MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	EVERSHINE WIRE PRODUCTS PRIVATE LIMITED
Registered Office :	Shine Star Complex, 12 Mill Road, Coimbatore – 641001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.11.1990
Com. Reg. No.:	18-002956
Capital Investment / Paid-up Capital :	Rs. 9.800 Millions
CIN No.: [Company Identification No.]	U31902TZ1990PTC002956
TAN No.: [Tax Deduction & Collection Account No.]	CMBE03290A
PAN No.: [Permanent Account No.]	AAACE7784L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wire and wire netting products
No. of Employees :	150 (Approximately)

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 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded growth in its sales and profits during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Kunal Bhatia
Designation :	Director
Contact No.:	91-9566400888
Date :	02.10.2012

LOCATIONS

Registered Office :	Shine Star Complex, 12 Mill Road, Coimbatore – 641001, Tamilnadu, India
Tel. No.:	91-422-2393429 / 2383445
Mobile No.:	91-9566400888 (Mr. Kunal)
Fax No.:	91-422-2390467
E-Mail :	ho@evershinestar.com info@evershine.bz
Website :	http://www.evershine.bz
Area :	12000 Sq. ft.
Location :	Owned
Factory :	Located at Ø Hyderabad Ø Raipur Ø Delhi
Branches :	Located at Ø Hyderabad Ø Vijayawada Ø Vishakhapatnam Ø Khadappa Ø Kolkata Ø Erlanakulam Ø Palkhad Ø Chennai Ø Coimbatore Ø Madhurai Ø Trichy Ø Bangalore Ø Goa Ø Raipur etc.

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Banthia Chandrajit

Designation :

Managing director

Address :

19 Venkatachalam Road, R S Puram, Coimbatore – 641002, Tamilnadu, India

Date of Birth/Age :

10.01.1962

Date of Appointment :

29.11.1990

DIN No.:

02070663

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	U31902TZ1990PTC002956	EVERSHINE WIRE PRODUCTS PRIVATE LIMITED	Managing director	29/11/1990	29/11/1990	-	Active	NO
2	U70101TZ1996PTC006893	BESTMEN REALTORS PRIVATE LIMITED	Director	29/01/1996	29/01/1996	22/10/2011	Active	NO

Name :

Mr. Banthia Madhu

Designation :

Director

Address :

19 Venkatachalam Road, R S Puram, Coimbatore – 641002, Tamilnadu, India

Date of Birth/Age :

07.05.1960

Date of Appointment :

01.04.2004

DIN No.:

02078486

Name :

Mr. Kunal Banthia

Designation :

Director

Address :

19 Venkatachalam Road, R S Puram, Coimbatore – 641002, Tamilnadu, India

Date of Birth/Age :

08.12.1987

Date of Appointment :

02.10.2010

DIN No.:

03581785

KEY EXECUTIVES

Name :	C.R. Padma
Designation :	Company Secretary
Address :	33 Venkataramana Road, R.S. Puram, Coimbatore – 641002, Tamilnadu, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Banthia Chandrajit	22080
Banthia Madhu	17800
Kunal Banthia	1560
Banthia Chandrajit HUF	2500
Laxmi Devi Dugar	700
Sagar Mal Dugar	5350
Asish Banthia	10
Evergreen Dry Décor Private Limited, India	48000
Total	98000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	51.02
Other top fifty shareholders	48.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of wire and wire netting products
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø Sudhana Wires, Hyderabad

Customers :

Wholesalers, Retailers and End Users

Ø L and T

No. of Employees :

150 (Approximately)

Bankers :

The Federal Bank Limited, SSI Branch, 309, Raj Kamal Tower, Avinashi Road, Peelamedu, Coimbatore – 641004, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
The Federal Bank Limited, (Occ Account) (Secured by hypothecation of Book Debts and Stock)	60.001	58.887
Total	60.001	58.887
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Director	5.284	3.339
From Others	4.443	5.860
Total	9.727	9.199

Banking Relations :	--
Auditors :
Name :	Manoj Bhadani and Company Chartered Accountants
Address :	65, Subramaniam Puram First Street, R S Puram, Coimbatore – 641002, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	ACJPB5314K

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98,000	Equity Share	Rs. 100/- each	Rs. 9.800 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		9.800	9.800	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.687	20.604	8.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.487	30.404	13.225
LOAN FUNDS
1] Secured Loans		60.001	58.887	41.290
2] Unsecured Loans		9.727	9.199	10.076
TOTAL BORROWING		69.728	68.086	51.366
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		107.215	98.490	64.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.563	1.290	0.987
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	55.622	49.985	28.995
	Sundry Debtors	29.223	23.077	16.133
	Cash & Bank Balances	26.846	29.879	19.585
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.012	11.445	10.703
Total Current Assets		120.704	114.386	75.416
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.991	12.684
	Other Current Liabilities	1.257	3.228	10.726
	Provisions	3.803	1.274	1.086
Total Current Liabilities		15.051	17.186	11.812
Net Current Assets		105.652	97.200	63.604
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		107.215	98.490	64.591

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	479.546	443.419	362.478
		Other Income	0.752	0.811	0.277
		TOTAL	480.298	444.230	362.755
Less	EXPENSES
		Cost of Goods Sold
		Employee remuneration and other benefits
		Directors Remuneration
		TOTAL	469.412	440.177	359.756
	PROFIT BEFORE TAX		10.886	4.053	2.999
Less	TAX		3.803	1.274	1.086
	PROFIT AFTER TAX		7.083	2.779	1.913
	Earnings Per Share (Rs.)		72.28	28.36	38.26

Particulars	31.03.2012
Sales Turnover (Approximately)	670.000

Expected Sales ( 2012-2013 ) : Rs. 1000.000 Millions

The above information has been parted by Mr. Kunal Bhatia (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.47	0.63	0.53
Net Profit Margin (PBT/Sales)	(%)	2.27	0.91	0.83
Return on Total Assets (PBT/Total Assets}	(%)	8.90	3.50	3.93
Return on Investment (ROI) (PBT/Networth)		0.29	0.13	0.23
Debt Equity Ratio (Total Liability/Networth)		2.26	2.80	4.78
Current Ratio (Current Asset/Current Liability)		8.02	6.66	6.38

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from 30 Mill Road, Coimbatore – 641001, Tamil Nadu, India to the present w.e.f. 15.05.2010

PERFORMANCE REVIEW AND PROSPECTS

The performance of the company is satisfactory. Necessary actions are being envisaged to increase the profitability of the company. We foresee a bright future for the company in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31902TZ1990PTC002956
Name of the company	EVERSHINE WIRE PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12 Mill Road, Coimbatore – 641001, Tamil Nadu, India Email ID: ho@evershinestar.com
This form is for	Modification of charge
Charge identification number of the modified	90000876
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	The Federal Bank Limited, SSI Branch, 309, Raj Kamal Tower, Avinashi Road, Peelamedu, Coimbatore – 641004, Tamilnadu, India Email ID: cbea@federalbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of cash credit/ overdraft/ demand loan
Date of instrument Creating the charge	02.12.2011
Amount secured by the charge	Rs. 100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+2.75 %, i.e. 13.50 % (FB 3, Table 4, concession 3.50%) Terms of Repayment On demand Margin 25% on stock and 40% on book debts and advance to suppliers. Extent and Operation of the charge Hypothecation of stock of steel, galvanized wire, barbed wire, wire products etc., and hypothecation of book debts and receivables
Short particulars of the property charged	Hypothecation of steel, GI wires. Barbed wires and wire netting products situated in the company's registered office and all its branches and in transports, godowns hypothecation of book debts and receivable
Date of latest modification prior to the present modification	14.11.2009
Particulars of the present modification	CC limit enhanced from Rs. 65.000 Millions to Rs.100.000 Millions.

TRADE REFERENCES:

Ø Sudhana Wires, Hyderabad

Ø L and T

FIXED ASSETS:

Ø Plant and Machinery

Ø Computer

Ø Furniture and Fixture

Ø Office Equipments

Ø Generator

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 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. 51.62
UK Pound	1	Rs. 83.57
Euro	1	Rs. 67.17

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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

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.