MIRA INFORM REPORT

Report No. :	308575
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	IWI PENS AND PLASTICS LLP
Registered Office :	No.1213, Maker Chamber V 221, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.01.2013
Total Obligation of Contribution:	Rs.0.708 Million
LLPIN:	AAB-2980
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Limited Liability Partnership.
Line of Business :	Trader, Exporter and Importer of Pen, Pencils and Ball Pen.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new limited liability partnership concern having moderate track. It has achieved minimal sales turnover during first year of operation. However, trade relations are improving. Business is active. Payment terms are reported to be slow but correct. The limited liability partnership concern 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. Dashrath Kondaskar
Designation :	Senior Account Department
Contact No.:	91-22-66125000
Date :	17.02.2015

LOCATIONS

Registered Office :	No.1213, Maker Chamber V 221, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66125000
Fax No.:	91-22-66125005
E-Mail :	contact@iwi.in liwi@mtnl.net.in dashrath.kondaskar@iwi.co.in
Website :	www.iwi.in
Area :	Owned
Location :	Commercial
Warehouse :	W-54, MIDC Estate, Satpur, Nashik – 422 007, Maharashtra, India

PARTNER

Name :

Mr. Vishal Shivprakash Bhartia

Designation :

Designated Partner

Address :

64, Hari Bhavan ,Peddar Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

03.01.2013

DIN No.:

02145224

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36991MH1991PTC059815	INDIAN WRITING INSTRUMENTS PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
2	U99999MH1967PTC013723	KAMALA KNITTING WORKS PRIVATE LIMITED	Director	20/08/2010	20/08/2010	-	Active	NO
3	U36991MH1992PTC069937	IWI STATIONERY PRIVATE LIMITED	Additional director	11/08/2014	11/08/2014	-	Active	NO
4	AAB-2980	IWI PENS & PLASTICS LLP	Designated Partner	03/01/2013	03/01/2013	-	Active	NO

Name :

Mr. Prashant Omprakash Bhartia

Designation :

Designated Partner

Address :

Hari Bhavan, 64, Peddar Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

03.01.2013

DIN No.:

02260880

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36991MH1992PTC069937	IWI STATIONERY PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
2	U36991MH1991PTC059815	INDIAN WRITING INSTRUMENTS PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
3	AAB-2980	IWI PENS & PLASTICS LLP	Designated Partner	03/01/2013	03/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dashrath Kondaskar
Designation :	Senior Account Department

OBLIGATION DETAILS

Names of Persons	Obligation of Contribution (Rs. In Millions)
Vishal Shivprakash Bhartia	0.005
Prashant Omprakash Bhartia	0.005
Total	0.010

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Pen, Pencils and Ball Pen.
Products :	Pen, Pencils and Ball Pen
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Pen, Pencils and Ball Pen
Countries :	· European Countries · South America · China
Imports :
Products :	Pen, Pencils and Ball Pen
Countries :	· Germany · Japan · China
Terms :
Selling :	Advance Payment and Credit
Purchasing :	Advance Payment and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Smoothline Writing Instruments Private Limited, Mumbai, Maharashtra, 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
Remark :	Not Divulged

Customers :

Reference 1 :	Akbar Vares Zadeh Imbruennli, Pakistan
Reference 2 :	Jalal Taslim Zamani, sPakistan
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Nariman Point, Mumbai, Maharashtra, India
Person Name (With Designation)	Ms. Sneha (Relationship Manager)
Contact Number	91-8451050530
Name of Account Holder	IWI Pens and Plastics LLP
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2013
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Current Account
Remarks (If any)	They are satisfied with their transaction.

Facilities :

--

Auditors :
Name :	M.L. Bhuwaniya and Company Chartered Accountants
Address :	F-11, 3^rd Floor, Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-61174949
Fax No.:	91-22-61174950
E-Mail :	infor@mlbca.in
Memberships :	--
Collaborators :	--
Sister Concern :	· Indian Writing Instruments Private Limited Address: No.1213, Maker Chamber V 221, Nariman Point, Mumbai – 400 021, Maharashtra, India Line of Business: Trader, Exporter and Importer of Pen, Pencils and Ball Pen. · IWI Stationery Private Limited Address: No.1213, Maker Chamber V 221, Nariman Point, Mumbai – 400 021, Maharashtra, India Line of Business: Trader, Exporter and Importer of Pen, Pencils and Ball Pen.

CAPITAL STRUCTURE

As on 31.03.2014

Particulars	Rs. In Millions
Fixed Capital
Vishal Shivprakash Bhartia	0.250
Prashant Omprakash Bhartia	0.250
Current Capital
Vishal Shivprakash Bhartia	0.104
Prashant Omprakash Bhartia	0.104
Total Obligation of Contribution	0.708

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Contribution Received	0.708
(b) Reserves & Surplus	0.000
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	0.708
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	5.671
(c) Other current liabilities	0.323
(d) Short-term provisions	0.093
Total Current Liabilities (4)	6.087
TOTAL	6.795
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	0.000
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	6.439
(d) Cash and cash equivalents	0.041
(e) Short-term loans and advances	0.315
(f) Other current assets	0.000
Total Current Assets	6.795
TOTAL	6.795

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	7.607
		Other Income	0.202
		TOTAL (A)	7.809
Less	EXPENSES
		Cost of Materials Consumed	7.433
		Other Expenses	0.075
		TOTAL (B)	7.508
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.301
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.301
Less	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.301
Less	TAX (H)		0.093
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.208
	Profit/(Loss) Transferred To Partners Capital A/C
	Vishal Shivprakash Bhartia		0.104
	Prashant Omprakash Bhartia		0.104
	TOTAL		0.208

Expected Sales (2014-2015): Rs.200.000 Millions

The above information has been parted by Mr. Dashrath Kondaskar

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT/Sales)	(%)	2.73
Operating Profit Margin (PBDIT/Sales)	(%)	3.96
Return on Total Assets (PBT/Total Assets}	(%)	4.43
Return on Investment (ROI) (PBT/Networth)		0.42
Debt Equity Ratio (Total Debt /Networth)		0.00
Current Ratio (Current Asset/Current Liability)		1.12

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 one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
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	No
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	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

NO CHARGES EXIST FOR THE COMPANY

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.62.25
UK Pound	1	Rs.62.25
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	VNT

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	3
--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	NO
--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		27

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.