MIRA INFORM REPORT

Report No. :	352382.2
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	RAVI ENGINEERS
Registered Office :	Plot No. : 179-183, Focal Point, Industrial Area, Amritsar-143001, Punjab
Tel No.:	91-183-2583313, 2210378
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	1980
Capital Investment / Paid-up Capital :	Rs.89.860 Million
IEC No.:	1209001055
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AABFR3828C
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer and Exporter of Bolt and Nuts. (Confirmed by management)
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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 an old partnership concern established in the year 1980. It is having satisfactory track. Rating takes into consideration sound operational efficiency of the concern marked by decent increase in its sales turnover in FY15 along with fair profit margin. Further, it has reported sound capital structure along with fair profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of long track record of business operation, the concern can be considered for business dealings with 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

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. Ramesh Sahdev
Designation :	Partner
Contact No.:	91- 9814050801

LOCATIONS

Registered Office/ Factory 1 :	Plot No. : 179-183, Focal Point, Industrial Area, Amritsar-143001, Punjab, India
Tel. No.:	91-183-2583313, 2210378
Mobile No.:	91- 9814050801 (Mr. Ramesh)
Fax No.:	91-183-2566660
E-Mail :	satyam@raviengineers.net
Website :	www.raviengineers.net
Area :	6000 sq. meter
Location :	Owned
Locality :	Industrial
Factory 2 :	Plot No. : 426-C, Focal Point, Industrial Area, Amritsar-141010, Punjab, India
Area :	8000 sq. meter
Location :	Owned

PARTNERS

Name :	Mr. Ramesh Sahdev
Designation :	Partner
Address :	77, Kennedy Avenue, Amritsar –143001, Punjab, India
Name :	Mr. Satyam Sahdev
Designation :	Partner
Address :	77, Kennedy Avenue, Amritsar –143001, Punjab, India
Name :	Mr. Ashish Sahdev
Designation :	Partner
Address :	77, Kennedy Avenue, Amritsar –143001, Punjab, India

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Bolt and Nuts. (Confirmed by management)
Products :	Hexagon Bolts Step Bolts Studs Eye Balls Pack Washer Hexagon Nut PAL Nut Nylon Lock Bolls Carriage Bolts
Brand Names :	---
Agencies Held :	---
Exports :
Products :	Finished Goods
Countries :	United Arab Emirates
Imports :	Not Available
Terms :
Selling :	Cash, L/C, Credit
Purchasing :	Cash, L/C, Credit

GENERAL INFORMATION

Suppliers :

Reference :	Jindal Steel Power Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Larsen and Toubro Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name :	IDBI Bank Limited
Branch Address :	Majitha Road, Amritsar, Punjab, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Oriental Bank of Commerce , Hall Bazar, Amritsar, Punjab, India

Auditors :
Name :	Vipul Mandeep Arora and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :	Amount (Rs. In Million)
Ashish Sahdev	34.829
Ramesh Sahdev	18.832
Satyam Sahdev	36.199
Total	89.860

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Partner’s Capital		89.860	106.664
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		89.860	106.664
LOAN FUNDS
1] Secured Loans		64.628	27.444
2] Unsecured Loans		0.497	0.497
TOTAL BORROWING		65.125	134.605
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		154.985	134.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.396	30.612
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.046	63.014
	Sundry Debtors	80.833	79.063
	Cash & Bank Balances	34.629	35.958
	Other Current Assets	11.942	8.110
	Loans & Advances	0.004	0.000
Total Current Assets		182.454	186.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.271	80.490
	Other Current Liabilities	0.000	0.000
	Provisions	1.594	1.662
Total Current Liabilities		60.865	82.152
Net Current Assets		121.589	103.993
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		154.985	134.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	461.548	407.209
		Other Income	6.027	11.165
		TOTAL	467.575	418.374
Less	EXPENSES
		Opening Stock	63.014	37.132
		Closing Stock	(56.045)	(63.014)
		Building Repair	0.039	0.094
		Repair and Maintenance	0.367	0.469
		White Washing	0.023	0.005
		Machinery Repair	0.221	0.265
		Salary	1.571	0.800
		Bonus	0.602	0.596
		E.P.F.	0.063	0.085
		E.S.I.	0.046	0.077
		Food Expenses	0.698	0.671
		Insurance Welfare	0.025	0.032
		Labour Welfare	0.363	0.275
		Staff Welfare	0.313	0.186
		Advertisement Expenses	0.312	0.002
		Audit Fees	0.084	0.068
		Bank Charges	0.074	4.182
		bank Interest	8.854	2.909
		Professional Fees	0.271	0.266
		Salary to Partner	2.160	2.160
		Wages	3.767	6.296
		Machinery Repair	0.798	1.175
		Material	353.041	327.206
		Packing	6.365	6.578
		Clearing and Forwarding Charges	0.756	1.168
		Custom Duty	0.120	0.000
		Manufacturing Expenses	2.704	4.152
		Other Expenses	58.177	66.029
		TOTAL	448.783	399.864
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.792	18.510
Less/ Add	DEPRECIATION/ AMORTISATION		3.555	3.477
	NET PROFIT		15.237	15.033

Expected Sales (2015-2016): Rs.550.000 Million

The above information has been parted by Mr. Ramesh Sahdev (Partner)

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

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	3.30	3.69
Return on Total Assets (PBT/Total Assets}	(%)	7.06	6.94
Return on Investment (ROI) (PBT/Networth)		0.17	0.14
Debt Equity Ratio (Total Debt /Networth)		0.72	0.26
Current Ratio (Current Asset/Current Liability)		3.00	2.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT/EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	106.664	89.860
Reserves & Surplus	0.000	0.000
Net worth	106.664	89.860
Secured Loans	27.444	64.628
Unsecured Loans	0.497	0.497
Total borrowings	27.941	65.125
Debt/Equity ratio	0.262	0.725

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	407.209	461.548
		13.344

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	407.209	461.548
Profit	15.033	15.237
	3.69%	3.30%

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	Yes
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)	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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
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 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.66.74
UK Pound	1	Rs.99.61
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.