MIRA INFORM REPORT

Report No. :	325548
Report Date :	06.06.2015

IDENTIFICATION DETAILS

Name :	PREVAIL CASTINGS PRIVATE LIMITED
Registered Office :	306, Ashish Commercial Complex, Near Astrin Cinema, Rajkot – 360001, Gujarat
Tel. No.:	91-281-2480025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.10.1990
Com. Reg. No.:	04-014468
Capital Investment / Paid-up Capital :	Rs. 9.999 Million
CIN No.: [Company Identification No.]	U27101GJ1990PTC014468
IEC No.:	2495001092
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 Investment Casting
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 company having moderate track record. For the financial year ended 2014, sales turnover of the company has declined during a year under a review. However, company has achieved some profit from its operations which help company to wipe out some of its accumulated losses. Due to accumulate losses incurred over past, new worth position of the company got hampered and it has leverage balance sheet profile. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of leverage balance sheet profile along with negative reserves, the company can be considered for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Kanubhai
Designation :	Director
Contact No.:	91-9879581681
Date :	03.06.2015

LOCATIONS

Registered Office :	306, Ashish Commercial Complex, Near Astrin Cinema, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2480025
Mobile No.:	91-9879581681 (Mr. Kanubhai)
Fax No.:	Not Available
E-Mail :	info@prevailcasting.com accounts@prevailcasting.com
Website :	www.prevailcasting.com
Factory :	Survey No. 282, village Shapar, Taluka – Kotda Sangani, Rajkot – 360024, Gujarat, India
Tel. No.:	91-2827-252272
Fax No.:	91-2827-252271

DIRECTORS

As on 30.09.2014

Name :	Mr. Kanubhai Tejabhai Patel
Designation :	Managing director
Address :	“Sanidhya” B – Bo. 26/B, Vidhyakunj Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	01.06.1991
DIN No.:	00162703
Name :	Mr. Atulbhai Tejabhai Patel
Designation :	Director
Address :	“Sadguru”, B-No. 127, Astron Society – 4, Rajkot – 360001, Gujarat, India
Date of Appointment :	10.01.1995
DIN No.:	00162676
Name :	Mr. Shaileshabhai Tejabhai Patel
Designation :	Director
Address :	Raghukul Block No. 136, Street no. 5 Astrown Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	01.04.2006
DIN No.:	00162670
PAN No.:	ABFPA3020L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Atulbhai Patel	74651
Kanubhai Patel	74600
Mitaben Patel	105100
Lilavantiben Patel	105100
Tejabhai Patel	73100
Shaileshbhai Patel	74600
Patel Tejabhai - HUF	70600
Patel Shaileshbhai - HUF	70600
Patel Kanubhai -HUF	70600
Anjnaben Patel	105100
Jayshriben Patel	105100
Patel Atulbhai-HUF	70600
Prevail Investmet Casting Private Limited, India	100
Akabari Deep	51
Total	999902

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Investment Casting
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Investment Casting
Countries :	USA Netherland
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

30 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	SME Branch, Gayatri Commercial Centre, Rajkot – 360002, Gujarat, 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)	Cash/Credit = Rs. 59.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Banks	28.076	3.990
SHORT TERM BORROWING
Loans Repayable on demand
Cash credit from corporation Bank, SME Branch	0.000	28.335
Cash credit from corporation Bank, PCFC	0.000	1.413
Cash credit from corporation Bank, PCFC, post shipment	0.000	0.712
Over draft from Kotak Mahindra Bank	21.788	0.000
Total	49.864	34.45

Auditors :
Name :	P. Ghanshyam and Company Chartered Accountants
Address :	605, Shilp Tower, Tagore Road, Rajkot – 360002 , Gujarat, India
Tel. No.:	91-281-2482965
PAN N Income-tax PAN of auditor or auditor's firm :	ACSPK7621D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
999,902	Equity Shares	Rs.10/- each	Rs. 9.999 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	9.999	9.999	9.999
(b) Reserves & Surplus	(2.721)	(2.850)	(3.260)
(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)	7.278	7.149	6.739
(3) Non-Current Liabilities
(a) long-term borrowings	54.025	52.227	51.310
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	54.025	52.227	51.310
(4) Current Liabilities
(a) Short term borrowings	21.788	30.460	20.936
(b) Trade payables	14.645	15.778	7.265
(c) Other current liabilities	8.530	5.172	5.708
(d) Short-term provisions	2.249	2.538	3.269
Total Current Liabilities (4)	47.212	53.948	37.178
TOTAL	108.515	113.324	95.227
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.159	33.339	36.414
(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	0.014	0.015	0.015
(c) Deferred tax assets (net)	3.410	3.410	3.410
(d) Long-term Loan and Advances	1.738	2.729	2.690
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	36.321	39.493	42.529
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.488	38.087	23.812
(c) Trade receivables	28.783	34.585	27.690
(d) Cash and cash equivalents	0.173	0.445	0.024
(e) Short-term loans and advances	0.637	0.526	1.000
(f) Other current assets	0.113	0.188	0.172
Total Current Assets	72.194	73.831	52.698
TOTAL	108.515	113.324	95.227

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL (A)	89.321	109.893	124.079
Less	EXPENSES
	TOTAL (B)	89.192	109.483	122.807
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.129	0.410	1.272
Less	TAX (H)	0.000	0.000	(0.595)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.129	0.410	1.867
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(2.850)	(3.260)	(5.127)
	Balance Carried to the B/S (J+K+L-M)	(2.721)	(2.850)	(3.260)
	EARNINGS IN FOREIGN CURRENCY	8.907	22.769	16.347
	Earnings / (Loss) Per Share (Rs.)

Particulars	31.03.2015
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Kanubhai

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	6.987	4.717	4.839
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / total Revenue)	(%)	0.14	0.37	1.50
Return on Total Assets (PBT/Total Assets}	(%)	0.12	0.37	1.39
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.19
Debt Equity Ratio (Total Debt /Networth)		11.38	12.23	11.44
Current Ratio (Current Asset/Current Liability)		1.53	1.37	1.42

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.999	9.999	9.999
Reserves & Surplus	(3.260)	(2.850)	(2.721)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6.739	7.149	7.278
long-term borrowings	51.310	52.227	54.025
Short term borrowings	20.936	30.460	21.788
Current maturities of long-term debts	4.839	4.717	6.987
Total borrowings	77.085	87.404	82.800
Debt/Equity ratio	11.439	12.226	11.377

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	124.079	109.893	89.321
		(11.433)	(18.720)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	124.079	109.893	89.321
Profit	1.867	0.410	0.129
	1.50%	0.37%	0.14%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related party	25.949	48.237
Total	25.949	48.237

FIXED ASSETS

• Land
• Factory Building
• Office Building
• Plant and Machinery
• Electrification
• Dies and tools
• Furniture and Fixture
• Vehicle
• Computer
• Instruments

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.63.89
UK Pound	1	Rs.97.98
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	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		26

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.