MIRA INFORM REPORT

Report No. :	354504.2
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	DELTA ENTERPRISES
Registered Office :	5, Pooja Complex, Village Purna, Mumbai-Agra Road, Post: Kalher, Taluk-Bhiwandi, Thane - 421302, Maharashtra
Tel. No.:	91-22-26203325
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2002
Capital Investment / Paid-up Capital :	Rs. 11.945 Million
IEC No.:	0302049975
TIN No.:	27760031055
PAN No.: [Permanent Account No.]	AEQPG6410C
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader, Distributor and Importer of Silicone Products. [Confirmed by management]
No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 was established in the year 2002 as proprietary firm and it is a trader, distributor and importer of silicone products. The firm possesses average operational performance and it has maintain sound profit margin at 6.77% during FY 2015. Rating takes into consideration firm’s establishment track record of business operations marked by its average financial base along with modest capital base and moderate debt coverage indicators. However, rating strength is partially offset by trading nature of business operations marked by susceptibility to fluctuation raw material price imparting volatility to profitability and intense competition in the industry. Trade relations are reported as fair. Payment terms are reported to be usually correct. The firm can be considered for business dealings at usual trade terms and condition.

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

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 :	Mrs. Bhavna Jayant Goyal
Designation :	Proprietor
Contact No.:	91-9820072094
Date :	10.12.2015

LOCATIONS

Registered Office :	5, Pooja Complex, Village Purna, Mumbai-Agra Road, Post: Kalher, Taluk-Bhiwandi, Thane – 421302, Maharashtra, India
Tel. No.:	91-22-26203325
Mobile No.:	91-9223202107 (Mr. Arun) 91-9223202140 (Mr. Sudhir) 91-9820072094 (Mrs. Bhavna)
Fax No.:	Not Available
E-Mail :	deltasilicons@gmail.com
Website :	www.deltasilicones.com
Area :	750 sq. ft.
Location :	Owned
Locality :	Commercial
Branch :	9, Golden Acers, Military Road, Ruia Park, Juhu, Mumbai – 400049, Maharashtra, India

SOLE PROPRIETOR

Name :	Mrs. Bhavna Jayant Goyal
Designation :	Proprietor
Address :	Mohankumar Kumar Sahni, 9, Golden Acres, Military Road, Ruia Park, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/ Age :	06.12.1970
PAN No.:	AEQPG6410C

KEY EXECUTIVES

Name :	Mr. Sudhir Shinde
Designation :	Accountant
Name :	Mr. Arun
Designation :	Office Executive

BUSINESS DETAILS

Line of Business :	Trader, Distributor and Importer of Silicone Products. [Confirmed by management]
Products :	Fluorosilicone Rubber Compounds Fe Series Silane Coupling Agents Silanes One Component RTV Silicone Rubbers Two Component RTV Silicone Rubbers RTV Silicone Rubber for Mold Making Silicon Diffusion Pump Fluid
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :
Products :	Silicones
Countries :	Japan
Terms :
Selling :	Cash

GENERAL INFORMATION

Suppliers :

Company Name :	Shinetsu Singapore Pte. Limited, Delhi
Name of the Person :	Mr. Surhid Gupta (Senior Manager)
Contact No.:	91-9560002689
Since How Long Known :	13 Years
Maximum Limit Dealt :	--
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	He informed that we have very good relation with this company, no complaints.

Customers :

OEM’s, End Users

Company Name :	Tata Motors
Name of the Person :	Mr. Ajay Purohit (Assistant General Manager)
Contact No.:	91-9881495625
Since How Long Known :	8 Years
Maximum Limit Dealt :	--
Experience :	Product Quality Delivery Behaviour Excellent Overall
Remark :	They are satisfied with product quality and delivery behaviour.

Company Name :	Marco Polo Product Private Limited
Name of the Person :	Mr. Aditya Kumar
Contact No.:	91-9830089023 (Continuously Ringing)

No. of Employees :

3 (Approximately)

Bankers :

Banker Name :	Standard Chartered Bank
Branch :	JVPD, Juhu, Mumbai – 400049, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	R. A. Kuvadia and Company Chartered Accountants
Address :	1/7 Chaintanya Society, Chiatnya Nagar, Sanatacruz (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-26681719
Fax No.:	91-22-26681719
E-Mail :	rashmikantca@yahoo.co.in
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs. 11.945 Million
Borrowed :	--
Total :	Rs. 11.945 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		11.945	9.766
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		11.945	9.766
LOAN FUNDS
1] Secured Loans		0.000	0.109
2] Unsecured Loans		2.152	3.546
TOTAL BORROWING		2.152	3.655
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		14.097	13.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.372	1.492
Capital work-in-progress		0.000	0.000
INVESTMENT		2.965	2.749
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.624	6.119
	Sundry Debtors	3.120	3.058
	Cash & Bank Balances	4.637	2.107
	Other Current Assets	0.966	2.011
	Loans & Advances	0.120	0.080
Total Current Assets		15.467	13.375
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	5.707	4.195
Total Current Liabilities		5.707	4.195
Net Current Assets		9.760	9.180
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		14.097	13.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	30.982	32.113
		Other Income	0.285	0.205
		TOTAL	31.267	32.318
Less	EXPENSES
		Cost of goods sold	22.907	19.123
		Agency charges	0.102	0.144
		Clearing & forwarding charges	0.117	0.271
		Custom duty	2.302	4.981
		Freight expenses	0.396	0.971
		Octroy expenses	0.000	0.001
		Shipping agency	0.094	0.253
		Car expenses	0.154	0.109
		Interest on car loan	0.006	0.021
		Telephone charges	0.104	0.125
		Advertisement expenses	0.001	0.008
		Audit fees (ST)	0.012	0.020
		Audit fees (Tax audit)	0.030	0.030
		Bank charges	0.032	0.130
		Commission paid	1.106	2.018
		Consultancy charges	0.020	0.020
		Conveyance & other	0.099	0.074
		Courier charges	0.041	0.160
		Debtor w/off	0.012	0.000
		Donation	0.011	0.009
		Electricity bill	0.034	0.042
		Entertainment expenses	0.059	0.049
		Festival expenses / Diwali Gift	0.038	0.035
		Insurance (Fire & Buglary)	0.002	0.010
		Insurance (Marine policy)	0.026	0.000
		Interest on sales tax	0.005	0.008
		Interest renewal	0.014	0.000
		Sales tax	0.000	0.036
		Sales tax (C Form 2005-06) Penalty	0.000	0.022
		Sales tax (C Form 2005-06) Interest	0.000	0.018
		Service tax amensty scheme	0.000	0.007
		Interest on service tax	0.000	0.000
		Interest & Telecom charges	0.000	0.003
		Interest on professional tax	0.013	0.000
		Membership & subscription	0.126	0.043
		Miscellaneous expenses	0.059	0.000
		Penalty charges	0.005	0.000
		Printing and stationery	0.067	0.020
		Professional fees	0.032	0.063
		Professional tax (Self)	0.003	0.003
		Professional tax (Staff)	0.013	0.011
		Repair and Maintenance (Computer)	0.008	0.049
		Repair and Maintenance (other)	0.048	0.000
		Salary Account	0.668	0.537
		Sales tax CST payment	0.001	0.000
		Sales tax paid	0.008	0.000
		Staff welfare	0.015	0.058
		Transportation charges	0.010	0.064
		Travelling expenses - outstation	0.171	0.225
		Bad debts	0.000	0.067
		Difference in exchange rate	0.000	0.182
		TOTAL	28.971	30.020
	PROFIT/(LOSS) BEFORE DEPRECIATION		2.296	2.298
Less	DEPRECIATION		0.199	0.231
	NET PROFIT		2.097	2.067

Expected Sales (2015-2016): Rs.37.500 Million

The above information has been parted by Mrs. Bhavna

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 / Sales	(%)	6.77	6.44
Return on Total Assets (PBT/Total Assets)	(%)	6.77	6.44
Return on Investment (ROI) (PBT/Networth)		12.45	13.90
Debt Equity Ratio (Total Debt /Networth)		0.18	0.21
Current Ratio (Current Asset/Current Liability)		0.18	0.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Share Capital	9.766	11.945
Reserves & Surplus	0.000	0.000
Net worth	9.766	11.945
Secured Loans	0.109	0.000
Unsecured Loans	3.546	2.152
Total borrowings	3.655	2.152
Debt/Equity ratio	0.374	0.180

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Sales	32.113	30.982
		(3.522)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Sales	32.113	30.982
Profit	2.067	2.097
	6.44%	6.77%

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	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	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	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. 66.30
UK Pound	1	Rs. 98.71
Euro	1	Rs. 72.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	NKT

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	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	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		43

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.