MIRA INFORM REPORT

Report No. :	314677
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	NANGALWALA INDUSTRIES PRIVATE LIMITED (w.e.f.01.03.2014)
Formerly Known As :	NANGALWALA IMPEX PRIVATE LIMITED
Registered Office :	LU-8, Pitampura, New Delhi - 110034
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.02.1995
Com. Reg. No.:	55-120074
Capital Investment / Paid-up Capital :	Rs. 20.500 Million
CIN No.: [Company Identification No.]	U51909DL1995PTC120074
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 Cable, Automobile, Kite, Wiring harness, Wiring harness accessories, Copper aluminium wire, PVC sleeve and Hose pipe.
No. of Employees :	100 (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

Maximum Credit Limit :	USD 250000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating is constrained on account of huge external borrowings taken by the company which may act as a threat to its liquidity. Further, there is a dip in the profitability of the company during FY2014. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Subhash Agarwal
Designation :	Director
Contact No.:	91-9829247609
Date :	27.03.2015

LOCATIONS

Registered Office :	LU-8, Pitampura, New Delhi – 110034, India
Tel. No.:	Not Available
Mobile No.:	91-9829247609 (Mr. Subhash Agarwal)
Fax No.:	Not Available
E-Mail :	accounts@nangalwala.com
Website :	www.nangalwala.com
Factory 1:	F-151-154 M I A, Alwar – 301001, Rajasthan, India
Tel. No.:	91-144-2881375
Fax No.:	91-144-6450222
Factory 2:	29/30, Old Industrial Area, Alwar – 301001, Rajasthan, India
Tel. No.:	91-144-2332209
Fax No.:	91-144-2703384

DIRECTORS

As on 30.09.2014

Name :

Mr. Subhash Agarwal

Designation :

Director

Address :

47, Arya Nagar, Alwar - 301001,Rajasthan, India

Date of Appointment :

14.02.1995

DIN No.:

00080151

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	U51102RJ1995PTC009506	NANGALWALA IMPEX PRIVATE LIMITED	Director	14-02-95	14-02-95	-	Not Available for eFiling	NO
2	U51909DL1995PTC120074	Nangalwala Industries Private Limited	Director	14-02-95	14-02-95	-	Active	NO
3	U14101RJ1994PTC008838	J.S. TILES AND SLABS PRIVATE LIMITED	Director	24-11-08	24-11-08	28-02-13	Active	NO
4	U01122RJ1995PTC010281	GOLDEN VEGPRO PRIVATE LIMITED	Director	30-09-11	20-04-11	-	Active	NO

Name :

Mr. Naresh Agarwal

Designation :

Director

Address :

41, Moti Doongri, Alwar - 301001,Rajasthan, India

Date of Appointment :

14.02.1995

DIN No.:

00365234

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	U51109RJ1988PTC004282	NANGALWALA AUTO MANUFACTURING PRIVATE LIMITED	Director	11-02-88	11-02-88	-	Active	NO
2	U51102RJ1995PTC009506	NANGALWALA IMPEX PRIVATE LIMITED	Director	14-02-95	14-02-95	-	Not Available for eFiling	NO
3	U51909DL1995PTC120074	Nangalwala Industries Private Limited	Director	14-02-95	14-02-95	-	Active	NO
4	U14101RJ1994PTC008838	J.S. TILES AND SLABS PRIVATE LIMITED	Director	24-11-08	24-11-08	28-02-13	Active	NO
5	U70101DL2011PTC214991	ZIBAA BUILDERS PRIVATE LIMITED	Director	28-02-11	28-02-11	-	Active	NO
6	U01122RJ1995PTC010281	GOLDEN VEGPRO PRIVATE LIMITED	Director	30-09-11	20-04-11	-	Active	NO
7	U70101RJ2013PTC042116	RITIKA INFRAESTATE PRIVATE LIMITED	Director	15-04-13	15-04-13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Suman Agarwal	1
Premlata Agarwal	1
Rachit Agarwal	1
MAyur Agarwal	1
Naresh Agarwal	254796
Subhash Agarwal	400100
Suresh Chand Agarwal	360100
Neeru Agarwal	10000
Mamta Agarwal	180000
Geeta Agarwal	5000
Nangalwala Auto Manufacturing Private Limited	140000
Anita Agarwal	50000
Madhur Agarwal	230000
Naresh Agarwal Karta of Naresh Agarwal and Sons HUF	300000
Subhash Agarwal Karta of S L Agaarwal and Sons HUF	40000
Subhash Agarwal Karta of Subhash Agarwal and Sons HUF	40000
Suresh Chand Agarwal Karta of Suresh Chand Agarwal and Sons HUF	40000
Total	2050000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	7.00
Directors or relatives of Directors	93.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cable, Automobile, Kite, Wiring harness, Wiring harness accessories, Copper aluminium wire, PVC sleeve and Hose pipe.
Products :	Cable Automobile Kite Wiring harness Wiring harness accessories Copper aluminium wire PVC sleeve Hose pipe
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
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 :

• End Users
• OEMs

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 :

100 (Approximately)

Bankers :

Bank of Baroda, 3 Manu Marg, Alwar - 301001, Rajasthan, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Bank of Baroda , Manu Marg, Alwar	41.825	3.205
HDFC Loan	6.001	0.000
Short-term borrowings
Cash credit limit Bank of Baroda , Manu Marg, Alwar	160.000	134.408
From Bank of Baroda , Manu Marg, Alwar	12.475	4.670
HDFC Bank Loan	1.465	0.000
HDFC Car Lona	0.000	0.046
Total	221.766	142.329

Banking Relations :	--
Auditors :
Name :	Ravindra Shah and Company Chartered Accountants
Address :	17 Shopping Centre, Pratap Nagar, Alwar – 301001, Rajasthan
Tel. No.:	91-144-2333145
Mobile No.:	91-9414018058
E-Mail :	R_shah111@hotmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AGWPS3789A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2050000	Equity Shares	Rs.10/- each	Rs. 20.500 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	20.500	14.500	14.500
(b) Reserves & Surplus	66.818	61.111	52.556
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	6.000	0.000
Total Shareholders’ Funds (1) + (2)	87.318	81.611	67.056
(3) Non-Current Liabilities
(a) long-term borrowings	71.853	63.275	48.810
(b) Deferred tax liabilities (Net)	4.641	4.435	3.201
(c) Other long term liabilities	1.500	1.364	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	77.994	69.074	52.011
(4) Current Liabilities
(a) Short term borrowings	190.687	139.124	145.547
(b) Trade payables	51.392	21.909	28.340
(c) Other current liabilities	3.221	1.646	1.242
(d) Short-term provisions	5.088	4.076	4.660
Total Current Liabilities (4)	250.388	166.755	179.789
TOTAL	415.700	317.440	298.856
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.637	72.310	81.808
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.098	0.824	0.785
(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	11.019	9.818	9.771
(e) Other Non-current assets	5.393	1.567	0.013
Total Non-Current Assets	88.147	84.519	92.377
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	164.625	136.845	107.269
(c) Trade receivables	116.730	71.300	57.404
(d) Cash and cash equivalents	18.057	2.104	28.355
(e) Short-term loans and advances	28.141	22.672	13.451
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	327.553	232.921	206.479
TOTAL	415.700	317.440	298.856

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	593.038	536.961	564.147
Other Income	17.309	22.382	NA
TOTAL	610.347	559.343	NA
EXPENSES	593.038	536.961	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	17.309	22.382	24.596
DEPRECIATION/ AMORTISATION	9.050	10.001	9.327
PROFIT/ (LOSS) BEFORE TAX	8.259	12.382	15.269
TAX	2.552	3.826	4.954
PROFIT/ (LOSS) AFTER TAX	5.707	8.557	10.315
Earnings / (Loss) Per Share (Rs.)	2.78	NA	NA

Expected Sales (2014-2015) : Rs.650.000 Million

The above information has been parted by Mr. Subhash Agarwal

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.96	1.59	1.83
Return on Total Assets (PBT/Total Assets}	(%)	1.99	3.91	5.12
Return on Investment (ROI) (PBT/Networth)		0.09	0.15	0.23
Debt Equity Ratio (Total Debt /Networth)		3.01	2.48	2.90
Current Ratio (Current Asset/Current Liability)		1.31	1.40	1.15

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	14.500	14.500	20.500
Reserves & Surplus	52.556	61.111	66.818
Share Application money pending allotment	0.000	6.000	0.000
Net worth	67.056	81.611	87.318
long-term borrowings	48.810	63.275	71.853
Short term borrowings	145.547	139.124	190.687
Total borrowings	194.357	202.399	262.540
Debt/Equity ratio	2.898	2.480	3.007

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)
Sales	564.147	536.961	593.038
		-4.819	10.443

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	564.147	536.961	593.038
Profit	10.315	8.557	5.707
	1.83%	1.59%	0.96%

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	No
17]	Major suppliers	No
18]	Major customers	No
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

OPERATIONS

The total turnover including job work of the company amounted to Rs. 593.038 Million for the year operation. The company is able to chive profit before tax of Rs. 8.259 Million. The directors are hopeful of further improvement on performance of company during the current year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advance from related parties	24.027	43.251
Other loans and advance	0.000	16.819
Short-term borrowings
Loans and advance from related parties	16.747	0.000
Total	40.774	60.070

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10329918	08/01/2013 *	69,500,000.00	BANK OF BARODA	3 MANU MARG, ALWAR, RAJASTHAN - 301001, INDIA	B68529312
2	90058897	04/06/2013 *	256,500,000.00	BANK OF BARODA	3 MANU MARG, ALWAR, RAJASTHAN - 301001, INDIA	B76879477

* Date of charge modification

FIXED ASSETS

• Air Conditioner
• Building

• Camera
• Car
• Motor Cycle
• Computers
• Electrical Installation
• Fax
• Generator
• Inverter
• Lab Equipment
• Office Equipment
• Plant and Machinery
• Printing Machine

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.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	2
--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	NO
--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.