MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	PRINCE SWR SYSTEMS PRIVATE LIMITED

Registered Office :	101/102, Sunshine Plaza, 1^st Floor, Naigaon Cross Road, Dadar (West), Mumbai – 400 014, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	29.03.1995

Com. Reg. No.:	11-86960

Capital Investment / Paid-up Capital :	Rs.66.540 Millions

CIN No.: [Company Identification No.]	U25206MH1995PTC086960

TAN No.: [Tax Deduction & Collection Account No.]	MUMP07797G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Plastics.

No. of Employees :	235 (In Office 35 and In Factory 200) [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 850000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Lalji
Designation :	Account Assistant
Contact No.:	91-9321811683

LOCATIONS

Registered Office :	101/102, Sunshine Plaza, 1^st Floor, Naigaon Cross Road, Dadar (West), Mumbai – 400 014, Maharashtra, India
Tel. No.:	91-22-40303333/44/55
Mobile No.:	91-9321811683 [Mr. Lalji]
Fax No.:	91-22-4030 3322
E-Mail :	info@princewr.com, finance@princewr.com
Website :	www.princeswr.com
Location :	Owned

Factory 1 :	Survey No. 100/1/3, Post Box No. 104, Village – Sayli, Silvassa, Dadra and Nagar Haveli – 396 230, India
Tel No.:	91-260-263 2655/66/77
Fax No.:	91-260-263 2655/66/77

Factory 2 :	Survey No. 245/5/1, 3 and 4, Demni Road, Village-Dadra, Silvassa, Dadra and Nagar Haveli – 396 230, India
Tel No.:	91-260-266 9266/77
Fax No.:	91-260-266 9266/77

Factory 3 :	Plot No. 5B, Sector-3, IIE, BHEL, SIDCUL, Ranipur, Haridwar – 249403, Uttarakhand, India
Tel. No.:	91-1334-314400 / 233811/12
Fax No.:	91-1334-233812

DIRECTORS

As on 23.08.2010

Name :

Mr. Rupal Piyush Chheda

Designation :

Director

Address :

Flat No. 601, Plot No. 360, K N Building, Bhandarkar Road, Matunga (C R ), Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

17.06.1967

Date of Appointment :

15.05.2006

Din No.:

00223907

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25206MH1995PTC086960	PRINCE SWR SYSTEMS PRIVATE LIMITED	Director	15-05-06	15-05-06	Active	NO
2	U25209MH2003PTC216958	PRINCE INDUSTRIES PRIVATE LIMITED	Director	01-08-06	01-08-06	Active	NO

Name :

Mr. Piyush Gangji Chheda

Designation :

Managing Director

Address :

Flat No. 601, Plot No. 360, K N Building, Bhandarkar Road, Matunga (C R ), Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

29.05.1966

Date of Appointment :

17.03.2000

Din No.:

00222900

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25206MH1995PTC086960	PRINCE SWR SYSTEMS PRIVATE LIMITED	Managing director	14-05-96	14-05-96	Active	NO
2	U25209MH2003PTC216958	PRINCE INDUSTRIES PRIVATE LIMITED	Managing director	21-05-03	21-05-03	Active	NO

KEY EXECUTIVES

Name :	Mr. Lalji
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.08.2010

Names of Shareholders		No. of Shares
Prabhavati Gangji Chheda		55000
Piyush Gangji Chheda		3549150
Rupal Piyush Chheda		1554000

As on 23.08.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Plastics.

Products :

Product Description	Item Code
PVC Pipes and Fittings	3917.00

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars

Unit

Installed Capacity

Actual Production

[Qty. PCS]

Injection and Extruder Moulding Items

14200

11736537

GENERAL INFORMATION

No. of Employees :

235 (In Office 35 and In Factory 200) [Approximately]

Bankers :

Bank of India, D N Road Branch, Sadhana Rayon, D N Road, Mumbai – 400 001, Maharashtra, India
State Bank of India, Commercial Branch, Bullet Building, First Floor, L.N Road, Mumbai-400014, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Loans from directors / shareholders	22.924	35.748
Loans from others	4.915	10.408
Total	27.839	46.156


Banking Relations :	--

Auditors :
Name :	L. D. Joshi and Company Chartered Accountants
Address :	2-G, Court Chambers, 2^nd Floor, 35, Marine Lines, Mumbai-400020, Maharashtra, India
Mobile No.:	91-9322512023

CAPITAL STRUCTURE

As on 23.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11700000	Equity Shares	Rs.10/- each	Rs.117.000 Millions
800000	Preferences Shares	Rs.10/- each	Rs.8.000 Millions
	Total		Rs.125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6654000	Equity Shares	Rs.10/- each	Rs.66.540 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		66.540	66.540	66.540
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		146.092	128.031	108.573
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		212.632	194.571	175.113
LOAN FUNDS
1] Secured Loans		274.945	198.112	180.661
2] Unsecured Loans		27.839	46.156	24.915
TOTAL BORROWING		302.784	244.268	205.576
DEFERRED TAX LIABILITIES		4.415	2.631	1.975

TOTAL		519.831	441.470	382.664

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		125.728	124.680	113.718
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.045	0.045
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	220.167	245.385	128.289
	Sundry Debtors	239.584	102.367	210.021
	Cash & Bank Balances	10.586	1.274	5.308
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.610	13.623	22.056
Total Current Assets		481.947	362.649	365.674
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.756	23.122	49.693
	Other Current Liabilities	27.161	20.210	40.267
	Provisions	15.927	2.572	6.813
Total Current Liabilities		87.844	45.904	96.773
Net Current Assets		394.103	316.745	268.901

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		519.831	441.470	382.664

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	728.043	652.329	692.079
		Other Income	8.729	11.850	11.036
		TOTAL (A)	736.772	664.179	703.115

Less	EXPENSES
		Material Consumed	553.952	553.991	529.534
		Employees Remuneration and Benefits	34.904	27.175	22.575
		Manufacturing and Other Expenses	87.230	85.814	75.575
		Increase or Decrease in Stock of Finished Goods	(20.946)	(84.540)	(5.425)
		TOTAL (B)	655.140	582.440	622.259

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.632	81.739	80.856

Less	FINANCIAL EXPENSES (D)		28.052	28.600	16.927

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.580	53.139	63.929

Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.969	12.474	11.599

	PROFIT BEFORE TAX (E-F) (G)		41.611	40.665	52.330

Less	TAX (H)		15.766	13.422	29.258

	PROFIT AFTER TAX (G-H) (I)		25.845	27.243	23.072

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.518	24.060	13.773

Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.000
		Dividend	6.654	6.654	6.654
		Tax on Dividend	1.130	1.131	1.131
	BALANCE CARRIED TO THE B/S		51.579	38.518	24.060

	IMPORTS
		Capital Goods	NA	0.729	0.649
	TOTAL IMPORTS

	Earnings Per Share (Rs.)		3.88	4.09	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.51	4.10	3.28

Net Profit Margin (PBT/Sales)	(%)	5.72	6.23	7.56

Return on Total Assets (PBT/Total Assets}	(%)	6.85	8.34	10.92

Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.30

Debt Equity Ratio (Total Liability/Networth)		1.84	1.49	1.73

Current Ratio (Current Asset/Current Liability)		5.49	7.90	3.78

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from Prince Arcade C-10, Central Road, Marol MIDC, Andheri East, Mumbai-400093, Maharashtra, India to the present address w.e.f. 26.03.2008

YEAR IN RETROSPECT:

The company has posted turnover of Rs.728.043 millions as against Rs.652.330 millions in the previous year. The net profit before tax was Rs.41.611 millions as against Rs.40.665 millions in the earlier years.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10252084
Corporate identity number of the company	U25206MH1995PTC086960
Name of the company	PRINCE SWR SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101/102, Sunshine Plaza, 1^st Floor, Naigaon Cross Road, Dadar (West), Mumbai – 400 014, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of India, Commercial Branch, Bullet Building, First Floor, L.N Road, Mumbai-400014, Maharashtra, India
Email	kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	A) supplemental agreement of loan for increase in the overall limit (form c.1-a) B) supplemental agreement of hypothecation of goods and assets for increase in the overall limit (form c.2-a) C) letter regarding the grant of individual limits within the overall limit (form c.5) All the above agreements constitute a single modification.
Date of instrument Creating the charge	28.06.2011
Amount secured by the charge	Rs.638.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Demand Cash Credit } 5% above base rate Term Loan (O/S) } New Term Loan } Stand By Line of Credit: 6% above base rate. Terms of Repayment As Per Sanction Terms Margin Raw materials: 25% Stocks-in-process: 25% Finished goods: 25% Book debts/receivables upto 90 days: 30% Book debts/receivables above 90 days: 40% And upto 120 days Extent and Operation of the charge As Per Sanction Terms
Short particulars of the property charged	I) A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to goods and other assets, such as book-debts, II) Outstanding moneys, receivables, including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund III) Of customs/excise duties under the duty drawback credit scheme, or any other scheme bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and IV) Rights uncalled capital and all machinery present and future of such form satisfactory to the bank.
Date of latest modification prior to the present modification	17.01.2011
Particulars of the present modification	Now by the present modfn. Dated 28.6.2011 the limit has been increased from Rs. 503.200 millions to Rs.638.000 millions.

Fixed Assets:

Land
Building
Plant and Machinery
Electrical Installation
Computer
Moulds
Furniture and Fixtures
Office Equipments
Vehicles
Building (Office Premises)

WEBSITE DETAILS:

PROFILE:

Subject is the leaders and trendsetter in uPVC drainage systems (SWR) in India, including the recent 90 mm range of SWR Systems. Over the years Subject, have responded to the need of the market while maintained a high standard of quality during the innovation and additions to their product range which lead to the achievement of the ISI mark for pipes.

Subject is a name to be reckoned and cherished not only nationally but also internationally in over 25 countries. The Government of India acknowledged the fact year after year by conferring PRINCE with the top Exporter Award.

Subject a firm, which immensely believes in "The systems is quality and reliability”, have been certified as ISO 9001 compliant by Quality Assurance Services, Australia. In 1988, subject took the lead in introducing uPVC Soil, Waste and Rainwater Drainage systems in India, every single component of Subject - Drainage System is world-class, because it meets the international standards like BS (British) and DIN (German) standards.

Subject Products are within the reach of customers across the length and breadth of the country. They offer the widest range of Drainage Systems in India. No wonder that subject products are recommended by leading architects and used by reputed Builders and Developers across the country.

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 records 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.48.92
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

220.167

239.584

10.586

0.000

11.610

481.947

44.756

27.161

15.927

87.844

394.103

3.51

5.72

6.85

0.20

1.84

5.49

Unit