MIRA INFORM REPORT

Report No. :	346171
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	PRAKASH INDUSTRIAL CORPORATION PRIVATE LIMITED
Registered Office :	D/144, Amargian Industrial Co-Operative Premises Society Limited, Opposite S. T. Workshop, Khopat, Thane – 400601, Maharashtra
Tel. No.:	91-22-25476833
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.06.2008
Com. Reg. No.:	11-183970
Capital Investment / Paid-up Capital :	Rs.23.700 Million
CIN No.: [Company Identification No.]	U27101MH2008PTC183970
IEC No.:	Not Available
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, Trader, Exporter and Supplier of Precious metals and Alloys scrap like minor and non-ferrous metals, ferro alloys, ores and chemicals like nickel cathodes, Tungsten, scrap, stainless steel scrap etc.
No. of Employees :	25 (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
Litigation :	Clear
Comments :	Subject is an established company having moderate track. For the financial year ended 2014, company has satisfactory operational activity marked by increased in its revenue. However, it has thin profit earnings. The company has taken huge external borrowings and it has negative reserves position which act as threat to its liquidity profile. Trade relations are fair. Business is active. Payments are slow. 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 – 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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Tejasvita
Designation :	HR
Contact No.:	91-22-25476833
Date :	23.10.2015

LOCATIONS

Registered Office :	D/144, Amargian Industrial Co-Operative Premises Society Limited, Opposite S. T. Workshop, Khopat, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25476833 / 65164679
Fax No.:	91-22-25477164
E-Mail :	prakash9911@yahoo.co.in office@picorpn.com factory@picorpn.com
Website :	http://www.picorpn.com
Manufacturing Unit :	Survey No. 40, Village Lohop, Taluka Khalapur, Khopoli, Raigad, Maharashtra, India
Overseas Office :	JPG Metrad FZC. P.O. Box No. 51595, Hamriyah Free Zone, Sharjah, United Arab Emirates
E-Mail :	uae.office@picorpn.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Prakash Chandrakant Jadhav
Designation :	Director
Address :	A-66 Shrirang Society, Opposite Castle Mill, Thane West, Thane - 400601, Maharashtra, India
Date of Birth/Age :	30.11.1956
Date of Appointment :	25.06.2008
DIN No.:	01766884
Name :	Mrs. Kalpana Prakash Jadhav
Designation :	Director
Address :	A-66 Shrirang Society, Opposite Castle Mill, Thane West, Thane - 400601, Maharashtra, India
Date of Birth/Age :	16.04.1962
Date of Appointment :	25.06.2008
DIN No.:	01766845

KEY EXECUTIVES

Name :	Ms. Tejasvita
Designation :	HR

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Prakash Chandrakant Jadhav	1915000
Shweta Prakash Jadhav	450000
Priyanka Prakash Jadhav	2500
Kalpana Prakash Jadhav	2500
Total	2370000

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, Trader, Exporter and Supplier of Precious metals and Alloys scrap like minor and non-ferrous metals, ferro alloys, ores and chemicals like nickel cathodes, Tungsten, scrap, stainless steel scrap etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

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 and 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 :

25 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Eastern Express Highway, Gala No 9 and 10, Sun, Magnetic, Near LIC Off, Louis Wadi Service Road,, Thane - 400604, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Cash Credit From banks (Secured by hypothecation of stock and receivables)	72.000	71.248
Total	72.000	71.248

Auditors :
Name :	Rawool and Ranjan Associates Chartered Accountants
Address :	C/159, Amar Gian, L.B.S. Marg, Thane West – 400601, Maharashtra, India
Fax No.:	91-22-25472787
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFR9748N
Memberships :	Not Available
Collaborators :	Not Available
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
2370000	Equity Shares	Rs.10/- each	Rs. 23.700 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	23.700	17.600	0.100
(b) Reserves & Surplus	(0.156)	(0.334)	(0.413)
(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)	23.544	17.266	(0.313)
(3) Non-Current Liabilities
(a) long-term borrowings	4.596	0.476	0.489
(b) Deferred tax liabilities (Net)	0.010	0.004	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)	4.606	0.480	0.489
(4) Current Liabilities
(a) Short term borrowings	72.000	71.248	0.000
(b) Trade payables	12.036	0.175	0.011
(c) Other current liabilities	2.202	1.000	0.000
(d) Short-term provisions	0.083	0.019	0.000
Total Current Liabilities (4)	86.321	72.442	0.011
TOTAL	114.471	90.188	0.187
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.309	0.203	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.309	0.203	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.721	5.428	0.000
(c) Trade receivables	55.548	80.069	0.000
(d) Cash and cash equivalents	0.018	1.486	0.091
(e) Short-term loans and advances	1.862	3.002	0.000
(f) Other current assets	6.013	0.000	0.096
Total Current Assets	114.162	89.985	0.187
TOTAL	114.471	90.188	0.187

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Turnover	131.764	125.741	0.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.209	0.106	-0.102
Less/ Add	DEPRECIATION/ AMORTISATION	0.020	0.004	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.189	0.102	-0.102
Less	TAX	0.011	0.023	0.000
	PROFIT/ (LOSS) AFTER TAX	0.178	0.079	-0.102
	Earnings / (Loss) Per Share (Rs.)	0.08	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.17	0.11	(54.55)
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.33
Debt Equity Ratio (Total Debt /Networth)		3.25	4.15	(1.56)
Current Ratio (Current Asset/Current Liability)		1.32	1.24	17.00

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	0.100	17.600	23.700
Reserves & Surplus	(0.413)	(0.334)	(0.156)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.313)	17.266	23.544
long-term borrowings	0.489	0.476	4.596
Short term borrowings	0.000	71.248	72.000
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	0.489	71.724	76.596
Debt/Equity ratio	(1.562)	4.154	3.253

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)
Turnover	0.000	125.741	131.764
			4.790

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	0.000	125.741	131.764
Profit	(0.102)	0.079	0.178
		0.06%	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)	No
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 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS OPERATIONS

There is marginal increase in sales compared to last year. In the current year the company is expecting further increase in the turnover.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advance from related parties	4.596	0.476
Total	4.596	0.476

FIXED ASSETS

Tangible Assets

• Air Conditioner
• Electrical Equipment’s
• Furniture and Fixtures
• Computer and Printer
• Mobile

Intangible assets

• Work in progress

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.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	2
--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	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		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.