MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	PRS TYRES LIMITED
Formerly Known As :	SUPER BUTYL TUBES PRIVATE LIMITED
Registered Office :	138 Trichy Road, Namakkal – 637001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.1987
Com. Reg. No.:	18-002030
Capital Investment / Paid-up Capital :	Rs. 27.204 Millions
CIN No.: [Company Identification No.]	U02511TZ1987PLC002030
TAN No.: [Tax Deduction & Collection Account No.]	CHES19246D
PAN No.: [Permanent Account No.]	AADCS0168B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader of Tyre and Tube Flaps
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 170000
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. Payment are reported to be usually correct and as per commitment. The company can be considered normal for business dealing 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	138 Trichy Road, Namakkal – 637001, Tamilnadu, India
Tel. No.:	91-4287-232677
Fax No.:	91-4287-230536
E-Mail :	prstyres@gmail.com prstyresnkl@dataone.in
Website :	http://www.prstyre.in

DIRECTORS

As on 30.09.2011

Name :

Mr. P Palanisamy

Designation :

Director

Address :

89/A1 Cooperative Colo Ny, Street, Gandhinagar, Namakkal – 637001, Tamilnadu, India

Date of Birth/Age :

31.03.1948

Date of Appointment :

01.09.1987

DIN No.:

00158498

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U02511TZ1987PLC002030	PRS TYRES LIMITED	Managing director	1/4/2011	1/9/1987	-	Active	NO
2	U85310TZ1989PLC002405	TRINITY ACADEMY LIMITED	Director	10/4/1989	10/4/1989	-	Active	NO
3	U65999TZ1990PTC002784	NAMAKKAL PANDIAN FINANCE PRIVATE LIMITED	Managing director	5/7/1990	5/7/1990	-	Strike off	NO
4	U65992TZ1991PTC003324	NAMAKKAL PANDIAN CHIT FUNDS PRIVATE LIMITED	Managing director	9/7/1991	9/7/1991	-	Strike off	NO
5	U65921TZ1996PLC007095	P R S SWETHA FINANCE LIMITED	Director	29/03/1996	29/03/1996	-	Strike off	NO

Name :

Mr. Palanisamy Prasanth

Designation :

Director

Address :

89/A1 Cooperative Colo Ny, Street, Gandhinagar, Namakkal – 637001, Tamilnadu, India

Date of Birth/Age :

28.09.1978

Date of Appointment :

15.05.1995

DIN No.:

00556213

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U02511TZ1987PLC002030	PRS TYRES LIMITED	Whole-time director	1/4/2011	15/05/1995	-	Active	NO
2	U65921TZ1996PLC007095	P R S SWETHA FINANCE LIMITED	Director	29/03/1996	29/03/1996	-	Strike off	NO
3	U65999TZ1990PTC002784	NAMAKKAL PANDIAN FINANCE PRIVATE LIMITED	Director	2/9/1999	2/9/1999	-	Strike off	NO
4	U65992TZ1991PTC003324	NAMAKKAL PANDIAN CHIT FUNDS PRIVATE LIMITED	Director	2/9/1999	2/9/1999	-	Strike off	NO

Name :

Mr. Sellam Palanisamy

Designation :

Director

Address :

89/A1 Cooperative Colo Ny, Street, Gandhinagar, Namakkal – 637001, Tamilnadu, India

Date of Birth/Age :

28.09.1953

Date of Appointment :

01.09.1987

DIN No.:

02499148

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
P Palanisamy	2275
P Sellam	1250
C. Raju	5
R Chinnammal	5
P Muthulakshmi	5
S. Shanthi	5
C. Sellammal	5
P Prasanth	1005
V Kandasamy	173
S Ramesh	186
P Vasuki	103
A Sadiq - Staff	200
P.kalaiselvi	150
E.prakash	150
S.selvaraj	454

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	73.00
Other	27.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader of Tyre and Tube Flaps
Product:	Product Description	Tubes, Tyres and Flaps
	Item Code No.	40114010,40114020,40119200,40119900,40129049
		40131010,40131020,40139020,40139041,40139090
	Product Description	Automobile Tyres, Tubes and Flaps
	Item Code No.	40119900

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Tubes	Nos	600000	128697
Tyres	Nos	300000	99675
Flaps	Nos	288000	20534

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, 2 Dr Sankaran Road, Namakkal – 637001, Tamilnadu – 637001, India

· Vijaya Bank, 145C Ram Building, Trichy Road, Namakkal- 637001, Tamil Nadu, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Open Cash Credit - Indian Overseas Bank	25.356	23.244
Packing Credit - State Bank of India (Secured by the hypothecation of Stock-in-trade and Equitable mortgage of factory land and buildings and other Fixed assets of the company)	10.068	10.048
Term Loan – IOB (Secured by exclusive charge on specific plant and machinery)	3.797	1.735
ECB through Indian Overseas Bank	22.909	18.322
ECB through State Bank of India	18.628	13.467
Vehicle Loan
HDFC Bank, Salem	0.313	0.564
Reliance Capital Limited, Salem (Secured by Hypothecation of vehicle)	0.603	0.938
Total	81.674	68.318

Banking Relations :	--
Auditors :
Name :	M. Ramesh Chartered Accountant
Address :	Third Street, 46, Thillaipuram, Namakkal – 637001, Tamilnadu, India
PAN.:	BCDPR6587H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.1000/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27204	Equity Shares	Rs.1000/- each	Rs. 27.204 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		27.204	24.954	24.954
2] Share Application Money		0.000	2.255	0.000
3] Reserves & Surplus		16.975	11.759	8.445
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.179	36.713	33.399
LOAN FUNDS
1] Secured Loans		81.675	68.318	72.983
2] Unsecured Loans		0.000	0.000	0.007
TOTAL BORROWING		81.675	68.318	72.990
DEFERRED TAX LIABILITIES		1.230	0.950	1.686
TOTAL		127.084	108.236	108.075
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.303	19.032	19.480
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.519	60.364	61.262
	Sundry Debtors	35.314	28.846	29.563
	Cash & Bank Balances	11.626	14.297	12.823
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.579	5.420	5.611
Total Current Assets		127.038	108.927	109.259
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	17.469	18.177	21.269
	Provisions	1.788	1.546	1.595
Total Current Liabilities		19.257	19.723	22.864
Net Current Assets		107.781	89.204	86.395
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		127.084	108.236	108.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	253.478	230.392	193.729
		Other Income	9.390	9.475	9.489
		TOTAL (A)	262.868	239.867	203.218
Less	EXPENSES
		Purchase Trading	54.764	55.945	52.047
		Raw materials consumed	120.043	91.962	84.743
		Stores Consumption	3.562	3.472	2.921
		Manufacturing Expenses	13.835	11.424	9.136
		Salary & Wages	6.278	5.283	4.352
		Repairs & Maintenance	0.904	0.757	0.097
		Administrative Expenses	4.524	3.055	2.997
		Selling Expenses	43.443	34.382	25.734
		Increase/(Decrease) in stock	(4.124)	12.875	1.867
		TOTAL (B)	243.229	219.155	183.894
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.639	20.712	19.324
Less	FINANCIAL EXPENSES (D)		7.654	8.009	9.425
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.985	12.703	9.899
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.954	5.805	3.163
	PROFIT BEFORE TAX (E-F) (G)		6.031	6.900	6.736
Less	EXCHANGE PROFIT/LOSS		1.253	(1.359)	(2.203)
	NET PROFIT BEFORE TAX		7.284	5.541	4.533
Less	TAX (I)		2.068	2.227	2.395
	PROFIT AFTER TAX (G-I) (J)		5.216	3.314	2.138
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.642	5.328	3.190
	BALANCE CARRIED TO THE B/S		13.858	8.642	5.328
	EARNINGS IN FOREIGN CURRENCY		47.689	54.979	55.421
	IMPORTS
	Raw Materials		90.452	65.050	47.867
	Earnings Per Share (Rs.)		191.73	132.81	135.53

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.98	1.38	1.05
Net Profit Margin (PBT/Sales)	(%)	2.37	2.99	3.47
Return on Total Assets (PBT/Total Assets}	(%)	4.74	6.33	6.16
Return on Investment (ROI) (PBT/Networth)		0.13	0.18	0.20
Debt Equity Ratio (Total Liability/Networth)		0.43	0.53	0.68
Current Ratio (Current Asset/Current Liability)		6.59	5.52	4.77

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONAL REVIEW

The Company has achieved a turnover of Rs.253.478 Millions as against Rs.230.392 Millions in the previous year. The growth in turnover works out to 9% as compared to previous year.

The company has performed substantially well while compare to the previous year operation and the quantum jump in raw material prices and increase in operating cost the company is able to maintain the profit of Rs.7.284 Millions before taxation.

Corporate identity number of the company	U02511TZ1987PLC002030
Name of the company	PRS TYRES LIMITED
Address of the registered office or of the principal place of business in India of the company	138 Trichy Road, Namakkal – 637001, Tamilnadu, India Email: prstyres@sancharnet.in
This form is for	Creation of charge
Type of charge	Book debts
Particular of charge holder	Vijaya Bank, 145C Ram Building, Trichy Road, Namakkal- 637001, Tamil Nadu, India Email: namakkal3033@vijayabank.co.in
Nature of instrument creating charge	SANCTION LETTER
Date of instrument Creating the charge	31.10.2011
Amount secured by the charge	Rs.0.500 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14% P.A Terms of Repayment REPAYABLE ON DEMAND Margin 25% ON STOCKS AND 50% ON BOOK DEBTS Extent and Operation of the charge CC Rs.0.500 Million Others COLLATERAL SECURITY VACANT SITE 503 SQ FT SITUATE IN OLD S.NO.365/830, PRESENT TS NO.6 BLOCK 12 WARD D OWNED BY P.PALANISAMY.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	FIRST CHARGE ON CURRENT ASSETS OF PRS TYRE SERVICE

FIXED ASSETS

· Land

· Buildings

· Machineries

· Elec.Fitt

· Computer

· Office Equipments

· Motor and Pump

· Generator

· Boiler and Pipes

· Vehicle

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.