MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	PARAS PVC PIPES AND FITTINGS PRIVATE LIMITED
Formerly Known As :	M/S Pranesh Agro Pipes Private Limited
Registered Office :	S No 191 – 193, 10^th , Millstone Nagar, Ahmednagar – 414001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.11.1997
Com. Reg. No.:	11-112094
Capital Investment / Paid-up Capital :	Rs.0.432 Millions
CIN No.: [Company Identification No.]	U25209PN1997PTC112094
TAN No.: [Tax Deduction & Collection Account No.]	PNEP08324B
PAN No.: [Permanent Account No.]	AABCP8013G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer of Pipe Fittings, Flanges and Bends
No. of Employees :	2000 (Approximately) (Office + Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 (GENERAL DETAILS)

Name :	Mr. Ravi Shinde
Designation :	Marketing Manager
Contact No.:	91-9423792995
Date :	24.05.2014

LOCATIONS

Registered Office/ Factory :	S No 191 – 193, 10^th , Millstone Nagar, Ahmednagar – 414001, Maharashtra, India
Tel. No.:	91-22-28140419
Mobile No.:	91-9423792995 (Mr. Ravi Shinde)
Fax No.:	91-22-28140419
E-Mail :	ravi@parasgroup.net
Website :	www.parasgroup.net
Location :	Owned
Correspondence Office :	Bothara Compound, Industrial Estate, Nagar, Pune Road – 414005, Maharashtra, India
Tel. No.:	91-22-28140419

DIRECTORS

As on: 30.09.2013

Name :

Mr. Pemraj Manakchand Bothara

Designation :

Director

Address :

Manisha , Opposite Poonam, Moti Nagar, Behind Market Yard, Ahmednagar – 414001, Maharashtra, India

Date of Birth/Age :

21.01.1964

Date of Appointment :

26.11.1997

DIN No.:

00111278

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	U25209PN1997PTC112094	PARAS PVC PIPES & FITTINGS PRIVATE LIMITED	Director	26/11/1997	26/11/1997	-	Active	NO
2	U33112PN1996PTC096773	PARAS MIRACLE POLY PRODUCTS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO

Name :

Mr. Satish Manakchand Bothara

Designation :

Director

Address :

Manisha , Opposite Poonam, Moti Nagar, Behind Market Yard, Ahmednagar – 414001, Maharashtra, India

Date of Birth/Age :

21.04.1969

Date of Appointment :

26.11.1997

DIN No.:

00111360

Name :

Mr. Santosh Bothara

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Ravi Shinde
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Manakchand Bothara Jointly With Santosh Bothara	500
Pemraj M. Bothara Jointly With Leena P. Bothara	1250
Satish M. Bothara Jointly With Pratibha Bothara	1250
Santosh M. Bothara Jointly With Sangita S. Bothara	1250
Leena p. Bothara Jointly With Pemraj M. Bothara	10
Sangita S. Bothara Jointly With Santosh M. Bothara	10
Pemraj M. Bothara (HUF) Jointly With Leena Bothara	10
Santosh M. Bothara (HUF) Jointly With Sangita S. Bothara	10
Satish M. Bothara (HUF) Jointly With Pratibha Bothara	10
Devichand G. Lodha Jointly With Pemraj Bothara	10
Pratibha S. Bothara Jointly With Satish Bothara	10
Total	4320

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	99.77
Other top fifty shareholders	0.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer of Pipe Fittings, Flanges and Bends
Products :	Plastic Piping Systems Irrigation Systems House Hold Products Agriculture Implements Plant Protection Systems Water Storage Tank
Exports :
Countries :	Africa
Imports :
Products :	Raw Materials
Countries :	Japan
Terms :
Selling :	Cash, L/C, Credit
Purchasing :	Cash, L/C, Credit

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

2000 (Approximately) (Office + Factory)

Bankers :

HDFC Bank, Ahmedabad (Branch), Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING:
From Bank/ Financial Institutions:
From A.M.C. Bank	0.000	18.065
(Loan against hypothecation of inventories and personal guarantees of directors)
Total	0.000	18.065

Banking Relations :	--
Auditors :
Name :	M. S. Barmecha and Company Chartered Accountants
Address :	201/B, Mutha Chambers, Market Yard Road, Pune – 411001, Maharashtra, India
PAN No.:	AEHPB8677D
Enterprise where key Management Personnel and their relatives exercise significant influence :	Bothara Agro Equipment Private Limited Gaurav Agro Pipes Paras Miracles Poly Products Private Limited Bothara Foundry and Machines Works

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4320	Equity Shares	Rs.100/- each	Rs. 0.432 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.432	0.432	0.432
(b) Reserves & Surplus	67.872	60.616	56.376
(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)	68.304	61.048	56.808
(3) Non-Current Liabilities
(a) long-term borrowings	26.048	19.296	11.485
(b) Deferred tax liabilities (Net)	0.222	0.022	0.025
(c) Other long term liabilities	0.100	0.050	0.237
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.370	19.368	11.747
(4) Current Liabilities
(a) Short term borrowings	0.000	18.065	26.585
(b) Trade payables	33.946	27.236	37.332
(c) Other current liabilities	8.435	5.731	0.525
(d) Short-term provisions	2.341	1.828	1.502
Total Current Liabilities (4)	44.722	52.860	65.944
TOTAL	139.396	133.276	134.499
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.906	30.941	30.755
(ii) Intangible Assets	0.000	0.000	0.500
(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	0.500	0.500	2.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.865	1.999	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	37.271	33.440	33.256
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.221	34.009	44.823
(c) Trade receivables	55.997	45.062	36.831
(d) Cash and cash equivalents	9.134	5.027	1.693
(e) Short-term loans and advances	8.306	10.297	15.364
(f) Other current assets	4.467	5.441	2.532
Total Current Assets	102.125	99.836	101.243
TOTAL	139.396	133.276	134.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	496.196	378.791	318.782
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	482.129	370.146	310.123
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.067	8.645	8.659
Less	DEPRECIATION/ AMORTISATION		4.330	3.740	3.806
	PROFIT BEFORE TAX		9.737	4.905	4.853
Less	TAX		2.428	0.665	(0.902)
	PROFIT AFTER TAX		7.309	4.240	5.755
	BALANCE CARRIED TO THE B/S		7.309	4.240	5.755
	Earnings Per Share (Rs.)		16.92	9.81	13.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.47	1.12	1.81
Return on Total Assets (PBT/Total Assets}	(%)	7.01	3.69	3.66
Return on Investment (ROI) (PBT/Networth)		0.14	0.08	0.09
Debt Equity Ratio (Total Debt/Networth)		0.38	0.61	0.67
Current Ratio (Current Asset/Current Liability)		2.28	1.89	1.54

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.432	0.432	0.432
Reserves & Surplus	56.376	60.616	67.872
Net worth	56.808	61.048	68.304
long-term borrowings	11.485	19.296	26.048
Short term borrowings	26.585	18.065	0.000
Total borrowings	38.070	37.361	26.048
Debt/Equity ratio	0.670	0.612	0.381

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	318.782	378.791	496.196
		18.824	30.995

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	318.782	378.791	496.196
Profit	5.755	4.240	7.309
	1.81%	1.12%	1.47%

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	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

UNSECURED LOAN: (Rs. In Millions)

PARTICULARS	As on 31.03.2013	As on 31.03.2012
LONG TERM BOROWING:
From Key Management Personnel	13.894	8.327
From Relatives of Key Management	12.153	10.969
Total	26.047	19.296

INDEX OF CHARGES:

NO Charges Exist for the Company.

FIXED ASSETS:

• Land
• Land (Windmill)
• Building
• Plant And Machinery
• Windmill (Machinery)
• Electrical Installation
• Dies And Punchases
• Computer
• Furniture And Fixtures
• Vehicles (Motor Cycle)
• Vehicles (Tempo)
• Vehicle (Car Honda)

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.