MIRA INFORM REPORT

Report No. :	341336
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	HARITA-NTI LIMITED (w.e.f. 15.02.2001)
Formerly Known As :	HARITA-NTI PRIVATE LIMITED HARITA ZERUST PRIVATE LIMITED
Registered Office :	Jayalakshmi Estates, No. 29(8) Haddows Road, Chennai – 600006, Tamilnadu
Tel. No.:	91-44-26357087
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.1999
Com. Reg. No.:	18-042327
Capital Investment / Paid-up Capital :	Rs. 93.000 Million
CIN No.: [Company Identification No.]	U24293TN1999PLC042327
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing innovative,  environmentally beneficial materials science based solutions
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a 50:50 joint venture between “Northern Technologies International Corporation”, USA and “Harita Venu Private Limited”, India. It is well established company having a satisfactory track record. Rating take consideration company’s well established track record and experienced management team backed by it healthy operational base marked by its improvement in profitability and cash and bank balance along with absence of any long term debt on the book. The rating further derive strength from the strong financial, technical and managerial support which company revives from its improvement joint venture company. This raging strength is partially offsets by low profitability margin of the company and volatility in the raw material prices. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered good 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	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 PARTED BY

Name :	Mr. Shareedharan
Designation :	Accounts Manager
Contact No.:	91-44-26357087
Date :	16.09.2015

LOCATIONS

Registered Office :	Jayalakshmi Estates, No. 29(8) Haddows Road, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28272233/ 26357087
Fax No.:	91-44-28257121
E-Mail :	corpsec@scl.co.in
Factory :	A3,1^st Main Road Ambattur Industrial Estate, Ambattur, Chennai – 600058, Tamilnadu, India

DIRECTORS

AS ON 21.08.2014

Name :

Mr. Venu Shrinivasan

Designation :

Director

Address :

“West Side House”, No. 3, Adyar Club Gate Road, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

11.12.1952

Date of Appointment :

22.04.1999

DIN No.:

00051523

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	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Managing director	23/05/2014	23/05/1979	-	Active	NO
2	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Director	15/06/1979	15/06/1979	-	Active	NO
3	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Director	29/06/1979	29/06/1979	-	Active	NO
4	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	30/06/1979	30/06/1979	-	Active	NO
5	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
6	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	06/02/1995	06/02/1995	18/09/2014	Active	NO
7	U65191TN1998PLC039853	Chennai Business Consulting Services Limited	Director	19/01/1999	19/01/1999	22/06/2009	Active	NO
8	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	22/04/1999	22/04/1999	-	Active	NO
9	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	01/08/2014	27/01/2000	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Managing director	29/07/2015	27/01/2000	-	Active	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/08/2003	18/08/2003	31/07/2008	Active	NO
12	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	28/03/2008	18/11/2004	19/05/2010	Active	NO
13	U01132TN2006PLC061095	EMERALD HAVEN ESTATES LIMITED	Director	13/09/2006	13/09/2006	27/11/2007	Active	NO
14	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	28/09/2006	28/09/2006	02/08/2010	Active	NO
15	U99999DL1983NPL014987	AGA KHAN RURAL SUPPORT PROGRAMME (INDIA)	Director	07/04/2008	07/04/2008	-	Active	NO
16	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U40109DL2008PLC275062	GREEN INFRA BTV LIMITED	Director	01/09/2008	01/09/2008	16/08/2013	Active	NO
18	L01131KA1943PLC000833	TATA COFFEE LIMITED	Director	24/07/2009	13/10/2008	01/09/2014	Active	NO
19	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director	27/07/2010	17/10/2008	11/08/2014	Active	NO
20	U93090TN1983GAT009948	TVS MOTOR HARITA EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	31/08/2009	18/05/2009	01/02/2012	Active	NO
21	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	21/06/2010	-	Active	NO
22	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Harihara iyer lakshmanan

Designation :

Director

Address :

Palacio apartment, d1 1st Floor, No.408, O.No.216, TTK Road, Alwarpet, Chennai – 600018, Tamil Nadu, India

Date of Birth/Age :

14.08.1933

Date of Appointment :

22.04.1999

DIN No.:

00057973

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	U65993TN1982PLC009626	ANUSHA INVESTMENTS LIMITED	Whole-time director	14/08/2011	04/08/1993	-	Amalgamated	NO
2	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	07/10/1994	07/10/1994	-	Active	NO
3	L27209TN1996PLC035293	HARITA SEATING SYSTEMS LIMITED	Director	06/08/2014	24/04/1996	-	Active	NO
4	U30006TN1996PLC035418	HARITA TECHSERV LIMITED	Director	30/09/2009	09/05/1996	-	Active	NO
5	U65191TN1998PLC039853	Chennai Business Consulting Services Limited	Director	09/02/1998	09/02/1998	-	Active	NO
6	U93090TN1983GAT009829	SUNDRAM CLAYTON SENIOR OFFICERS WELFARE FOUNDATION PRIVATE LIMITED	Director	20/03/1998	20/03/1998	01/07/2008	Active	NO
7	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	22/04/1999	22/04/1999	-	Active	NO
8	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	26/04/2002	24/04/2000	-	Active	NO
9	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	19/04/2015	01/02/2003	-	Active	NO
10	U99999TN1992PLC022842	SUNDARAM AUTO COMPONENTS LIMITED	Director	01/02/2003	01/02/2003	-	Not Available for eFiling	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	30/09/2014	Active	NO
12	U72200TN2003PTC052121	HARITA PROPERTIES PRIVATE LIMITED	Director	11/12/2003	11/12/2003	-	Active	NO
13	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	18/11/2004	18/11/2004	30/07/2009	Active	NO
14	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	28/12/2012	22/11/2004	-	Active	NO
15	U70200TN2002PLC049497	SRAVANAA PROPERTIES LIMITED	Director	27/03/2006	27/03/2006	11/10/2007	Active	NO
16	U72200TN2007PLC064091	HARITA ACADEMY LIMITED	Director	28/08/2008	25/06/2007	17/03/2009	Strike off	NO
17	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Director	20/08/2008	28/06/2007	-	Amalgamated	NO
18	U34300TN2003PLC050368	Auto (India) Engineering Limited	Director	28/09/2007	03/07/2007	-	Amalgamated	NO
19	U45200TN2008PLC068511	EMERALD HAVEN DEVELOPMENT LIMITED	Director	09/07/2008	09/07/2008	27/04/2013	Active	NO
20	U40109DL2008PLC275062	GREEN INFRA BTV LIMITED	Director	01/09/2008	01/09/2008	16/08/2013	Active	NO
21	U65920TN2008PLC069758	TVS Credit Services Limited	Director	04/09/2009	05/11/2008	17/02/2010	Active	NO
22	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	23/03/2009	23/03/2009	23/03/2015	Active	NO
23	U93090TN1983GAT009948	TVS MOTOR HARITA EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	31/08/2009	18/05/2009	01/02/2012	Active	NO
24	U25200TN2008PLC068513	HARITA FEHRER LIMITED	Director	08/09/2010	24/08/2009	-	Active	NO
25	U70101TN2010PLC075027	TVS HOUSING LIMITED	Director	22/03/2010	22/03/2010	27/03/2015	Active	NO
26	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Director	27/09/2012	22/03/2010	-	Active	NO
27	U70200TN2010PLC078102	HARITA HOUSING CONSTRUCTIONS LIMITED	Director	18/11/2010	18/11/2010	28/02/2012	Active	NO
28	U40105DL2011PLC274929	GREEN INFRA WIND POWER THENI LIMITED	Director	06/01/2011	06/01/2011	16/02/2011	Active	NO
29	U40109DL2011PLC275063	GREEN INFRA WIND ENERGY THENI LIMITED	Director	06/01/2011	06/01/2011	16/02/2011	Active	NO
30	U74999TN2011PLC081397	SUNDRAM SERVICES LIMITED	Director	07/07/2011	07/07/2011	06/12/2011	Active	NO
31	U74910TN2006PTC060188	LAKSON TECHNOLOGY PRIVATE LIMITED	Director	30/09/2011	11/09/2011	-	Active	NO
32	U40101TN2011PLC083427	TVS GREENTECH POWER LIMITED	Director	05/12/2011	05/12/2011	28/02/2012	Active	NO
33	U15492TN2013PTC091874	TVS ORGANICS PRIVATE LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO
34	U74140DL2014PTC264961	GALLANT E-ACCESS PRIVATE LIMITED	Director	18/02/2014	18/02/2014	-	Active	NO

Name :

Gregory Patrick Lynch

Designation :

Director

Address :

547 Lonesome Pine Trail, Lino Lakes, MN, 055014, United States Of America

Date of Birth/Age :

05.10.1967

Date of Appointment :

18.08.2000

DIN No.:

00076821

Name :

Ramani Narayan

Designation :

Director

Address :

4275, Conifer Circle, Okemos, 48864, United States Of America

Date of Birth/Age :

12.01.1949

Date of Appointment :

17.10.2006

DIN No.:

00966480

Name :

Chundi Narasimha Prasad

Designation :

Director

Address :

M-302, The Metrozone, 44 Pillaiyar Koil Street, Anna Nagar, Chennai – 600040, Tamil Nadu, India

Date of Birth/Age :

01.07.1947

Date of Appointment :

21.09.2009

DIN No.:

 01950656

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	U34300TN2003PLC050368	Auto (India) Engineering Limited	Director	02/07/2008	24/12/2007	-	Amalgamated	NO
2	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	17/06/2009	28/03/2008	12/05/2011	Active	NO
3	L27209TN1996PLC035293	HARITA SEATING SYSTEMS LIMITED	Director	06/08/2014	23/04/2008	-	Active	NO
4	U25200TN2008PLC068513	HARITA FEHRER LIMITED	Director	09/07/2008	09/07/2008	-	Active	NO
5	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	17/08/2009	06/05/2009	-	Active	NO
6	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	29/09/2010	21/09/2009	-	Active	NO
7	U40109DL2008PLC275062	GREEN INFRA BTV LIMITED	Director	30/07/2010	03/12/2009	17/08/2013	Active	NO
8	U70101TN2010PLC075027	TVS HOUSING LIMITED	Additional director	21/06/2010	21/06/2010	03/06/2011	Active	NO
9	U40105DL2011PLC274929	GREEN INFRA WIND POWER THENI LIMITED	Director	06/01/2011	06/01/2011	24/08/2013	Active	NO
10	U40109DL2011PLC275063	GREEN INFRA WIND ENERGY THENI LIMITED	Director	06/01/2011	06/01/2011	23/08/2013	Active	NO
11	U45200TN2010PLC075953	EMERALD HAVEN REALTY LIMITED	Director	30/09/2011	03/06/2011	-	Active	NO
12	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	05/09/2013	06/09/2011	-	Active	NO

Name :

Vineet Raghuvir Dalal

Designation :

Director

Address :

2116 Wallingford Lane, Woodbury, 55125, United States Of America

Date of Birth/Age :

23.09.1969

Date of Appointment :

27.03.2009

DIN No.:

02581523

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	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	29/09/2010	27/03/2009	-	Active	NO
2	U25203TN2013PTC093453	NATUR TEC INDIA PRIVATE LIMITED	Director	24/10/2013	24/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shareedharan
Designation :	Accounts Manager
Name :	Divya R P
Designation :	Secretary
Address :	Flat No.405, Block II, Doshi Oriana, Janakiramannagar Main Road, Perunngudi, Chennai – 600096, Tamil Nadu, India
Date of Birth/Age :	26.10.1988
Date of Appointment :	01.10.2013
PAN No.:	AOAPD4699A

MAJOR SHAREHOLDERS

AS ON 21.08.2014

Names of Shareholders	No. of Shares
Mr. Venu Srinivasan	10
Mrs. Mallika Srinivasan	10
Mr. H Lakshmanan	10
Mr. V N Venkatanathan	10
M/s Harita Venu Private Limited	4649980
M/s Northern Technologies International Corporation, USA	4650000
Harita Venu Private Limited	10
Total	9300030

Equity Share Break up (Percentage of Total Equity)

AS ON 21.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	49.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing innovative,  environmentally beneficial materials science based solutions
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

Information declined by the management

Bankers :

Banker Name	STATE BANK OF INDIA
Branch Address	Industrial Finance Branch, 115, Anna Salai, Chennai, Tamilnadu - 600002, 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 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loans from banks	0.000	76.501
Total	0.000	76.501

Auditors :
Name :	Sundaram and Srinivasan Chartered Accountant
Address :	Chennai, Tamilnadu, India
PAN No.:	AAAFS8812J
Memberships :	--
Collaborators :	--
Fellow Subsidiary company :	Natur Tec India Private Limited
Associate :	Northern Technologies International Corporation Harita Venu Private Limited

CAPITAL STRUCTURE

AS ON 21.08.2014

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
9300000	Equity Shares	Rs.10/- each	Rs. 93.000 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	93.000	93.000	66.000
(b) Reserves & Surplus	29.733	25.882	48.063
(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)	122.733	118.882	114.063
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	12.437	12.887	12.808
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	12.437	12.887	12.808
(4) Current Liabilities
(a) Short term borrowings	0.000	76.501	116.208
(b) Trade payables	38.525	40.857	126.398
(c) Other current liabilities	7.477	6.572	9.902
(d) Short-term provisions	23.543	4.790	15.012
Total Current Liabilities (4)	69.545	128.720	267.520
TOTAL	204.715	260.489	394.391
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.964	37.118	45.753
(ii) Intangible Assets	0.125	0.381	0.457
(iii) Capital work-in-progress	0.000	0.000	0.291
(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)	9.856	8.710	10.808
(d) Long-term Loan and Advances	30.883	36.517	36.475
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.828	82.726	93.784
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.173	48.625	69.055
(c) Trade receivables	83.572	90.459	194.827
(d) Cash and cash equivalents	20.252	2.651	2.113
(e) Short-term loans and advances	21.890	26.910	34.612
(f) Other current assets	0.000	9.118	0.000
Total Current Assets	142.887	177.763	300.607
TOTAL	204.715	260.489	394.391

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	407.113	389.942	411.382
	Other Income	4.108	7.714	0.069
	TOTAL	411.221	397.656	411.451
Less	EXPENSES
	Cost of Materials Consumed	206.007	172.166	180.024
	Purchases of Stock-in-Trade	0.000	3.732	17.507
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	15.129	13.147	(20.193)
	Employees benefits expense	63.107	74.025	70.655
	Other expenses	118.699	163.245	162.852
	TOTAL	402.942	426.315	410.845
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8.279	(28.659)	0.606
Less	FINANCIAL EXPENSES	2.999	12.649	13.052
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	5.280	(41.308)	(12.446)
Less/ Add	DEPRECIATION/ AMORTISATION	4.575	5.780	3.793
	PROFIT BEFORE TAX	0.705	(47.088)	(16.239)
Less	TAX	(1.146)	2.097	(2.226)
	PROFIT AFTER TAX	1.851	(49.185)	(14.013)
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	27.593	40.895	13.811
	TOTAL EARNINGS	27.593	40.895	13.811
	IMPORTS
	Raw Materials	73.815	64.581	85.190
	TOTAL IMPORTS	73.815	64.581	85.190
	Earnings Per Share (Rs.)	0.19	(5.28)	(1.51)

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 flow from (used in) operation	0.000	(47.089)	(16.240)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.45	(12.61)	(3.41)
Operating Profit Margin (PBIDT/Sales)	(%)	2.03	(7.35)	0.15
Return on Total Assets (PBT/Total Assets}	(%)	0.36	(18.70)	(4.24)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.40)	(0.14)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.64	1.02
Current Ratio (Current Asset/Current Liability)		2.05	1.38	1.12

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	66.000	93.000	93.000
Reserves & Surplus	48.063	25.882	29.733
Share Application money pending allotment	0.000	0.000	0.000
Net worth	114.063	118.882	122.733
long-term borrowings	0.000	0.000	0.000
Short term borrowings	116.208	76.501	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	116.208	76.501	0.000
Debt/Equity ratio	1.019	0.644	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	411.382	389.942	407.113
		(5.212)	4.403

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	411.382	389.942	407.113
Profit	(14.013)	(49.185)	1.851
	(3.41%)	(12.61%)	0.45%

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	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	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

Performance

The Company continues to establish a strong customer base in Zerust and Axxanol. The Company has added certain new customers such as Carraro India, Luk India, Signode India and UT Worldwide during the year, thereby increasing the number of major customers.

During the year, the Company has introduced Ze-VERP a new rust preventive and initiated product substitution to some of the customers with high performing products.

As reported earlier, the Company has consolidated its manufacturing activities from three locations to a single location and enhanced its outsourcing activities, by optimizing its manpower resources and achieved significant reduction in fixed costs.

The Company has reduced its working capital considerably through increased focus on its inventories and field stock and also reduced its debt substantially.

In Natur-tec business, the Company could not achieve the planned growth in its business in the field of bio-degradable and bio-based polymers. After considering the feasibility of the business and its non-viability in the current circumstances, the Company has exited from the Natur-tec business during November 2013 and assets and stock worth Rs.159.28 lakhs (net of realization) were written off in the books of accounts.

Business Outlook

The Company has planned to increase its topline through focus on new customers, new products and better pricing strategies.

The Company is also exploring options on standardization and variety reduction of its products and discontinuing non-profitable products.

A better growth in line with the industrial growth is expected during the next year, considering the plans outlined by the new Government.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80023691	26/03/2012 *	150,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 115, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	B37564671

* Date of charge modification

FIXED ASSETS

• Land
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments

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. 66.44
UK Pound	1	Rs. 102.41
Euro	1	Rs. 75.05

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.