MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	SIDDHARTH WIRES PRIVATE LIMITED
Registered Office :	206, Sunrise Tower 579, M.G. Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.09.1996
Com. Reg. No.:	10-011277
Capital Investment / Paid-up Capital :	Rs. 8.500 Millions
CIN No.: [Company Identification No.]	U27106MP1996PTC011277
IEC No.:	1197000437
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Zinc Ingot.
No. of Employees :	13 (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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Reserves of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered 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.

EXTERNAL AGENCY RATING

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mrs. Shobha Gupta
Designation :	Accounts Department
Contact No.:	91-731-2531070
Date :	09.12.2014

LOCATIONS

Registered/ Head Office :	206, Sunrise Tower 579, M.G. Road, Indore – 452001, Madhya Pradesh, India
Tel. No. :	91-731-2531070/ 4070749
Fax No. :	91-731-2533086
E-Mail :	rkgoyafca@yahoo.com siddharth@sancharnet.in iec0437@rediffmail.com
Factory :	A.B. Road, Biaora, District Rajgarh - 465674, Madhya Pradesh, India

DIRECTORS

As on 29.09.2014

Name :	Mr. Manoj Daga
Designation :	Director
Address :	AHD-32 , Sukhliya, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	01.01.1965
Date of Appointment :	30.09.1996
DIN No. :	00538544
Name :	Alka Daga
Designation :	Director
Address :	AHD-32 , Sukhliya, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	02.09.1965
Date of Appointment :	30.09.1996
DIN No. :	02808226

KEY EXECUTIVES

Name :	Mrs. Shobha Gupta
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Manoj Daga	425400	50.05
Alka Daga	424600	49.95
Total	850000	100.00

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Zinc Ingot.
Exports :
Products :
Countries :
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Wholesalers, Retailers and End Users

No. of Employees :

13 (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	M.G. Road, Siyaganj Branch, Indore, Madhya Pradesh, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit: Rs. 20.000 Millions
Account Operation:	Not Divulged
Remarks: Not Divulged

· Bank of Maharashtra, M.G. Road Branch, Indore - 452001, Madhya Pradesh, India

· Punjab National Bank, MCB Siyaganj Branch, Siyaganj, Indore - 452001, Madhya Pradesh, India

· Axis Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Axis Bank (Vehicle Loan) Vehicle Loan is Secured by - Hypothecation of Vehicle (Toyota Fortuner) in favour of Axis Bank - Repayable in 60 equal monthly installments of Rs. 0.043 Million, maturing in March 2019 - Current Maturities of Principle Amount of EMI payable in next 12 months amounting to Rs. 0.322 Million is included in Other Current Liabilities	1.678	0.000
SHORT TERM BORROWINGS
Cash Credit Limit from Bank of Maharashtra The Cash Credit Limit is Secured by i) Equitable Mortgage on house of Directors at Indore ii) Personal Guarantee of all the Directors	11.119	2.050
Total	12.797	2.050

Auditors :
Name :	Rakesh K Goyal and Company Chartered Accountants
Address :	Office No. 212 Trade House, South Tukoganj, Indore – 452001, Madhya Pradesh, India
Tel. No. :	91-731-2528812
Fax No. :	91-731-4064005
E-Mail :	rkgoyalfca@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ACHPG3557B
Related Party :	Navkar Metal

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
850,000	Equity Shares	Rs.10/- each	Rs. 8.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
850,000	Equity Shares	Rs.10/- each	Rs. 8.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	8.500	8.500	8.500
(b) Reserves & Surplus	7.616	5.859	3.497
(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)	16.116	14.359	11.997
(3) Non-Current Liabilities
(a) long-term borrowings	1.894	0.000	6.734
(b) Deferred tax liabilities (Net)	0.191	0.217	0.295
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.085	0.217	7.029
(4) Current Liabilities
(a) Short term borrowings	11.119	2.050	4.672
(b) Trade payables	1.962	0.766	1.412
(c) Other current liabilities	0.322	0.000	0.000
(d) Short-term provisions	0.240	0.615	0.180
Total Current Liabilities (4)	13.643	3.431	6.264
TOTAL	31.844	18.007	25.290
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.245	5.120	5.716
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.393	0.285	0.600
Total Non-Current Assets	7.638	5.405	6.316
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.153	0.838	6.960
(c) Trade receivables	3.603	2.775	2.443
(d) Cash and cash equivalents	1.472	0.587	0.543
(e) Short-term loans and advances	8.955	8.375	8.950
(f) Other current assets	0.023	0.027	0.078
Total Current Assets	24.206	12.602	18.974
TOTAL	31.844	18.007	25.290

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	104.190	82.101	67.840
		Other Income	0.017	0.012	0.070
		TOTAL (A)	104.207	82.113	67.910
Less	EXPENSES
		Cost of Materials Consumed	93.826	63.849	61.328
		Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(2.175)	4.157	(1.999)
		Employees Benefits Expense	2.204	2.808	1.634
		Other Expenses	5.399	6.173	4.618
		Extraordinary Items	0.000	0.003	0.000
		TOTAL (B)	99.254	76.990	65.581
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.953	5.123	2.329
Less	FINANCIAL EXPENSES (D)		2.153	1.612	1.173
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.800	3.511	1.156
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.619	0.632	0.635
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.181	2.879	0.521
Less	TAX (H)		0.424	0.517	0.036
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.757	2.362	0.485
	IMPORTS
		Raw Materials	69.647	34.209	31.029
	TOTAL IMPORTS		69.647	34.209	31.029
	Earnings / (Loss) Per Share (Rs.)		2.07	2.78	0.57

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.69	2.88	0.71
Operating Profit Margin (PBDIT/Sales)	(%)	4.75	6.24	3.43
Return on Total Assets (PBT/Total Assets}	(%)	6.85	15.99	2.06
Return on Investment (ROI) (PBT/Networth)		0.14	0.20	0.04
Debt Equity Ratio (Total Debt/Networth)		0.81	0.14	0.95
Current Ratio (Current Asset/Current Liability)		1.77	3.67	3.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.500	8.500	8.500
Reserves & Surplus	3.497	5.859	7.616
Net worth	11.997	14.359	16.116
long-term borrowings	6.734	0.000	1.894
Short term borrowings	4.672	2.050	11.119
Total borrowings	11.406	2.050	13.013
Debt/Equity ratio	0.951	0.143	0.807

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	67.840	82.101	104.190
		21.022	26.905

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	67.840	82.101	104.190
Profit	0.485	2.362	1.757
	0.71%	2.88%	1.69%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long Term Debts
Current Maturities of Vehicle Loan from Axis Bank	0.322	0.000	0.000

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10410736	24/01/2014 *	21,500,000.00	BANK OF MAHARASTRA	M.G. ROAD BRANCH, INDORE, MADHYA PRADESH - 452001, INDIA	B96224944

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Members and Relatives	0.216	0.000
Total	0.216	0.000

FIXED ASSETS

TANGIBLE ASSETS

· Factory Building and Site Development

· Plant and Machinery

· Office Equipments

· Electrical Installation

· Computers

· Furniture and Fixtures

· Vehicles

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.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	MRI

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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.