MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	SHIVAJI ROLLER FLOUR MILLS PRIVATE LIMITED
Registered Office :	48, Kalwa Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai - 400708, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.01.1973
Com. Reg. No.:	11-016230
Capital Investment / Paid-up Capital :	Rs. 14.990 Millions
CIN No.: [Company Identification No.]	U15311MH1973PTC016230
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36491A MUMS40057D
PAN No.: [Permanent Account No.]	AABC56027P AABCS6027P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wheat Products and Gluten Washer Machine
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is well established company having moderate track record. The Company possess a moderate financial profile marked by small networth base along with working capital intensive nature of operations, which are further mitigated by infusion of long term funds by the promoters, they limiting the reliance on external borrowings. Management has witnessed a better growth in its sales volume, whereas reported a minimal net profitability during FY14, which is vulnerable to volatility in law material prices and intense competition in the market. The ratings also take into consideration. The supply glut and pressure from competing crops which will affect the wheat prices during the year under consideration. However, trade relations seem to be fair. Business is active. Payment terms are slow but correct. In View of extensive experience of the promoters and Strong relationship with clientele, 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB-“
Rating Explanation	Inadequate degree of safety. High credit risk.
Date	05.07.2013
Rating Agency Name	CRISIL
Rating	Short term rating: “A4+“
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	05.07.2013

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 DENIED

Management Non Co – Operative (Tel No. 91-22-22873636)

LOCATIONS

Registered Office/ Factory :	48, Kalwa Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai - 400708, Maharashtra, India
Tel. No.:	91-22-22873636 / 22873637
Fax No.:	91-22-22020065
E-Mail :	feedback@indiamiller.com

DIRECTORS

As on 25.09.2014

Name :

Mr. Ajay Goyal

Designation :

Vice-Chairman

Address :

106/107, Panchsheel, C Road, Churchgate, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

30.09.1964

Date of Appointment :

26.12.1985

DIN No.:

00080954

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	U15311MH1973PTC016230	SHIVAJI ROLLER FLOUR MILLS PRIVATE LIMITED.	Director	26/12/1985	26/12/1985	-	Active	NO
2	L51909PN1983PLC129492	INDIACO VENTURES LIMITED	Director	18/07/1987	18/07/1987	15/03/2007	Active	NO
3	U67120MH1994PTC079018	MUSKAN SECURITIES PRIVATE LIMITED	Director	16/06/1994	16/06/1994	02/08/2007	Active	NO
4	U67120MH1995PLC093431	SHIVAJI FINVEST PRIVATE LIMITED	Director	09/10/1995	09/10/1995	-	Active	NO
5	U15140MH1990PTC057004	SHIVAJI FOODS PRIVATE LIMITED	Director	09/01/1996	09/01/1996	-	Active	NO
6	U15100MH1996PTC096157	INDO BAKELS PRIVATE LIMITED	Director	11/01/1996	11/01/1996	-	Active	NO
7	U51990DL1940GAP000576	ROLLER FLOUR MILLERS FEDERATION OF INDIA.	Director	17/12/1996	17/12/1996	-	Active	NO

Name :

Mr. Krishna Bihari Mishra

Designation :

Director

Address :

Shivaji Roller Staff Quarters, Block No. 4, Diva Naka, Navi Mumbai – 400708, Maharashtra, India

Date of Birth/Age :

27.07.1949

Date of Appointment :

05.01.1998

DIN No.:

02088659

Name :

Mr. Rajendra Kumar Sharma

Designation :

Director

Address :

1101/1102, Amlafi Building, Raheja Garden, Thane (West), Thane – 400601, Maharashtra, India

Date of Birth/Age :

23.08.1945

Date of Appointment :

09.01.1998

DIN No.:

02428254

Name :

Mr. Raghavji Singh

Designation :

Director

Address :

Shivaji Roller Flour Mills, TTC Industrial Area, Airoli, Navi Mumbai – 400701, Maharashtra, India

Date of Birth/Age :

01.04.2011

Date of Appointment :

26.02.1956

DIN No.:

03321642

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on. 25.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on. 25.09.2014

Category	Percentage
Directors or relatives of directors	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wheat Products and Gluten Washer Machine

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Oriental Bank of Commerce, Mandvi Branch, AGH Chambers, 379/381 , Narsi Natha Street, Mumbai - 400009, Maharashtra, India The Hindustan Commercial Bank Limited, Fort, Bombay, Maharashtra, India Punjab National Bank, Coloba, Bombay, Maharashtra - 400005, India HDFC Bank Limited, HDFC Bank House; Senapati Bapat Marg, Lower Parel, Bombay, Maharashtra - 400013, India

Banking Relations :	---
Auditors :
Name :	R. Jain and Company Chartered Accountants
Address :	301-B, Niranjan, 99 Marine Drive, Mumbai-400002, Maharashtra, India.
Tel. No.:	91-22-22813868 / 22814743
Fax No.:	91-22-22838867
PAN No.:	AAEFR0313D
Associates :	Indo Bakels Private Limited Shivaji Finvest Private Limited Shivaji Foods Private Limited

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1499000	Equity Shares	Rs.10/- each	Rs. 14.990 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	14.990	14.990	14.990
(b) Reserves & Surplus	55.859	45.464	41.808
(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)	70.849	60.454	56.798
(3) Non-Current Liabilities
(a) long-term borrowings	55.518	49.006	38.709
(b) Deferred tax liabilities (Net)	0.327	0.174	0.000
(c) Other long term liabilities	0.471	0.536	0.481
(d) long-term provisions	1.726	1.521	1.334
Total Non-current Liabilities (3)	58.042	51.237	40.524
(4) Current Liabilities
(a) Short term borrowings	59.015	48.421	53.414
(b) Trade payables	11.212	0.752	2.560
(c) Other current liabilities	4.469	7.577	3.605
(d) Short-term provisions	0.131	0.205	0.187
Total Current Liabilities (4)	74.827	56.955	59.766
TOTAL	203.718	168.646	157.088
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.086	55.824	47.804
(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	0.675	0.675
(c) Deferred tax assets (net)	0.000	0.000	0.076
(d) Long-term Loan and Advances	5.261	4.297	3.790
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	60.347	60.796	52.345
(2) Current assets
(a) Current investments	0.005	0.000	0.000
(b) Inventories	70.289	49.457	30.110
(c) Trade receivables	67.763	42.767	45.880
(d) Cash and cash equivalents	1.582	3.754	26.514
(e) Short-term loans and advances	1.689	11.121	2.019
(f) Other current assets	2.043	0.751	0.220
Total Current Assets	143.371	107.850	104.743
TOTAL	203.718	168.646	157.088

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1093.102	916.604	812.618
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.979	8.929	6.407
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.031	3.046	2.375
	PROFIT BEFORE TAX (E-F) (G)		12.948	5.883	4.032
Less	TAX (H)		2.552	2.152	1.166
	PROFIT AFTER TAX (G-H) (I)		10.395	3.731	2.866
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.764	11.110	8.394
Less	Share Issue Expenses Written Off		0.000	0.077	0.150
	BALANCE CARRIED TO THE B/S		25.159	14.764	11.110
	Earnings Per Share (Rs.)		6.93	2.49	1.90

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.95	0.41	0.35
Return on Total Assets (PBT/Total Assets}	(%)	6.36	3.50	2.58
Return on Investment (ROI) (PBT/Networth)		0.18	0.10	0.07
Debt Equity Ratio (Total Debt /Networth)		1.62	1.61	1.62
Current Ratio (Current Asset/Current Liability)		1.92	1.89	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	14.990	14.990	14.990
Reserves & Surplus	41.808	45.464	55.859
Net worth	56.798	60.454	70.849
long-term borrowings	38.709	49.006	55.518
Short term borrowings	53.414	48.421	59.015
Total borrowings	92.123	97.427	114.533
Debt/Equity ratio	1.622	1.612	1.617

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)
Sales	812.618	916.604	1093.102
		12.796	19.256

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	812.618	916.604	1093.102
Profit	2.866	3.731	10.395
	0.35%	0.41%	0.95%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90145743	11/05/2005	30,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE; SENAPATI BAPAT MARG, LOWER PAREL  , BOMBAY, Maharashtra - 400013, INDIA	-
2	90141892	14/02/1996 *	20,000,000.00	ORIENTAL BANK OF COMMERCE	MANDVI BRANCH, NARSINATHA STREET, BOMBAY, Maharas  htra - 400009, INDIA	-
3	90141881	22/12/1995 *	3,900,000.00	ORIENTAL BANK OF COMMERCE	MANDVI BRANCH, NARSINATHA STREET, BOMBAY, Maharas  htra - 400009, INDIA	-
4	90141733	05/08/1992	5,000,000.00	ORIENTAL BANK OF COMMERCE	MANDVI BRANCH, NARSINATHA STREET, BOMBAY, Maharas  htra - 400009, INDIA	-
5	90141583	24/09/1984	4,140,000.00	ORIENTAL BANK OF COMMERCE	MANDVI BRANCH; AGH CHAMBERS, NARSINATHA STREET; 3  79/381, BOMBAY, Maharashtra - 400009, INDIA	-
6	90141531	27/06/1978	70,000.00	ORIENTAL BANK OF COMMERCE	MANDVI BRANCH, NARSINATHA STREET, BOMBAY, Maharas  htra - 400009, INDIA	-
7	90141526	17/06/2013 *	152,000,000.00	Oriental Bank of Commerce	Mandvi Branch, AGH Chambers, 379/381 , Narsi Nath  a Street, Mumbai, Maharashtra - 400009, INDIA	B77802684
8	90149178	08/11/1977	500,000.00	THE HINDUSTAN COMMERCIAL BANK LIMITED	FORT, BOMBAY, Maharashtra, INDIA	-
9	90141505	10/03/1975	600,000.00	PUNJAB NATIONAL BANK	COLOBA, BOMBAY, Maharashtra - 400005, INDIA	-
10	90141494	15/09/1973	800,000.00	PUNJAB NATIONAL BANK	COLOBA, BOMBAY, Maharashtra - 400005, INDIA	-
11	90141490	06/04/1973	200,000.00	PUNJAB NATIONAL BANK	COLOBA, BOMBAY, Maharashtra - 400005, INDIA	-

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Factory Building
• Office Block
• Tube Wall
• Plant and Machinery
• Laboratory Equipment
• Electrical and Fitting
• Office Equipment
• Computer
• Air Conditioners
• Water Coolers
• Refrigerator
• Furniture and Fixtures
• 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 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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.66

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.