MIRA INFORM REPORT

Report No. :	352732
Report Date :	03.12.2015

IDENTIFICATION DETAILS

Name :	NIKITA DISTRIBUTORS
Registered Office :	F1-1B, Plot No. 410/2 Green Terrace,Near Vidya Nagar, Lane No. 5, South Koregaon Park Pune – 411001, Maharashtra
Tel. No.:	91-20-30500600/ 614
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2004
Capital Investment :	Rs. 35.367 Million
IEC No.:	3109017423
PAN No.: [Permanent Account No.]	AJKPB8051B
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Importer and Distributor of Photography Equipment. (Confirmed by Management)
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 was established in the year 2004 as proprietary concern and later it got converted into partnership concern during FY 2011. It is an established partnership concern having satisfactory track. Subject is engaged in the business as importer and distributor of photography equipment. The concern is performing well. General financial position of the concern is sound and healthy. Partners are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payments terms are reported usually correct and as per commitments. The concerns can considered normal 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.

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 31-03-2015

INFORMATION PARTED BY

Name :	Mr. Raman Agarwal
Designation :	Partner
Contact No.:	91-20-30500600
Date :	28.11.2015

LOCATIONS

Registered Office :	F1-1B, Plot No. 410/2 Green Terrace,Near Vidya Nagar, Lane No. 5, South Koregaon Park Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30500600/ 614
Mobile No.:	91-9967588171 (Mr. Raman Agarwal)
Fax No.:	Not Available
E-Mail :	raman.jpa@gmail.com
Website :	http://www.imaginext.co.in
Branch Offices :	Located at: · Mumbai · Bangalore · New Delhi · Kolkata · Chennai · Ahmedabad · Kerala · Margoa · Hyderabad · Mohali · Indore

PARTNERS

Name :	Mr. Raman Agarwal
Designation :	Partner
Date of Birth/Age :	29 Years
Qualification :	Graduate
Experience :	13 Years
Name :	Mr. Mohan Lal Bishnoi
Designation :	Partner
Date of Birth/Age :	35 Years
Qualification :	HSC
Experience :	17 Years
Name :	Mr. Kamladevi Bishnoi
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Importer and Distributor of Photography Equipment. (Confirmed by Management)
Brand Names :	--
Agencies Held :	Nikan
Exports :	--
Imports :
Products :	Raw Materials
Countries :	· China · Myanmar · Korea · Germany
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

· Anil Jakhotiya and Company

· Arihant Agency

· Apex Aim Retails Private Limited

· Expo agency

· First Flight Couriers Limited (Pune)

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 :

Wholesaler , retailers and End User’s

· Anand Vision

· Aarti Enterprises

· Ahirrao Colour lab

· Aim Point

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 :

45 (Approximately)

Bankers :

Bank Name:	The Shamrao Vithal Cooperative Bank Limited
Branch:	Satara Road, Maharshi Nagar, Pune, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-20-24410992 (Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Shamrao Vitthal Bank CC 108	93.118	90.732
Axis Bank Limited IF	39.917	0.000
HDFC Bank 9264	0.252	0.000
HDFC Bank Eco Sport Loan	0.570	0.787
Total	133.857	91.519

Auditors :
Name :	Anil Jakhaha and Company Chartered Accountants
Address :	Sowar Peth, Pune, Maharashtra, India
Memberships :	--
Collaborators :	--
Sister Concern :	· Extreme Adventure Sports Address: 113, Plot No. 410/2, Green Terrace, Near Vidya Nagar, Pune – 411001, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2015

Particulars	Amount in Million
Mohanlal Bishnoi	23.396
Kamladevi Bishnoi	5.037
Raman Agarwal	6.934
Total	35.367

FINANCIAL DATA

[all figures are in Rupees Million]

Expected Sales (2015-2016) : Rs. 1000.000 Million

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

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Partner’s Capital		35.367	68.262
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		35.367	68.262
LOAN FUNDS
1] Secured Loans		133.857	91.519
2] Unsecured Loans		26.422	8.649
TOTAL BORROWING		160.279	100.168
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		195.646	168.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.022	1.566
Capital work-in-progress		0.000	0.000
INVESTMENT		13.989	2.326
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.398	98.680
	Sundry Debtors	89.463	86.730
	Cash & Bank Balances	5.739	0.000
	Other Current Assets	0.928	33.623
	Loans & Advances	0.000	0.000
Total Current Assets		235.528	219.033
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.815	30.733
	Other Current Liabilities	15.078	23.762
	Provisions	0.000	0.000
Total Current Liabilities		55.893	54.495
Net Current Assets		179.635	164.538
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		195.646	168.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Sales	909.268	726.212
		Other Income	15.003	7.639
		Stock TRF to EAS	0.318	3.451
		TOTAL	924.589	737.302
Less	EXPENSES
		Cost of Goods Sold	802.224	650.114
		Stock Trf EAS	28.452	9.052
		Transport Charges LBT and Other	2.304	4.640
		Advertisement Expenses	0.632	0.200
		Audit fees	0.160	0.162
		Bank Charges	0.321	0.153
		Courier expenses	0.015	0.085
		Discount	2.010	0.886
		Electricity Chares	0.317	0.291
		Interest	19.918	10.139
		Insurance	0.237	0.123
		Membership Fees	0.015	0.000
		Office expenses	1.035	1.889
		Petrol and Fuel expenses	0.657	0.422
		Postage	1.067	1.400
		Printing and Stationery	0.406	0.683
		Professional fees	0.809	0.604
		Professional tax	0.003	0.003
		Property Tax	0.000	0.077
		Repair and Maintenance	0.770	0.141
		Rent	2.541	2.435
		Salary	18.813	15.146
		Sales Promotion expenses	3.151	2.409
		Staff Welfare expenses	1.074	1.966
		Telephone charges	0.715	0.608
		Tour and Travelling Expenses	3.596	1.955
		Vat expenses	0.340	0.000
		Website Expenses	0.091	0.013
		Interest to Partners	4.571	6.475
		Remuneration to partners	16.813	15.354
		TOTAL	913.057	727.425
	PROFIT/ (LOSS) BEFORE DEPRECIATION AND AMORTISATION		11.532	9.877
Less/ Add	DEPRECIATION/ AMORTISATION		0.473	0.308
	NET PROFIT/ (LOSS)		11.059	9.569

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.22	1.32
Return on Total Assets (PBT/Total Assets}	(%)	4.66	4.34
Return on Investment (ROI) (PBT/Networth)		0.31	0.14
Debt Equity Ratio (Total Debt/Networth)		4.53	1.47
Current Ratio (Current Asset/Current Liability)		2.86	3.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	68.262	35.367
Reserves & Surplus	0.000	0.000
Net worth	68.262	35.367
Secured Loan	91.519	133.857
Unsecured Loan	8.649	26.422
Total borrowings	100.168	160.279
Debt/Equity ratio	1.467	4.532

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	726.212	909.268
		25.207

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	726.212	909.268
Net Profit	9.569	11.059
	1.32%	1.22%

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	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 three 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	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 LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Bajaj Dinserve Limited	2.406	0.000
Capital First Limited	4.089	0.000
ECL Finance Limited UL 126534	1.974	3.044
HDFC Bank UL 28294593	3.208	0.000
ICICI Bank UL 141618	3.588	0.000
Kotak Mahindra Fincorp UL 119631	6.349	0.000
Magna Fine Corp UL 119631	1.984	3.009
Tata Capital UL 197769	2.824	0.000
ICICI Bank 106213	0.000	2.521
Mahesh D Lahoti	0.000	0.075
Total	26.422	8.649

FIXED ASSETS

· Computer and Printer

· Office Equipment

· Furniture and Fixture

· Car

· Vehicle

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.66.62
UK Pound	1	Rs.100.34
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.