MIRA INFORM REPORT

Report Date :

13.10.2014

IDENTIFICATION DETAILS

Name :	MAHAVIR ASSOCIATES
Registered Office :	23, 24, Rooprajat Nagar, Opposite-CIDCO Colony, Tararpur road, Boisar West, Thane – 401501, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2000
Capital Investment / Paid-up Capital :	Rs. 74.299 Millions (Estimated)
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Builder and Developer.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 is an established partnership concern having satisfactory track record. There seems some dip in the turnover and profit during 2014 however, general financial position is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The concern can considered normal for business dealings at usual trade terms and conditions.

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

Name :	Mr. Mitesh
Designation :	Partner
Contact No.:	91-9923160904
Date :	09.10.2014

LOCATIONS

Registered Office :	23, 24, Rooprajat Nagar, opposite-CIDCO Colony, Tararpur road, Boisar, Thane – 401501, India, Maharashtra
Tel. No.:	91-2525-272500 / 276500
Mobile No.:	91-992316094 (Mr. Mitesh)
Fax No.:	Not Available
E-Mail :	mitesh_31@rediffmail.om
Branch Office :	Rooprajat Nagar, Opposite Tata Housing, Chillar Road, Boisar, Thane – 401501, Maharashtra India

PARTNERS

Name :	Mr. Jitendra Agarwal
Designation :	Managing Partner
Name :	Mr. Chandan Solanki
Designation :	Partner
Name :	Mr. Gautam Solanki
Designation :	Partner
Name :	Mr. Mahavir Solanki
Designation :	Partner
Name :	Mr. Nitesh
Designation :	Partner

BUSINESS DETAILS

Line of Business :

Builder and Developer.

GENERAL INFORMATION

No. of Employees :	15 (Approximately)
Bankers :	Bank of Baroda, Boisar Branch, Thane, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	Mr. Suhas Kelkar Chartered Accountant

CAPITAL STRUCTURE

Names of Partners	Amount (Rs. In Millions)
Anita Agrawal	4.829
Bharati S. Jain	3.629
Chandan N. Solanki	7.483
Deepak N Shah	3.629
Devilalji Jain	3.629
Gautam N. Solanki	7.258
Jayashree Jain	3.629
Jitendra Agrawal	2.429
Mahavir N. Solanki	5.223
Meena M. Jain	3.629
Nima V. Jain	3.629
Nirupama D. Shah	3.629
Pawan Agrawal	3.079
Ratilal K. Jain	3.629
Roopchand Jain	3.529
Sanjay Parashmal Jain	3.629
Savitaben Agrawal	4.179
Vijeshkumar Jain	3.629
TOTAL	74.299 (Estimated)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partners Share Capital		74.299	67.824
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		74.299	67.824
LOAN FUNDS
1] Secured Loans		1.110	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1.110	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		75.409	67.824
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.795	0.992
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.665	24.059
	Sundry Debtors	0.000	0.707
	Cash & Bank Balances	13.215	18.489
	Other Current Assets	6.500	22.000
	Loans & Advances	10.011	7.380
Total Current Assets		79.391	72.635
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.751	4.922
	Other Current Liabilities	4.026	0.881
	Provisions	0.000	0.000
Total Current Liabilities		10.777	5.803
Net Current Assets		68.614	66.832
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		75.409	67.824

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	128.911	188.070
		Other Income	0.033	0.006
		TOTAL	128.944	188.076
Less	EXPENSES
		Building Material	3.007	156.525
		Labor Work	0.767	1.705
		Technical Fees	0.000	0.095
		Cost of Materials Consumed	99.902	0.500
		Sundry Expenses	0.000	0.357
		Advertisement	0.296	0.256
		Audit Fees	0.000	0.030
		Bank Charges	0.007	0.005
		Bharati Axa General Insurance Company Limited	0.018	0.000
		Brokerage and Commission	0.115	0.101
		Car Insurance	0.000	0.016
		Computer Expenses	0.039	0.007
		Diwali Expenses	0.399	0.000
		Donation	0.013	0.015
		Electricity Expenses	0.281	0.378
		Gardening Expenses	0.020	0.080
		Interest On Bank Loan	0.121	0.000
		Miscellanies Expenses	0.090	0.114
		Legal Fees	0.005	0.000
		Na Tax	0.000	0.119
		Office Expenses	0.000	0.002
		Office Rent	0.064	0.126
		Petrol and Repairs Expenses	0.165	1.157
		Plumbing Expenses	0.631	0.044
		Pooja Expenses	0.000	0.004
		Printing and Stationery Expenses	0.000	0.082
		Profession Fees	1.097	2.784
		Property Tax	0.129	0.003
		Repairs and Maintenance	0.282	0.135
		Salary and Wages	1.386	1.163
		Sales Promotion Expenses	0.000	0.162
		Staff Welfare Expenses	0.000	0.644
		Telephone Expenses	0.015	0.046
		Town Planning Scrutiny Fees	0.722	0.236
		Water Connection Charges	0.037	0.500
		TOTAL	109.544	167.391
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		19.400	20.685
Less/ Add	DEPRECIATION/ AMORTISATION		0.287	0.193
	NET PROFIT / (LOSS)		19.113	20.492

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
PAT / Total Income	(%)	14.82	10.90
Net Profit Margin (PBT/Sales)	(%)	14.84	10.90
Return on Total Assets (PBT/Total Assets}	(%)	22.17	27.82
Return on Investment (ROI) (PBT/Networth)		0.26	0.30
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00
Current Ratio (Current Asset/Current Liability)		7.36	12.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	67.824	74.299
Reserves & Surplus	0.000	0.000
Net worth	67.824	74.299
Secured Loan	0.000	1.110
Unsecured Loan	0.000	0.000
Total borrowings	0.000	1.110
Debt/Equity ratio	0.000	0.015

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	188.070	128.911
		(31.456)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	188.070	128.911
Profit	20.492	19.113
	10.90%	14.83%

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	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 two 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	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	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	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

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 Finanial 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. 61.16
UK Pound	1	Rs. 98.62
Euro	1	Rs. 77.67

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	DIV
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.