MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	CHIRAG GOEL ENTERPRISES PRIVATE LIMITED

Registered Office :	137/139, Kika Street, 3rd Floor, Mumbai – 400004, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	23.06.2006

Com. Reg. No.:	11-162811

Capital Investment / Paid-up Capital :	Rs. 30.000 Millions

CIN No.: [Company Identification No.]	U51909MH2006PTC162811

TAN No.: [Tax Deduction & Collection Account No.]	MUMC15882G

PAN No.: [Permanent Account No.]	AACCC8417E

Legal Form :	Private Limited Liability Company

Line of Business :	Dealer of Non-Ferrous Metal and Steel Products.

No. of Employees :	23 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 108600

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Company’s profitability is low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for small to mediocre 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Dinesh Goel
Designation :	Chief Executive Officer
Contact No.:	91-9870077758
Date :	13.12.2014

LOCATIONS

Registered Office :	137/139, Kika Street, 3rd Floor, Gulalwadi, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66595459/ 23461818
Mobile No.:	91-9870077758 [Mr. Dinesh Goel]
Fax No.:	91-22-23468279
E-Mail :	dinesh.goel@hotmail.com
Area :	1500 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Dayakishan Ramniwas Goel

Designation :

Director

Address :

45/D, Venus Apartments, 13^th Floor, Worli Seaface, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

13.09.1966

Date of Appointment :

29.09.2012

DIN No.:

01624908

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51909MH2006PTC162811	CHIRAG GOEL ENTERPRISES PRIVATE LIMITED	Director	29/09/2012	23/06/2006	Active	NO
2	U45201MH2007PTC173599	SAI CHIRAG INFRA PROJECT PRIVATE LIMITED	Director	30/09/2013	29/08/2007	Active	NO

Name :

Mrs. Rekha Anand Kanodia

Designation :

Director

Address :

45/D, Venus Apartments, 13^th Floor, Worli Seaface, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

17.08.1974

Date of Appointment :

30.09.2010

DIN No.:

03110996

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51909MH2006PTC162811	CHIRAG GOEL ENTERPRISES PRIVATE LIMITED	Director	30/09/2010	21/06/2010	Active	NO

Name :

Mr. Chirag Dayakishan Goel

Designation :

Director

Address :

45/D, Venus Apartments, 13^th Floor, Worli Seaface, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

12.06.1993

Date of Appointment :

30.09.2011

\DIN No.:

03563946

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH2006PTC162811	CHIRAG GOEL ENTERPRISES PRIVATE LIMITED	Director	30/09/2011	01/07/2011	-	Active	NO
2	U45201MH2007PTC173599	SAI CHIRAG INFRA PROJECT PRIVATE LIMITED	Additional director	01/07/2011	01/07/2011	02/04/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Goel
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Neha Dayakishan Goel	250000	9.62
Rekha Anand Kanodia	50000	1.92
Asha Dayakishan Goel	130000	5.00
Chirag Dayakishan Goel	2170000	83.46

Total	2600000	100.00

AS ON 28.03.2014

Names of Allottee	No. of Shares
Santosh Mittal	400000

Total	400000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer of Non-Ferrous Metal and Steel Products.

Brand Names :	--

Agencies Held :	--

Exports :	--

Imports :
Products :	Raw Material
Countries :	· China · Malaysia

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Toan Phat Copper Tube Joint Stock Company
Name of the Person (Designation):	Ms. Jenny
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEM’s

Reference:	D.C. Metals, Fort, Mumbai
Name of the Person (Designation):	Mr. Raju Bhansali [Manager]
Contact Number:	91-9320598517
Since how long known:	13 Years
Maximum limit dealt:	Rs. 100.000 Millions yearly [Approx.]
Experience:	Product Quality = Excellent Delivery Behavour = Excellent Overall = Excellent
Remark	They gave us positive response about the subject company. They are satisfied with their product quality and delivery behavior.

No. of Employees :

23 (Approximately)

Bankers :

Bank Name:	Union Bank of India
Branch:	Retail Mart, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India
Person Name (with Designation):	Mr. Anilbhai [Manager]
Contact Number:	91-9820730496/ 22629481
Name of Account Holder:	Chirag Goel Enterprises Private Limited
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	02.08.2008
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	CC = Rs. 50.000 Millions
Account Operation:	Satisfactory
Remarks: Banker gave us positive response about the subject company. They are satisfied with their Banking transaction.

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand From Bank	43.564

Total	43.564


Auditors :
Name :	Yatin C. Shah and Associates Chartered Accountants
Address :	306 Goyal Trade Centre, Shantivan, Borivali (E), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28967082/ 28962159
Fax No.:	91-22-28967082
E-Mail :	yatin@pataxindia.com
Income-tax PAN of auditor or auditor's firm :	AALPS9699J

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	30.000	26.000	26.000
(b) Reserves & Surplus	8.010	5.693	4.489
(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)	38.010	31.693	30.489

(3) Non-Current Liabilities
(a) Long-term borrowings	22.073	12.728	23.832
(b) Deferred tax liabilities (Net)	0.006	0.005	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)	22.079	12.733	23.832

(4) Current Liabilities
(a) Short term borrowings	34.559	43.564	35.734
(b) Trade payables	215.422	130.739	94.698
(c) Other current liabilities	0.587	2.029	3.358
(d) Short-term provisions	0.000	0.234	0.465
Total Current Liabilities (4)	250.568	176.566	134.255

TOTAL	310.657	220.992	188.576

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.055	0.059	0.029
(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	12.700	0.000	0.000
(e) Other Non-current assets	0.204	0.230	0.000
Total Non-Current Assets	12.959	0.289	0.029

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.334	12.326	10.979
(c) Trade receivables	208.503	149.485	123.697
(d) Cash and cash equivalents	21.028	9.503	7.981
(e) Short-term loans and advances	49.826	49.161	45.643
(f) Other current assets	0.007	0.228	0.247
Total Current Assets	297.698	220.703	188.547

TOTAL	310.657	220.992	188.576

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	278.069	429.931
		Other Income	8.154	5.617
		TOTAL (A)	286.223	435.548	282.213

Less	EXPENSES
		Purchases of Stock-in-Trade	280.702	425.277
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.008)	(1.347)
		Employees benefits expense	0.739	0.492
		Other expenses	1.512	1.324
		TOTAL (B)	276.945	425.746	280.515

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.278	9.802	[Including Financial and Depreciation Expenses]

Less	FINANCIAL EXPENSES (D)		7.227	8.008

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.051	1.794

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.025	0.020

	PROFIT BEFORE TAX (E-F) (G)		2.026	1.774	1.698

Less	TAX (H)		0.709	0.570	0.570

	PROFIT AFTER TAX (G-H) (I)		1.317	1.204	1.128


	Earnings Per Share (Rs.)		0.44	0.46	0.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.47	0.28	0.00

Operating Profit Margin (PBDIT/Sales)	(%)	3.34	2.28	0.00

Return on Total Assets (PBT/Total Assets}	(%)	0.65	0.80	0.90

Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.06

Debt Equity Ratio (Total Debt/Networth)		1.49	1.78	1.95

Current Ratio (Current Asset/Current Liability)		1.19	1.25	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	26.000	26.000	30.000
Reserves & Surplus	4.489	5.693	8.010
Net worth	30.489	31.693	38.010

Long-term borrowings	23.832	12.728	22.073
Short term borrowings	35.734	43.564	34.559
Total borrowings	59.566	56.292	56.632
Debt/Equity ratio	1.954	1.776	1.490

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	282.213	435.548	286.223
		54.333	(34.284)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	282.213	435.548	286.223
Profit	1.128	1.204	1.317
	0.40%	0.28%	0.46%

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	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10299838	06/07/2011	50,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B17935354
2	10126697	26/08/2008	50,000,000.00	UNION BANK OF INDIA	RETAIL MART, MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A47935069

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loan from Directors	11.396
Loan from Related Party	1.332

Total	12.728

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from Flat No.49, 45/D, Venus Apartment, R. G. Thadani Marg, Worli Seaface, Mumbai - 400018, Maharashtra, India to the present address w.e.f.27.06.2006.

FIXED ASSETS:

· Computers

· Office Equipment

· Weighing Scale Machine

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. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SUB

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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

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