(d) Short-term provisions	7.598	9.404	8.155
Total Current Liabilities (4)	444.890	350.957	297.610
TOTAL	948.345	839.959	701.093
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	397.489	399.492	328.548
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	33.913	18.895	9.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.808	2.593	2.593
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.222	34.488	22.345
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	478.432	455.468	362.786
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	90.208	80.300	76.229
(c) Trade receivables	230.379	208.294	189.484
(d) Cash and cash equivalents	50.252	68.249	45.826
(e) Short-term loans and advances	98.487	27.534	26.640
(f) Other current assets	0.587	0.114	0.128
Total Current Assets	469.913	384.491	338.307
TOTAL	948.345	839.959	701.093

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1302.922	1061.212	956.677
	Other Income	17.320	9.208	4.315
	TOTAL (A)	1320.242	1070.420	960.992
Less	EXPENSES
	Cost of Materials Consumed	373.000	392.977	315.739
	Purchases of Stock-in-Trade	611.264	384.446	370.867
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.675)	(6.300)	(8.119)
	Employees benefits expense	112.076	97.105	88.277
	Other expenses	152.363	135.878	107.906
	TOTAL (B)	1244.028	1004.106	874.670
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	76.214	66.314	86.322
Less	FINANCIAL EXPENSES (D)	46.286	23.826	17.796
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	29.928	42.488	68.526
Less/ Add	DEPRECIATION/ AMORTISATION (F)	30.450	22.252	17.933
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(0.522)	20.236	50.593
Less	TAX (H)	0.461	7.324	21.188
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(0.983)	12.912	29.405
	IMPORTS
	Raw Materials	30.570	15.781	NA
	Traded goods	96.951	9.528	NA
	Capital Goods	6.072	24.300	NA
	TOTAL IMPORTS	133.593	49.609	NA
	Earnings / (Loss) Per Share (Rs.)	(0.021)	2.76	6.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	22.300	15.000	20.000
Cash generated from operations	13.432	20.337	NA
Net cash flows from (used in) operations	NA	22.643	52.755
Net cash generated from Operating Activities	10.571	14.665	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.08)	1.22	3.07
Operating Profit Margin (PBIDT/Sales)	(%)	5.85	6.25	9.02
Return on Total Assets (PBT/Total Assets}	(%)	(0.06)	2.47	7.34
Return on Investment (ROI) (PBT/Networth)		0.00	0.06	0.16
Debt Equity Ratio (Total Debt /Networth)		0.98	0.78	0.39
Current Ratio (Current Asset/Current Liability)		1.06	1.10	1.14

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.55.10/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	46.832	46.832	46.832
Reserves & Surplus	278.264	285.697	278.500
Net worth	325.096	332.529	325.332
long-term borrowings	53.923	125.556	146.365
Short term borrowings	53.246	117.667	150.779
CURRENT MATURITIES OF LONG-TERM DEBTS	20.000	15.000	22.300
Total borrowings	127.169	258.223	319.444
Debt/Equity ratio	0.391	0.777	0.982

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	956.677	1061.212	1302.922
		10.927	22.777

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	956.677	1061.212	1302.922
Profit	29.405	12.912	(0.983)
	3.07%	1.22%	(0.08%)

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
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	Yes
26	Turnover of firm for last three 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	Yes
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

SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS:

CORPORATE INFORMATION:

Corporate Information subject is a prominent manufacturer and supplier of Expanded Polystyrene products, popularly known as thermocole and Prefabricated Buildings that have wide industrial applications. The company also undertakes erection, commissioning and maintenance works in the field of hot and cold insulation solutions. The company has manufacturing facilities in Thane, Chennai, Hyderabad and Karad and branches with geographical spread across India. In addition, the company has trading operations in domestic and international market.

UNSECURED LOAN

	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Public deposits	3.709	25.903
Long-term maturities of Hire Purchase loans	2.191	3.808
Inter Corporate deposits	25.000	0.000
Loans and advances from related parties	23.500	0.000
SHORT TERM BORROWING
Public deposits	22.341	2.215
Total	76.741	31.926

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10579743	18/06/2015	1,000,000.00	BANK OF INDIA	STAR HOUSE, NO.30 OLD NO.17 ERRABALUSTREET, CHENNAI, TAMIL NADU - 600001, INDIA	C58797663
2	10533861	01/12/2014	95,300,000.00	BANK OF INDIA	CHENNAI OVERSEAS BRANCH, STAR HOUSE, NO.30. OLD NO.17 ERRABALU STREET, CHENNAI, TAMIL NADU - 600001, INDIA	C35361393
3	10520649	28/06/2014	587,727.00	BANK OF INDIA	STAR HOUSE, NO.30 OLD NO.17 ERRABALUSTREET, CHENNAI, TAMIL NADU - 600001, INDIA	C21200076
4	10520645	17/06/2014	948,763.00	BANK OF INDIA	STAR HOUSE, NO.30 OLD NO.17,ERRABALUSTREET, CHENNAI, TAMIL NADU - 600001, INDIA	C21198460
5	80008926	04/09/2014 *	397,000,000.00	BANK OF INDIA	CHENNAI OVERSEAS BRANCH, STAR HOUSE , NO:30 OLD NO .17 , ERRABALU STREET, CHENNAI, TAMIL NADU - 600001, INDIA	C22259428

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against the Company not acknowledged as debts	2.277	2.277
Sales tax demands against which the Company has filed appeals and for which no provision is considered necessary as the Company is hopeful of successful outcome in the appeals.	60.847	46.593
CST demands in respect of which the High Court has pronounced an order quashing the proceedings and redirected the proceedings to the Assessing Officer, as confirmed by the legal counsel.	0.000	16.213
Total	63.124	65.083

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s
• Leasehold improvements

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.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAS
Report Prepared by :	GTA

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	3
--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	YES
--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.