MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	PRESTRESS WIRE INDUSTRIES
Registered Office :	303, Elphinstone House, 17 Murzban Road, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.12.1993
Capital Investment / Paid-up Capital :	Rs. 389.198 Millions (Estimated)
CIN No.: [Company Identification No.]	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer and Exporter of Wires.
No. of Employees :	176 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having moderate trade. Management has reported a low profit margin as well as working capital intensive operations during FY 14. However, trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct The concern can be considered for business dealings with some caution.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 :	Mr. Manoj Sharma
Designation :	Accounts Manager
Contact No.:	91-9342353857
Date :	18.12.2014

LOCATIONS

Registered Office :	303, Elphinstone House, 17 Murzban Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-27897328
Mobile No.:	91-9342353857 (Mr. Navin Tapadia)
Fax No.:	Not Available
E-Mail :	gilagraupnet@yahoo.com
Area :	500 Sq. Ft
Location :	Owned
Head Office :	A -2 and 3, Shiv Sharan Sankiran Khuba Plots, Gulbarga - 585102, Karnataka, India
Tel. No.:	91-8472-220868 / 325251
Factory 1 :	Vikrampura village , Uttarakhand, India
Factory 2 :	Sr. No. 85/111 Madhuban Dam Road, Rakhali Silvassa-396230, Dadara Nagar Haveli, India
Factory 3 :	104/1/1,Falandi Umarkui Road,Silvassa, Vapi – 396230, Gujarat, India

PARTNERS

Name :	Mr. Sampat Kumar S. Gilada
Designation :	Partner
Name :	Mr. Naveen Tapadiya
Designation :	Partner
Name :	Mr. Vijay Kumar H. Gilada
Designation :	Partner
Name :	Mr. Rajgopal S. Gilada HUF
Designation :	Partner
Name :	Mr. Akhilesh Tapadiya
Designation :	Partner
Name :	Mr. Anant Tapadiya
Designation :	Partner
Name :	Mr. Rajendra B. Tapadiaya HUF
Designation :	Partner
Name :	Mr. Giriraj Tapadiya
Designation :	Partner
Name :	Mr. Nayan Tapadiya
Designation :	Partner
Name :	Mr. Ramesh Tapadiya
Designation :	Partner
Name :	Mr. Raghunath Tapdiya
Designation :	Partner
Name :	Mr. Sampathkumar Tapdiya
Designation :	Partner
Name :	Mrs. Sangeeta Gidala
Designation :	Partner
Name :	Mr. Shrikant Tapadiya
Designation :	Partner
Name :	Mr. Suyash Tapadiya
Designation :	Partner
Name :	Mr. Varun Tapadiya
Designation :	Partner
Name :	Mr. Vijaykumar Gidala
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Manoj Sharma
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Wires
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China Switzerland
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Hangzhou Cogeneration (Hong Kong) Company Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Apar Industries Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

176 (Approximately)

Bankers :

Banker Name	State Bank of Hyderabad
Branch Address	Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	State Bank of Hyderabad
Branch Address	Gulbarga, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Ramesh Kamalapurkar and Company Chartered Accountants
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Partners Share Capital :
Owned :	Rs. 389.198 Millions (Estimated)
Borrowed :	--
Total :	Rs. 389.198 Millions (Estimated)

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1]Partners Share Capital		389.198	349.150
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		16.632	16.632
4] (Accumulated Losses)		0.000	0.000
NETWORTH		405.830	365.782
LOAN FUNDS
1] Secured Loans		638.863	483.770
2] Unsecured Loans		44.418	25.446
TOTAL BORROWING		683.281	509.216
DEFERRED TAX LIABILITIES		0.360	0.087
TOTAL		1089.471	875.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		275.778	300.374
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Current Assets
	Loans & Advances	979.476	787.078
Total Current Assets		979.476	787.078
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities
	Provisions	165.783	212.367
Total Current Liabilities		165.783	212.367
Net Current Assets		813.693	574.711
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1089.471	875.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	3446.411	3113.689
		Other Income	1.206	1.628
		TOTAL (A)	3447.617	3115.317
Less	EXPENSES
		Office Expenses	3044.920	2715.556
		Administrative Expenses	197.341	216.588
		Advertising Expenses	60.840	55.928
		TOTAL (B)	3303.101	2988.072
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		144.516	127.245
Less	FINANCIAL EXPENSES (D)		84.144	54.397
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60.372	72.848
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.835	47.432
	PROFIT BEFORE TAX (E-F) (G)		17.537	25.416
Less	TAX (H)		6.590	5.367
	PROFIT AFTER TAX (G-H) (I)		10.947	20.049

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.32	0.64
Operating Profit Margin (PBIDT/Sales)	(%)	4.19	4.09
Return on Total Assets (PBT/Total Assets}	(%)	1.40	2.34
Return on Investment (ROI) (PBT/Networth)		0.04	0.07
Debt Equity Ratio (Total Debt /Networth)		1.68	1.39
Current Ratio (Current Asset/Current Liability)		5.91	3.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	349.150	389.198
Reserves & Surplus	16.632	16.632
Net worth	365.782	405.830
Secured Loans	483.770	638.863
Unsecured Loans	25.446	44.418
Total borrowings	509.216	683.281
Debt/Equity ratio	1.392	1.684

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	3113.689	3446.411
		10.686

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	3113.689	3446.411
Profit	20.049	10.947
	0.64%	0.32%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

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. 63.31
UK Pound	1	Rs. 96.67
Euro	1	Rs. 78.10

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	SUB
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.