1. Summary Information

		Country	India
Company Name	SHEHJAR INDUSTRIES PRIVATE LIMITED	Principal Name 1	Mr. Rajesh Shah
Status	Moderate	Principal Name 2	Ms. Seema Shah
		Registration #	11-183552
Street Address	Flat no. B 303 Third Floor, Om Siddhi Tower, Plot No 115, Nerul (E), Navi Mumbai – 400706, India
Date of Established	20.07.2012	SIC Code	--
Telephone#	Not Available	Business Style 1	Trader
Fax #	91-22-27725655	Business Style 2	--
Homepage	Not Available	Product Name 1	Chemicals
# of employees	7 (Approximately)	Product Name 2	--
Paid up capital	Rs. 100,000 /-	Product Name 3	--
Shareholders	Directors or relatives of Directors 100%	Banking	Jammu and Kashmir Bank Vashi Branch
Public Limited Corp.	No	Business Period	2 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1031,000	Current Liabilities	981,000
Inventories	91,000	Long-term Liabilities	0,000
Fixed Assets	23,000	Other Liabilities	19,000
Deferred Assets	000	Total Liabilities	1,000,000
Invest& other Assets	0	Retained Earnings	45,000
		Net Worth	145,000
Total Assets	1,145,000	Total Liab. & Equity	1,145,000
Total Assets (Previous Year)	--
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Total Income	1,414,000	Net Profit	65,000
Total Income (Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	SHEHJAR INDUSTRIES PRIVATE LIMITED
Registered Office :	Flat no. B 303 Third Floor, Om Siddhi Tower, Plot No 115, Nerul (E), Navi Mumbai - 400706
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.07.2012
Com. Reg. No.:	11-233598
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U25199MH2012PTC233598
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Industrial Chemical.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 600
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company with limited operational history having moderate track. Management has reported a minimal profitability with zero gearing during its first year of business operation i.e FY 2013. However, trade relations are improving. Business is active. Payments terms are reported as slow. In view of infancy, the company can be considered for business dealings with 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.

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 / DENIED BY

Name :	Mr. Rajesh Shah
Designation :	Director
Contact No.:	91-9819339114
Date :	29.09.2014

LOCATIONS

Registered Office / Factory :	Flat no. B 303 Third Floor, Om Siddhi Tower, Plot No 115, Nerul (E), Navi Mumbai – 400706, India
Tel. No. :	Not Available
Mobile No. :	91-9819339114 (Mr. Rajesh)
Fax No. :	91-22-27725655
E-Mail :	sales@shehjar.in
Area :	1100 Sq.Ft
Location :	Rented

DIRECTORS

As on 30.9.2013

Name :

Mr. Rajesh Shah

Designation :

Director

Address :

U – 75/27-28, DLF City phase – III, Gurgaon – 122002, Haryana, India

Date of Appointment :

20.07.2012

DIN No. :

1237760

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	U74899DL1992PTC048746	NRS HOLDINGS PRIVATE LIMITED	Director	18/08/2003	18/08/2003	-	Active	NO
2	U29199DL2005PTC143044	SPAN TECHNOLOGIES PRIVATE LIMITED	Director	28/11/2005	28/11/2005	-	Active	NO
3	U25199MH2012PTC233598	SHEHJAR INDUSTRIES PRIVATE LIMITED	Director	20/07/2012	20/07/2012	-	Active	NO

Name :

Ms. Seema Shah

Designation :

Director

Address :

U – 75/27-28, DLF City phase – III, Gurgaon – 122002, Haryana, India

Date of Appointment :

20.07.2012

DIN No. :

05321143

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	U25199MH2012PTC233598	SHEHJAR INDUSTRIES PRIVATE LIMITED	Director	20/07/2012	20/07/2012	-	Active	NO
2	U29199DL2005PTC143044	SPAN TECHNOLOGIES PRIVATE LIMITED	Director	29/10/2012	29/10/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ms. Seema Shah	5000
Mr. Rajesh Shah	5000
Total	10000

As on 30.9.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Industrial Chemical
Exports :
Products :	Industrial Chemical
Countries :	· Nigeria · Madagascar
Imports :
Products :	Chemicals
Countries :	· China
Terms :
Selling :	Cash and LC
Purchasing :	CAD

GENERAL INFORMATION

Suppliers :	Tianjin Bohai, China
Customers :	Polygel India Private Limited, Mumbai, Maharashtra, India
No. of Employees :	7 (Approximately)
Bankers :	Jammu and Kashmir Bank Vashi Branch
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Ramesh Shah and Associates Chartered Accountants
Address :	D-51, Hauz Khas, New Delhi – 110016, India
PAN :	AASPS9513Q

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	0.045
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	0.145
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.003
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.003
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.564
(c) Other current liabilities	0.417
(d) Short-term provisions	0.016
Total Current Liabilities (4)	0.997
TOTAL	1.145
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.023
(ii) Intangible Assets	0.000
(iii) 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 Loan and Advances	0.021
(e) Other Non-current assets	0.000
Total Non-Current Assets	0.044
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.091
(c) Trade receivables	0.171
(d) Cash and cash equivalents	0.800
(e) Short-term loans and advances	0.039
(f) Other current assets	0.000
Total Current Assets	1.101
TOTAL	1.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	1.342
		Other Income	0.072
		TOTAL	1.414
Less	EXPENSES
		Cost of Materials Consumed	0.517
		Purchases of Stock-in-Trade	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.091)
		Employees benefits expense	0.595
		Other expenses	0.321
		TOTAL (B)	1.342
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.072
Less	FINANCIAL EXPENSES		0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.072
Less/ Add	DEPRECIATION/ AMORTISATION		0.007
	PROFIT/ (LOSS) BEFORE TAX		0.065
Less	TAX		0.020
	PROFIT/ (LOSS) AFTER TAX		0.045
	EARNINGS IN FOREIGN CURRENCY		1.322
	Earnings / (Loss) Per Share (Rs.)		4.50

Particulars	31.03.2014
Sales Turnover (Approximately)	10.000

The above information has been parted by Mr. Rajesh shah

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	3.18
Net Profit Margin (PBT/Sales)	(%)	4.84
Return on Total Assets (PBT/Total Assets}	(%)	5.68
Return on Investment (ROI) (PBT/Networth)		0.45
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		1.10

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 two years	Yes
12]	Profitability for last one 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	No
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	No
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

NO INDEX OF CHARGES EXIST FOR THE COMPANY

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	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.