MIRA INFORM REPORT

Report No. :	356308
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	O.K. INDUSTRIES
Registered Office :	55/2, Natarbar Paul Road, Howrah- 711101, West Bengal
Tel. No.:	91-33-26670343/26510655
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	1986
Capital Investment / Paid-up Capital :	Rs. 3.059 Million
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of HT and LT, Line Material (Electrical Products) (Confirmed by management)
No. of Employees :	10 (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 was established in the year 1986 as partnership firm and it is a manufacturer of HT and LT, Line material electrical products. For the financial year ended 2015, revenue of the firm has declined by 23.52% but it has able to maintain average profit margin at 4% during the year under review. Ratings takes into consideration firm’s established track record of business operations marked by its above financial base along with moderate operating efficiencies and average debt coverage indicators. Trade relations are reported as fair. Payment terms are reported to be slow but correct. The firm 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

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. T. S. Bedi
Designation :	Partner
Contact No.:	91-9433097049
Date :	22.12.2015

LOCATIONS

Registered Office :	55/2, Natarbar Paul Road, Howrah- 711101, West Bengal, India
Tel. No.:	91-33-26670343/26510655
Mobile No.:	91-9433097049 (Mr. T.S. Bedi) 91-9831544935 (Mr. Symran)
Fax No.:	91-33-26670343
E-Mail :	okindustries@gmail.com
Location :	Owned
Factory :	91/15, 6Q Road Mansatla, Howrah- 711105, West Bengal, India

PARTNERS

Name :	Mr. T. S. Bedi
Designation :	Partner
Name :	Mr. Symran Jeetsingh Bedi
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Manufacturer of HT and LT, Line Material (Electrical Products) (Confirmed by management)
Products :	HT and LT Electrical Products
Brand Names :	---
Agencies Held :	---
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	L/C, Depend
Purchasing :	L/C, Depend

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and State Government Contractor

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Banker Name :	Punjab and Sind Bank
Branch Address :	Main Branch, Kolkata, West Bengal, India
Person Name :	Not Divulged
Contact No.:	Not Divulged
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.3.500 Million BG Rs.4.500 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Abhijit Bhandari and Associates Chartered Accountant
Address :	Durgapur
Membership No.:	064963
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	M.K. Enterprise Address : 55/2, Natabar Paul Road, Howrah- 711101, West Bengal, India Activity : Manufacturer of HT and LT, Line Material (Electrical Products)

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Owned :	Rs. 3.059 Million
Borrowed :	--
Total :	Rs. 3.059 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Partner’s Capital		3.059	2.731
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.059	2.731
LOAN FUNDS
1] Secured Loans		3.689	3.534
2] Unsecured Loans		0.150	0.150
TOTAL BORROWING		3.839	3.684
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		6.898	6.415
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.052	0.051
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.717	4.727
	Sundry Debtors	0.341	4.821
	Cash & Bank Balances	0.056	0.072
	Other Current Assets	2.009	1.827
	Loans & Advances	0.341	0.235
Total Current Assets		7.464	11.682
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.404	5.125
	Other Current Liabilities	0.052	0.051
	Provisions	0.162	0.142
Total Current Liabilities		0.618	5.318
Net Current Assets		6.846	6.364
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		6.898	6.415

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	11.759	15.323
		Other Income	0.584	0.098
		TOTAL	12.343	15.421
Less	EXPENSES
		Cost of Goods Sold	9.531	13.440
		audit Fees	0.010	0.010
		Bank Charges	0.027	0.045
		Commission for Bank Guarantee	0.074	0.045
		Consultancy Charges	0.016	0.022
		Electricity Charges	0.026	0.005
		Entry Tax Paid	0.004	0.005
		Interest on Bank Loan	0.466	0.000
		Interest on Secured Loan	0.000	0.463
		Printing and Stationery	0.013	0.000
		Salary and Bonus	0.150	0.090
		Subscription and Donation Charges	0.007	0.001
		Sundry Balance W/Off	0.549	0.299
		Telephone Charges	0.003	0.013
		Wages	0.152	0.100
		Labour	0.348	0.233
		Carriage Inward	0.100	0.000
		Accounting Charges	0.012	0.000
		Inspection Charges	0.002	0.000
		Other Expenses	0.378	0.249
		TOTAL	11.868	15.020
	NET PROFIT		0.475	0.401

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)	(%)	4.04	2.62
Return on Total Assets (PBT/Total Assets}	(%)	6.32	3.42
Return on Investment (ROI) (PBT/Networth)		0.16	0.15
Debt Equity Ratio (Total Debt /Networth)		1.25	1.35
Current Ratio (Current Asset/Current Liability)		12.08	2.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	2.731	3.059
Reserves & Surplus	0.000	0.000
Net worth	2.731	3.059
Secured Loans	3.534	3.689
Unsecured Loans	0.150	0.150
Total borrowings	3.684	3.839
Debt/Equity ratio	1.349	1.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	15.323	11.759
		(23.259)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	15.323	11.759
Profit	0.401	0.475
	2.62%	4.04%

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	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	Yes
18	Major suppliers	No
19	Major customers	No
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	No
26	Turnover of firm for last two years	No
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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	JYTK

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	4
--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.