MIRA INFORM REPORT

Report No. :	335656
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	SHIVAM MINERALS AND ALLIED INDUSTRIES PRIVATE LIMITED SHIVAM MINES AND MINERALS LIMITED AMALGAMATED WITH SHIVAM MINERALS AND ALLIED INDUSTRIES PRIVATE LIMITED

Registered Office :	1st Floor, Ashutoshghanshyam Nagar, Bhuj – 370001, Gujarat
Tel. No.:	91-2832-252340

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.09.2003

Com. Reg. No.:	04-042916

Capital Investment / Paid-up Capital :	Rs.45.000 Million

CIN No.: [Company Identification No.]	U14108GJ2003PTC042916

IEC No.:	3798001065

TAN No.: [Tax Deduction & Collection Account No.]	RKTS03887C

PAN No.: [Permanent Account No.]	AAHCS9912R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Bentonite OCMA Grade, Bentonite piling grade, Bentonite cat litter grade etc.

No. of Employees :	50 (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 280000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 2003. It has a satisfactory track record. Management has reported healthy operational activity marked by decent sales turnover and maintained its sales turnover along with profitability margin of 2.8% in the FY-14. The rating takes into consideration the company's decent financial risk profile backed by adequate net worth position and low borrowings taken by the company along with favourable gap between trade payables and receivables. The general financial position of the company is acceptable. Trade relations are fair. Business is active. Payments terms are usually correct. In view of strong financial base, the company can be considered for business dealings at usual trade terms and conditions. NOTE: Mr. Sachin Joshi the accountant and Ms. Shweta the CFO has informed that Shivam Mines and Minerals Limited is amalgamated with Shivam Minerals and Allied Industries Private Limited”

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	SE 2A
Rating Explanation	High Performance Capability
Date	High Financial strength.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Shweta
Designation :	Chief Finance Officer
Contact No.:	91-7600016059
Date :	07.08.2015

Name :	Mr. Sachin Joshi
Designation :	Accountant

LOCATIONS

Registered Office :	1st Floor, Ashutoshghanshyam Nagar, Bhuj – 370001, Gujarat, India
Tel. No.:	91-2832-252340/221340
Mobile No.:	91-7600016059 (Ms. Shweta)
Fax No.:	91-2832-251417
E-Mail :	info@shivam.net
Website :	www.shivam.net
Location:	Owned
Locality:	Commercial

Factory :	Samatra, Bhuj (Kutch), Gujarat, India

DIRECTORS

AS ON 20.09.2014

Name :	Mr. Manilal Govindji Thacker
Designation :	Managing director
Address :	First Floor, Ashutosh Apartment, Ghanshyam Nagar, Bhuj - 370001, Gujarat, India
Date of Birth/Age :	20.06.1947
Date of Appointment :	16.09.2013
DIN No.:	00634272

Name :	Mr. Mitesh Manilal Thacker
Designation :	Director
Address :	First Floor, Ashutosh Apartment, Ghanshyam Nagar, Bhuj - 370001, Gujarat, India
Date of Birth/Age :	05.05.1979
Date of Appointment :	16.09.2013
DIN No.:	00634343

KEY EXECUTIVES

Name :	Ms. Shweta
Designation :	Chief Finance Officer

Name :	Mr. Sachin Joshi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2014

Names of Shareholders	No. of Shares	%age holding
Manilal Govindji Thacker	1642178	36.49
Mitesh Manilal Thacker	1427761	31.73
Manjulaben Manilal Thacker	1303134	28.96
Deepti Mitesh Thacker	126927	2.82
Total	4500000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 20.09.2014

Category	Percentage
Directors or relatives of Directors
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Bentonite OCMA Grade, Bentonite piling grade, Bentonite cat litter grade etc.

Products :	Bentonite OCMA Grade Bentonite piling grade Bentonite cat litter grade etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Dubai Korea Australia

Imports :	Not Divulged

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS: (AS ON 31.03.2014)

Particulars	#Installed Capacity	Actual Production
Bentonite Power/ Benite	78000	18663
Bentonite Lumps	150000	87037

# As certified by the management

GENERAL INFORMATION

Suppliers :

Jay Durga Security Services
Jaydeep Trading Co
Jaynil Industries
Jyoti Indsutries
Kashihs Logistic
Krishna Arte Kraft
Krupal Enterprises
Kutch Oil and Hydrolics
Manish Diesels
M K Motres

Reference :	Jagdish Enterprises
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 and Retailers

DKS Desiccants Private Limited
Furniture Zone
General Traders
Genetic Trading Corporation
Geocon Company Limited
Pax Chem Limited
Ravechi Enterprises
Sharma and Sharma
Vora Impex

Reference :	Clariant Oil Services Company Limited
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 :

50 (Approximately)

Bankers :

State Bank of India, B-2, Krishna Chambers, Station Road, Bhuj - 370001, Gujarat, India

Banker Name	HDFC Bank Limited
Branch Address	Near Jubeli Ground Branch, Bhuj, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Shivam Minerals and Allied Industries Private Limited
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash credit and Term loan: Rs. 30.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC PCFC A/C	20.250	0.000
HDFC Term Loan A/C-80653363	1.746	0.000
HDFC Term Loan A/C-80654355	13.395	0.000
HDFC Term Loan A/C-80654358	5.890	0.000
Dena Bank - Trax Loan	0.215	0.292
ICICI Bank - Forklift Loan	0.224	0.531
S.B.I. - Term Loan A/C, 31722084628	0.000	5.528
S.B.I. – MTL A/C 32292993653	0.000	9.955
S.B.I.-Scorpio Car Loan	0.425	0.536
S.B.I. – Tata Aria Loan	0.498	0.692
S.B.I. Term Loan A/C 32647188229	0.000	1.698
Sundram Finance Bolero Loan	0.000	0.350
Sundram Finance Tractor Loader Loan	0.000	0.426
SHORT TERM BORROWING
S B I EPC A/C – 316775/92/6	0.000	15.080
SBI CC A/C – 32385779534	0.000	4.861
HDFC Bank CC A/C - 50200001067349	5.015	0.000
Total	47.658	39.949

NOTE:

Bank loan are secured by mortgage of

Primary security of land, factory and plant and machineries
Collateral securities of immoveable properties of the company and directors

Auditors :
Name :	I. H. Desai and Company Chartered Accountant
Address :	Jyoti Chambers, (Rajniketan Hall), 1st Floor, New Station Road, Bhuj – 370001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACAPD9595R

Memberships :	Not Available

Collaborators :	Not Available

Enterprises under significant influence of key management personnel :	Amar Colid Private Limited, Bhuj Gujarat, India Dolphin Colling Systems Private Limited, Bhuj Gujarat, India

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.000	45.000	45.000
(b) Reserves & Surplus	52.679	48.950	45.038
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	97.679	93.950	90.038

(3) Non-Current Liabilities
(a) long-term borrowings	47.969	31.700	17.291
(b) Deferred tax liabilities (Net)	-0.366	-0.577	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	47.603	31.123	17.291

(4) Current Liabilities
(a) Short term borrowings	5.015	19.941	19.726
(b) Trade payables	6.438	13.020	22.517
(c) Other current liabilities	0.624	0.233	0.633
(d) Short-term provisions	1.539	0.548	0.960
Total Current Liabilities (4)	13.616	33.742	43.836

TOTAL	158.898	158.815	151.165

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.142	104.301	97.203
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.003	0.003	0.003
Deposit	1.592	1.747	0.987
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.425	0.445	0.475
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	109.162	106.496	98.668

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.598	19.959	22.165
(c) Trade receivables	17.659	29.806	28.706
(d) Cash and cash equivalents	4.110	0.069	0.064
(e) Short-term loans and advances	0.070	0.558	0.047
(f) Other current assets	1.199	1.777	1.315
Other Assets	0.100	0.150	0.200
Total Current Assets	49.736	52.319	52.497

TOTAL	158.898	158.815	151.165

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	108.915	104.077	108.221
	Other Income
	TOTAL	108.915	104.077	108.221

Less	EXPENSES	92.622	87.496	96.367

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	16.293	16.581	11.854

Less	FINANCIAL EXPENSES	4.989	5.617	3.621

Less	PRELIMINARY EXPENSES WRITTEN OFF	0.050	0.050	--

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.254	10.914	8.233

Less/ Add	DEPRECIATION/ AMORTISATION	6.917	6.814	4.770

	PROFIT/ (LOSS) BEFORE TAX	4.337	4.100	3.463

Less	TAX	1.448	0.234	0.660

	PROFIT/ (LOSS) AFTER TAX	2.889	3.866	2.803

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	87.790	81.278	61.507
	TOTAL EARNINGS	87.790	81.278	61.507

	Earnings / (Loss) Per Share (Rs.)	0.64	0.86	0.62

Particulars

31.03.2015

Sales Turnover (Approximately)

150.000

Expected Sales (2015-2016): Rs.200.000 Million

The above information has been parted by Ms. Shweta

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operation Before Extraordinary item	1.390	6.771	22.243
Net cash (used in) / generated from operating activities	1.184	7.617	21.348

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.76	2.61	2.31

Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.04

Debt Equity Ratio (Total Debt /Networth)		0.54	0.55	0.41

Current Ratio (Current Asset/Current Liability)		3.65	1.55	1.20

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)
Share Capital	45.000	45.000	45.000
Reserves & Surplus	45.038	48.950	52.679
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	90.038	93.950	97.679

long-term borrowings	17.291	31.700	47.969
Short term borrowings	19.726	19.941	5.015
Total borrowings	37.017	51.641	52.984
Debt/Equity ratio	0.411	0.550	0.542

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)
Total Income	108.221	104.077	108.915
		(3.829)	4.648

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	108.221	104.077	108.915
Profit	2.803	3.866	2.889
	2.59%	3.71%	2.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Director
Manilal Govindji Thacker	2.692	5.042
Mitesh Manilal Thacker	2.532	1.587
Manjulaben M Thacker	0.000	1.049
From Others
Bhavik Agency	0.000	1.027
Chetan Tea Co.	0.000	0.924
Paresh M Thacker	0.000	1.027
Kiritbhai M Bhatt	0.102	0.102
Diptiben M Thacker	0.000	0.463
Dolphin Colling System Private Limited	0.000	0.471
Total	5.326	11.692

INDEX OF CHARGES

RU	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10532300	15/11/2014	14,100,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C34277210
2	10437393	11/07/2013	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B79833992
3	10431587	31/05/2013	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B77310795

FIXED ASSETS

Milnes
Administrative Office
Furniture and Fixtures
Motor Vehicles
Office Buildings
Laboratory
Land and Building
Plant and Machinery

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.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	TRI

Report Prepared by :	KVT

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	YES
--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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit