MIRA INFORM REPORT

Report No. :	337457
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	RAGHAV TRADING CORPORATION
Registered Office :	227, City Centre, Sansar Chandra Road, Jaipur – 302001, Rajasthan
Tel. No.:	91-141-2379293 / 4002226
Country :	India
Financials (as on) :	31.03.2015
Year of establishment :	1995
Capital Investment / Paid-up Capital :	Rs. 109.541 Million
IEC No.:	1306010161
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABFR5914K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Plastic Raw Material and Distributor of Paper.
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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 1995. It is the trader of plastic raw material and distributor of paper. It has a satisfactory track record. In the view of financials of the year 2014, the concern has shown fine growth in the operational activity which has resulted into good sales turnover along with profitability margin of 3.1%. Also, the concern has decent capital structure. Trade relations are fair. Business is active. Payments 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 – 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

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. Pawan Agarwal
Designation :	Partner
Contact No.:	91-141-2379293
Date :	20.08.2015

LOCATIONS

Registered Office :	227, City Centre, Sansar Chandra Road, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2379293 / 4002226
Mobile No.:	91-9829012044 / 9314514283 (Mr. Pawan)
Fax No.:	91-141-2360485
E-Mail :	rtcjpr@yahoo.com
Location :	Owned
Locality :	Commercial

PARTNERS

Name :	Mr. Pawan Agarwal
Designation :	Partner
Name :	Mr. Sanjay Jain
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Trader of Plastic Raw Material and Distributor of Paper.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Reliance Industries Limited Star Paper Mills Limited
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, Advance Payment, Cheque and Credit
Purchasing :	Cash, Advance Payment, Cheque and Credit

GENERAL INFORMATION

Suppliers :

Reference :

Star Paper Mills Limited

Name of the Person :

Mr. Anuj Jain (Branch Manager)

Contact No.:

9829052173

Since How Long Known :

15 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company. They are satisfied with their payment behavior and market goodwill.

Customers :

Wholesalers, Retailers and End Users

Reference :

Jaipur Marketing

Name of the Person :

Mr. Mukund Agarwal (Proprietor)

Contact No.:

9829051919

Since How Long Known :

14 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company. They are satisfied with their product quality and delivery behavior.

No. of Employees :

10 (Approximately)

Bankers :

Banker Name	Jammu and Kashmir Bank
Branch Address	M. I. Road, Jaipur, Rajasthan, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
HDFC Bank Limited, Jaipur-302001, Rajasthan, India

Auditors :
Name :	Mukesh Nishit and Company Chartered Accountants
Address :	Jaipur, Rajasthan, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

AS ON: 31.03.2015

Capital Investment :
Partners Capital A/C	Rs. 100.000 Million
Partners Current A/C	Rs. 9.541 Million
Total :	Rs. 109.541 Million

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		109.541	92.314
2] Share Application Money		0.000	(2.500)
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		109.541	89.814
LOAN FUNDS
1] Secured Loans		42.802	8.149
2] Unsecured Loans		55.347	50.627
TOTAL BORROWING		98.149	58.776
DEFERRED TAX LIABILITIES		0.000	0.000
SUSPENSE ACCOUNT		0.004	0.000
TOTAL		207.694	148.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.517	2.906
Capital work-in-progress		0.000	0.000
INVESTMENT		22.172	21.103
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.478	7.606
	Sundry Debtors	216.179	183.769
	Cash & Bank Balances	1.725	1.446
	Other Current Assets	21.210	15.238
	Loans & Advances	1.955	6.188
Total Current Assets		260.546	214.247
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.796	70.747
	Provisions Other Current Liabilities	21.746	18.919
Total Current Liabilities		77.542	89.666
Net Current Assets		183.005	124.581
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		207.694	148.590

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	374.796	407.449
	Other Income	46.669	31.752
	TOTAL	421.465	439.201
Less:	EXPENSES:
	Cost of goods sold	353.423	381.281
	Cartage Inward Expense	0.279	0.087
	Cutting and Packing Expenses	0.580	0.502
	Freight Expenses	4.787	4.841
	Godown expenses	0.060	0.036
	Godown Rent	0.673	0.641
	Loading and Unloading Expenses	0.122	0.096
	Marine Insurance	0.015	0.111
	Advertisement Expenses	0.013	0.058
	Audit fees	0.042	0.040
	Bad Debts	1.440	0.327
	Bank Commission/ BG Charges	0.598	0.583
	Brokerage	3.699	4.054
	Cartage Outward Expenses	0.000	0.080
	Computer Expenses	0.214	0.115
	Conveyance and Vehicle Expenses	0.350	0.306
	Electricity and Water	0.154	0.177
	Insurance Premium	0.010	0.103
	Interest Paid	14.463	12.913
	Legal and Professional Expenses	0.310	0.297
	Office Expenses	0.289	0.308
	Office Rent	0.254	0.254
	Postage and telegram	0.065	0.062
	Printing and Stationery	0.062	0.065
	Repair and Maintenance of Office	0.063	0.091
	Repair and Maintenance of Vehicle	0.114	0.119
	Salary and Allowances	2.132	1.892
	Sales Promotion Expenses	0.254	0.189
	Telephone Expenses	0.313	0.331
	Travelling Expenses	0.190	0.200
	Partners Remuneration	0.480	0.480
	Fringe Benefit Tax Paid	0.000	0.012
	Sales Tax Demand	0.053	0.068
	Interest on capital	10.507	8.772
	TOTAL	396.008	419.491
	PROFIT BEFORE DEPRECIATION, AMORTIZATION AND TAX	25.457	19.710
Less:	DEPRECIATION AND AMORTIZATION	0.544	0.605
	PROFIT BEFORE TAX	24.913	19.105
Less:	TAX	8.468	6.421
	PROFIT AFTER TAX	16.445	12.684

Expected Sales (2015-2016): Rs. 500.000 Million

The above information has been parted by Mr. Pawan Agarwal (Partner)

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)	(%)	4.39	3.11
Return on Total Assets (PBT/Total Assets}	(%)	9.47	8.80
Return on Investment (ROI) (PBT/Networth)		0.23	0.21
Debt Equity Ratio (Total Debt /Networth)		0.90	0.65
Current Ratio (Current Asset/Current Liability)		3.36	2.39

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	92.314	109.541
Reserves & Surplus	0.000	0.000
Net worth	92.314	109.541
Secured Loans	8.149	42.802
Unsecured Loans	50.627	55.347
Total borrowings	58.776	98.149
Debt/Equity ratio	0.637	0.896

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	407.449	374.796
		(8.014)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	407.449	374.796
Profit	12.684	16.445
	3.11%	4.39%

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	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
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

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. 65.83
UK Pound	1	Rs. 103.39
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	THR

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	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		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.