MIRA INFORM REPORT

Report No. :	354721
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	SHAH AND SHAH
Registered Office :	Sham Plaza, Irani Road, Dahanu Road, Dist - Palghar, Palghar – 401602, Maharashtra
Tel. No.:	91-2528-224501
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment:	1981
Capital Investment / Paid-up Capital :	Rs.24.289 Million
TIN No.:	Not Available
IEC No.:	Not Applicable
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAEFS3991G
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Mill Scale (Confirmed by management )
No. of Employees :	7 (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 :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 1981. It has satisfactory track. As per available financials of the year 2015, subject has reported decrease in sales turnover from Rs.563.100 Million in FY14 to Rs. 310.200 Million in FY15, due to unfavorable market condition as claimed by Mr. Deepak Shah (Partner). However, capital structure of the concern appears to be sound with comfortable debt level. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. 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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Divulged
Rating	Not Divulged
Rating Explanation	Not Divulged
Date	Not Divulged

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. Deepak Shah
Designation :	Partner
Contact No.:	91-9377844501
Date :	14.12.2015

LOCATIONS

Registered Office/ Warehouse :	Sham Plaza, Irani Road, Dahanu Road, Dist - Palghar, Palghar – 401602, Maharashtra, India.
Tel. No.:	91-2528-224501
Mobile No.:	91-9377844501 (Mr. Deepak)
Fax No.:	Not Available
E-Mail :	deepakshah1963@gmail.com
Area :	400 Sq.Ft.
Location :	Leased
Locality:	Commercial

PARTNERS

Name :	Mr. Deepak Shah
Designation :	Partner
Name :	Mrs. Neeta Deepak Shah
Designation :	Partner
Name :	Ms. Foram Shah
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Trader of Mill Scale (Confirmed by management )
Products :	Mill Scale
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Yuvi Impex
Name of the Person :	Mr. Viral Shah
Contact No.:	91-9022933847(Continuously Ringing)
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

• End Users

Reference :

Uttam Galva Metallics Limited

Name of the Person :

Mr. J. P. Jain (AGM Procurement)

Contact No.:

91-8879994375

Since How Long Known :

1 Year

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

He informed we are very much satisfied by their product quality and delivery behaviour.

No. of Employees :

7 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Dahanu Road Branch, Fatema Building, Station Road, Dist - Palghar, Palghar – 401602, Maharashtra, India
Person Name (With Designation)	Ms. Jisha (Senior Branch Manager)
Contact Number	91-2528-222348
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)	Cash Credit Rs.478.600 Million
Account Operation	Not Divulged
Remarks (If any)	Ms. Jishna (Senior Branch Manager) she denied to provide her opinion about subject company.
Bank Name	ICICI Bank Limited
Branch	Vaibhav Commercial Complex, Dahanu Road, Palghar – 401602, Maharashtra, India
Person Name (With Designation)	Mr. Avinash Prasad (Branch Manager)
Contact Number	91-7738078379
Name of Account Holder	Shah and Shah
Account Number	Not Available
Account Since (Date/Year of Account Opening)	2003
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Satisfactory
Remarks (If any)	As Claimed by Mr. Avinash Prasad (Branch Manager) that subject is having very good track record for banking transaction.

Auditors :
Name :	Raman S. Shah and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment:

Name	Amount
Deepak Shah	1.114
Neeta Shah	16.353
Mamta Shah	6.822
Total	24.289

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		24.289	17.454	13.370
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		24.289	17.454	13.370
LOAN FUNDS
1] Secured Loans		4.778	4.816	1.346
2] Unsecured Loans		0.650	0.130	0.747
TOTAL BORROWING		5.428	4.946	2.093
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.717	22.400	15.463
APPLICATION TAX LIABILITIES
FIXED ASSETS [Net Block]		1.012	1.059	0.741
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.065	0.065	0.065
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.121	8.146	0.839
	Sundry Debtors	14.159	19.996	17.569
	Cash & Bank Balances	6.219	6.894	1.869
	Other Current Assets	0.001	0.001	0.001
	Loans & Advances	2.498	0.439	0.438
Total Current Assets		40.998	35.476	20.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.692	10.826	5.132
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	5.666	3.374	0.927
Total Current Liabilities		12.358	14.200	6.059
Net Current Assets		28.640	21.276	14.657
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		42.075	36.600	21.522

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	310.240	563.166	412.770
	Other Income	0.269	0.000	0.009
	TOTAL	310.509	563.166	412.779
		(Note: Due to Market Fluctuation)
Less	EXPENSES
	Cost of Materials Consumed	299.949	548.266	396.846
	Freight and Forward	1.546	1.522	4.030
	Accounting Fees	0.027	0.027	0.030
	Audit Fees -Tax Audit	0.111	0.101	0.084
	Audit Fees - Vat Audit	0.028	0.028	0.028
	Bank charges	0.053	0.171	0.165
	Discount	0.000	0.003	0.000
	Salary, Incentive and Bonus	1.650	2.523	0.122
	Interest on capital to Partners	1.048	1.603	1.295
	Remuneration to Partners	1.513	2.031	1.923
	Insurance Expenses	0.038	0.019	0.017
	Interest CC	0.000	0.000	0.630
	Interest on Pick Loan	0.000	0.000	0.020
	Interest -Supplier	0.000	0.000	0.002
	Cash Credit Account	0.527	0.551	0.000
	Vehicle Loan	0.000	0.004	0.000
	Duties and Taxes Late Payment	0.039	0.002	0.000
	Labor Charges	1.022	0.994	1.068
	Material Testing Charge	0.181	0.929	0.843
	Membership Fees	0.000	0.000	0.034
	Office Expenses	0.201	0.330	0.273
	Printing and Stationery	0.043	0.090	0.071
	Professional Fes and legal charges	0.030	0.007	0.021
	Rent Expenses	0.515	0.479	0.723
	Repairs and Maintaince Expenses	0.179	0.196	0.167
	Salary Account	0.000	0.000	1.464
	Sales Tax	0.031	0.028	0.000
	Staff Welfare	0.147	0.363	0.351
	Sundry Expenses	0.033	0.024	0.000
	Telephone Bill	0.177	0.253	0.221
	Travelling	0.221	0.810	0.767
	Tyre and Tube Expenses	0.035	0.030	0.000
	Weighment Expenses	0.131	0.402	0.384
	TOTAL	309.475	561.786	411.579
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.034	1.380	1.200
Less/ Add	DEPRECIATION/ AMORTISATION	0.176	0.177	0.169
	NET PROFIT	0.858	1.203	1.031

Expected Sales (2015-16) : Rs.350.000 Million

The above information has been parted by Mr. Deepak Shah (Partner) .

Note : Sole Proprietory 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)	(%)	0.28	0.21	0.25
Return on Total Assets (PBT/Total Assets}	(%)	2.04	3.29	4.80
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	0.08
Debt Equity Ratio (Total Debt /Networth)		0.22	0.28	0.16
Current Ratio (Current Asset/Current Liability)		3.15	2.48	3.04

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	13.370	17.454	24.289
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Net worth	13.370	17.454	24.289
Long-term borrowings	1.346	4.816	4.778
Short term borrowings	0.747	0.130	0.650
Total borrowings	2.093	4.946	5.428
Debt/Equity ratio	0.157	0.283	0.223

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	412.770	563.166	310.240
		36.436	(44.911)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2014	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	412.770	563.166	310.240
Profit / (Loss)	1.031	1.203	0.858
	0.25%	0.21%	0.28%

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)	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	Yes
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 three years	Yes
27	Reasons for variation <> 20%	Yes
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

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.66.94
UK Pound	1	Rs.101.78
Euro	1	Rs.73.46

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KNJL
Report Prepared by :	VLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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		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.