MIRA INFORM REPORT

Report No. :	336240.2
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	MITTAL SOLUTIONS PRIVATE LIMITED (w.e.f.30.04.2013)
Formerly Known As :	ORANGE ELECTRONICS PRIVATE LIMITED
Registered Office :	Shree Gurukul Computer, Near Udipi Hotel, Shivaji Putla Road, Jalna-431203, Maharashtra
Tel. No.:	91-240-2481083
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.05.2009
Com. Reg. No.:	11-192303
Capital Investment / Paid-up Capital :	Rs. 0.723 Million
CIN No.: [Company Identification No.]	U72900MH2009PTC192303
IEC No.:	3115003986
TAN No.: [Tax Deduction & Collection Account No.]	NSKO00586F
PAN No.: [Permanent Account No.]	AABCO2422L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of IT Products.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2009. It has a moderate track record. For the financial year 2015, the company has reported average operational activity and achieved low profitability margin. The rating is constrained because of company’s moderate financial risk profile marked by modest net worth position along with huge borrowings taken by the company. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. In view of moderate financial base, the company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	Accounts Department
Contact No.:	91-240-2481083
Date :	08.08.2015

LOCATIONS

Registered Office :	Shree Gurukul Computer, Near Udipi Hotel, Shivaji Putla Road, Jalna-431203, Maharashtra, India
Tel. No.:	91-240-2481083
Mobile No.:	91-9923000508 (Mr. Manish)
Fax No.:	91-240-2481084
E-Mail :	devendraring@gmail.com accounts@mittalsolutions.com
Website :	www.mittalsolutions.com https://mittalsgroup.com
Location :	Owned
Locality :	Commercial
Warehouse :	Shop No. 1, Sector-C, Opposite Hindustan Petroleum, Off Town Centre, Sector No. 1, Aurangabad-431003, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Anuj Agrawal
Designation :	Whole-Time Director
Address :	Shree Gurukul House No. 2-4-45, Near Udipi Hotel, Shivaji Statue Road, Jalna-431203, Maharashtra, India
Date of Birth/Age :	28.07.1981
Date of Appointment :	11.05.2009
DIN No.:	02562357
Name :	Mr. Arunkumar Agarwal
Designation :	Whole-Time Director
Address :	R/O Ratan Niwas, Po. Jalna, Jalna-431203, Maharashtra, India
Date of Birth/Age :	17.07.1968
Date of Appointment :	11.05.2009
DIN No.:	02587775

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Arun Agrawal	2142	57.70
Anuj Agrawal	785	21.15
Anshul Agrawal	357	9.62
Rekhadevi Agrawal	428	11.53
Total	3712	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Distributor of IT Products.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	IT Products
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Aakashwani (Branch), Aurangabad, Maharashtra, India
Person Name (With Designation):	Not Divulged
Contact Number:	Not Divulged
Name Of Account Holder:	Mittal Solutions Private Limited
Account Number:	01132560004718
Account Since (Date/ Year Of A/C Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (Cc/Od/Term Loan):	Cash Credit=Rs. 22.500 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013,

Maharashtra, India

· Peoples Cooperative Bank Limited

Shivaji Sankool , Near Old Monhda, Jalna - 431203, Maharashtra, India

Facilities :

--

Auditors :

Name :

R.B.Sharma and Company

Chartered Accountants

Address :

Block No 7 To 10, 2nd Floor, Shangrilla Complex, Samarthnagar, Aurangabad-431001, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAACD8170F

Memberships :

--

Collaborators :

--

Associates/Subsidiaries :

Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 0.723 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37120	Equity Shares	Rs. 10/- each	Rs. 0.371 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.723	0.371	0.371
(b) Reserves & Surplus	12.028	5.004	3.183
(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)	12.751	5.375	3.554
(3) Non-Current Liabilities
(a) Long-term borrowings	3.732	19.643	11.586
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	3.732	19.643	11.586
(4) Current Liabilities
(a) Short term borrowings	38.107	7.515	4.507
(b) Trade payables	109.382	30.497	50.923
(c) Other current liabilities	1.583	0.045	0.470
(d) Short-term provisions	0.489	0.134	0.329
Total Current Liabilities (4)	149.561	38.191	56.229
TOTAL	166.044	63.209	71.369
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.639	6.105	5.206
(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	1.779	0.804	0.751
(c) Deferred tax assets (net)	0.201	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.619	6.909	5.957
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.300	9.170	26.34
(c) Trade receivables	104.443	44.075	35.027
(d) Cash and cash equivalents	1.569	0.430	3.236
(e) Short-term loans and advances	0.409	1.923	0.771
(f) Other current assets	4.704	0.702	0.038
Total Current Assets	156.425	56.300	65.412
TOTAL	166.044	63.209	71.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue From Operations	638.776	490.609
		Other Income	30.738	24.583
		TOTAL (A)	669.514	515.192	374.500
Less	EXPENSES
		Cost of Materials Traded	647.019	497.016
		Trading Expenses	1.803	2.415
		Administrative and Other Expenses	10.795	9.321
		TOTAL (B)	659.617	508.752	376.600
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.897	6.440	(Including Finance Expenses)
Less	FINANCIAL EXPENSES (D)		4.330	2.894
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.567	3.546	2.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.807	0.852	0.800
	PROFIT BEFORE TAX (E-F) (G)		3.760	2.694	1.300
Less	TAX (H)		1.376	0.873	0.400
	PROFIT AFTER TAX (G-H) (I)		2.384	1.821	0.900
	Earnings Per Share (Rs.)		635.62	490.48	24.25

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.37	0.37	NA
Operating Profit Margin (PBDIT/Sales)	(%)	1.55	1.31	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.29	4.32	1.84
Return on Investment (ROI) (PBT/Networth)		0.29	0.50	0.37
Debt Equity Ratio (Total Liability/Networth)		3.28	5.05	4.53
Current Ratio (Current Asset/Current Liability)		1.05	1.47	1.16

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.371	0.371	0.723
Reserves & Surplus	3.183	5.004	12.028
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3.554	5.375	12.751
Long-term borrowings	11.586	19.643	3.732
Short term borrowings	4.507	7.515	38.107
Total borrowings	16.093	27.158	41.839
Debt/Equity ratio	4.528	5.053	3.281

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	374.500	515.192	669.514
		37.568	29.954

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	374.500	515.192	669.514
Profit	0.900	1.821	2.384
	0.24%	0.35%	0.36%

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	No
18	Major suppliers	No
19	Major customers	No
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10479366	31/01/2014	9,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST , MUMBAI-400013, MAHARASHTRA, INDIA	B97116313
2	10446325	30/08/2013	22,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST , MUMBAI-400013, MAHARASHTRA, INDIA	B83677666

OPERATING RESULTS:

During the year, the company had achieved a turnover of Rs. 490.600 Million against Last Year’s Rs. 374.500 Million. The company is positive about its future growth.

FIXED ASSETS:

Tangible Assets

· Office Furniture

· Electric Fittings

· Furniture

· Computer A/C

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. 63.76
UK Pound	1	Rs. 98.76
Euro	1	Rs. 69.88

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	TRI
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.