MIRA INFORM REPORT

Report No. :	329229.2
Report Date :	17.07.2015

IDENTIFICATION DETAILS

Name :	AKASH INDUSTRIES
Registered Office :	Shramjivi Udyog Varashat, Near Ramdev Mandir, Rakhial, Ahmedabad – 380023, Gujarat
Tel. No.:	91-79-22911406
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1995
Capital Investment / Paid-up Capital :	Rs.1.512 Million
IEC No.:	Not Available
TIN No.:	24072300959
PAN No.: [Permanent Account No.]	AADHA2457A
Legal Form :	Hindu Undivided Family
Line of Business :	Manufacturer of Injection molding machines.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Hindu Undivided Family (HUF) established in the year 1995, having satisfactory track. Mr. Appu Shetty (Karta) provided all information about the subject to us. Audited financials for the year 2015 could not made available from any sources. As per the available financials of the year 2014, company has achieved fair profit margin i.e. 3.8%. Further rating takes into consideration acceptable gearing of the concern. However, rating constraints on account of unfavourable gap between debtors and creditors in FY2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for small to medium business dealings with 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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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. Appu P. Shetty
Designation :	Karta
Contact No.:	91-9426071673
Date :	15.07.2015

LOCATIONS

Registered Office / Factory :	Shramjivi Udyog Varashat, Near Ramdev Mandir, Rakhial, Ahmedabad – 380023, Gujarat, India
Tel. No.:	91-79-22911406
Mobile No.:	91-9426071673 (Mr. Appu P. Shetty)
Fax No.:	Not Available
E-Mail :	maanilaplasticind@gmail.com
Area :	800 Sq. Meter
Location :	Owned
Locality :	Industrial

HUF

Name :	Mr. Appu P. Shetty
Designation :	Karta
Date of Birth/Age :	57 Years
Qualification :	Mechanical Engineering
Experience :	30 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of Injection molding machines.
Products :	Injection Molding Machines
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Indirect Export
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :

Hallmark Hydraulics, Vatva, Ahmedabad, Gujarat, India

Name of the Person :

Mr. Sanjay Kantharia (Proprietor)

Contact No.:

91-9824031744

Since How Long Known :

15 Years

Experience :

PAYMENT BEHAVIOUR	MARKET GOODWILL	OVERALL
EXCELLENT	EXCELLENT	EXCELLENT

Maximum Limit Dealt :

Rs.2.500 Million Per annum

Remark :

Mr. Sanjay informed that they are satisfied with their payment behaviour and market goodwill.

Customers :

Wholesalers and Retailers

Reference :

Simit Enterprises, Naroda, Ahmedabad, Gujarat, India

Name of the Person :

Mr. Simit Damani (Proprietor)

Contact No.:

91-9377711358

Since How Long Known :

18 Years

Experience :

PRODUCT QUALITY	DELIVERY BEHAVIOUR	OVERALL
EXCELLENT	EXCELLENT	EXCELLENT

Maximum Limit Dealt :

Rs.1.000 Million Per annum

Remark :

Mr. Simit informed that they are satisfied with their product quality and delivery behaviour overall it’s a good company.

No. of Employees :

16 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank
Branch Address	Odhav Branch, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-2717-658985
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)	Current Accounts only
Account Operation	Not Divulged
Remarks (If any)	Continuously Ringing

Auditors :
Name :	Maulik Shah Chartered Accountant
Address :	Ahmedabad, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs.1.512 Million
Borrowed :	---
Total :	Rs.1.512 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		1.512	1.219
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.512	1.219
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.517	0.495
TOTAL BORROWING		0.517	0.495
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2.029	1.714
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.385	1.396
Capital work-in-progress		0.000	0.000
INVESTMENT		0.151	0.076
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.668	0.838
	Sundry Debtors	0.198	(0.955)
	Cash & Bank Balances	0.926	2.623
	Other Current Assets	1.041	0.010
	Loans & Advances	0.216	0.066
Total Current Assets		3.049	2.582
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.351	2.145
	Other Current Liabilities	0.000	0.000
	Provisions	0.205	0.195
Total Current Liabilities		2.556	2.340
Net Current Assets		0.493	0.242
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2.028	1.714

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	12.936	12.113
	Other Income	0.044	0.000
	TOTAL	12.980	12.113
Less	EXPENSES
	Cost of Goods Sold	11.781	10.930
	Accounts Fess Expenses	0.009	0.009
	Bank Charges	0.001	0.001
	Miscellaneous Expenses	0.040	0.038
	Office Salary Expenses	0.150	0.120
	Professional Tax Expenses	0.002	0.002
	Vehicle Expenses	0.041	0.042
	Direct Expenses	0.323	0.334
	Other Expenses	0.117	0.202
	TOTAL	12.464	11.678
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	0.516	0.435
Less/ Add	DEPRECIATION/ AMORTISATION	0.014	0.013
	NET PROFIT	0.502	0.442

Particulars	31.03.2015
Sales Turnover (Approximately)	14.000

Expected Sales (2015-16): Rs.15.000 Million

The above information has been parted by Mr. Appu P. Shetty (Karta).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	3.88	3.64
Return on Total Assets (PBT/Total Assets}	(%)	11.32	11.11
Return on Investment (ROI) (PBT/Networth)		0.33	0.36
Debt Equity Ratio (Total Debt/Networth)		0.34	0.40
Current Ratio (Current Asset/Current Liability)		1.19	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	1.219	1.512
Reserves & Surplus	0.000	0.000
Net worth	1.219	1.512
Secured Loans	0.000	0.000
Unsecured Loans	0.495	0.517
Total borrowings	0.495	0.517
Debt/Equity ratio	0.406	0.342

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	12.113	12.936
		6.794

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	12.113	12.936
Profit	0.442	0.502
	3.65%	3.88%

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	No
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

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.63.49
UK Pound	1	Rs.99.17
Euro	1	Rs.69.39

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KIN
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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.