MIRA INFORM REPORT

Report No. :	356129
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	PUSHPAK MARKTRADE (INDIA) PRIVATE LIMITED
Registered Office :	Block No. 1, Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai - 400097, Maharashtra
Tel. No.:	91-22- 28778115
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	19.08.2004
Com. Reg. No.:	11-148120
Capital Investment / Paid-up Capital :	Rs. 100.000 Million
CIN No.: [Company Identification No.]	U51909MH2004PTC148120
IEC No.:	0305000128
TAN No.: [Tax Deduction & Collection Account No.]	MUMP23683C
PAN No.: [Permanent Account No.]	AADCP3671J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Steel coal, ferrous-non ferrous metal, scrap. (Confirmed by management)
No. of Employees :	26 (Approximately)

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 is an established company incorporated in the year 2004. It has a satisfactory track record. For the financial year ended 2015, the company has good operational activity and achieved an average profitability margin of 0.69% along with an increase in sales turnover. The company has healthy financial profile marked by good net worth position along with favourable gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. In view of aforesaid, the company can be 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

Rating Agency Name	CRISIL
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	26.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	26.05.2015

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. Arun Gopiram Beswal
Designation :	Director
Contact No.:	91-9320032681
Date :	19.12.2015

LOCATIONS

Registered Office :	Block No. 1, Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai - 400097, Maharashtra, India
Tel. No.:	91-22- 28778115
Mobile No.:	91-9320032681 (Mr. Arun Gopiram Beswal)
Fax No.:	91-22-28778115
E-Mail :	arunbeswal@yahoo.com arun.beswal@gmail.com
Location :	Owned
Locality :	Commercial
Factory/Godown:	Plot No. 33/34, Road No. 18, V.K.I Area, Jaipur- 302016, Rajasthan, India
Location :	Owned
Branch Office:	601, Riddhi-Siddhi Tower, Sikar Road, Jaipur- 302016, Rajasthan, India
Tel. No.:	91-141-22230657
Fax No.:	91-141-22230657
Location :	Owned

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Arun Gopiram Beswal
Designation :	Director
Address :	Bunglow No. 1, Vinayak Heights,, Upper Govind Nagar, Kailashpuri, Malad ( East ), Mumbai - 400097, Maharashtra, India
Date of Birth/Age :	30.12.1953
Qualification :	Chartered Accountant
Experience :	30 Years
Date of Appointment :	19.08.2004
DIN No.:	00425091
PAN No.:	ACFPB8864N
Name :	Mr. Shashi Arun Beswal
Designation :	Director
Address :	Bunglow No. 1, Vinayak Heights,, Upper Govind Nagar, Kailashpuri, Malad ( East ), Mumbai - 400097, Maharashtra, India
Date of Birth/Age :	24.11.1958
Qualification :	B.com
Experience :	20 Years
Date of Appointment :	19.08.2004
DIN No.:	00425203
PAN No.:	ACFPB8865P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Arun'gopiram Beswal	1200000
Geniune Services Private Limited, India	651000
Lokesh Kumar Sharma	90000
Shashi Arun Beswal	297000
Riddhima Beswal	12000
Hanisha Beswal	50000
Vinod Kumar Beswal	125000
Savita Beswal	70000
Vi Nod Kumar Beswal HUF	80000
Sajjan Kumar Khaitan HUF	65000
Sajjan Kumar Khaitan	5000
Suman Chaudhari	5000
Mainadevi Chaudhari	85000
Vijay Kumar Chaudhari	10000
Krishna Bright Metal Industry	400000
Drolia Chemical Agency	90
Kartikey Enterprises	1619909
A.R. Dadi	1
Balram Y Mahto	70000
Savitridevi Beswal	20000
Everite Corporation (Prop. Ganesh Kumar)	500000
Lajavanti Mahto	50000
Laxmipathi Balaji Sugar and Distilleries Private Limited, India	500000
Santosh Kumar Beswal	25000
Santosh Kumar Beswal Huf	20000
Sobha Santosh Kumar Beswal	50000
Total	6000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	19.18
Directors or relatives of Directors	32.48
Other top fifty shareholders	48.34
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Steel coal, ferrous-non ferrous metal, scrap. (Confirmed by management)
Products :	Steel coal Ferrous-non ferrous metal Scrap
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Steel Metals, Scraps
Countries :	European Countries Middle East China Japan
Terms :
Selling :	L/C (60 Days)
Purchasing :	L/C and Cash (30,90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	S B Industries, Jaipur, Rajasthan, 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 :

End Users

Reference :	Ever High Corporation, Jaipur, Rajasthan, 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

No. of Employees :

26 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Borivli (West) Branch, Dharmakshetra Chs Limited Near Ambamata Temple, Factory Lane, Borivli (West), Mumbai - 400092, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-28982079/28331797
Name of Account Holder	Pushpak Marktrade (India) Private Limited
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)	Working capital : Rs.240.000 Million
Account Operation	Not Available
Remarks (If any)	Ringing Continuously

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Loan repayable on demand Secured from banks (CC/OD from Union Bank of India for the year 2014-2015 and other against hypothecation of entire stock, bad debts and other current assets of the firm both present and future, collateral security of FDR and personal guarantee of directors and their relative)	173.227	146.603
Total	173.227	146.603

Auditors :
Name :	Ashish Maheshwari and Associates Chartered Accountant
Address :	B206 Ashoka Super Market, SV Road, Near Patkar College Goregeon West Mumbai – 400062, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AHYPM2377B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.000	60.000	30.000
(b) Reserves & Surplus	29.916	19.094	5.383
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	40.000	0.000
Total Shareholders’ Funds (1) + (2)	129.916	119.094	35.383
(3) Non-Current Liabilities
(a) long-term borrowings	49.393	34.577	13.208
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	49.393	34.577	13.208
(4) Current Liabilities
(a) Short term borrowings	173.227	148.603	72.949
(b) Trade payables	153.608	149.739	102.762
(c) Other current liabilities	0.868	0.706	0.367
(d) Short-term provisions	4.972	4.305	1.000
Total Current Liabilities (4)	332.675	303.353	177.078
TOTAL	511.984	457.024	225.669
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.559	0.741	0.141
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.559	0.741	0.141
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	187.569	170.214	99.642
(c) Trade receivables	303.307	268.586	104.148
(d) Cash and cash equivalents	1.752	0.679	0.947
(e) Short-term loans and advances	18.797	16.804	20.791
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	511.425	456.283	225.528
TOTAL	511.984	457.024	225.669

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1571.869	1331.027	994.500
	Other Income	1.664	1.483	NA
	TOTAL (A)	1573.533	1332.510	NA
Less	EXPENSES
	Cost of Materials Consumed	1532.970	1290.370
	Direct Expenses	4.189	3.462
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.355)	(8.070)
	Employees benefits expense	3.478	3.137
	Other expenses	2.230	1.923
	TOTAL (B)	1525.512	1290.822	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	48.021	41.688
Less	FINANCIAL EXPENSES (D)	31.688	26.276
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	16.333	15.412
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.182	0.204
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	16.151	15.208	4.746
Less	TAX (H)	5.330	4.562	1.680
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	10.821	10.646	3.066
	Earnings / (Loss) Per Share (Rs.)	1.08	1.77	NA

Expected Sales (2015-2016) : Rs.1800.000 Million

The above information has been parted by Mr. Arun Gopiram Beswal

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	(38.256)
Net cash flows from (Outflow) from operations	(13.742)	(52.356)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.69	0.80	0.31
Operating Profit Margin (PBIDT/Sales)	(%)	3.06	3.13	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.15	3.33	2.10
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.13
Debt Equity Ratio (Total Debt /Networth)		1.71	1.54	2.43
Current Ratio (Current Asset/Current Liability)		1.54	1.50	1.27

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	30.000	60.000	100.000
Reserves & Surplus	5.383	19.094	29.916
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	40.000	0.000
Net worth	35.383	119.094	129.916
long-term borrowings	13.208	34.577	49.393
Short term borrowings	72.949	148.603	173.227
Total borrowings	86.157	183.180	222.620
Debt/Equity ratio	2.435	1.538	1.714

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	994.500	1331.027	1571.869
		33.839	18.094

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	994.500	1331.027	1571.869
Profit	3.066	10.646	10.821
	0.31%	0.80%	0.69%

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	Yes
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	Yes
31	External Agency Rating, if available	Yes
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 LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From Shareholders	26.590	28.340
From Others	22.803	6.237
Total	49.393	34.577

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10362777	26/03/2015 *	240,000,000.00	UNION BANK OF INDIA	BORIVALI (WEST) BRANCH, DHARMAKSHETRA CHS LTD, NEAR AMBAMATA TEMPLE,FACTORY LANE, BORIVALI WEST, MU MBAI, MAHARASHTRA - 400092, INDIA	C53626966

* Date of charge modification

FIXED ASSETS

Tangible assets

• Computer
• FAX-JPR
• Furniture and Fixture
• Motor Car – JPR
• Motor Cycle - JPR

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 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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	TRI
Report Prepared by :	KVT

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	4
--RESERVES	1~10	4
--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	NO
--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.