MIRA INFORM REPORT

Report No. :	354910
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	VINAYAK METAL INDUSTRIES
Registered Office :	210/211, Shiva Industrial Estate, Bhandup (West), Mumbai – 400078, Maharashtra
Tel. No.:	91-22-25953241/ 2
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2008
Capital Investment / Paid-up Capital :	Rs. 59.543 Million
IEC No.:	0311040861
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AEGPJ0421G
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Importer of Ferrous and Non-Ferrous Metal. (Confirmed by Management)
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having a satisfactory track record. Rating takes consideration concern comfortable financial risk profile because of a satisfactory capital base, low gearing and strong liquidity. Rating further takes into account on long track record of its operational activities and vast experienced of the partners in its business. This rating strength is partially offsets on concern thin profitability margin inherited through trading nature of business and tough competition in metal industry. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In the view of aforesaid, the subject 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Pavan Jain
Designation :	Partner
Contact No.:	91-9820337333
Date :	14.12.2015

LOCATIONS

Registered Office :	210/211, Shiva Industrial Estate, Bhandup (West), Mumbai - 400078, Maharashtra, India
Tel. No.:	91-22-25953241/ 2
Mobile No.:	91-9820337333 (Mr. Pavan)
Fax No.:	91-22-25953241/ 2
E-Mail :	vinayakmetal82@gmail.com
Website :	Not Available
Area :	2000 Sq. Ft.
Location :	Owned
Locality :	Industrial
Branch Address :	22, Kalyan Building, K.M. Zaveri Marg, Mumbai – 400004, Maharashtra, India
Warehouse :	Located at Bhiwandi, Thane, Maharashtra, India

PARTNERS

Name :	Mr. Pavan Jain
Designation :	Partner
Name :	Mr. Rakesh Shakala
Designation :	Partner
Name :	Mrs. Rasila Jain
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Trader and Importer of Ferrous and Non-Ferrous Metal. (Confirmed by Management)
Products :	Ferrous and Non-Ferrous Metal
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :
Countries :	United Arab Emirates Dubai Jordan
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Payment Behaviour Market Goodwill Not Divulged Overall
Remark :	Not Divulged

Customers :

Wholesalers, Retailers

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Product Quality Delivery Behaviour Not Divulged Overall
Remark :	Not Divulged

No. of Employees :

15 (Approximately)

Bankers :

Banker Name :	Bank of India
Branch :	Bullion Exchange Branch, Mumbai, Maharashtra, India
Person Name (With Designation) :	Not Available
Contact Number :	91-2223400862 (Continuously Ringing)
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

• Kotak Mahindra Bank Limited, Kalbadevi, Mumbai, Maharashtra, India

Auditors :
Name :	Poonawala and Associates Chartered Accountants
Collaborators :	Not Divulged
Membership :	Not Divulged
Sister Concern :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs. 59.543 Million
Borrowed :	--
Total :	Rs. 59.543 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
PROPRIETORS FUNDS
1] Proprietors capital Account		59.543	(44.035)	(49.188)
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.543	(44.035)	(49.188)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	2.300	72.410
TOTAL BORROWING		0.000	2.300	72.410
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		59.543	(41.735)	23.222
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.244	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.000	0.000	0.000
	Other Current Assets	228.642	278.035	386.069
	Loans & Advances	0.000	63.641	12.544
TOTAL CURRENT ASSETS		228.642	341.677	398.613
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
TOTAL CURRENT LIABILITIES		169.343	383.412	375.391
Net Current Assets		59.299	(41.735)	23.222
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
DEFERRED TAXATION		0.000	0.000	0.000
TOTAL		59.543	(41.735)	23.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Gross Sales	1408.039	799.237	1198.148
		Other Operating Income	0.000	0.000	0.000
		TOTAL	1408.039	799.237	1198.148
Less	EXPENSES
		Cost of Raw Materials	1394.311	782.116	1236.169
		Direct Expenses	0.080	0.087	0.236
		Office and Administration Expenses	0.389	0.104	0.214
		Other Indirect Expenses	0.578	0.140	0.105
		Interest Income	0.000	(0.439)	(6.393)
		TOTAL	1395.358	782.008	1230.331
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.681	17.229	(32.183)
Less	FINANCIAL EXPENSES		0.016	11.935	11.575
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.665	5.294	(43.758)
Less	DEPRECIATION/ AMORTISATION		0.067	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		12.598	5.294	(43.758)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		12.598	5.294	(43.758)
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

Expected Sales (2015-2016): Rs.1650.000 Million.

The above information has been parted by Mr. Pavan Jain (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	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.89	0.66	(3.65)
Operating Profit Margin (PBIDT/Sales)	(%)	0.90	2.16	(2.69)
Return on Total Assets (PBT/Total Assets}	(%)	21.16	(12.68)	(188.43)
Return on Investment (ROI) (PBT/Networth)		0.21	(0.12)	(0.89)
Debt Equity Ratio (Total Debt /Networth)		0.00	(0.05)	(1.47)
Current Ratio (Current Asset/Current Liability)		1.35	0.89	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	(49.188)	(44.035)	59.543
Reserves & Surplus	0.000	0.000	0.000
Net worth	(49.188)	(44.035)	59.543
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	2.300	72.410
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	0.000	2.300	72.410
Debt/Equity ratio	0.000	(0.052)	1.216

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1198.148	799.237	1408.039
		(33.294)	76.173

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1198.148	799.237	1408.039
Profit	(43.758)	5.294	12.598
	(3.65%)	0.66%	0.89%

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	No
19	Major customers	No
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	No
25	Last accounts filed at ROC, if applicable	No
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	No
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. 66.99
UK Pound	1	Rs. 101.78
Euro	1	Rs. 73.47

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KSP
Report Prepared by :	SYL

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	4
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.