MIRA INFORM REPORT

Report No. :	507143
Report Date :	04.05.2018

IDENTIFICATION DETAILS

Name :	RUBBER KING TYRE PRIVATE LIMITED (w.e.f 16.05.2017)
Formerly Known As :	RUBBERKING TYRE QUALITY PRODUCTS PRIVATE LIMITED
Registered Office :	103-104, Naindhara Apartment, Near GNFC Infotowes, S.G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat
Tel. No.:	91-79-26850567
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	29.08.2016
Com. Reg. No.:	04- 093502
Capital Investment / Paid-up Capital :	INR 401.870 Million
CIN No.: [Company Identification No.]	U25209GJ2016PTC093502
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
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 :	Dealing in tyres and tyres related products and other related works. [Registered Activity]
No. of Employees :	Information denied by the management

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 :	Mr. Kaushal (Account Department) has claimed that “Rubberking Tyres India Private Limited” has been amalgamated with “Rubberking Tyres Quality Products Private LIMITED” in April, 2017 and later company has changed its name to “Rubber King Tyre Private Limited” in May 2017. The company was incorporated in the year 2016 and it is a dealer of all types of Tyres and Tyres related products. For the financial year 2017, the company has earned revenue of INR 624.83 million along with average profit margin of 2.42%. The moderate financial profile of the company is marked by low reserve base as compared to its capital along with negligible debt level. Payment seems to be slow but correct. In view of aforesaid, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term :BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	29.09.2017

Rating Agency Name	CRISIL
Rating	Short term : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	29.09.2017

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 31-03-2018.

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 04.05.2018

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 DENIED BY

Name :	Mr. Kaushal
Designation :	Account Department
Contact No.:	91-79-26850567
Date :	03.05.2018

91-79-26855619 – Ringing

LOCATIONS

Registered Office / Head office:	103-104, Naindhara Apartment, Near GNFC Infotowes, S.G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat
Tel. No.:	91-79-26850567/26855619
Fax No.:	91-79-26853390
E-Mail :	mktg@rubberking.net das_fca@yahoo.co.in
Website :	http://www.rubberking.net
USA Liaison Office :	Waterford Business Park, 5201 Blue Lagoon Drive, Suite 839, Miami, FL 33126 USA
Tel. No.:	+1-305-753-7068
E-Mail :	paula.guerrero@rubberking.net

DIRECTORS

AS ON 31.03.2018

Name :	Mr. Niren Dinesh Gawarvala
Designation :	Director
Address :	No. 7, Rudraksh Bunglows, Behind Rajpath Club, Near Kishan Bunglows, Bodakdev, Ahmedabad -380054, Gujarat, India
Date of Birth/Age :	01.02.1970
Qualification :	A.M.I.E., M.S. [London]
Date of Appointment :	29.08.2016
DIN No.:	00985931
PAN No.:	AJMPG8041L
Name :	Mr. Samir Dinesh Gawarvala
Designation :	Director
Address :	No. 6, Rudraksh Bunglows, Behind Rajpath Club, Near Kishan Bunglows, Bodakdev, Ahmedabad -380054, Gujarat, India
Date of Birth/Age :	28.04.1967
Qualification :	B. Sc
Date of Appointment :	29.08.2016
DIN No.:	00985984
PAN No.:	ABKPG1771B

KEY EXECUTIVES

Name :	Mr. Kaushal
Designation :	Account Department

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Equity Shareholders	No. of Shares
Samir D Gawarvala	10226333
Niren D Gawarvala	10226333
Dinesh I Gawarvala	6012500
Ashaben D Gawarvala	5354167
Anar S Gawarvala	1945833
Aanal N Gawarvala	1954167
Devin S Gawarvala	2150000
Priyanshi N Gawarvala	2141667
Total	40011000

Names of Preference Shareholders	No. of Shares
Dinesh I Gawarvala	26455
Ashaben D Gawarvala	23558
Samir D Gawarvala	44972
Niren D Gawarvala	44972
Anar S Gawarvala	8562
Aanal N Gawarvala	8598
Devin S Gawarvala	9460
Priyanshi N Gawarvala	9423
Total	176000

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in tyres and tyres related products and other related works. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Business of dealing in tyres and tyres related products and other related works	2511

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	State Bank of India
Branch :	Overseas Branch, 1st Floor, Iscon Elegance, Near Shapath-V, Prahladnagar Crossing, S. G. Highway, Ahmedabad - 380015, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017
LONG TERM BORROWING
Rupee term loans from banks	29.438
SHORT TERM BORROWING
Rupee term loans from banks	2.673
Working capital loans from banks	116.493
Total	148.604

Auditors :
Name :	Darshan Shah Associates Chartered Accountants
Address :	Ahmedabad, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABIPS3385F
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Bhagavati Rubber Product Industries (Prop: Dinesh I. Gawarvala)

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
40011000	Equity Shares	INR 10/- each	INR 400.110 Million
176000	Preference Shares	INR 10/- each	INR 1.760 Million
	Total		INR 401.870 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40011000	Equity Shares	INR 10/- each	INR 400.110 Million
176000	Preference Shares	INR 10/- each	INR 1.760 Million
	Total		INR 401.870 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017 To 29.08.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	401.870
(b) Reserves and Surplus	195.146
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	597.016
(3) Non-Current Liabilities
(a) long-term borrowings	52.438
(b) Deferred tax liabilities (Net)	25.221
(c) Other long-term liabilities	74.186
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	151.845
(4) Current Liabilities
(a) Short-term borrowings	119.637
(b) Trade payables	84.130
(c) Other current liabilities	28.776
(d) Short-term provisions	0.508
Total Current Liabilities (4)	233.051
TOTAL	981.912
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	207.763
(ii) Intangible Assets	256.537
(iii) Tangible assets capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term loans and advances	161.065
(e) Other Non-current assets	0.000
Total Non-Current Assets	625.365
(2) Current assets
(a) Current investments	40.000
(b) Inventories	150.408
(c) Trade receivables	120.651
(d) Cash and bank balances	21.654
(e) Short-term loans and advances	9.600
(f) Other current assets	14.234
Total Current Assets	356.547
TOTAL	981.912

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017 To 29.08.2016
	SALES
	Income	624.835
	Other Income	3.004
	TOTAL	627.839
Less	EXPENSES
	Cost of Materials Consumed	350.382
	Purchases of Stock-in-Trade	8.038
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.354
	Employee benefit expense	93.536
	Other expenses	112.218
	TOTAL	572.528
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	55.311
Less	FINANCIAL EXPENSES	9.043
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	46.268
Less/ Add	DEPRECIATION/ AMORTISATION	23.905
	PROFIT/ (LOSS) BEFORE TAX	22.363
Less	TAX	7.266
	PROFIT/ (LOSS) AFTER TAX	15.097
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	77.046
	TOTAL EARNINGS	77.046
	Earnings / (Loss) Per Share (INR)	0.38

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017 To 29.08.2016
Current Maturities of Long term debt	NA
Cash generated from operations	NA
Net cash flows from (used in) operations	(287.844)
Net cash flows from (used in) operating activities	(287.844)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017 To 29.08.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	70.48
Account Receivables Turnover (Income / Sundry Debtors)	5.18
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	85.67
Inventory Turnover (Operating Income / Inventories)	0.37
Asset Turnover (Operating Income / Net Fixed Assets)	0.12

LEVERAGE RATIOS

PARTICULARS	31.03.2017 To 29.08.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.29
Debt Equity Ratio (Total Liability / Networth)	0.29
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.39
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.78
Interest Coverage Ratio (PBIT / Financial Charges)	6.12

PROFITABILITY RATIOS

PARTICULARS		31.03.2017 To 29.08.2016
Net Profit Margin ((PAT / Sales) * 100)	%	2.42
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.54
Return on Investment (ROI) ((PAT / Networth) * 100)	%	2.53

SOLVENCY RATIOS

PARTICULARS	31.03.2017 To 29.08.2016
Current Ratio (Current Assets / Current Liabilities)	1.53
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.88
G-Score Ratio Financial (Networth / Total Assets)	0.61
G-Score Ratio Debt (Debts / Equity Capital)	0.43
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.53

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

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	No
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	Yes
26	Turnover of firm for last about seven months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about seven months	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

AMALGAMATION:

The Hon'ble National Company Law Tribunal, Ahmedabad Bench has sanctioned the scheme of Amalgamation of M/s. Rubberking Tyres India Private Limited (Transferor Company) with M/s. Rubberking Tyre Quality Products Private Limited (Transferee Company) vide order dated 10^th April, 2017 which has been made effective from appointed date i.e. 1st October, 2016 . By virtue of the same, M/s. Rubberking Tyres India Private Limited has been amalgamated with your company effective from 1st October, 2016. Further, pursuant to the sanctioned scheme, the name of the Company has been changed from M/s. Rubberking Tyre Quality Products Private Limited to M/s. Rubber King Tyre Private Limited.

The Authorized share capital of the Company has been increased from INR 2,02,00,000/- to INR 40,30,00,000/- in order to issue the shares pursuant to the sanctioned Scheme. Your Company has allotted 4,00,00,000Equity shares of INR 10/- each at a premium of INR 4.50/- per share and 1,76,000 Optionally Convertible Redeemable Preference Shares to the shareholders of M/s. Rubberking Tyres India Private Limited pursuant to the sanction scheme and the paid up share capital shall stand increased w.e.f. from appointed date.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017
LONG TERM BORROWING
Loans and advances from directors	23.000
SHORT TERM BORROWING
Deferred payment for acquisition of fixed assets	0.471
Total	23.471

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	G72560329	10588846	STATE BANK OF INDIA	08/08/2015	06/06/2017	245000000.0	OVERSEAS BRANCH, 1ST FLOOR, ISCON ELEGANCENR SHAPATH-V, PRAHLADNAGAR CROSSING, S. G. HIGHWAYAHMEDABADGJ380015IN

FIXED ASSETS:

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

• Computer software
• Trade marks
• Brands and trade marks
• Goodwill

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	INR
US Dollar	1	INR 66.61
UK Pound	1	INR 90.60
Euro	1	INR 79.86

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	VAR
Report Prepared by :	KVT

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	YES
--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.