MIRA INFORM REPORT

Report No. :	305062
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	SHARMA EXPORT
Registered Office :	Vill P.O. Bulbulchandi, District Malda – 732122, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2005
Capital Investment / Paid-up Capital :	Rs.87.873 Millions
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader, Exporter of Raw material of animal seeds, spices, rice, wheat.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established proprietorship concern having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The concern 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	SME “SME3”
Rating Explanation	Above average credit worthiness
Date	March 20, 2013

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pritam
Designation :	Accounts Manager
Contact No.:	91-9800225886
Date :	28.01.2015

LOCATIONS

Registered Office :	Vill P.O. Bulbulchandi, District Malda – 732122, West Bengal, India
Tel. No.:	91-3512-268598
Mobile No.:	91-9800225886 (Mr. Pritam)
Fax No.:	91-3512-266152
E-Mail :	sharmaexport.malda@gmail.com
Warehouse :	Malda – 732122, West Bengal, India

SOLE PROPRIETOR

Name :	Mr. Vikas Sharma
Designation :	Proprietor

KEY EXECUTIVES

Name :	Mr. Pritam
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Trader, Exporter of Raw material of animal seeds, spices, rice, wheat.
Products :	Corn Gluten Meal Fish Meal Leguminious Plant (Bran) Maize Rapeseed Extraction Soyabean Extraction De-Oiled Rice Bran Mustard De-Oiled Cake Seasamum De-Oil Cake
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Bangladesh Pakistan Vietnam
Imports :	Not Available
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Adani Wilmar Limited, Alwar, Rajasthan, India
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 :

Reference :	ACI Godrej Agrovet Limited (Bangladesh)
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 :

50 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	Station Road, Malda Branch – 732101, West Bengal, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Packing Credit Loan = Rs. 50.000 Millions Foreign Documentry Bill Purchase = Rs.180.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• ICICI Bank, Sunanto Polly, Malda Branch – 732101, West Bengal, India

Auditors :
Name :	Mr. Bhagat and Associates Chartered Accountants
Address :	Station Road, Malda Branch, Malda – 732101, West Bengal, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs.87.873 Millions
Borrowed :	---
Total :	Rs.87.873 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		87.873	40.888
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		87.873	40.888
LOAN FUNDS
1] Secured Loans		323.145	261.018
2] Unsecured Loans		0.740	0.740
TOTAL BORROWING		323.885	261.758
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		411.758	302.646
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.697	11.419
Capital work-in-progress		0.000	0.000
INVESTMENT		2.604	2.500
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	133.107	199.905
	Sundry Debtors	121.316	110.204
	Cash & Bank Balances	5.335	12.071
	Other Current Assets	4.185	349.591
	Loans & Advances	634.238	4.180
Total Current Assets		898.181	675.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	500.199	385.988
	Other Current Liabilities	1.525	1.236
	Provisions	0.000	0.000
Total Current Liabilities		501.724	387.224
Net Current Assets		396.457	288.727
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		411.758	302.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	7654.149	5255.045
		Other Income	159.455	94.921
		TOTAL	7813.604	5349.966
Less	EXPENSES
		Cost of goods sold	7570.092	3782.386
		Advertisement	0.000	0.002
		Audit Fee	0.030	0.030
		Bank Charges	0.223	3.920
		Bank Interest	27.117	14.004
		Certificate Renewal Charges	0.056	0.008
		Commission and Brokerage Charges	6.091	3.688
		Consultancy Fees	0.020	0.000
		Credit Report Charges for BD party	0.004	0.000
		Discount	0.000	0.424
		Donation	0.025	0.010
		Electric Charges	0.031	0.039
		Export Membership Fee	0.000	0.005
		Fees for Certificate of Origin	0.035	0.000
		FIEO Registration Charges	0.045	0.032
		Fooding and Lodging	0.016	0.000
		Financial Rating Charges	0.000	0.025
		Godown Rent	2.745	1.726
		Insurance	0.000	0.015
		Interest on late payment	4.925	0.000
		Interest on TDS	0.072	0.000
		Labour Charges	0.025	0.000
		Legal Fees	0.006	0.045
		NOC Charges	0.000	0.010
		Office Expenses	0.599	0.045
		Office Rent	0.145	0.036
		Out of pocket Expenses	0.050	0.025
		Postage and LC Advising Charges	0.366	0.241
		Printing and Stationery	0.053	0.038
		Procurement Fees	0.372	0.000
		Rebate on Shortage	1.599	0.000
		Repair and Maintenance	0.177	0.357
		Salary and Bonus	2.129	1.833
		Survayor Charges	1.204	0.437
		Telephone and Mobile Charges	0.093	0.073
		Travelling and Conveyance	0.171	0.644
		Transport and Loading Charges	69.241	131.921
		Clearing and Forwarding Charges	2.467	2.238
		Processing Charges	1.500	0.569
		Other Expenses	66.820	1380.051
		TOTAL	7758.544	5324.877
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		55.060	25.089
Less/ Add	DEPRECIATION/ AMORTISATION		0.115	0.099
	NET PROFIT		54.945	24.990

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.71	0.47
Return on Total Assets (PBT/Total Assets}	(%)	6.02	3.63
Return on Investment (ROI) (PBT/Networth)		0.62	0.61
Debt Equity Ratio (Total Debts/Networth)		3.68	6.40
Current Ratio (Current Asset/Current Liability)		1.79	1.74

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	40.888	87.873
Reserves & Surplus	0.000	0.000
Net worth	40.888	87.873
Secured Loan	261.018	323.145
Unsecured Loan	0.740	0.740
Total borrowings	261.758	323.885
Debt/Equity ratio	6.402	3.686

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	5255.045	7654.149
		45.653

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	5255.045	7654.149
Profit	24.990	54.945
	0.48%	0.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	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.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.74

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	PNM

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.