MIRA INFORM REPORT

Report Date :

26.05.2012

IDENTIFICATION DETAILS

Name :	PRAKASH ROADLINES LIMITED
Registered Office :	No.108, 3^rd Cross, Kalasipalyam, New Extension, Bangalore – 560002, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.06.1961
Com. Reg. No.:	08-001423
Capital Investment / Paid-up Capital :	Rs.62.500 millions
CIN No.: [Company Identification No.]	U85110KA1961PLC001423
TAN No.: [Tax Deduction & Collection Account No.]	BLRP00227D
PAN No.: [Permanent Account No.]	AABCP2953K
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Transport and Logistic services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 429000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some cautions.

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 :	No.108, 3^rd Cross, Kalasipalyam, New Extension, Bangalore – 560002, Karnataka, India
Tel. No.:	91-80-22238676 / 22232625 / 22215123 / 22220705
Fax No.:	91-80-22236005
E-Mail :	prlho@airtelmail.cin prlho@airtelbroadband.in gopalfca@gmail.com emmarjee@gmail.com prlho@airtelmail.cin gopalfca@gmail.com bo3621@pnb.co.in
Zonal Office :	Located at · North · West · South
Branches / Agencies :	Located at · Andhra Pradesh · Delhi · Gujarat · Haryana · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Punjab · Rajasthan · Tamil Nadu · Uttar Pradesh

DIRECTORS

As on 28.09.2011

Name :

Mr. C K Narotham Narotham

Designation :

Director

Address :

No.15, North Park Road, Kumara Park East, Bangalore - 560001, Karnataka, India

Date of Birth/Age :

22.04.1935

Date of Appointment :

12.03.2007

DIN No.:

00448588

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	U34100KA1975PTC002833	S M KANNAPPA AUTOMOBILES PRIVATE LIMITED	Director	30/09/1987	30/09/1987	-	Active	NO
2	U35203KA1982PTC004829	PRAKASH COACH BUILDERS PRIVATE LIMITED	Director	24/08/1988	24/08/1988	-	Active	NO
3	U28920KA1992PTC013304	SACHINA ENGINEERING PRIVATE LIMITED	Director	2/7/1992	2/7/1992	-	Active	NO
4	U55102KA1980PTC003934	BLACK PEARL HOTELS PRIVATE LIMITED	Director	5/9/1994	5/9/1994	-	Active	NO
5	U74210KA2005PTC036969	CTL ENGINEERING PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
6	U85110KA1961PLC001423	PRAKASH ROADLINES LIMITED	Director	24/09/2007	12/3/2007	-	Active	NO

Name :

Mr. Vaibhav Narang

Designation :

Director

Address :

No.9, North Park Road, Kumara Park East, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

21.11.1981

Qualification :

Graduate

Date of Appointment :

28.02.2007

DIN No.:

00448600

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	U55102KA1980PTC003934	BLACK PEARL HOTELS PRIVATE LIMITED	Director	29/06/1993	29/06/1993	-	Active	NO
2	U51504KA2003PTC033128	BVR ENTERPRISES PRIVATE LIMITED	Director	1/1/2004	1/1/2004	-	Active	NO
3	U34100KA1975PTC002833	S M KANNAPPA AUTOMOBILES PRIVATE LIMITED	Director	29/08/2005	29/08/2005	-	Active	NO
4	U85110KA1961PLC001423	PRAKASH ROADLINES LIMITED	Director	24/09/2007	28/02/2007	-	Active	NO
5	U04520KA1988PTC009195	NARANG HOLDING PRIVATE LIMITED	Director	9/4/2012	9/4/2012	-	Active	NO

Name :

Mr. Dada Peer

Designation :

Director

Address :

# 4,8th 'B Main, B.T.M.I Stage, Bangalore – 560029, Karnataka, India

Date of Birth/Age :

20.03.1956

Qualification :

Graduate

Date of Appointment :

28.02.2007

DIN No.:

01763843

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	U65910KA1983PLC005730	PRAKASH LEASING LIMITED	Director	30/04/2002	30/04/2002	-	Active	NO
2	U34100KA1975PTC002833	S M KANNAPPA AUTOMOBILES PRIVATE LIMITED	Director	12/11/2004	12/11/2004	-	Active	NO
3	U35203KA1982PTC004829	PRAKASH COACH BUILDERS PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
4	U85110KA1961PLC001423	PRAKASH ROADLINES LIMITED	Director	24/09/2007	28/02/2007	-	Active	NO
5	U51504KA2003PTC033128	BVR ENTERPRISES PRIVATE LIMITED	Director	18/08/2009	18/08/2009	-	Active	NO
6	U65910WB1994PTC061748	TRIANSU RESOURCES PVT LTD	Director	26/05/2011	26/05/2011	-	Active	NO

Name :

Mr. Mohinder Pal Singh

Designation :

Additional Director

Date of Birth/Age :

13.02.1956

Qualification :

B.A

Date of Appointment :

16.11.2010

DIN No.:

03309128

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Bharat Bhushan Narang	8433
Chitra Narang	314287
Vaibhav Narang	129824
Jasbeer Manchanda	1725
Neena Manchanda	1307
Suesh kumar Manchanda	1305
Black Pearl Hotels Private Limited, India	168019
Sheetal Narang	100
Total	625000

As on 28.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Transport and Logistic services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, K G Road Branch, No 34 K G Road, Bangalore - 560009, Karnataka, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	23.095	13.728
Total	23.095	13.728

Banking Relations :	--
Auditors :
Name :	K S AIYAR and company Chartered Accountant
Address :	No. 19/1, 1st Floor, 2nd Cross, Lower Palace Orchards, Bangalore – 560003, Karnataka, India
Tel. No.:	91-80-23347171 / 23367171
Fax No.:	91-80-23311221
Email :	Banglore@KSAiyar.com
Websites :	http://www.KSAiyar.com
PAN.:	AAAFK6843P
Associate :	· Black Pearls Hotel Private Limited · S.M Kannappa Automobiles Private Limited · Prakash Coch Builders Private Limited · Prakash Charitable Trust

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
625000	Equity Shares	Rs.100/- each	Rs.62.500 millions

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		62.500	62.500	62.500
2] Share Application Money pending allotment		1.501	1.501	1.501
3] Reserves & Surplus		96.591	97.025	133.960
4] (Accumulated Losses)		(53.098)	(59.653)	(63.448)
NETWORTH		107.494	101.373	134.513
LOAN FUNDS
1] Secured Loans		23.095	13.728	10.493
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		23.095	13.728	10.493
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		130.589	115.101	145.006
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		101.279	101.621	137.382
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	57.006	39.885	37.540
	Cash & Bank Balances	1.694	0.999	8.326
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.535	15.862	13.562
Total Current Assets		72.235	56.746	59.428
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.929	4.657	0.000
	Other Current Liabilities	31.393	32.509	44.446
	Provisions	6.653	6.150	7.408
Total Current Liabilities		42.975	43.316	51.854
Net Current Assets		29.260	13.430	7.574
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		130.589	115.101	145.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	275.886	241.653	228.699
		Other Income	2.397	14.050	10.334
		TOTAL (A)	278.283	255.703	239.033
Less	EXPENSES
		Manufacturing service costs	236.889	218.925
		Employee related expenses	16.429	14.249
		Administrative Expenses	15.496	14.216
		TOTAL (B)	268.814	247.390	235.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.469	8.313	4.023
Less	FINANCIAL EXPENSES (D)		2.426	1.061	0.536
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.043	7.252	3.487
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.418	0.505	0.458
	PROFIT BEFORE TAX (E-F) (G)		6.625	6.747	3.029
Less	TAX (H)		0.070	2.953	0.375
	PROFIT AFTER TAX (G-H) (I)		6.555	3.794	2.654
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.653	(63.447)	66.101
	BALANCE CARRIED TO THE B/S		(53.098)	(59.653)	(63.447)
	Earnings Per Share (Rs.)		10.49	6.07	5.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.36	1.48	1.11
Net Profit Margin (PBT/Sales)	(%)	2.40	2.79	1.32
Return on Total Assets (PBT/Total Assets}	(%)	3.82	4.26	1.54
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.02
Debt Equity Ratio (Total Liability/Networth)		0.26	0.56	0.46
Current Ratio (Current Asset/Current Liability)		1.68	1.31	0.10

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	No
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	No
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	No
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

Note:

The Registered Office of the company has been shifted from #65/31 Prakash House 3^rd Cross new Extension Kalasipalyam, Bangalore – 560002, Karnataka, India to the present address w.e.f. 12.05.2011.

Bankers Charges Report as per Registry

Corporate identity number of the company	U85110KA1961PLC001423
Name of the company	PRAKASH ROADLINES LIMITED
Address of the registered office or of the principal place of business in India of the company	#65/31 Prakash House 3^rd Cross new Extension Kalasipalyam, Bangalore – 560002, Karnataka, India Email : gopalfca@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modifiedd	10154580
Type of charge bo3621@pnb.co.in	· Immovable property · Book debts · Floating charge
Particular of charge holder	Punjab National Bank, K G Road Branch, No 34 K G Road, Bangalore - 560009, Karnataka, India Email: bo3621@pnb.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Bookdebts Letter of Continuity (Both the above pertain to the same Charge )
Date of instrument Creating the charge	11.05.2010
Amount secured by the charge	Rs. 20.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR+2 .00% p.a., Presently 13.00%p.a. Subject to Change Terms of Repayment Running account repayable on demand Margin 40% Extent and Operation of the charge The charge shall operate to the extent of entire loan amount Plus Interest, Commission, Cost, Expenses and other Charges if any.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of First Charge on present and future Receivables and continuing Security of immovable property Situated at Plot No.144, Transport Centre Rohtar Road, New Delhi.
Date of instrument modifying the charge	24.03.2009
Particulars of the present modification	By the above the amount secured by charge stands increased from Rs.10.000 millions to Rs. 20.000 millions (All other terms and conditions remain unchanged )

Fixed ASSETS

· Land

· Building

· Furniture and Fixture

· OFFICE Equipment

· Motor Cycle

· Computer

Websites Details:

Subject Flagship Company of the Prakash Group was established in the year 1958 as one truck transport Company and had grown to be one of the largest transport companies in the country. The Concern was converted into a Private Limited in the year 1961 and became a deemed Public Limited Company in the year 1989. The Company had a fleet strength of 2000 trucks / vehicles connecting all the major cities and industrial belts and staff strength of well over 2500.

The present management took control of the company during the present financial year and has inducted professionals with background of legal and financial matters as Directors. The Board of Directors who control the affairs of the Company are professionals. The Chairman of the Company being a Civil Engineer of over half a decade of experience. The CEO named for the Company is a man of immense background from legal and financial side and has wide experience of working in financial companies, and was a teaching faculty in the Indian Institute of Management.

The operations of the Company have been totally revamped and the liabilities subsisting have been cleared to the maximum. The operations have been put back on real and are controlled and monitored from Head Office on a real time basis. The company at present has considerable network of branches / outlets. This apart the company has huge infrastructure for sourcing facilities and transshipment at key centres like Delhi, Mumbai and Bangalore.

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.56.29
UK Pound	1	Rs.88.26
Euro	1	Rs.70.82

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.