MIRA INFORM REPORT

Report No. :	333226
Report Date :	23.07.2015

IDENTIFICATION DETAILS

Name :	CHANDRIKA MARKETING
Registered Office :	A/606-608, India Textile Market, Ring Road, Surat - 395002, Gujarat
Tel. No.:	91-261-2332766
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.08.2003
Capital Investment / Paid-up Capital :	Rs.2.754 Million
IEC No.:	5205008334
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AGJPB8932B
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Minerals and Plastic Products.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 8000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern incorporated during 2003 having a satisfactory track. Mr. Ravi Shyamsunder Bang the proprietor has provided all the information about the concern. As per the available financial information of the FY-14, the concern has decent capital structure and good profitability margin. The general financial position of the concern is acceptable. Trade relations are reported as fair. Business is active. Payment terms are 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 – 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. Ravi Shyamsunder Bang
Designation :	Proprietor
Contact No.:	91-9687638152
Date :	21.07.2015

LOCATIONS

Registered Office :	A/606-608, India Textile Market, Ring Road, Surat - 395002, Gujarat, India
Tel. No.:	91-261-2332766 / 3012728
Mobile No.:	91-9687638152 (Mr. Ravi Shyamsunder Bang)
Fax No.:	Not Available
E-Mail :	info@chandrikamarketing.com
Website :	http://www.chandrikamarketing.com
Area :	700 Sq.ft.
Location :	Owned [Commercial]
Warehouse :	A-26/2, GIDC, Ichhapore, Surat – 394510, Gujrat, India
Area :	70,000 Sq.ft.
Location :	Rented [Industrial]

SOLE PROPRIETOR

Name :	Mr. Ravi Shyamsunder Bang
Designation :	Proprietor
Date of Birth/Age :	18.11.1982
Qualification :	Graduate
Experience :	15 Years

BUSINESS DETAILS

Line of Business :	Trader of Minerals and Plastic Products.
Products :	Minerals and Plastic Products Industrial Lubricants Transmission Belting Metal Working & Specialty Lubricants Supreme Industries - Silpaulin & Silproof – Tarpaulin Industrial Safety Items All types of Industrial Tapes Divya Light Oil - Industrial Fuel Iron Ore China Clay: BPCL - F.O and LDO Coals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Essar Steel India Limited
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 :

Wholesalers, Retailers and End Users

Reference :

Supreme Industries Limited

Name of the Person :

Mr. Chetan Panchamia [Sales Officer]

Contact No.:

91-9712971984

Since How Long Known :

5 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

He informed that we have very good relation with this company, payment behaviour are good. Overall they have a good experience.

No. of Employees :

16 (Approximately)

Bankers :

Bank Name	The Kapol Co-operative Bank Limited
Branch	Ring Road, Surat, Gujarat, India
Person Name (With Designation)	Mr. Naresh Chavan (AGM)
Contact Number	91-261-2336443
Name of Account Holder	Chandrika Marketing
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	6 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit : Rs. 7.200 Million
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive feedback, as claimed by Mr. Naresh Chavan (Assistant General Manager) that subject is having very good track record for banking transaction.

ICICI Bank Limited

Auditors :
Name :	S. Gulgulia and Associates Chartered Accountants
Name :	Mehta Bahiti and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Sistern Concern :	Chandrika Assocaites Shreeji Sales Creative Sales

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs.2.754 Million
Borrowed :	--
Total :	Rs.2.754 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
OWNERS FUND
1] Capital Account		2.754	2.716
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.754	2.716
LOAN FUNDS
1] Secured Loans		2.316	10.172
2] Unsecured Loans		2.894	4.467
TOTAL BORROWING		5.210	14.639
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		7.964	17.355
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.885	3.895
Capital work-in-progress		0.000	0.000
INVESTMENT		0.744	0.802
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.844	12.881
	Sundry Debtors	11.369	16.645
	Cash & Bank Balances	0.803	0.021
	Other Current Assets	0.154	0.000
	Loans & Advances	1.039	0.370
Total Current Assets		26.209	29.917
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	22.841	17.259
	Provisions	0.033	0.000
Total Current Liabilities		22.874	17.259
Net Current Assets		3.335	12.658
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		7.964	17.355

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	35.521	54.710
	Other Income	0.621	0.542
	TOTAL	36.142	55.252
Less	EXPENSES
	Cost of Goods Sold	30.976	48.503
	Direct Expenses	0.316	0.002
	Advertise	0.036	0.000
	Bank Charges	0.041	0.000
	Business Promotion	0.136	0.000
	Assorance Expenses	0.000	0.012
	Car Services Expenses	0.003	0.024
	Claim and Discount	0.238	0.189
	Electrical Expenses	0.008	0.055
	Electricity Expenses	0.060	0.000
	Freight Expenses	0.708	3.539
	Legal Fees Account	0.006	0.056
	Loan Processing Fees	0.050	0.051
	Maintainence Charges	0.018	0.045
	Office Expenses	0.160	0.065
	Petrol and Services Expenses	0.034	0.060
	Postage and Telegram Expenses	0.007	0.010
	Printing and Stationary Expenses	0.007	0.012
	Professional Tax	0.002	0.002
	Rates and Taxes	0.010	0.008
	Sales Promotion	0.000	0.137
	Telephone Expenses	0.093	0.086
	Travelling Expenses	0.171	0.051
	Auditors remuneration	0.020	0.020
	Salaries	1.055	0.375
	Insurance Charges	0.010	0.000
	Intrest account	0.132	0.121
	Interes on CC A/C	1.195	0.000
	TOTAL	35.492	53.423
	PROFIT/ (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION	0.650	1.829
Less	FINANCIAL EXPENSES	0.000	1.108
	PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION	0.650	0.721
Less/ Add	DEPRECIATION/ AMORTISATION	0.085	0.096
	NET PROFIT/ (LOSS)	0.565	0.625

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	50.000

Expected Sales ( 2015-2016 ) : Rs.100.000 Million

The above information has been parted by Mr. Ravi S. Bang (Proprietor).

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.59	1.14
Operating Profit Margin (PBIDT/Sales)	(%)	1.83	3.34
Return on Total Assets (PBT/Total Assets}	(%)	1.88	1.85
Return on Investment (ROI) (PBT/Networth)		0.21	0.23
Debt Equity Ratio (Total Debt /Networth)		1.89	5.39
Current Ratio (Current Asset/Current Liability)		1.15	1.73

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Capital Account	2.716	2.754
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	2.716	2.754
Secured Loans	10.172	2.316
Unsecured Loans	4.467	2.894
Total borrowings	14.639	5.210
Debt/Equity ratio	5.390	1.892

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	54.710	35.521
		(35.074)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	54.710	35.521
Profit	0.625	0.565
	1.14%	1.59%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three 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.63.53
UK Pound	1	Rs.99.19
Euro	1	Rs.69.60

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	TRS
Report Prepared by :	SNT

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.