MIRA INFORM REPORT

Report No. :	319865
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	ROYAL ENGINEERING WORKS
Registered Office :	A-304, Silver Birgh, Behind Vasant Garden, Near Swapna Nagri, Mulund (West), Mumbai – 400080, Maharashtra
Tel. No.:	91-20-27692149
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	December, 2012
Capital Investment / Paid-up Capital :	Rs.10.378 Million (As on 31.03.2014)
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Manufacturer and exporter of sheet metal fabrication
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track. Trade relations are fair. Business is active. Payment terms are usually correct. The concern can be considered 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 – 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

EXTERNAL AGENCY RATING

Not Available

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. Pravin Patil
Designation :	Purchase Manager
Contact No.:	91-9167780750
Date :	27.04.2015

LOCATIONS

Registered Office :	A-304, Silver Birgh, Behind Vasant Garden, Near Swapna Nagri, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-20-27692149
Mobile No.:	91-9867114483 (Mr. Gurdip)
Fax No.:	Not Available
E-Mail :	7
Location :	Owned
Locality :	Residential
Factory 1 :	Plot No-R-348, TTC Industrial Area, MIDC, Rabale, Navi Mumbai – 400708, Maharashtra, India
Factory 2 :	Plot No.3, Building No.182/189, Indian Complex, Village Gundavali Opposite Gajajnan Petrol Pump, Dapoda, Bhiwandi, Thane – 421302, Maharashtra, India

PARTNERS

Name :	Mr. Joginder Singh Gambhir
Designation :	Partner
Name :	Mr. Ravinder Kaur Pruthi
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Pravin Patil
Designation :	Purchase Manager

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of sheet metal fabrication
Products :	Sheet Metal Fabrication
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Bahrain
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash
Purchasing :	L/C, Cash

GENERAL INFORMATION

Suppliers :

Company Name :	Bombay Steel – Mumbai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Wholesalers, Retailers

Company Name :	Blue Star Limited – Daman
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Banker Name :	Punjab and Sindh Bank
Branch :	Bhandup, Mumbai, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	H. B. Hiran and Associates Chartered Accountants
Collaborators :	Not Divulged
Membership :	Not Divulged
Sister Concern :	Royal Aircon Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs.10.378 Million
Borrowed :	---
Total :	Rs.10.378 Million

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2015
Sales Turnover (Approximately)	19.100

Expected Sales (2015-2016): Rs.50.000 Million

PROVISIONAL BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Partners Capital		10.378
2] Reserve and Surplus		0.000
NETWORTH		10.378
LOAN FUNDS
1] Secured Loans		4.525
2] Unsecured Loans		0.000
TOTAL BORROWING		4.525
DEFERRED TAX LIABILITIES		0.000
TOTAL		14.903
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.782
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.164
	Sundry Debtors	11.948
	Cash & Bank Balances	0.694
	Other Current Assets	0.575
	Loans & Advances	11.921
Total Current Assets		27.302
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.905
	Other Current Liabilities	0.172
	Provisions	0.104
Total Current Liabilities		18.181
Net Current Assets		9.121
MISCELLANEOUS EXPENSES		0.000
TOTAL		14.903

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014
	SALES
	Income	41.143
	Other Income	0.005
	TOTAL	41.148
Less	EXPENSES
	Cost of Goods	33.452
	Telephone Expenses	0.001
	Petrol Expenses	0.078
	Rounded Off	0.000
	Donation Charges	0.002
	Bank Charges	0.138
	Interest on HUNDI	0.263
	Interest on TDS	0.005
	Loading and Unloading Charges	0.025
	Postage and Courier Charges	0.000
	Printing and Stationary	0.010
	Repair and Maintenance – Computer and Printer -	0.001
	Repair and Maintenance – Vehicle	0.031
	Security Charges	0.001
	Stamp Duty and Franking Charges	0.003
	Sundry Balance Write off	(0.009)
	Toll Taxes	0.004
	Travelling Expenses	0.018
	Vehicle Insurance Paid	0.002
	Foreign exchange gain and Loss A/c	(0.020)
	Electricity Expenses	0.482
	Factory Rent	1.380
	Packing and Forwarding Charges	0.001
	Internet Expenses	0.022
	Labour Charges Paid	0.796
	MISC Expenses	(0.005)
	Mobile Expenses	0.003
	Professional Fees	0.104
	Salary Paid	0.886
	Repair and Maintenance	0.041
	Warai Charges	0.130
	Staff Welfare Expenses	0.086
	Transport Charges	0.111
	Gas Charges	0.214
	Loading Charges	0.014
	Packing and Forwarding Charges	0.059
	Transport Charges	0.041
	TOTAL	38.370
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.778
Less	DEPRECIATION/ AMORTISATION	1.010
	NET PROFIT	1.768

The above information has been parted by Mr. Pravin

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

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 two years	Yes
12]	Profitability for last one year	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	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	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.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SAN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.