MIRA INFORM REPORT

Report Date :

17.06.2013

IDENTIFICATION DETAILS

Name :	SAWALKA KEL PRIVATE LIMITED
Registered Office :	16, Nilgunge Road, Panihati-700114, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.07.1964
Com. Reg. No.:	21-026139
Capital Investment / Paid-up Capital :	Rs. 7.000 Millions
CIN No.: [Company Identification No.]	U28939WB1964PTC026139
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Metal Sheet Components and Importer of Gloves
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 85000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profit during 2012. However, net worth of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Gopal Agarwal
Designation :	Business Development Manager
Contact No.:	91-9831690502
Date :	15.06.2013

LOCATIONS

Registered Office :	16, Nilgunge Road, Panihati-700114, West Bengal, India
Tel. No.:	91-33-25539407
Mobile No.:	91-9831690502 (Mr. Gopal Agarwal)
Fax No.:	91-33-25539407
E-Mail :	mail@swalka.net gloves@sawalka.net
Website :	www.sawalka.com
Location :	Owned
Corporate Office :	5A, Robinson Street, 3^rd Floor, Kolkata-700017, West Bengal, India
Tel. No.:	91-33-22878117/22878118/22878119
Fax No.:	91-33-22878596

DIRECTORS

AS ON 14.09.2012

Name :	Mr. Ram Niwas Sawalka
Designation :	Director
Address :	5A, Robinson Street, 2^nd Floor, Kolkata-700017, West Bengal, India
Date of Birth/Age :	12.01.1935
Date of Appointment :	06.07.1964
PAN No.:	AJCPS0006K
DIN No.:	00181599
Name :	Mr. Avinash Sawalka
Designation :	Director
Address :	5A, Robinson Street, 2^nd Floor, Kolkata-700017, West Bengal, India
Date of Birth/Age :	27.01.1981
Date of Appointment :	27.03.1999
PAN No.:	AQMPS5934K
DIN No.:	00210682
Name :	Mr. Anil Kumar Goenka
Designation :	Director
Address :	Shyam Lake Garden, Block-C, 2^nd Floor, 202, Jessore Road, Kolkata-700089, West Bengal, India
Date of Birth/Age :	17.05.1965
Date of Appointment :	07.06.2005
PAN No.:	ACZPG6107D
DIN No.:	00619270
Name :	Mr. Umesh Kumar Agarwalla
Designation :	Director
Address :	Durgesh Nandan, 74/10, Lal Babu shire Road, Belur Math, Howrah-711202, India
Date of Birth/Age :	16.10.1966
Date of Appointment :	27.08.2004
PAN No.:	AFKPA8452K
DIN No.:	00619244
Name :	Ms. Neha Sawalka
Designation :	Director
Address :	5A, Robinson Street, 2^nd Floor, Kolkata-700017, West Bengal, India
Date of Birth/Age :	12.01.1981
Date of Appointment :	01.06.2007
PAN No.:	ACRPT7621D
DIN No.:	01518302
Name :	Mr. Dileep Krishna Rohatgi
Designation :	Director
Address :	45, Aremenian Street, Kolkata-700001, West Bengal, India
Date of Birth/Age :	03.06.1941
Date of Appointment :	01.06.2007
PAN No.:	ACPPR8565G
DIN No.:	00773194
Name :	Mr. Dinesh Kumar Gupta
Designation :	Director
Address :	Tower-3, Flat No.6A, South City Garden 61, B L Saha Road, Kolkata-700053, West Bengal, India
Date of Birth/Age :	07.11.1954
Date of Appointment :	01.06.2007
PAN No.:	ADPPG5851P
DIN No.:	01528448
Name :	Mr. Prashant Tulsyan
Designation :	Director
Address :	9, New Road Alipore, Anugrah Apartment, 4^th Floor, Kolkata-700027, West Bengal, India
Date of Birth/Age :	24.03.1966
Date of Appointment :	04.07.2011
PAN No.:	ABVPT7422P
DIN No.:	00452506

KEY EXECUTIVES

Name :	Mr. Gopal Agarwal
Designation :	Business Development Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.09.2012

Names of Shareholders	No. of Shares
Avinash Sawalka	39850
Neha Sawalka	150
Sawalka Technical Services Private Limited, India	30000
TOTAL	70000

AS ON 14.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	42.86
Directors or relatives of Directors	57.14
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Metal Sheet Components and Importer of Gloves

Products :

ITC CODE	PRODUCTS
87.08	Parts and Accessories of Motor Vehicles
851220-02	Automobile Lighting Equipments

Imports :

Products :

Finished Goods

Countries :

· USA

· Middle East Countries

Terms :

Selling :

Credit

Purchasing :

Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India, SME Branch, Ballygunge, 50A, Gariaht Road, 5^th Floor, Kolkata-700019, West Bengal, India

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long Term Borrowings

Term Loan

From Bank

3.600

5.400

Vehicle Loans

From Others

1.023

1.391

Short Term Borrowings

Loans repayable on demand

Working Capital Loans *

From Banks

10.072

10.427

TOTAL

14.695

17.218

NOTES

Long Term Borrowings

1. Term loans from bank is secured by way if hypothecation of stocks, other current assets and plant and machinery at the factory, equitable mortgage over the factory land and building and guaranteed by directors.

2. Vehicle loans from bank and others are secured by way of hypothecation of cars. As the amount outstanding on 31.03.2011 in respect of vehicle loans from a bank was payable entirely within one year, the same has been included in the line item “Current maturities of long-term debt” under the head “Other current liabilities” as at 31^st March, 2011. The loan has been repaid in full in the current year

Term of repayment of loans

(Rs. In Millions)

Name of the banks / entities	Rate of interest	Amount outstanding as on the balance sheet date		Period of maturity w.r.t. balance sheet date	Number of installments outstanding as on 31.03.2012	Amount of each install.
		Current *	Non current
Term Loans
State Bank of India #	13.75	1.800	3.600	3 Years	12	0.450
Vehicles Loans
HDFC Bank Limited	12.52	--	--	--	--	0.011
Tata Capital Limited $	11.12	0.139	0.214	3 Years	36	0.012
Tata Capital Limited $	10.42	0.297	0.586	3 Years and 6 Months	42	0.025
Tata Capital Limited $	9.44	0.104	0.223	3 Years and 9 Months	45	0.009
TOTAL		2.340	4.623

*Represents current maturities of long term debts shown under “Other current liabilities”

# Interest rate is 2% over base rate (11.75%)

$ Installment includes interest

Short Term Borrowings

*Working capital loans from banks are secured by way of hypothecation of stocks and book debts and guaranteed by directors of the company.

Banking Relations :	--
Auditors :
Name :	G P Agarwal and Company Chartered Accountant
Address :	7A, Kiran Shankar Ray Road, 2^nd Floor, Kolkata-700001, West Bengal, India
PAN No.:	AACFG8964F
Related Parties :	Sawalka Auto Industries Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs. 9.000 Millions
10000	11% Redeemable Non-Cumulative Preference Shares	Rs.100/- each	Rs. 1.000 Millions
	TOTAL		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs. 7.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.000	7.000
(b) Reserves & Surplus	14.472	13.691
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	4.623	6.791
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.189	2.574
(4) Current liabilities
(a) Short term borrowings	23.486	19.337
(b) Trade payables	4.670	2.240
(c) Other current liabilities	5.892	5.522
(d) Short-term provisions	0.507	0.111
TOTAL	63.839	57.266
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.759	26.028
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.847	0.090
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.023	0.000
(d) Long-term Loan and Advances	0.670	0.723
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.387	6.832
(c) Trade receivables	25.343	19.363
(d) Cash and cash equivalents	0.660	0.629
(e) Short-term loans and advances	1.146	3.579
(f) Other current assets	0.004	0.022
TOTAL	63.839	57.266

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.000
2] Share Application Money		0.000
3] Reserves & Surplus		12.772
4] (Accumulated Losses)		0.000
NETWORTH		19.772
LOAN FUNDS
1] Secured Loans		15.955
2] Unsecured Loans		6.115
TOTAL BORROWING		22.070
DEFERRED TAX LIABILITIES		0.000
TOTAL		41.842
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.521
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.429
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.886
	Sundry Debtors	15.236
	Cash & Bank Balances	0.255
	Other Current Assets	0.000
	Loans & Advances	3.995
Total Current Assets		24.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.062
	Other Current Liabilities	0.096
	Provisions	3.322
Total Current Liabilities		6.480
Net Current Assets		17.892
MISCELLANEOUS EXPENSES		0.000
TOTAL		41.842

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	80.138	67.605	46.859
		Other Income
		TOTAL	80.138	67.605	46.859
Less	EXPENSES
		Office Expenses	78.763	65.805	45.993
		Administrative Expenses
		Advertising Expenses
		TOTAL	78.763	65.805	45.993
	PROFIT / (LOSS) BEFORE TAX		1.375	1.800	0.866
Less	TAX		0.496	0.784	0.316
	PROFIT / (LOSS) AFTER TAX		0.879	1.016	0.550
	Earnings Per Share (Rs.)		12.55	14.51	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.10	1.50	1.17
Return on Total Assets (PBT/Total Assets}	(%)	2.18	3.15	1.81
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.04
Debt Equity Ratio (Total Debt /Networth)		1.31	1.26	1.12
Current Ratio (Current Asset/Current Liability)		1.03	1.12	3.76

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans repayable on demand
Working Capital Loans
From Bodies Corporate	2.247	2.010
Loans from related parties	11.167	6.900
TOTAL	13.414	8.910

OPERATIONS

The sales and other Income of the company for the year was Rs. 80.138 Millions (Rs. 67.605 Millions), while operating profit before interest and depreciation was Rs. 7.867 Millions (Rs. 6.135 Millions), Net Profit (+) / Loss (-) after providing interest and depreciation was Rs. 1.375 Millions (Rs. 1.800 Millions). The Directors are in view that the profitability of the company shall improve during the year.

FIXED ASSETS

· Land

· Factory Building

· Plant and Equipments

· ETP Plant

· Generating Set

· Electric Installations

· Furniture and Fixtures

· Motor Car

· Office Equipments

· Typewriter

· Air Conditioner

· Computer

· Scooter / Cycle

· Cellular Phone

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 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. 57.74
UK Pound	1	Rs. 90.64
Euro	1	Rs. 77.02

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.