MIRA INFORM REPORT

Report No. :	357273
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	AARUSHI AGENCIES PRIVATE LIMITED
Registered Office :	Plot No. 701, Industrial Area, Phase-I, Chandigarh – 160001
Tel. No.:	91-172-5077680/ 4111487
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.06.1997
Com. Reg. No.:	53-020057
Capital Investment / Paid-up Capital :	Rs. 0.600 Million
CIN No.: [Company Identification No.]	U45202CH1997PTC020057
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of printing materials such as ink, adhesives, chemicals, lamination film, etc. (Confirmed by Management)
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1997 and it is a trader and importer of printing materials such as ink, adhesives, chemicals, lamination film, etc. It is an established company having satisfactory track record. For the financial year ended 2015, the company possesses decent operational performance with fair profit margin of 2.15% recorded during the year under review. Further, rating also considers company’s acceptable financial risk profile marked by its sufficient networth base, comfortable liquidity position along with fair debt coverage indicators. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company 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.

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. Ashish Sharma
Designation :	Director
Contact No.:	91-9814001318
Date :	28.12.2015

LOCATIONS

Registered Office/ Warehouse :	Plot No. 701, Industrial Area, Phase-I, Chandigarh – 160001, India
Tel. No.:	91-172-5077680/ 4111487
Mobile No.:	91-9814001318 (Mr. Ashish Sharma)
Fax No.:	91-172-5077679
E-Mail :	skvatsank@yahoo.com
Website :	http://www.aarushiagencies.com
Area :	500 Sq. Mtr.
Location :	Leased
Locality:	Industrial
Branch Office 1:	Located at: · Punjab
Area :	250 sq. Mtr.
Location :	Rented
Branch Office 2:	Located at: · Himachal Pradesh
Area :	1000 Sq. Ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :	Mrs. Neeru Sharma
Designation :	Director
Address :	House No. 1612, Sector 34, Chandigarh - 160036, Chandigarh, India
Date of Birth/Age :	08.03.1969
Date of Appointment :	06.08.1997
DIN No.:	00900136
Name :	Mr. Ashish Sharma
Designation :	Director
Address :	House No. 1612, Sector 34, Chandigarh - 160036, Chandigarh, India
Date of Birth/Age :	13.12.1967
Date of Appointment :	08.06.1997
DIN No.:	00900099

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Ashish Sharma	30000
Neeru Sharma	22500
Savita Sharma	2500
Yogesh Sharma	5000
	0
Total	60000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of printing materials such as ink, adhesives, chemicals, lamination film, etc. (Confirmed by Management)

Products :

ITC Code No.	Product Descriptions
99612990	Wholesale Trade Services

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Finished Goods

Countries :

Germany

Terms :

Selling :

Cash, L/C and Credit (30/ 60/ 90 Days)

Purchasing :

Cash, L/C and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Siegwerk India Private Limited – New Delhi, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Skyblue Papers Private Limited

· S.S. Enterprises

· Economic Freight Carriers Limited

· Salco Extrusions Private Limited

· Sikha Agencies

· Sukhna automobiles

Customers :

Wholesalers and Retailers

Reference:	TCPL Packaging Limited – Haridwar, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· AAA RS Print

· Advance Packing

· Aggarwal Polymers

· Arihant Labels

· Asian Industries

· Creative Industries

No. of Employees :

30 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Sector 35B, Chandigarh, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Punjab National Bank

Phase-1, Mohali - 160059, Punjab, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Banks
Axis Bank Limited – Cash Credit Loan	12.204	39.329
Axis Bank Limited – Car Loan Santa Fee	0.000	0.553
Axis Bank Limited WCDL	35.000	0.000
ICICI Bank – Loan A/C	0.138	0.309
Tata Capital Finance Service Limited	0.849	1.642
From Others
Ashish Sharma	1.990	3.433
Neeru Sharm	5.747	3.860
Total	55.928	49.126

Auditors :
Name :	Suresh K Aggarwal and Company Chartered Accountants
Address :	H. No. 3230, IInd Floor, Sector-35D, Chandigarh – 160035, India
Tel. No.:	91-172-4610845
Fax No.:	91-172-4610845
E-Mail :	skvatsank@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ACIPA6387L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60,000	Equity Shares	Rs. 10/- each	Rs. 0.600 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	0.600	0.600	0.600
(b) Reserves & Surplus	34.492	27.667	21.074
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	35.092	28.267	21.674
(3) Non-Current Liabilities
(a) Long-term borrowings	55.928	49.126	38.153
(b) Deferred tax liabilities (Net)	0.000	0.000	0.005
(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)	55.928	49.126	38.158
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	60.750	58.464	48.769
(c) Other current liabilities	5.142	11.944	3.534
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	65.892	70.408	52.303
TOTAL	156.912	147.801	112.135
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.563	4.542	5.540
(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)	0.271	0.055	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.123	1.776	1.830
Total Non-Current Assets	6.957	6.373	7.370
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.934	18.532	10.039
(c) Trade receivables	111.791	109.436	88.068
(d) Cash and cash equivalents	5.510	5.017	1.526
(e) Short-term loans and advances	4.720	8.443	5.132
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	149.955	141.428	104.765
TOTAL	156.912	147.801	112.135

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2013	31.03.2011
	SALES
		Revenue from Operations	316.265	277.676
		Other Income	2.012	1.565
		TOTAL (A)	318.277	279.241	277.676
Less	EXPENSES
		Cost of Materials Consumed	282.087	247.470
		Employees benefits expense	8.982	8.502
		Other expenses	10.075	7.762
		TOTAL (B)	301.144	263.734	267.951
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.133	15.507	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		5.238	4.755
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.895	10.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.548	1.027
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		10.347	9.725	9.725
Less	TAX (H)		3.523	3.132	3.191
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6.824	6.593	6.534
	IMPORTS
		Raw Materials	7.836	7.085	NA
	Earnings Per Share (Rs.)		113.73	109.88	108.90

Expected Sales (2015-2016): Rs. 380.000 Million

The above information has been parted by Mr. Ashish Sharma (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2013	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	2.213	(1.071)	3.001
Net Cash Flow from used in Operating Activities	2.213	(1.071)	3.001

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2013	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.16	2.37	NA
Operating Profit Margin (PBDIT/Sales)	(%)	5.42	5.58	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.61	6.58	8.67
Return on Investment (ROI) (PBT/Networth)		0.29	0.34	0.45
Debt Equity Ratio (Total Debt/Networth)		1.59	1.74	1.76
Current Ratio (Current Asset/Current Liability)		2.28	2.01	2.00

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	0.600	0.600	0.600
Reserves & Surplus	21.074	27.667	34.492
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.674	28.267	35.092
Long-term borrowings	38.153	49.126	55.928
Short term borrowings	0.000	0.000	0.000
Total borrowings	38.153	49.126	55.928
Debt/Equity ratio	1.760	1.738	1.594

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)
Total Income	277.676	279.241	318.277
		0.564	13.979

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	277.676	279.241	318.277
Profit	6.534	6.593	6.824
	2.35%	2.36%	2.14%

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	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	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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10277391	15/09/2015 *	60,000,000.00	AXIS BANK LIMITED	SCO 343-344, SECTOR 35B, CHANDIGARH, CHANDIGARH -  160035, INDIA	C65376949

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from SCO 59, sector 20 C, Chandigarh, Uttar Pradesh, India to the present address w.e.f. 08.12.2008.

FIXED ASSETS:

• Furniture and Fixture
• Office Equipment
• Vehicle
• Computer
• Machinery

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.66.14
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HNA
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.