MIRA INFORM REPORT

Report No. :	494020
Report Date :	27.02.2018

IDENTIFICATION DETAILS

Name :	TIRUPATI REELS PRIVATE LIMITED
Registered Office :	E-107, First Floor, Greater Kailash, New Delhi - 110048
Tel. No.:	91-8160771698 (Mr. Mahesh Joshi)
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	21.01.2015
Com. Reg. No.:	55-275797
Capital Investment / Paid-up Capital :	INR 50.000 Million
CIN No.: [Company Identification No.]	U20232DL2015PTC275797
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	24AAFCT2315K1ZH
PAN No.: [Permanent Account No.]	AAFCT2315K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporters and importers, dealers and distributors of the reels, drums, pallets, packaging materials. (Registered activity) Manufacturer of Wooden Cable Drum. (Confirmed by management)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Polycab Wires Private Limited”. The company was incorporated in the year 2015. It is a manufacturer of Wooden Cable Drum. Mr. Mahesh Joshi (Account Department) has provided information about the subject and claimed that company has commenced its business operations since June 2016. The moderate financial profile of the company is marked by negative reserve base along with negligible debt level. However, rating takes into consideration equity infused by its promoters. Rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any source.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 27.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Mahesh Joshi
Designation :	Account Department
Contact No.:	91-8160771698
Date :	26.02.2018

LOCATIONS

Registered Office :	E-107, First Floor, Greater Kailash, New Delhi – 110048, India
Tel. No.:	Not Available
Mobile No.:	91-8160771698 (Mr. Mahesh Joshi)
Fax No.:	Not Available
E-Mail :	info@ttplgroup.in itr.scc@gmail.com
Website :	http://www.ttplgroup.in
Head Office :	Plot No.: 13/14A, Survey No. 245, PO Box No. 264, Mithi Rohar, Gandhidham – 370201, Gujarat, India
Tel. No.:	91-2836-227819
Fax No.:	91-2836-238750
Factory :	Survey No. 79/1, 2, 3, National Highway – 8A, Padana, Gandhidham, Kutch – 370201, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Suresh Kumar Jajodia

Designation :

Director

Address :

Plot No. -107, Sector-3, Gandhidham, Kutch – 370201, Gujarat, India

Date of Birth/Age :

17.08.1958

Qualification :

Graduation

Date of Appointment :

21.01.2015

PAN No.:

AEVPJ1456N

DIN No.:

00201854

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U20211DL1997PTC086287	TIRUPATI TRADELINKS PRIVATE LIMITED	31/03/1997	-
U20296DL2014PTC272586	BALAJI REELS PRIVATE LIMITED	20/10/2014	-

Name :

Mr. Inder Thakurdas Jaisinghani

Designation :

Director

Address :

17/6 Khiaram Bhavan R.A. Kidwai Road, Wadala, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

29.03.1953

Qualification :

Graduation

Date of Appointment :

21.01.2015

PAN No.:

AAAPJ9287G

DIN No.:

00309108

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U20296DL2014PTC272586	BALAJI REELS PRIVATE LIMITED	20/10/2014	-
U25200MH2008PTC187875	BNK PLASTICS PRIVATE LIMITED	31/10/2008	-
U28910MH2015PTC270585	DOWELLS CABLE ACCESSORIES PRIVATE LIMITED	01/12/2015	-
U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	20/12/1997	-
U31300MH1995PTC094751	JAISINGH WIRES PRIVATE LIMITED	24/11/1995	-
U31300MH1996PTC099083	POLYCAB CABLES PRIVATE LIMITED	24/04/1996	-
U31300MH1998PTC114308	POLYCAB INDUSTRIES PRIVATE LIMITED	01/04/1998	-
U31300MH2005PTC154740	POLYCAB WIRES AND CABLES PRIVATE LIMITED	13/07/2005	-
U31401MH2007PTC175153	POLYCAB WIRES INDUSTRIES PRIVATE LIMITED	18/10/2007	-

Name :

Mr. Pratik Suresh Jajodia

Designation :

Director

Address :

E-107, First Floor Greater Kailash, Part-II, New Delhi – 110048, India

Date of Birth/Age :

01.10.1987

Qualification :

Graduation

Date of Appointment :

30.09.2016

PAN No.:

AJCPJ3204G

DIN No.:

06392340

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U20211DL1997PTC086287	TIRUPATI TRADELINKS PRIVATE LIMITED	30/09/2016	-

Name :

Mr. Rishikesh Suresh Rajurkar

Designation :

Director

Address :

Flat No. 302, Anmol, Prarambh Society, Gotri Road, Vadodara – 390021, Gujarat, India

Date of Birth/Age :

25.12.1973

Qualification :

Graduation

Date of Appointment :

30.09.2016

PAN No.:

AAXPR1429B

DIN No.:

07109072

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51900GJ2015PTC085224	ARETE ELECTRICALS PRIVATE LIMITED	02/12/2015	-

KEY EXECUTIVES

Name :	Mr. Mahesh Joshi
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares	%age
Polycab Wires Private Limited, India	2750000	55.00
Tirupati Tradelinks Private Limited, India	2250000	45.00
Total	5000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporters and importers, dealers and distributors of the reels, drums, pallets, packaging materials. (Registered activity) Manufacturer of Wooden Cable Drum. (Confirmed by management)
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C, Cheque and Credit (30 / 60 / 90 Days), RTGS and NEFT
Purchasing :	L/C, Cheque and Credit (30 / 60 / 90 Days), RTGS and NEFT

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers, End Users and Manufactures

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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	HDFC Bank
Branch	Gandhinagar, Kutch, Gujarat, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Term Loan from Banks	14.249	0.000
Total	14.249	0.000

Auditors :
Name :	Sanjay Chopra and Company Chartered Accountants
Address :	G-80, Lajpat, Nagar, New Delhi-110024, India
Tel. No.:	91-11-29818446
Mobile No.:	91-9560998500
Email :	sanjaychopraca@hotmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AARFS3500L
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Polycab Wires Private Limited, India U31300DL1996PTC266483

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	5.600
(b) Reserves & Surplus	(0.645)	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	49.355	5.600
(3) Non-Current Liabilities
(a) long-term borrowings	14.249	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	14.249	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	14.447	1.331
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	14.447	1.331
TOTAL	78.051	6.931
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.769	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	67.402	2.025
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.444	2.545
(e) Other Non-current assets	0.535	0.000
Total Non-Current Assets	75.150	4.570
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	2.544	1.769
(e) Short-term loans and advances	0.357	0.000
(f) Other current assets	0.000	0.592
Total Current Assets	2.901	2.361
TOTAL	78.051	6.931

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	0.000	0.000
	Other Income	0.000	0.000
	TOTAL	0.000	0.000
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000
	Employees benefits expense	0.000	0.000
	Other expenses	0.642	0.000
	TOTAL	0.642	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(0.642)	0.000
Less	FINANCIAL EXPENSES	0.003	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(0.645)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	(0.645)	0.000
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(0.645)	0.000
	Earnings / (Loss) Per Share (INR)	(0.129)	--

Particulars	31.03.2017
Sales Turnover	116.100

Expected Sales (2017-2018) : INR 300.000 Million

The above information has been parted by Mr. Mahesh Joshi (Account Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015
Current Maturities of Long term debt	1.005	0.000
Net cash flows from (used in) operations	5.038	0.007
Net cash flows from (used in) operating activities	5.630	0.007

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015
Asset Turnover (Operating Income / Net Fixed Assets)	(0.01)	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.38	0.19
Debt Equity Ratio (Total Liability / Networth)	0.31	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.29	0.24
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.40	0.36
Interest Coverage Ratio (PBIT / Financial Charges)	(214.00)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.83)	0.00
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(1.31)	0.00

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.20	1.77
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.20	1.77
G-Score Ratio Financial (Networth / Total Assets)	0.63	0.81
G-Score Ratio Debt (Debts / Equity Capital)	0.31	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.20	1.77

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016
	INR In Million	INR In Million
Share Capital	5.600	50.000
Reserves & Surplus	0.000	(0.645)
Share Application money pending allotment	0.000	0.000
Net worth	5.600	49.355
Long Term borrowings	0.000	14.249
Short Term borrowings	0.000	0.000
Current Maturities of Long term debt	0.000	1.005
Total borrowings	0.000	15.254
Debt/Equity ratio	0.000	0.309

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	Yes
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	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last two 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

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G51621886	100118724		28/07/2017	-	-	159097000.0	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI – 400013, MAHARASHTRA, INDIA
2	G52579059	100022519		27/01/2016	01/07/2016	18/08/2017	144000000.0	PLOT NO. 300 WARD 12-B, AMBIKA ARCADE, OPPOSITE C G HIGH, GANDHIDHAM – 370201, GUJARAT, INDIA

FIXED ASSETS

• Vehicles

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 records 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	INR
US Dollar	1	INR 64.66
UK Pound	1	INR 90.65
Euro	1	INR 79.69

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	VRS
Report Prepared by :	SUJ

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.