MIRA INFORM REPORT

Report No. :	353750.2
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	TULSI ENTERPRISE
Registered Office :	A-101, Shubhakamma, Mahavir Nagar, Gaothan Market Road, Near Kamla Vihar Sports Club,Kandivali(West), Mumbai – 400067, Maharashtra
Mobile No.:	91-9820804941 (Mr. Manoj)
Country :	India
Financials (as on) :	31.03.2015
Year of establishment :	2010
Capital Investment / Paid-up Capital :	Rs.9.274 Million
IEC No.:	0306005280
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AARUS7797D
Legal Form :	Sole Proprietary Concern
Line of Business :	Subject is engaged into civil construction activities like development of buildings. [Confirmed by management]
No. of Employees :	180 (Approximately) [permanent = 30 = Labour 150]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2010 as proprietary concern and it is engaged in the business of civil construction. For the financial year ended 2015, concern has reported 8.19% revenue growth as compared to previous year revenue and it has maintained average profitability margins at 3.51% during the year under review. Rating also takes into consideration its above average financial profile marked by average net worth base and moderate debt coverage indictors. However, rating strength is partially offset by risk associated with construction business and working capital intense nature of business operations. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the concern can be considered for business dealings with some caution.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Manoj Savani
Designation :	Proprietor
Contact No.:	91-9820804941
Date :	08.12.2015

LOCATIONS

Registered Office :	A-101, Shubhakamma, Mahavir Nagar, Gaothan Market Road, Near Kamla Vihar Sports Club,Kandivali(West), Mumbai – 400067, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9820804941 (Mr. Manoj)
Fax No.:	Not Available
E-Mail :	Mssavani64@gmail.com
Location :	Owned
Locality:	Residential

SOLE PROPRIETOR

Name :	Mr. Manoj Savani
Designation :	Proprietor
Date of Birth/Age :	51 Years
Qualification :	B. tech in electric engineering

BUSINESS DETAILS

Line of Business :	Subject is engaged into civil construction activities like development of buildings. [Confirmed by management]
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

Reference :	J Himatlal and Comapany, Mumbai, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Builders

· Skyline Contraction company

Reference :	K Raheja Corporation, Mumbai, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	91-22-26564000
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark: the concern person is not available in office.

No. of Employees :

180 (Approximately) [permanent = 30 = Labour 150]

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	Marathon Max, Opposite RTO, Junction of LBS Marg and Mulund, Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-67554667
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Continuously Ringing

Banker Name	HDFC Bank Limited
Branch Address	Shop No.180-A, Arbour, Marve Road, Orlem, Malad (West), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-61606161
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Continuously Ringing

Auditors :
Name :	Mr. Kamal Jain Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Veena Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs.9.274 Million
Borrowed :	--
Total :	Rs.9.274 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		9.274	6.866
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		9.274	6.866
LOAN FUNDS
1] Secured Loans		14.035	5.857
2] Unsecured Loans		1.642	1.655
TOTAL BORROWING		15.677	7.512
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		24.951	14.378
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.477	2.107
Capital work-in-progress		0.000	0.000
INVESTMENT		1.895	0.551
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	23.214	23.236
	Cash & Bank Balances	0.177	0.000
	Other Current Assets	0.000	0.000
	Loans & Advances	12.989	8.255
Total Current Assets		36.380	31.491
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.653	19.771
	Other Current Liabilities	13.148	0.000
	Provisions	0.000	0.000
Total Current Liabilities		21.801	19.771
Net Current Assets		14.579	11.720
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		24.951	14.378

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income
	Other Income
	TOTAL (A)	66.019	61.000
Less	EXPENSES
	Labour Charges Paid	51.356	49.168
	Provident Fund	0.131	0.052
	Labour Insurance	0.049	0.156
	Car Insurance	0.010	0.000
	Audit Fees	0.030	0.025
	Diwali Expenses	0.070	0.000
	Bank charges	0.055	0.004
	Electricity Charges	0.014	0.000
	LC Discount Charges	0.669	0.234
	General Expenses	0.296	0.000
	Interest On Loan	1.040	0.628
	Telephone Expenses	0.031	0.125
	Labour welfare	0.406	0.000
	Professional Fees	0.015	0.029
	Consumable Stores	6.473	6.527
	Loan Processing Fees	0.047	0.116
	Salary	0.381	0.350
	Travelling Expenses	1.106	0.088
	Office Expenses	0.845	0.095
	Conveyance	0.348	0.256
	TOTAL (B)	62.372	57.853
	PROFIT / (LOSS) BEFORE DEPRECIATION	3.647	3.147
Less	DEPRECIATION/ AMORTISATION	0.331	0.372
	NET PROFIT	3.316	2.775

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 / Total Income)	(%)	3.51	4.55
Return on Total Assets (PBT/Total Assets}	(%)	9.11	8.81
Return on Investment (ROI) (PBT/Networth)		0.36	0.37
Debt Equity Ratio (Total Debt /Networth)		1.69	1.09
Current Ratio (Current Asset/Current Liability)		1.667	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.06.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	6.866	9.274
Reserves & Surplus	0.000	0.000
Net worth	6.866	9.274
Long-term borrowings	5.857	14.035
Short term borrowings	1.655	1.642
Total borrowings	7.512	15.677
Debt/Equity ratio	1.094	1.690

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Total Income	61.000	66.019
		8.228

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Total Income	61.000	66.019
Profit	2.775	3.316
	4.55%	5.02%

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)	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

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.66.80
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52

INFORMATION DETAILS

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

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	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.