MIRA INFORM REPORT

Report No. :	351933
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	CENTRAL TYRES PRIVATE LIMITED

Registered Office :	5, Sugar Market Building, 104/114, P. D'Mello Road, Masjid Bunder (East), Mumbai – 400009, Maharashtra
Tel. No.:	91-22-23481707 / 23484448

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	05.08.2008

Com. Reg. No.:	11-181909

Capital Investment / Paid-up Capital :	Rs. 1.000 Million

CIN No.: [Company Identification No.]	U25206MH2008PTC181909

IEC No.:	0393075991

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCC3964B

Legal Form :	Private Limited Liability Company

Line of Business :	Subject engaged in the business of trading tyres, tubes and flabs.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. It was incorporated in the year 2008 and is engaged in the business of trading tyres, tubes and flabs. As per financial of the year 2015, the company possesses decent operational performance with increase in its revenue profile by 14% which further resulted to rise in net profit of the company. The rating further reflects company’s acceptable financial risk profile supported by its adequate networth base, comfortable liquidity position and fair balance sheet profile of the company. Trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of aforesaid, 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

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-23481707)

LOCATIONS

Registered Office :	5, Sugar Market Building, 104/114, P. D'Mello Road, Masjid Bunder (East), Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23481707 / 23484448/ 66332660
Fax No.:	91-22-23484448 / 23482656
E-Mail :	centyres@hathway.com mkccompliance@gmail.com mkcoreturn@gmail.com sales@centraltyres.in
Website :	http://www.centraltyres.in

DIRECTORS

As on: 29.09.2014

Name :	Rippy Dhingra
Designation :	Director
Address :	101, Megh Apartment, Rhuia Park, Opposite Godrej Bungalow, Military Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	23.07.1971
Date of Appointment :	05.05.2008
DIN No.:	02016067

Name :	Mr. Narindersingh Hoshiarsingh Dhingra
Designation :	Director
Address :	101, Megh Apartment, Rhuia Park, Opposite Godrej Bungalow, Military Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	04.09.1966
Date of Appointment :	05.05.2008
DIN No.:	02016136

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders		No. of Shares
Narindersingh Hoshiarsingh Dhingra		59499
Rippy Dhingra		39500
Manjeey Hosiarsigh Dhingra		1
Aiman Narindersingh Dhingra		500
Siman Narindersingh Dhingra		500
Total		100000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged in the business of trading tyres, tubes and flabs.

Products :	--

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Ajit Tyres and Spares
Asiatic Tyres Services
Anand Trading Corporation
Chery Agencies Private Limited
Arihant Tyres
Agarwal Tyres
Ceat Limited, Vashi
Continental India Limited
Michelin India Tyres Private Limited
Indus Industries
Manghwani and Sons

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 :

ABG Intralogistics Limited
Adil Bhat
Agrawal Tyres
Air India Sats Airpot-Hyderabad
All Cargo Logistics Limited
Automake Crane Service
Bharati Shipyard Limited
Euroka Crane Service Private Limited
Highway Road lines Private Limited
Damani Shipping Private Limited
Darshan Road lines Private Limited

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 :

Information declined by the management

Bankers :

The Saraswat Co-Op Bank Limited, Carnac Bunder Branch, 113-16,133-35, Vyapar Bhavan, 1st Floor, P DMello Road, Carnac Bunder, Mumbai - 400009, Maharashtra, India

Bank Name	Not Divulged
Branch	Not Divulged
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

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Car loan with Saraswati Co-operative bank (Secured against hypothecation of car)	3.248	0.594
Bank overdraft with Saraswati Co-operative bank (Secured against hypothecation of stock, debtors, mortgage of flat of shareholder and personal guarantee of director)	36.009	32.991
Short Term Borrowings
Bill discounting from yes Bank Limited	2.197	3.586
Loans from bank of Baroda	3.273	0.000
Total	44.727	37.171


Auditors :
Name :	Mehta Kothari and Company Chartered Accountants
Address :	213/215, Jolly Bhavan No. 1, New Marine Lines, Mumbai – 400020, Maharashtra, India
Email:	mkcoreturn@gmail.com
PAN No.:	AAAFM5736F

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000	1.000
(b) Reserves & Surplus	45.801	34.037	27.592
(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)	46.801	35.037	28.592

(3) Non-Current Liabilities
(a) long-term borrowings	92.837	67.447	57.624
(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)	92.837	67.447	57.624

(4) Current Liabilities
(a) Short term borrowings	5.470	3.586	0.000
(b) Trade payables	23.486	11.165	20.732
(c) Other current liabilities	5.340	4.926	4.980
(d) Short-term provisions	11.150	5.300	6.900
Total Current Liabilities (4)	45.446	24.977	32.612

TOTAL	185.084	127.461	118.828

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.990	2.695	2.447
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.814	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)	0.357	0.270	0.239
(d) Long-term Loan and Advances	15.237	0.237	0.334
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.398	3.202	3.020

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	46.812	38.518	42.221
(c) Trade receivables	91.722	69.379	57.910
(d) Cash and cash equivalents	5.694	4.343	2.606
(e) Short-term loans and advances	16.053	11.510	13.071
(f) Other current assets	0.405	0.509	0.000
Total Current Assets	160.686	124.259	115.808

TOTAL	185.084	127.461	118.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	344.054	300.837	291.380
		Other Income	2.604	3.602	1.542
		TOTAL (A)	346.658	304.439	292.922

Less	EXPENSES
		Purchases of Stock-in-Trade	297.827	257.679
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.294)	3.703
		Employees benefits expense	14.452	12.595
		Other expenses	12.464	10.313
		TOTAL (B)	316.449	284.290	275.338

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.209	20.149	17.584

Less	FINANCIAL EXPENSES (D)		10.933	10.147	9.834

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.276	10.002	7.750

Less	DEPRECIATION/ AMORTISATION (F)		1.748	0.760	0.800

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		17.528	9.242	6.950

Less	TAX (H)		5.763	2.798	2.266

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		11.765	6.444	4.684

	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	12.590

	Earnings Per Share (Rs.)		117.65	64.44	46.84

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	7.322	(1.171)	NA
Net Cash flows from operating activities	7.322	(1.171)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.42	2.14	1.61

Operating Profit Margin (PBIDT/Sales)	(%)	8.78	6.70	6.03

Return on Total Assets (PBT/Total Assets}	(%)	9.58	7.27	5.86

Return on Investment (ROI) (PBT/Networth)		0.37	0.26	0.24

Debt Equity Ratio (Total Debt /Networth)		2.10	2.03	2.02

Current Ratio (Current Asset/Current Liability)		3.54	4.97	3.55

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.000	1.000	1.000
Reserves & Surplus	27.592	34.037	45.801
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	28.592	35.037	46.801

long-term borrowings	57.624	67.447	92.837
Short term borrowings	0.000	3.586	5.470
Total borrowings	57.624	71.033	98.307
Debt/Equity ratio	2.015	2.027	2.101

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	291.380	300.837	344.054
		3.246	14.366

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	291.380	300.837	344.054
Profit	4.684	6.444	11.765
	1.61%	2.14%	3.42%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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 three 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
From directors
Narindersingh Hoshiarsingh Dhingra	27.966	16.694
Rippy Dhingra	23.677	15.195
From Shareholders
Manjeet Kaur	1.937	1.973
Total	53.580	33.862

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10551277	05/02/2015	15,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	C44668119
2	10515901	30/07/2014	6,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	C17251521
3	10488825	04/04/2014	6,000,000.00	THE SARASWAT CO-OP BANK LIMITED	THE SARASWAT COOPERATIVE BANK LIMITED, 1ST FLOOR, P D MELLO ROAD, CARNAC BUNDER, MUMBAI 4s00049, MAHARASHTRA, INDIA	C02404689
4	10453442	18/09/2013	5,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	B86832607
5	10429906	26/06/2013 *	6,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	B80228984
6	10351923	03/04/2012	6,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	B38289823
7	10231126	23/08/2010 *	5,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	A94468550
8	10160908	18/11/2014 *	46,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	C36767861
9	10198019	12/03/2009	10,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	A61634317
10	10199429	18/11/2014 *	18,000,000.00	THE SARASWAT CO-OP BANK LIMITED	CARNAC BUNDER BRANCH,113-16,133-35, VYAPAR BHAVAN, 1ST FLOOR, P DMELLO ROAD, CARNAC BUNDER, MUMBAI-400009, MAHARASHTRA, INDIA	C36773091

* Date of charge modification

FIXED ASSETS:

Air condition
Cellular
Camera
Ebex machine
Furniture and fixture
Plant and machinery
Fax machine
Television
Refrigerator
Computer
Motor car
Honda active
Pickup
Tata xenon

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.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	HNA

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	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		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.

MIRA INFORM REPORT

Unit