MIRA INFORM REPORT

Report No. :	319513
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	KUNAL ENTERPRISE
Registered Office :	R. No. 21, Navin Nagar No. 1, Chapel Lane, Santacruz (West), Mumbai – 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	1990
Capital Investment / Paid-up Capital :	Rs. 20.551 (As on 31.03.2014)
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of chemicals and solvents
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having a satisfactory track. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for small to mediocre business 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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. Vipul Thosani
Designation :	Proprietor
Contact No.:	91-9820048728
Date :	25.04.2015

LOCATIONS

Registered Office :	R. No. 21, Navin Nagar No. 1, Chapel Lane, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-23436507
Mobile No.:	91-9820048728 (Mr. Vipul Thosani)
Fax No.:	91-22-23406494
E-Mail :	vipulthosani@gmail.com
Sale Office :	403, Parshwa chambers, 17/21 Issanji Street, Next to Samuel Street, Masjid Bunder, Mumbai – 400003, Maharashtra, India
Warehouse :	Bhiwandi

SOLE PROPRIETOR

Name :	Mr. Vipul Thosani
Designation :	Proprietor
Date of Birth/Age :	46 Years
Qualification :	B.Sc.

BUSINESS DETAILS

Line of Business :	Trader of chemicals and solvents.
Products :	Chemicals Solvents Pigments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	C. J. Shah and Company, Mumbai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and End Users

Reference :	Unimark Remedies Limited, Mumbai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

6 (Approximately)

Bankers :

Banker Name	Saraswati Co-operative Bank
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	91-22-43682000
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Ringing

Auditors :

Name :

U. V. Shah and company

Chartered Accountants

Memberships :

Not Available

Collaborators :

Not Available

Sister concern :

Name :	J V Chem
Address	403, Parshwa Chambers, Samuel St, Shreram Market, Vadgadi, Masjid Bandar West, Masjid Bandar, Mumbai - 400003, Maharashtra
Line of Business :	Importer and Trader of Chemicals, Solvents and Pigments.

CAPITAL STRUCTURE

As on: 31.03.2014

Capital Investment :
Owned :	Rs. 20.551 Million
Borrowed :	--
Total :	Rs. 20.551 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietors Capital		20.551	18.402	11.477
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.551	18.402	11.477
LOAN FUNDS
1] Secured Loans		50.070	52.034	29.869
2] Unsecured Loans		40.318	36.755	31.457
TOTAL BORROWING		90.388	88.789	61.326
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		110.939	107.191	72.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.064	0.075	0.090
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		35.419	35.271	11.791
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	72.937	77.147	59.066
	Cash & Bank Balances	0.085	0.116	0.195
	Other Current Assets	3.230	1.089	1.721
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		76.252	78.352	60.982
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.750	6.444	0.023
	Other Current Liabilities	0.046	0.063	0.037
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.796	6.507	0.060
Net Current Assets		75.456	71.845	60.922
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		110.939	107.191	72.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	285.913	224.021	174.537
		Other Income	0.422	0.191	0.080
		TOTAL	286.335	224.212	174.617
Less	EXPENSES
		Warehouse Charges	0.009	0.075	0.011
		Purchases	267.405	211.503	162.195
		Electricity Charges	0.037	0.032	0.029
		Telephone Charges	0.034	0.029	0.032
		Interest On Loan	5.180	3.256	4.511
		Discount Allowed	0.049	0.032	0.024
		Bank Charges	0.067	0.046	0.828
		Commission Paid	5.502	2.770	1.984
		Salary Paid	0.450	0.101	0.167
		General Expenses	0.148	0.124	0.081
		Office Expenses	0.099	0.082	0.052
		Conveyance Charges	0.269	0.235	0.160
		Printing and Stationery	0.003	0.001	0.003
		Sales Promotions	0.689	0.374	0.329
		Audit Fees	0.014	0.014	0.014
		Hemali Charges	0.560	0.411	0.354
		Car Insurance	0.003	0.003	0.003
		Legal and Professional Fees	0.028	0.055	0.028
		Donation	0.123	0.037	0.382
		Repair and Maintenance	0.003	0.007	0.000
		Rate Differences	0.106	0.000	0.145
		Service Tax Paid (Contractor)	0.049	0.030	0.029
		Professional Tax paid	0.000	0.000	0.002
		Sales Tax (Expenses)	0.009	0.000	0.000
		Insurance	0.000	0.003	0.007
		Claim for Inferior Quality	0.000	1.199	0.000
		Transport Charges	1.602	0.982	1.116
		Shortage	0.000	0.015	0.010
		TOTAL	282.438	221.416	172.496
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.897	2.796	2.121
Less/ Add	DEPRECIATION/ AMORTISATION		0.012	0.014	0.017
	NET PROFIT		3.885	2.782	2.104

Particulars	31.03.2015
Sales Turnover (Approximately)	280.000

Expected Sales (2015-2016): Rs. 280.000 Million

The above information has been parted by Mr. Vipul Thosani

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.35	1.24	1.20
Return on Total Assets (PBT/Total Assets}	(%)	5.09	3.54	3.44
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.18
Debt Equity Ratio (Total Debt/Networth)		4.39	4.82	5.34
Current Ratio (Current Asset/Current Liability)		95.79	12.04	1016.36

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Proprietors Capital	11.477	18.402	20.551
Reserves & Surplus	0.000	0.000	0.000
Net worth	11.477	18.402	20.551
Secured Loans	29.869	52.034	50.070
Unsecured Loans	31.457	36.755	40.318
Total borrowings	61.326	88.789	90.388
Debt/Equity ratio	5.343	4.825	4.398

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	174.537	224.021	285.913
		28.352	27.628

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	174.537	224.021	285.913
Profit	2.104	2.782	3.885
	1.21%	1.24%	1.36%

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 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	No
16]	Details of sister concerns	Yes
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	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 records 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.63.61
UK Pound	1	Rs.96.55
Euro	1	Rs.69.18

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		42

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.