MIRA INFORM REPORT

Report No. :	337529
Report Date :	21.08.2015

IDENTIFICATION DETAILS

Name :	CHIRAG CORPORATION
Registered Office :	A – 240, Tirupati Apartment, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-22-28661649
Country :	India
Financials (as on) :	31.03.2015
Year of Incorporation :	April 2012
Capital Investment / Paid-up Capital :	Rs. 35.614 Million
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Cement, Steel, Building material for Civil contractor and builder.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 2012 as proprietary concern and it is a trader of cement, steel and building material for civil contract and builder. It is having a satisfactory track record. Concern possesses sound operational performance and it has maintained fair profitability margins. Rating takes into consideration concerns sound financial risk profile and above average debt protection metrics of the concern. Mr. Manish Kashliwal, Finance Manager has provided information to us. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 Kashliwal
Designation :	Finance Manager
Contact No.:	91-9702016959
Date :	18.08.2015

LOCATIONS

Registered Office :	A – 240, Tirupati Apartment, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-28661649
Mobile No.:	91-9702016959 (Mr. Manish) 91-9819867545 (Mr. Anurag)
Fax No.:	Not Available
E-Mail :	Thekasliwal1008@gmail.com
Branch Address :	Basement Hinnel Residency Dahanukar Wadi, Datta Mandir Road, Kandivali (West), Mumbai – 400067, Maharashtra, ?India

SOLE PROPRIETOR

Name :	Mr. Chirag Ramesh Shah
Designation :	Proprietor
Date of Birth/Age :	28 Years
Qualification :	H.S.C.
PAN No.:	BIBPS2559E

KEY EXECUTIVES

Name :	Mr. Manish Kashliwal
Designation :	Finance Manager

BUSINESS DETAILS

Line of Business :	Trader of Cement, Steel, Building material for Civil contractor and builder.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Suppliers :

• Everlast Composites
• Vaiti Trading
• Cemiex Concrete
• Supertiles Marbles
• Valani Enterprises
• Aeisthetic Pavers
• Naregani Enterprise
• Parshaw Poly Product LLP
• Pooja Granites
• Pyramid Industry
• Relcon Infraprojects
• Sai Cement
• Nikita Transport
• Milan Transport
• KinjaI Enterprise
• Shankeshwar Material Supplier

Reference :	New Anupam Trader, Mumbai
Name of the Person :	Mr. Asif (Finance Manager)
Contact No.:	91-7506552803
Since How Long Known :	More than 1 Years
Maximum Limit Dealt :	Not Divulged
Experience :	Payment Behaviour = Good Market Goodwill = God Overall = Good
Remark:	They gave us positive response about subject company they are satisfied with their payment behavior and market goodwill.

Customers :

Other, Builder, Civil Contractor

Reference :	Patel Engineering Limited, Jogeshwari, Mumbai
Name of the Person :	Mr. Shashank Chandak (Deputy Manager)
Contact No.:	91-9769376477
Since How Long Known :	4 Months
Maximum Limit Dealt :	Not Divulged
Experience :	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark:	They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	Vijaya Bank
Branch	Prem Nagar, Borivali (West), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-28937575
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)	Management non co-operative

Auditors :
Name :	Mehta and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	K.R. Construction, India

CAPITAL STRUCTURE

As on 31.03.2015

(Rs. In Million)

Particulars	Amount
Opening Balance	4.127
Add: Capital Infused During the Year	0.210
Add: Profit Transferred from P and L Account	37.277
		41.614
Less : Drawing	6.000
Total		35.614

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		35.614	4.126
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		35.614	4.126
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		9.070	27.000
TOTAL BORROWING		9.070	27.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		44.684	31.126
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.899	12.423
Capital work-in-progress		0.000	0.000
INVESTMENT		3.550	1.500
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.750	2.250
	Sundry Debtors	15.466	15.466
	Cash & Bank Balances	1.034	0.453
	Other Current Assets	0.000	0.000
	Loans & Advances	13.200	5.560
Total Current Assets		32.450	23.729
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.722	4.746
	Other Current Liabilities	4.493	1.780
	Provisions	0.000	0.000
Total Current Liabilities		8.215	6.526
Net Current Assets		24.235	17.203
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		44.684	31.126

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Contracts Receipts	1075.241	382.572
	Other Income	0.261	1.261
	TOTAL	1075.502	383.833
Less	EXPENSES
		(2.750)	(2.250)
	Material Purchased	301.067	133.900
	Subcontract Charges	559.125	141.552
	Labour charges	107.524	38.257
	Transport charges	21.504	15.303
	Advertisement Expenses	0.210	3.826
	Bank Charges	6.846	1.846
	Interest and Other Financial Charges	10.210	1.810
	Apportionment, Recovery and Collection	1.440	0.956
	Power and Fuel Expenses	0.705	1.705
	Electricity	0.648	1.648
	Insurance Expenses	0.835	1.835
	LBT Expenses	0.752	0.000
	Legal and Professional Expenses	0.315	0.525
	Octroi Charges	0.024	2.323
	Office Expenses	0.215	2.154
	Printing And Stationery	0.658	6.584
	Profession Tax	0.285	0.285
	Rent Expenses	0.185	0.185
	Repairs and Maintenance	0.654	0.654
	Royalty Excavation charges	0.275	0.275
	Site Expenses	0.575	3.745
	Tender Expenses	0.542	0.442
	Telephone Expenses	0.654	0.654
	Vat Paid	0.753	11.477
	Water and Supervision charges	0.538	0.191
	Works contract Tax	21.505	7.651
	Conveyance Expenses	0.245	0.245
	Salary	0.378	0.379
	Staff Welfare Expenses	0.130	0.130
	TOTAL	1036.047	378.287
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	39.455	5.546
Less/ Add	DEPRECIATION/ AMORTISATION	2.178	0.840
	NET PROFIT/ (LOSS)	37.277	4.706

Particulars	31.03.2013
Sales Turnover (Approximately)	220.000

The above information has been parted by Mr. Manish Kashliwal

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

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	3.47	1.23
Return on Total Assets (PBT/Total Assets}	(%)	70.47	12.50
Return on Investment (ROI) (PBT/Networth)		1.05	1.14
Debt Equity Ratio (Total Debt /Networth)		0.25	6.54
Current Ratio (Current Asset/Current Liability)		2.08	0.75

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	4.126	35.614
Reserves & Surplus	0.000	0.000
Net worth	4.126	35.614
long-term borrowings	0.000	0.000
Short term borrowings	27.000	9.070
Total borrowings	27.000	9.070
Debt/Equity ratio	6.544	0.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Contract Receipts	382.572	1075.241
		181.056

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Contract Receipts	382.572	1075.241
Profit	4.706	37.277
	1.23%	3.47%

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	No
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	No
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	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
Ashok Commercial Enterprises	1.300	12.500
Bhikaram N Desai	2.300	1.000
Jeevraj K Gajani	0.500	0.000
Mahavir Traders	1.000	0.000
Mercury Metals	1.400	0.000
Pradip D Vyas	0.320	0.000
Rajmal H Shah HUF	0.250	0.000
Ramesh S Shah	2.000	1.000
Ramesh Purohit HUF	0.000	1.000
Hinal Estate Private Limited	0.000	11.500
Total	9.070	27.000

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.65.24
UK Pound	1	Rs.102.21
Euro	1	Rs.72.57

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.