MIRA INFORM REPORT

Report No. :	331935
Report Date :	16.07.2015

IDENTIFICATION DETAILS

Name :	ARIHANT SANITATION PRIVATE LIMITED
Registered Office :	28, Gopi Bose Lane, 1st Floor, Kolkata – 700012, West Bengal
Tel. No.:	91-33-22418372
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.01.1993
Com. Reg. No.:	21-057613
Capital Investment / Paid-up Capital :	Rs.15.400 Million
CIN No.: [Company Identification No.]	U26922WB1993PTC057613
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALA03038A
PAN No.: [Permanent Account No.]	AACCA36371
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of sanitary ware, wall tiles floor tiles etc.
No. of Employees :	20 (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. Subject 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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Abhishek Biswas
Designation :	Accountant
Contact No.:	91-9831168246
Date :	16.07.2015

LOCATIONS

Registered Office :	28, Gopi Bose Lane, 1st Floor, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22418372/22121119
Mobile No.:	91-9831168246 (Mr. Abhishek Biswas)
Fax No.:	91-33-22416112
E-Mail :	sanico@vsnl.net
Website:	www.sanicoenterprise.com
Location:	Rented
Locality:	Commercial
Warehouse :	4, College Street, Kolkata – 700012, West Bengal, India
Branch Office / Showroom:	Bath Creation, No. 6, Little Russel Street Park, Street, Kolkata 700071, West Bengal, India
Tel. No.:	91-33-22813986/87

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Sushil Kumar Jain
Designation :	Director
Address :	37, Panditya Road, Tower 2 Flat No. 1301, Kolkata – 700029, West Bengal, India
Date of Birth/Age :	21.09.1951
Date of Appointment :	29.01.1993
DIN No.:	00757299
Election Commission Identity Card No.:	WB/22/158/309095
Name :	Mr. Anil Kumar Jain
Designation :	Director
Address :	37, Panditya Road, Tower 2 Flat No. 1301, Kolkata – 700029, West Bengal, India
Date of Birth/Age :	06.11.1954
Date of Appointment :	31.05.2003
DIN No.:	00757304
Election Commission Identity Card No.:	WB/122/158/309398
Name :	Ms. Mamta Jain
Designation :	Additional director
Address :	35/8, Paddapukur Road, Flat No. 3B, Kolkata – 700020, West Bengal, India
Date of Appointment :	21.11.2007
DIN No.:	01619428
Name :	Mr. Pradip Kumar Jain
Designation :	Director
Address :	35/8, Paddapukur Road, Flat No. 3B, Kolkata – 700020, West Bengal, India
Date of Appointment :	31.05.2003
DIN No.:	00920356
Name :	Mr. Harshit Jain
Designation :	Additional director
Address :	35/8, Paddapukur Road, Flat No. 3B, Kolkata – 700020, West Bengal, India
Date of Appointment :	01.02.2013
DIN No.:	06496544

KEY EXECUTIVES

Name :	Mr. Abhishek Biswas
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sushil Kumar Jain	61500
Anil Kumar Jain	115400
Pradip Kumar Jain	60000
Pooja Jain	213000
Anju Jain	120200
Simple Jain	25200
Rajendra Chowdhary	3000
Dazy Jain	46900
Kavita Jain	57500
Uma Jain	36200
Neha Jain	15000
Mamta Jain	85200
Rajesh Kumar Jain	225500
Rupesh Kumar Jain	155500
Amit Jain	29900
Pradip Kumar Jain – HUF	40000
Sanico Enterprises, India	60000
Sanico (India) Distributors Private Limited, India	140000
Bath Place Distributors Private Limited, India	50000
Total	1540000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	16.23
Directors or relatives of Directors	83.77
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of sanitary ware, wall tiles floor tiles etc.
Products :	Sanitary ware, Wall tiles floor tiles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Sanitary ware
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers and End Users

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

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	ICICI Bank
Branch Address	R N Mukherjee Road Branch, Kolkata, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	91-33-33667777
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)	Overdraft: Rs. 5.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Responding

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term car from bank Car Loan (HDFC Bank) (Car Loan ls Secured against hypothecation of CarLoan shall be fully repaid on monthly installment basis bearing interest on reducing balance method)	0.218	0.000
SHORT TERM BORROWING
Loans repayable on demand From banks ICICI Bank(Overdraft) Terms of payment and nature of security For ICICI Bank Primary Security Credit facility is Secured against hypothecation of entire Stock Book debts and all other movable Current assets. The Loan facilities are available for a period of 12 Months with Interest Rate of – Base (9.75) + 2.25% p.a payable monthly	6.767	4.120
Total	6.985	4.120

Finance Institute:	3i Infotech Trusteeship Services Limited, 1st Floor,53/A, Rafi Ahmed kidwai Road, (Adjacent BATA), Kolkata - 700016, West Bengal, India
Auditors :
Name :	Basudeo Prasad Yaduka Chartered Accountant
Address :	78 Bentinck Street, 5th Floor Suite No 1E, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40051230/40053998
PAN N Income-tax PAN of auditor or auditor's firm :	AAMPY3543J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1540000	Equity Shares	Rs.10/- each	Rs. 15.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	15.400	15.400	15.400
(b) Reserves & Surplus	11.383	9.592	7.366
(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)	26.783	24.992	22.766
(3) Non-Current Liabilities
(a) long-term borrowings	13.831	10.193	5.995
(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)	13.831	10.193	5.995
(4) Current Liabilities
(a) Short term borrowings	6.767	4.120	8.929
(b) Trade payables	22.290	32.765	19.524
(c) Other current liabilities	3.103	2.469	0.675
(d) Short-term provisions	3.567	3.771	2.759
Total Current Liabilities (4)	35.727	43.125	31.887
TOTAL	76.341	78.310	60.648
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.954	3.579	3.795
(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	0.735	0.735	0.735
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.179	4.307	3.140
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.868	8.621	7.670
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.570	33.841	27.874
(c) Trade receivables	22.063	34.406	24.026
(d) Cash and cash equivalents	1.840	1.441	1.078
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.001	0.000
Total Current Assets	67.473	69.689	52.978
TOTAL	76.341	78.310	60.648

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	180.000 (Approximately)	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.129	3.672	3.224
Less/ Add	DEPRECIATION/ AMORTISATION	0.514	0.434	0.475
	PROFIT/ (LOSS) BEFORE TAX	2.615	3.238	2.749
Less	TAX	0.809	1.012	0.872
	PROFIT/ (LOSS) AFTER TAX	1.806	2.226	1.877
	Earnings / (Loss) Per Share (Rs.)	1.17	NA	NA

Particulars	31.03.2015
Sales Turnover (Approximately)	150.000 (Market Fluctuation)

The above information has been parted by Mr. Abhishek Biswas

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
Car Loan (HDFC Bank Limited) Car Loan is Secured against hypothecation of Car. Car Loan shall be fully repaid on Monthly Installment basis bearing interest on reducing balance method.	0.145	0.000	0.074
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.46	4.17	4.59
Return on Investment (ROI) (PBT/Networth)		0.10	0.13	0.12
Debt Equity Ratio (Total Debt /Networth)		0.77	0.57	0.66
Current Ratio (Current Asset/Current Liability)		1.89	1.62	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	15.400	15.400	15.400
Reserves & Surplus	7.366	9.592	11.383
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	22.766	24.992	26.783
long-term borrowings	5.995	10.193	13.831
Short term borrowings	8.929	4.120	6.767
Current maturities of long-term debts	0.074	0.000	0.145
Total borrowings	14.998	14.313	20.743
Debt/Equity ratio	0.659	0.573	0.774

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	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	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	Yes
26	Turnover of firm for last two years	No
27	Reasons for variation <> 20%	Yes
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

PROGRESS:

The Company has earned Net Profit amounting to Rs. 2.615 Million after providing depreciation of Rs. 0.514 Million. The Directors expect a better result in the coming Year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances form related parties	10.616	7.817
From others
Dazy Jain	0.312	0.054
Simple Jain	1.576	1.322
Shubhlabh Fiscal Services Private Limited	1.109	1.000
Total	13.613	10.193

FIXED ASSETS

• Air Conditioner
• Computer
• Furniture and Fixtures
• Motor Car
• Water Filter
• Inverter

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.63.38
UK Pound	1	Rs.99.13
Euro	1	Rs.69.69

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SAN
Report Prepared by :	KVT

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		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.