MIRA INFORM REPORT

Report No. :	306516
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	SHREE RAM KITCHEN APPLIANCES PRIVATE LIMITED
Registered Office :	Plot No. 7, Survey No 207veraval (Shapar), Taluka Kotda, Sanghani, Rajkot – 360024, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.1995
Com. Reg. No.:	04-024292
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U25207GJ1995PTC024292
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 :	Manufacturer and Exporter of Stainless Steel Kitchenware’s.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 7600
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses incurred by the company during FY 2013-14. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with some caution.

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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Hitesh
Designation :	Manager
Contact No.:	91-9099804141
Date :	07.02.2015

LOCATIONS

Registered Office :	Plot No. 7, Survey No. 207, Veraval (Shapar), Taluka Kotda, Sanghani, Rajkot – 360024, Gujarat, India
Tel. No. :	91-2827-252378/ 252078
Mobile No. :	91-9824500424 (Mr. Niteshkumar Patel)
Fax No. :	91-2827-252378
E-Mail :	shreeramkitchenapp@yahoo.co.in kuldeep@srjgroup.in
Website :	http://www.shreekichenware.com

DIRECTORS

As on 30.09.2014

Name :	Mr. Karshanbhai Jethabhai Dobaria
Designation :	Director
Address :	16, Bhaktinagar Society, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	04.06.1956
Date of Appointment :	15.02.1997
DIN No. :	00441971
Name :	Mr. Bhupatbhai Jethabhai Dobariya
Designation :	Director
Address :	Vivek, 16, Bhaktinagar Society, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	07.03.1958
Date of Appointment :	05.08.2004
DIN No. :	00442053
Name :	Mr. Niteshkumar Ravjibhai Patel
Designation :	Director
Address :	Shree Ram, 16, Bhaktinagar Society, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	13.01.1972
Date of Appointment :	15.02.1997
DIN No. :	00442176
Name :	Mr. Kuldeep Karsanbhai Dobarias
Designation :	Director
Address :	Kuldeep, Bhaktinagar Society, 11/16, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	18.07.1981
Date of Appointment :	01.02.2008
DIN No. :	02036524

KEY EXECUTIVES

Name :	Mr. Hitesh
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Karsanbhai Dobaria	158250	31.65
Niteshbhai Patel	113200	22.64
Jayaben Dobaria	19050	3.81
Milanben Patel	3200	0.64
Madhuben Patel	3250	0.65
Ranjanben Dobaria	27150	5.43
Kantaben Dobaria	2550	0.51
Bhupatbhai Dobaria	65900	13.18
Nevi Dobaria	107450	21.49
Total	500000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Stainless Steel Kitchenware’s.

Products :

Big Plate Basket Basketry	Cup-Saucer Basket
Bottle Basket	Cylinder Trolley
Cutlery Basket	Bottle Plate Pull-Out
Parporate Cutlery Basket	Fruit Tray-C
Plain Basket	Glass Tray-B
Kitchen Stand (Folding)	Hook Rail
Big Storewell	Multi Purpose Rack System
Zambo Small Patla	Shoe Rack
S.S. Kitchen Stand (Folding)	Bathroom Tray
Single Corner	Triple Basket Pull-Out
Sink Basket	Bin Holder
Crousel Unit	Tripple Corner

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

Germany

Imports :

--

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Amul Industries

Bharat Chemicals

Eastern Engeering Works

Jai Ambe Steels

Jai Hind Traders

Malav Enterprise

Parmatma Packaging

Shree Raj Agro Industries

Vinayak Traders

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

· Abhinav Steels

Jash Appliances

Naresh Metal Corporation

R.K. Sales Corporation

Shivam Metal Corporation

Sintex Industries Limited

Steel Emporium

Shri Sainath Traders

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	Citizens Co-Operative Bank Limited
Branch:	Rajkot Main Branch, Jawahar Road, Rajkot - 360001, Gujarat, India
Name of the Person (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

· HDFC Bank Limited, Rajkot, Gujarat, India

Citi Bank, Rajkot, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Citizen Bank Commercial Loan A/c No. 47 (Secured by Hypothecation of Factory Building)	1.225	1.593
Citizen Bank ID Loan A/c No. 62 (Secured by Hypothecation of Plant and Machinery)	0.474	0.677
SHORT TERM BORROWINGS
Other Loans and Advances From Bank Citizen Co-operative Bank Limited C.C. A/c No. 00004 (Secured by Hypothecation of R.M., W.I.P. and F.G.)	2.993	2.869
Total	4.692	5.139

Banking Relations :	--
Auditors :
Name :	ANSD and Company Chartered Accountants
Address :	Office No. 1008, 10^th Floor, Gurukrupa Tower, Moti Tanki Chowk, Opposite Tata Indicom, Rajkot – 360001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAKFD3969P
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Shreeram Industries

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	(2.336)	(2.182)	(2.208)
(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)	2.664	2.818	2.792
(3) Non-Current Liabilities
(a) long-term borrowings	7.490	7.735	6.760
(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)	7.490	7.735	6.760
(4) Current Liabilities
(a) Short term borrowings	2.993	2.869	2.735
(b) Trade payables	1.735	0.422	0.597
(c) Other current liabilities	0.056	0.084	0.031
(d) Short-term provisions	0.029	0.036	0.088
Total Current Liabilities (4)	4.813	3.411	3.451
TOTAL	14.967	13.964	13.003
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.342	3.804	3.518
(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	0.175	0.175	0.175
(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	0.047	0.052	0.112
Total Non-Current Assets	3.564	4.031	3.805
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.109	6.662	3.738
(c) Trade receivables	5.135	3.150	5.055
(d) Cash and cash equivalents	0.136	0.102	0.381
(e) Short-term loans and advances	0.023	0.019	0.024
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	11.403	9.933	9.198
TOTAL	14.967	13.964	13.003

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	8.688	10.444	11.008
		Other Income	0.030	0.150	0.034
		TOTAL (A)	8.718	10.594	11.042
Less	EXPENSES
		Cost of Materials Consumed	6.675	6.744
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.913)	0.596
		Employees benefits expense	1.104	1.117
		Other expenses	0.823	0.879
		TOTAL (B)	7.689	9.336	9.983
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.029	1.258	1.059
Less	FINANCIAL EXPENSES (D)		0.714	0.797	0.564
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.315	0.461	0.495
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.465	0.429	0.462
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.150)	0.032	0.033
Less	TAX (H)		0.000	0.007	0.007
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.150)	0.025	0.026
	EARNINGS IN FOREIGN CURRENCY		0.125	0.008	0.033
	Earnings / (Loss) Per Share (Rs.)		(0.30)	0.05	0.05

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(1.73)	0.24	0.24
Operating Profit Margin (PBDIT/Sales)	(%)	11.84	12.05	9.62
Return on Total Assets (PBT/Total Assets}	(%)	(1.01)	0.23	0.26
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		3.94	3.76	3.40
Current Ratio (Current Asset/Current Liability)		2.37	2.91	2.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	(2.208)	(2.182)	(2.336)
Net worth	2.792	2.818	2.664
long-term borrowings	6.760	7.735	7.490
Short term borrowings	2.735	2.869	2.993
Total borrowings	9.495	10.604	10.483
Debt/Equity ratio	3.401	3.763	3.935

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11.008	10.444	8.688
		(5.124)	(16.813)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11.008	10.444	8.688
Profit	0.026	0.025	(0.150)
	0.24%	0.24%	(1.73%)

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	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three 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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10312191	23/09/2011	1,000,000.00	CITIZENS CO-OPERATIVE BANK LIMITED	HEAD OFFICE, JAWAHAR ROAD, RAJKOT, GUJARAT - 360001, INDIA	B23265408
2	10312192	23/09/2011	2,000,000.00	CITIZENS CO-OPERATIVE BANK LIMITED	HEAD OFFICE, JAWAHAR ROAD, RAJKOT, GUJARAT - 360001, INDIA	B23265937
3	10312193	23/09/2011	3,000,000.00	CITIZENS CO-OPERATIVE BANK LIMITED	HEAD OFFICE, JAWAHAR ROAD, RAJKOT, GUJARAT - 360001, INDIA	B23266273
4	10312194	22/09/2011	6,000,000.00	CITIZENS CO-OPERATIVE BANK LIMITED	HEAD OFFICE, JAWAHAR ROAD, RAJKOT, GUJARAT - 360001, INDIA	B23266448

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
Bhupatbhai Jethabhai	0.810	0.960
Jayaben Ravjibhai Dobariya	3.177	2.861
Karsanbhai Jethabhai Dobariya	0.211	0.211
Milanben Mayurbhai Dobariya	0.352	0.352
Niteshbhai Ravjibhai	1.241	1.081
Total	5.791	5.465

OPERATION

The company has achieved total income of Rs. 8.718 Millions during the year, as compared to total income of Rs. 10.595 Millions of previous year 2012-13. Moreover, the company has incurred net loss of Rs. 0.150 Million due to overall decline in the business of the company.

FIXED ASSETS

· Land and Development

Factory Building

Plant and Machinery

Dyes and Tools

Telephone

Generator Set

Office Equipment

Furniture

Scooter – GJ3BM8789

Cycles

Electrification

Workshop Instruments

Computer

Car 9291

Scooter Suzuki Access

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.62.14

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.