MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	SHREE BHAIRAVNATH SCAFFOLDING AND ENGINEERING PRIVATE LIMITED
Registered Office :	Flat No. 101, Tanshiq CHS, Plot No. 106, Sector – 28, Vashi, Navi Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.02.2012
Com. Reg. No.:	11 - 227380
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74999MH2012PTC227380
PAN NO.:	AARCS0956R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Scaffholding Products, Construction, Scaffolding Fittings, etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a relatively new company. It is having a moderate track record. External borrowings of the company seems to be huge during 2013. Trade relations is improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 BY (GENERAL DETAIL)

Name :	Mr. Santosh Chaskar
Designation :	Director
Contact No.:	91-9594065050
Date :	06.10.2014

LOCATIONS

Registered Office :	Flat No. 101, Tanshiq CHS, Plot No. 106, Sector – 28, Vashi, Navi Mumbai – 400703, Maharashtra
Tel. No.:	91-22-27550108
Mobile No.:	91-9594065050 ( Mr. Santosh Chaskar)
Fax No.:	Not Available
E-Mail :	santoshchaskar@gmail.com santosh@saarigroup.com
Corporate Office :	Ambe Prerna C.H.S., Office No –1- 2, Sector – 3, Plot No. 8, Opposite Ghansoli Railway Station, Ghansoli, Navi Mumbai – 400701, Maharashtra, India.
Tel. No.:	91-22-27550108/27552230/27550108
Fax No.:	91-22-27552230/65652230

DIRECTORS

As on 23.08.2013

Name :	Mr. Santosh Navnath Chaskar
Designation :	Director
Address :	Flat 101, Tanishq CHS, Plot No. 106, Sector – 28, Vashi, Navi Mumbai – 400703, Maharashtra, India.
Date of Appointment :	24.02.2012
DIN No.:	02232618
Name :	Ms. Nalini Santosh Chaskar
Designation :	Director
Address :	Flat 101, Tanishq CHS, Plot No. 106, Sector – 28, Vashi, Navi Mumbai – 400703, Maharashtra, India.
Date of Appointment :	24.02.2012
DIN No.:	05189655

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.08.2013

Names of Shareholders	No. of Shares
Santosh Navnath Chaskar	5000
Nalini Santosh Chaskar	5000
Total	10000

As on 23.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Scaffholding Products, Construction, Scaffolding Fittings, etc.
Exports :
Countries :	· Europe
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Customers :	· Wholesalers, Retailers · Allumayer India Private Limited · A.M. Builders and Devl · Balratna Enterprises · Bhumiraj Construction · C.T. Construction · CTRLS Data Centre · Extcone Engineers Private Limited · Jitesh Enterprises · Karan Raju Patel · Klass Kone Engg Private Limited · Lodha Dwellers Private Limited · Mayuresh Constructions · Palak Interiors · Ramsuchit Chauhan · R.D.Y. Construction
No. of Employees :	Information declined by the management
Bankers :	HDFC Bank, Navi Mumbai, Maharashtra, India.
Facilities :	Not Divulged

Banking Relations :	---
Auditors :
Name :	Hemal Parikh and Company Chartered Accountant
Address :	206, Rajasthan Technical Centre, Patanwala Estate, L.B.S.Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India.
Tel No.:	91-22-42153066/67708234
E-Mail :	laabdhi.os@gmail.com
PAN No.:	AAGFH6773H
Group Company/Firm.:	· Jalaram Scaffolding and Engg. Private Limited · Saarvi Enterprises · Saarvi Scaffolding · Sakshi Enterprises · Sakshi Scaffolding

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	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	0.193
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	0.293
(3) Non-Current Liabilities
(a) long-term borrowings	1.331
(b) Deferred tax liabilities (Net)	0.013
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	1.344
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1.358
(c) Other current liabilities	0.180
(d) Short-term provisions	0.182
Total Current Liabilities (4)	1.720
TOTAL	3.357
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.248
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.071
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	2.319
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.459
(d) Cash and cash equivalents	0.330
(e) Short-term loans and advances	0.048
(f) Other current assets	0.201
Total Current Assets	1.038
TOTAL	3.357

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	1.967
		Other Income	0.000
		TOTAL (A)	1.967
Less	EXPENSES (B)		1.686
	PROFIT BEFORE TAX (E-F) (G)		0.281
Less	TAX (H)		0.088
	PROFIT AFTER TAX (G-H) (I)		0.193
	Earnings Per Share (Rs.)		19.30

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	9.81
Net Profit Margin (PBT/Sales)	(%)	14.29
Return on Total Assets (PBT/Total Assets}	(%)	8.55
Return on Investment (ROI) (PBT/Networth)		0.96
Debt Equity Ratio (Total Debt /Networth)		4.54
Current Ratio (Current Asset/Current Liability)		0.60

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	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last One years	Yes
12]	Profitability for last One 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	Yes
19]	Payments terms	Yes
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	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

CORPORATE INFORMATION

Shree Bhairavnath Scaffolding and Engg. Private Limited is engaged in the business of builders and contractors and manufacturers, erectors, suppliers, let on hire or on hire contract, as dealers and to otherwise deal in scaffolding accessories and products and gantries and appliance, including formworks, which are used for carrying out any work or undertakings, whether comprising the erection of building or otherwise, and to carry out any works in connection there with.

UNSECURED LOAN

Rs. In Million.

Particular	As on 31.03.2013
Long Term Borrowing
Loans and advances from related parties	1.331
Total	1.331

INDEX OF CHARGES: NO 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 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 :	RSM
Analysis Done by :	SVA
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	NO
--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		26

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.