MIRA INFORM REPORT

Report Date :

08.10.2014

IDENTIFICATION DETAILS

Name :	EVERSHINE TRADING CORPORATION
Registered Office :	92/4, 2nd Main Road, Gandhi Nagar, Adyar, Chennai – 600020, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	August, 2009
Capital Investment :	Rs. 23.083 Millions
IEC No.:	0413037291
PAN No.: [Permanent Account No.]	AAEFE3813B
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trading of Rough Granite Blocks.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated as proprietary concern in the year 2009 and later it got converted into partnership concern on March 2013. It is a partnership concern having satisfactory track record. The rating takes into consideration concern established track record of business operation and sound financial risk profile of the concern Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered normal for business dealings at usual trade terms and conditions. NOTE: Rating is based on financial statement available of proprietary and partnership concern.

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 willfully 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

Name :	Mr. Benno Crispin Gandhi
Designation :	Partner
Contact No.:	91-9884023002
Date :	06.10.2014

LOCATIONS

Registered Office :	92/4, 2nd Main Road, Gandhi Nagar, Adyar, Chennai – 600020, Tamilnadu, India
Tel. No.:	91-44-430600920
Mobile No.:	91-9884023002 [Mr. Benno Crispin Gandhi]
Fax No.:	Not Available
E-Mail :	evershine@outlook.in
Location :	Rented

PARTNERS

Name :	Mr. Benno Crispin Gandhi
Designation :	Partner
Address :	No. 7/1, Orchid Villa East, Circular Road, Raja Annamalai - Puram, Chennai : 600028, Tamilnadu, India
Date of Birth/Age :	10.10.1982
Qualification :	B.E., MBA
Experience :	5 Years
Partner Profile :	Mr. G. Benno Crispin, aged about 31 Years, has about 5 years, experience in the line. After completing his B.E. and M.B.A. Degree, he has been working with various industries engaged in similar line for well over 4 years. With the experience he gained and also due his worldwide contacts, especially in China, Hong Kong, Singapore, etc. He could muster enough business resources and export orders for export of granites. Until last year up to 31.03.2013 he has been doing trading business as a Proprietor like procuring the export orders, especially based on FLC of leading foreign Banks and transferring and selling the same to other exporters. Mr. Benno Crispin is widely travelled and has his friends in various circles in various countries. He has along with his sister has started his own venture in the name and style of EVERSHINE TRADING COPORATION in April, 2013. The firm has large export orders backed by FLCs that too from leading global players in the industry.
PAN No.:	BFMPB1156A
Name :	Ms. G Jennifer Mary
Designation :	Partner
Address :	No. 7/1, Orchid Villa East, Circular Road, Raja Annamalai - Puram, Chennai : 600028, Tamilnadu, India
Date of Birth/Age :	26.12.1986
Qualification :	M.A.(HR)
Experience :	1 Year
Partner Profile :	Ms. Jennifer, the other Partner and the sister of Managing Partner is a Post Graduate Degree Holder in H.R. After just finishing her Post Graduate studies she has joined hands with her brother in the new venture as one of the Partners.

BUSINESS DETAILS

Line of Business :	Trading of Rough Granite Blocks.
Terms :
Selling :	L/C, Cash and Credit [30 days]
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :	· B J Enterprises Mr. Sundar [Proprietor] Mobile No. 91-9444036336 Report: Good Company no complaints · Gem Granites Mr. Muthuswamy Mobile No. 91-9600075062 Report: Good Company no complaints · Chindia Granites Private Limited · Sunny Enterprises · RR Granites · Bash Granites · Ongole Galaxy · Harikrishna Sai Granites · Sireesha Geo Granite Private Limited · Kalyani Granites · Jaya Mineral Exports · Vyplavi Granites · Swathi Granites · Pallava Granites
Customers :	· Arasu Granites · Devi Narayanan Granites · Evershine Granites · Gautam Granites · Gee Gee Enterprises · Golden Rock Exports · Indian Stone Selection · Gopikrishna Granites Limited · Pradeep Minerals and Granites Private Limited · Raj Rock Industries · Renuka Yellamamba Granites · Sri Lakshmi Granites · Variety Trade Links · Venus Granites · Enterprising Enterprises
No. of Employees :	6 (Approximately)
Bankers :	City Union Bank Limited
Facilities :	--

Banking Relations :	--
Auditors :
Name :	AL Narasimhan Chartered Accountant
Address :	60/24, Govindan Road, West Mambalam, Chennai, Tamilnadu, India
Tel. No.:	91-9840243470
E-Mail :	shan_shrine@yahoo.co.in

CAPITAL STRUCTURE

PARTNERS CAPITAL ACCOUNT AS ON 31.03.2014

(RS. IN MILLIONS)

PARTICULARS	Amount in Millions
G BENNO CRISPIN
Opening Capital	2.000
Add: Capital Introduced	8.000
Add: Salary	0.060
Add; Interest on Capital	0.900
Add: Share in Profit	0.950
	11.910
Less: Drawings	0.368
Closing Capital	11.542
G JENNIFER MARY
Opening Capital	2.000
Add: Capital Introduced	8.000
Add: Salary	0.060
Add; Interest on Capital	0.900
Add: Share in Profit	0.949
	11.909
Less: Drawings	0.368
Closing Capital	11.541
GRAND TOTAL OF CAPITAL OF PARTNERS	23.083

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
		[Partnership Firm]	[Proprietary Firm]
SHAREHOLDERS FUNDS
1] Capital Account		23.083	22.625	21.892
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss A/c		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.083	22.625	21.892
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.000	10.000	10.000
TOTAL BORROWING		10.000	10.000	10.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.083	32.625	31.892
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.118	8.919	9.862
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.565	13.488	9.890
	Sundry Debtors	14.953	13.346	12.412
	Cash & Bank Balances	0.216	0.056	0.126
	Other Current Assets	0.145	0.032	0.021
	Loans & Advances	10.223	10.222	10.221
Total Current Assets		40.102	37.144	32.670
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.519	12.916	9.568
	Other Current Liabilities	0.618	0.522	0.982
	Provisions	0.000	0.000	0.000
Total Current Liabilities		15.137	13.438	10.550
Net Current Assets		24.965	23.706	22.120
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.083	32.625	31.892

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
			[Partnership Firm]	[Proprietary Firm]
	SALES
		Income	134.899	104.790	79.838
		Other Income	0.040	0.195	0.164
		TOTAL	134.939	104.985	80.002
Less	EXPENSES
		Cost of Goods sold	99.498	78.217	58.739
		Wages	11.224	8.719	6.643
		Power and Fuel	6.718	5.219	3.976
		Freight, Cooliege and Transport Charges	4.663	3.690	2.800
		Processing and Redressing Charges	0.613	0.485	0.368
		Repairs and maintenance	0.256	0.199	0.152
		Salary and allowance	1.568	1.377	1.022
		Rent	0.120	0.120	0.120
		Telephone Expenses	0.213	0.166	0.157
		Travelling and Conveyance	0.515	0.415	0.383
		Vehicle hiring and maintenance	0.685	0.615	0.567
		Business promotion	0.416	0.399	0.324
		Audit and Accounting fee	0.189	0.168	0.146
		Carriage outwards	1.241	0.964	0.735
		Commission paid to agents	1.457	1.132	0.862
		Miscellaneous Expenses	0.212	0.212	0.198
		Remuneration to partners	0.120	0.000	0.000
		Interest on capital of partners	1.800	0.000	0.000
		Other Expenses	0.132	0.097	0.070
		TOTAL	131.640	102.194	77.262
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		3.299	2.791	2.740
Less/ Add	DEPRECIATION/ AMORTISATION		1.400	1.543	1.718
	NET PROFIT		1.899	1.248	1.022

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
		[Partnership Firm]	[Proprietary Firm]
PAT / Total Income	(%)	1.41	1.19	1.28
Net Profit Margin (PBT/Sales)	(%)	1.41	1.19	1.28
Return on Total Assets (PBT/Total Assets}	(%)	3.94	2.71	2.40
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.05
Debt Equity Ratio (Total Debt/Networth)		0.43	0.44	0.46
Current Ratio (Current Asset/Current Liability)		2.65	2.76	3.10

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)
Capital Account	21.892	22.625	23.083
Profit and Loss Account	0.000	0.000	0.000
Net worth	21.892	22.625	23.083
Secured Loans	0.000	0.000	0.000
Unsecured Loans	10.000	10.000	10.000
Total borrowings	10.000	10.000	10.000
Debt/Equity ratio	0.457	0.442	0.433

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	79.838	104.790	134.899
		31.253	28.733

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	79.838	104.790	134.899
Profit	1.022	1.248	1.899
	1.28%	1.19%	1.41%

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	Yes
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)	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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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 LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
B G Louisa	5.000	5.000
S Gandhi	5.000	5.000
Total	10.000	10.000

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STATEMENT OF TOTAL INCOME

MR. BENNO CRISPIN GANDHI

(RS. IN MILLIONS)

PARTICULARS	31.03.2013
I. INCOME FROM BUSINESS
Net Profit as Profit and Loss Account	1.248
Less: Deduction under Chapter VIA	0.215
Taxable Income	1.033
Taxable Income rounded off to	1.033
II. COMPUTATION OF TAX LIABILITY
Tax payable on the above	0.140
Add: Education cess	0.004
	0.144
Less: Advance Tax paid	0.100
Less: Self-Assessment paid	0.044
TAX/REFUND DUE	0.000

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
1. Gross Sales - (i) Domestic sales	182.114	245.853
(ii) Export sales	--	--
Other Income	--	--
Total	182.114	245.853
2. Less: Excise duty	--	--
Deduct other items	--	--
3. Net Sales (1 - 2)	182.114	245.853
4. % age rise (+) or fall (-) in net sales as compared to previous year (annualised)	34.96%	35.00%
5. Cost of sales
i) Raw materials(including stores and spares and other items used in the process of manufacture	144.050	177.909
(a) Imported	--	--
(b) Indigenous	144.050	177.909
ii) Other Consumables	--	--
(a) Imported	--	--
(b) Indigenous	--	--
iii) Wages	15.148	24.526
iv) Power and Fuel	9.067	20.943
v) Other Manufacturing Expenses	7.466	2.881
vi) Depreciation	1.192	1.015
vii) SUB-TOTAL (i to vi)	176.922	227.274
viii) Add: Opening stocks-in-process/Raw Materials	--	--
Sub-total	176.922	227.274
ix) Deduct: Closing stocks-in-process	--	--
x) Cost of Production	176.922	227.274
xi) Add : Opening stock of Finished goods	14.565	25.000
Sub-total	191.487	252.274
xii) Deduct: Closing stock of Finished Goods	25.000	25.000
xiii) SUB-TOTAL (Total cost of sales)	166.487	227.274
Gross Profit	15.626	18.579
	8.58%	7.56%
6. Selling, General and Administrative expenses	9.536	10.489
7. SUB-TOTAL (5+6)	176.023	237.763
8. Operating profit before interest (3-7)	6.090	8.090
9. Interest	2.590	2.590
10.Operating profit after interest (8-9)	3.500	5.500
11. (i) Add other non-operating income
(a) Interest / Discount Received	--	--
(b) Miscellaneous Income	--	--
(c) Sundry Balances Written Off	--	--
(d) Previous Year Adjustments	--	--
Sub-total (income)	--	--
(ii) Deduct other non-operating exp.
(a) Amount written off	--	--
(b) Other Miscellaneous Expenses	--	--
(c) Foreign exchange Fluctuations	--	--
Sub-total(expenses)	--	--
(iii) Net of other non-operating income/expenses	--	--
12. Profit before Tax/Loss {10+11(iii)}	3.500	5.500
13. Provision for taxes	--	--
Deferred Taxes	--	--
Prior Period Adjustments	--	--
14. Net Profit/Loss (12-13)	3.500	5.500
15. (a) Drawings	1.300	1.900
(b) Dividend Rate	37%	35%
16. Retained Profit (14-15)	2.200	3.600
17. Retained Profit/Net profit (% age)	63%	65%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
LIABILITIES
CURRENT LIABILITIES
1.Short-term borrowings from banks (including bills purchased discounted and excess borrowing placed on repayment basis)
(i) From applicant bank	18.500	18.500
(ii) From other banks	--	--
(iii) (of which BP and BD)	--	--
Subtotal (A)	18.500	18.500
2. Short term borrowings from others	--	--
3. Sundry creditor (Trade)	9.000	9.000
4. Advance payments from customers/deposit from dealers	--	--
5. Provision for taxation	--	--
6. Dividend payable	--	--
7. Other statutory liabilities (due within one year)	--	--
8. Deposits/ Installments of term loans/ DPGs/ Debentures, etc. due within one year)	--	--
(
9. Other current liabilities and provisions (due in 1 year)	0.500	0.500
(Specify major items)
a. TDS payable	--	--
b. Creditor for Expenses	0.500	0.500
c. Other Current Liabilities- Creditors for Expenses	--	--
OTHER CURRENT LIABILITIES [Sub-total (B)]	9.500	9.500
10. TOTAL CURRENT LIABILITIES (total of 1 to 9 excl 1(iii))	28.000	28.000
TERM LIABILITIES
11. Debentures (not maturing within 1 year)	--	--
12. Preference shares (redeemable after 1 year)	--	--
13. Term loans (excluding installments payable within 1 year)	--	--
14. Deferred Payment Credit excluding installment due within 1 year)	--	--
15. Unsecured Loans (repayable after 1 year)	10.000	10.000
16. Other term liabilities (Advances from Customers)	--	--
17. TOTAL TERM LIABILITIES	10.000	10.000
17(a). Inter Unit Balance	--	--
18. TOTAL OUTSIDE LIABILITIES (item 10 +17)	38.000	38.000
NET WORTH
19. Ordinary Share Capital	21.920	21.920
20. Revaluation Reserve	--	--
21. General Reserve	--	--
22. Share Premium	--	--
23. Surplus(+) or deficit(-) in P and L account	2.200	3.600
23 (a).Capital Subsidy Reserve	--	--
23 (b). Inter Unit $	--	--
23 (b). Deferred Tax Liability	--	--
24. NET WORTH	24.120	25.520
25. TOTAL LIABILITIES	62.120	63.520
CURRENT ASSETS
26. Cash and bank balances	0.500	0.500
27.Investments(other than long term investments)
(i) Fixed Deposits (LC, BG, Margin )	--	--
(ii) Other Fixed deposits with bank	--	--
28.(i) Receivables other than deferred and export (Including bills purchased and discounted by banks)	18.975	21.390
(ii) Export receivables (including bills purchased and dis.by bank)	--	--
29. Installments of deferred receivables (due within 1 year)	--	--
30. Inventory:
(i) Raw materials(including stores and other items used in the process of manufacture)
a) Imported	--	--
b) Indigenous	--	--
(ii) Stocks-in-process/Raw Materials	--	--
(iii) Finished goods	25.000	25.000
(iv) Other consumable spares
a) Imported	--	--
b) Indigenous	--	--
31. Advances to suppliers of raw materials	0.500	0.500
32. Advance payment of taxes	--	--
33. Other current assets	0.014	0.014
- Deposits	--	--
- Others (loans and advances)	0.014	0.014
34. TOTAL CURRENT ASSETS (total of 26 to 33)	44.989	47.404
FIXED ASSETS
35. Gross Block (land and building, machinery, work-in-process)	20.244	20.244
36. Depreciation to date	13.319	14.334
37. NET BLOCK (35-36)	6.925	5.910
OTHER NON-CURRENT ASSETS
38. Investments/book debts/adv./deposits which are not Current Assets	10.206	10.206
(i) a) Investments in subsidiary companies/affiliates	--	--
b) Others	--	--
(ii) Advances to suppliers of capital goods and contractors	--	--
(iii) Inter unit A/c.	--	--
(iv) Others-Debtors >6 months
-Security deposit	10.206	10.206
-Any other Non-Current deposits	--	--
39. Non-consumables stores and spares	--	--
40. Other non-current assets including dues from directors	--	--
41. TOTAL OTHER NON-CURRENT ASSETS	10.206	10.206
42. Intangible assets (patents, goodwill, prelim. exp. bad/doubtful expenses not provided for, etc.)	--	--
43. TOTAL ASSETS (34+37+41+42)	62.120	63.520
44. TANGIBLE NET WORTH (24-42)	24.120	25.520
45. NET WORKING CAPITAL(17+24)-(37+41+42)	16.989	19.404
46. Current Ratio	1.61	1.69
47. Total Outside Liabilities/ Tangible Net Worth	1.58	1.49
48. Total Term Liabilities/Tangible Net Worth	0.41	0.39

------------------------------------------------------------------------------------------------------------------------------

FUND FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
1. SOURCES
a) Net profit (after tax)	3.500	5.500
b) Depreciation	1.192	1.015
c) Increase in capital	0.000	0.000
d) Increase in term liabilities, including public deposits	0.000	0.000
e) Decrease in : i) Fixed assets	0.000	0.000
ii) Other non-current assets	0.000	0.000
f) Others	0.000	0.000
g) TOTAL	4.692	6.515
2. USES
a) Net loss	--	--
b) Decrease in term liabilities, including public deposits	0.000	0.000
c) Increase in : i) Fixed Asset	0.000	0.000
ii ) Depreciation adjustment	0.000	0.000
iii) Other non-current assets	0.000	0.000
d) Dividend payment/Drawings	1.300	1.900
e) Others	1.163	2.200
f) TOTAL	2.463	4.100
3. Long term surplus / deficit	2.229	2.414
4. Increase / Decrease in current assets*(as per details given below)	15.092	2.415
5. Increase / Decrease in current liabilities other than bank borrowings	(5.637)	--
6. Increase / Decrease in working capital gap	20.729	2.415
7. Net surplus(+) / deficit(-)	(18.500)	(0.001)
8. Increase / Decrease in Bank borrowings	18.500	--
INCREASE / DECREASE IN NET SALES	47.174	63.740
*Break-up of (4)	0.000	(0.001)
i ) Increase / decrease in Raw materials	--	--
ii ) Increase / decrease in Stock -in-process	--	--
iii) Increase / decrease in Finished goods	10.435	--
iv) Increase / decrease in Receivables (a) Domestic	4.022	2.415
(b) Export	--	--
v) Increase / decrease in Stores and spares	--	--
vi) Increase / decrease in Other current assets	0.635	--
TOTAL	15.092	2.415

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
I. CURRENT ASSETS
1.Raw materials including stores and other items used in the process of manufacturing
(a) Imported : Amount	--	--
: Month's consumption	--	--
(b) Indigenous : Amount	--	--
: Month's consumption	--	--
2. Other consumable spares, excluding those included in (1) above
(a) Imported : Amount	--	--
: Month's consumption	--	--
(b) Indigenous : Amount	--	--
: Month's consumption	--	--
3. Stocks-in-process : Amount	--	--
: Month's cost of production	--	--
4. Finished goods : Amount	25.000	25.000
: Month's cost of Sales	1.80	1.32
5. Receivables other than export and deferred receivables (Including bills purchased and discounted by bank)
: Amount	18.975	21.390
: Month's Domestic Sales( including deferred payment sales)	1.25	1.04
6. Export receivables (including bills purchased and disc.)
: Amount	--	--
: Month's export Sales	--	--
7. Advance to suppliers of materials and stores/ spares, consumables	0.500	0.500
8. Other current assets including cash and bank balances and deferred receivables due within one year(specify major items)	0.514	0.514
: Cash and bank balances	0.500	0.500
: Investment except long-term investment of deferred receivables	--	--
: Others	0.014	0.014
9. TOTAL CURRENT ASSETS	44.989	47.404
II. CURRENT LIABILITIES
(Other than bank borrowing for working capital)
10. Creditors for purchase of raw materials, stores and consumable spares
: Amount	9.000	9.000
: Month's purchase	0.75	0.61
11. Advance from customers	--	--
12. Statutory liabilities	--	--
13. Other current liabilities-specify major items
a) S T borrowings-others	--	--
b) Dividend payable	--	--
c) Installments of TL, DPS and public deposits	--	--
d) Other current liabilities and provisions	0.500	0.500
14. TOTAL	9.500	9.500

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COMPUTATION OF ASSESSED BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
ASSESSED BANK FINANCE
1. Total current assets	44.989	47.404
2. Other current liabilities (other than bank borrowing)	9.500	9.500
3. Working capital gap	35.489	37.904
4. Net working capital	16.989	19.404
5. Assessed Bank Finance	18.500	18.500
6. NWC to Total Current Assets %	37.76	40.93
7. Bank Finance to TCA %	41.12	39.03
8. Sundry Creditors to TCA %	20.00	18.99
9. Other Current Liability to Total Current assets %	1.11	1.05
10. Inventory to Net Sales (Days)	50	37
11. Receivables to Gross Sales (Days)	38	32
12. Sundry Creditors to Purchases (Days)	--	--

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
	Net Sales	182.114	245.853
1	Total Current Assets	44.989	47.404
2	Other Current Liabilities (Other than Bank Borrowing and TL installment payable within one year	9.500	9.500
3	Working Capital Gap (WCG) (1 - 2)	35.489	37.904
4	Min Stipulated NWC 25% of TCA excluding Export Receivable	11.247	11.851
5	Actual/Projected Net WC	16.989	19.404
6	Item 3 minus 4	24.242	26.053
7	Item 3 minus 5	18.500	18.500
8	MPBF (Item 6 or 7 whichever is lower)	18.500	18.500
9	Excess Borrowing	--	--

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FINANCIAL INDICATORS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
1. Net Sales	182.114	245.853
1.a. Operating Profit	3.500	5.500
2. Profit Before Tax	3.500	5.500
2.a. PBT / Net sales ( % )	1.92	2.24
3. Profit After Tax	3.500	5.500
4. Paid Up Capital	21.920	21.920
4.a. Cash Accruals	3.392	4.615
5. Tangible Net Worth	24.120	25.520
6. Total Outside Liability	38.000	38.000
7. TOL / TNW	1.58	1.49
7.a. Adjusted TNW	24.120	25.520
7.b. TOL / Adj. TNW	1.58	1.49
8. Total Current Assets	44.989	47.404
8.a. Total Tangible Assets	62.120	63.520
9. PBT / TTA ( % )	5.64%	8.66%
10. Operating Expenses	176.023	237.763
11. Operating Expenses / Net Sales ( % )	96.66%	96.71%
12. Cost Of Sales / Net sales ( % )	0.91	0.92
13. Depreciation	1.192	1.015
14. Interest	2.590	2.590
15. Net Working Capital	16.989	19.404
17. Inventory + Receivables	43.975	46.390
18. Assessed Bank Finance	18.500	18.500
19. PBDIT	7.282	9.105
20. PBDIT / Intt.	2.81	3.52
21. PBDIT / TTA	11.72	14.33
22. Purchases	144.050	177.909
23. Sundry Creditors	9.000	9.000
24. TOL / TNW	1.58	1.49
25. CA /CL	1.61	1.69
26. Bank Finance / TCA ( % )	41.12	39.03
27. Gross Sales / Total Current Assets	4.05	5.19
28. Operating Profit / Net Sales ( % )	1.92	2.24
29. Operating Profit / TTA ( % )	5.64	8.66
30. Operating Profit / TNW ( % )	14.51	21.55
31. Operating Profit / Gross Fixed Assets ( % )	17.29	27.17
EFFICIENCY RATIOS
1. Net Sales to TTA ( times)	2.93	3.87
2. PBT to TTA ( % )	5.64	8.66
3. Operating costs to sales ( % )	96.66	96.71
4. Bank Finance to TCA ( % )	41.12	39.03
5. Inventory + Receivables to net sales ( days)	87	68
A. Assessed Bank Finance	18.500	18.500
B. CA /CL	1.61	1.69
C. TOL / TNW	1.58	1.49
D. PBDIT / Intt.	2.81	3.52
E. Net Profit / Net Sales ( % )	1.92	2.24
F. (PBDIT / TTA) ROCE	11.72	14.33
G. (Inv. + Rece.) / Net Sales ( Days )	87	68

------------------------------------------------------------------------------------------------------------------------------

SUMMARY OF FINANCIAL POSITION AND PERFORMANCE

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
A. CURRENT LIABILITIES
i. Bank Borrowings	18.500	18.500
ii. TL installments due within 1 year	0.000	0.000
iii. Deposits/Unsecured loans	0.000	0.000
iv. Sundry Creditors	9.000	9.000
v. Provision	0.000	0.000
vi. Other current liabilities	0.500	0.500
Total (A)	28.000	28.000
B. TERM LIABILITIES	10.000	10.000
C. NET WORTH
i. Capital	21.920	21.920
ii. Reserves and Surplus	2.200	3.600
Total (i + ii)	24.120	25.520
Less : Intangible assets	0.000	0.000
Total (C)	24.120	25.520
Revaluation Reserve	0.000	0.000
Net worth Excluding Revaluation Reserve	24.120	25.520
D. TOTAL LIABILITIES (A+B+C)	62.120	63.520
E. CURRENT ASSETS
i. Cash and Bank Balance	0.500	0.500
ii. Receivables - Domestic	18.975	21.390
- Export	0.000	0.000
iii. Inventory	25.000	25.000
iv. Loans and Advances	0.000	0.000
v. Other current assets	0.514	0.514
Total (E)	44.989	47.404
F. NET FIXED ASSETS (Excluding Revaluation Reserve)	6.925	5.910
G. Advance/Investment in Subsidiary Associate Concern	0.000	0.000
H. Other Non-Current Assets	10.206	10.206
I. TOTAL ASSETS (E+F+G+H+I)	62.120	63.520
J. FINANCIAL PERFORMANCE
i. Gross Sales Domestic	182.114	245.853
Export	0.000	0.000
Less: Excise Duty	0.000	0.000
Net Sales	182.114	245.853
ii. Profit Before Tax and Depreciation	4.692	6.515
iii. Depreciation	1.192	1.015
iv. Taxation	0.000	0.000
v. Net Profit	3.500	5.500
vi. Dividend/Drawings of Proprietor
- Amount	1.300	1.900
- Percentage	37.14	34.55
vii. Profit retained in business	2.200	3.600
ix. Interest	2.590	2.590
x. PBDIT	7.282	9.105
K. RATIO ANALYSIS
i. Current Ratio	1.61	1.69
ii. Total Debt/Equity	1.58	1.49
iii. Gross Profit/Sales	2.58%	2.65%
iv. Net Profit/Sales	1.92%	2.24%
v. Debtors/Sales	1.25	1.04
vi. Creditors/Purchase	0.70	0.61
vii. Interest Coverage Ratio	2.81	3.52
viii. Current Asset Turnover	4.14	5.30
Net Working Capital	16.989	19.404
Cost of Production	176.922	227.274
Cost of Sales	166.487	227.274

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SOURCES OF LONG TERM FUNDS AND DEPLOYMENT THEREOF

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 [Estimates]	31.03.2016 [Projections]
SOURCES OF LONG TERM FUNDS
Paid up capital	21.920	21.920
General Reserve	--	--
Share Premium	--	--
Deferred Tax Liability	--	--
General Reserve/Capital Reserve	--	--
Profit & Loss A/c	2.200	3.600
Less: Intangibles	--	--
Tangible Net Worth (A)	24.120	25.520
Term loans (excluded installments payable within 1 year)	--	--
Deferred Payment Credit excluding installment due within 1 year)	--	--
Unsecured Loans (repayable after 1 year) /OTLs	10.000	10.000
Total Term Liabilities (B)	10.000	10.000
Total Long Term Funds (A+B)	34.120	35.520
Deployment of Long Term Funds
Fixed Assets ( Net Block )	6.925	5.910
Non-Current Assets	10.206	10.206
Net Working Capital	16.989	19.404
Total Deployment of Long Term Funds	34.120	35.520
NET OWNED FUNDS POSITION ( NOF )
Tangible Net Worth	24.120	25.520
Add : Unsecured Loans in the form of quasi equity	10.000	10.000
Less : Utilisation of funds for purposes not relating to business	--	--
NOF in business	34.120	35.520
Total Funds Deployed ( TFD ) in business	62.120	63.520
NOF as % ( percentage ) to TFD	0.55	0.56

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STATEMENT OF ASSETS AND LIABILITIES AS AT 28.06.2014

MR. BENNO CRISPIN GANDHI

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	HOW ACQUIRED	EXTENT OF ENCUMBRANCE	MARKET VALUE
A.	IMMOVABLE PROPERTIES
1	1/8 share in Agricultural land situated in native village in Thiruvannamalai measuring 150 acres	Ancestral	Free	15.000
2	Flat measuring 2200 sq. ft. at R.A. Puram	Ancestral	Free	30.000
	SUB-TOTAL			45.000
B.	LIQUID ASSETS:
1	Cash and Bank balances			0.200
2	Government Securities			0.000
3	Shares/Mutual Fund Units			0.000
4	Life Insurance Policies			0.300
5	Jewellery			2.500
6	Investment in Businesses:			11.542
7	Vehicles and House hold Articles			2.500
	SUB-TOTAL			17.042
	TOTAL			62.042
C.	LIABILITIES
	Borrowings from banks			0.000
	Borrowings from other multans			0.000
	Borrowings from other sources			0.000
	SUB-TOTAL			0.000
	TOTAL NETWORTH			62.042

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STATEMENT OF ASSETS AND LIABILITIES AS AT 28.06.2014

MS. G JENNIFER MARY

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	HOW ACQUIRED	EXTENT OF ENCUMBRANCE	MARKET VALUE
A.	IMMOVABLE PROPERTIES
1	1/8 share in Agricultural land situated in native village in Thiruvannamalai measuring 150 acres	Ancestral	Free	15.000
	SUB-TOTAL			15.000
B.	LIQUID ASSETS:
1	Cash and Bank balances			0.500
2	Government Securities			0.000
3	Shares/Mutual Fund Units			0.000
4	Life Insurance Policies			0.200
5	Jewellery			1.000
6	Investment in Businesses:			11.542
7	Vehicles and House hold Articles			2.500
	SUB-TOTAL			15.742
	TOTAL			30.742
C.	LIABILITIES
	Borrowings from banks			0.000
	Borrowings from other multans			0.000
	Borrowings from other sources			0.000
	SUB-TOTAL			0.000
	TOTAL NETWORTH			30.742

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TRADE REFERENCES

· B J Enterprises

Mr. Sundar [Proprietor]

Mobile No. 9444036336

· Gem Granites

Mr. Muthuswamy

Mobile No. 9600075062

· Gee Gee Enterprises

Mr. Kevin Joshua [Partner]

Mobile No. 9840036606

· Ellur Amman Exports

Mr. Vijay [Proprietor]

Mobile No. 9791196657

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS

· Vehicles

· Furniture and Fixture

· Computer and Peripherals

· AC and Other Equipments

· Plant and Machinery

· Office Equipment

------------------------------------------------------------------------------------------------------------------------------

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. 61.36
UK Pound	1	Rs. 98.71
Euro	1	Rs. 77.47

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.