MIRA INFORM REPORT

Report No. :	334350
Report Date :	29.07.2015

IDENTIFICATION DETAILS

Name :	RANK INTERNATIONAL
Registered Office :	A-34, Nandjyot Industrial Estate, Safedpool, Andheri Kurla Road, Andheri (East), Mumbai–400072, Maharashtra
Tel. No.:	91-22-42442500
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	14.09.1994
Capital Investment :	Rs. 75.168 Million
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Exporter of Findings and Chains, Master Alloys, etc.
No. of Employees :	77 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 partnership concern incorporated during the year 1994 engaged in the business as a manufacturer and exporter of Finding and Chains, Master Alloys etc. having a satisfactory track record. The concern is progressing well. Turnover achieved by the concern is decent. Further, the rating also takes into consideration concern long track record of business operations. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered normal 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.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Deepak Maheshwari
Designation :	Manager
Contact No.:	91-9322641655
Date :	28.07.2015

LOCATIONS

Registered Office :	A-34, Nandjyot Industrial Estate, Safedpool, Andheri Kurla Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-42442500
Mobile No.:	91-9322641655 (Mr. Deepak Maheshwari)
Fax No.:	91-22-42442599
E-Mail :	deepak@rankinternational.com info@rankinternational.com
Website :	www.rankinternational.com
Factory :	G 44, Gems and Jewellery Complex- I, Seepz , Andheri East, Mumbai 400096, Maharashtra, India
Tel. No.:	91-22-42442200
Fax No.:	91-22-42442299
E-Mail :	bharat@rankinternational.com
Area :	8000 Sq. Ft
Location :	Leased
Branch Office 1:	G 44, Gems and Jewellery Complex- I, Seepz , Andheri East, Mumbai 400096, Maharashtra, India
Tel. No.:	91-22-42442500
Mobile No.:	91-9322641655 (Mr. Deepak Maheshwari)
Fax No.:	91-22-42442599
E-Mail :	seepz@rankinternational.com
Area :	350 Sq. Ft
Location :	Leased
Branch Office 2:	314, 3^rd Floor, 2/90/62 Shriji Mall, Naiwala Gurudwara Road, Karol Bagh, Delhi-110005, India

PARTNERS

Name :	Mrs. Bharati Kedia
Designation :	Partner
Address :	43, Ocean Crest CHSL, Bhulabhai Desai Road, Mumbai - 400036, Maharashtra, India
Date of Birth/Age :	07.09.1954
Qualification :	Graduate
Name :	Mr. Rishabh Ruia
Designation :	Partner
Name :	Mr. Mohit Kedia
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Deepak Maheshwari
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Findings and Chains, Master Alloys, etc.
Products/ Services :	--
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· USA · Hong Kong · Thailand · United Kingdom · South Africa · Switzerland
Imports :
Products :	Raw Material
Countries :	· USA · Italy · Hong Kong · Thailand
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

Reference:	Choksi Vimal Kumar and Company
Name of the Person (Designation):	Mr. Choksi
Contact Number:	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:	Suashish Jewels, Mumbai
Name of the Person (Designation):	Mr. Narendra
Contact Number:	91-22-28549908
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

77 (Approximately)

Bankers :

Bank Name:	Kotak Mahindra Bank
Branch:	J.B. Nagar, Andheri (East), Mumbai, Maharahstra, India
Person Name (with Designation):	Ms. Deepali (Relationship Manager)
Contact Number:	91-8879639236
Name of Account Holder:	Rank International
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	7-8 Years
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit=37.500 Million
Account Operation:	Satisfactory
Remarks: Banker gave us positive response about Subject Company they are satisfied with their Banking Transaction.

Facilities :

Banking Relations :	--
Auditors :
Name :	Banka and Banka Chartered Accountant
Address :	Malad East, Mumbai - 400097, Maharashtra, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 75.168 Million
Borrowed :	--
Total :	Rs. 75.168 Million

FINANCIAL DATA

[all figures are in Rupees Million]

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	880.000

The above information has been parted by Mr. Deepak Maheshwari (Manager)

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partners Capital		75.168	64.238
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		75.168	64.238
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING		42.440	36.478
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		117.608	100.716
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.676	38.616
Capital work-in-progress		0.000	0.000
INVESTMENT		0.640	3.108
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	137.928	123.370
	Sundry Debtors	92.561	97.420
	Cash & Bank Balances	3.634	7.491
	Other Current Assets	0.000	0.000
	Loans & Advances	23.718	11.252
Total Current Assets		257.841	239.533
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		178.549	180.541
Net Current Assets		79.292	58.992
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		117.608	100.716

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	806.088	718.837
		Other Income	0.950	4.778
		TOTAL	807.038	723.615
Less	EXPENSES
		Cost of Goods Sold	722.023	651.456
		Factory Rent	1.988	1.862
		Wages	6.695	4.505
		Power and Fuel	2.782	0.000
		Electricity (Factory)	0.000	2.238
		Testing Charges	0.015	0.006
		Loading and Unloading	0.007	0.020
		Clearing and Forwarding (Import)	0.000	0.010
		Transport Charges	0.063	0.022
		Factory Expenses	0.009	0.021
		Repairs and Maintenance	0.364	0.445
		Labour Charges	0.327	0.150
		Packing Materials	0.276	0.335
		Consumable and Stores	0.213	0.165
		Assaying Charges (Import)	0.001	0.000
		Salary	10.276	12.499
		Telephone	0.488	0.335
		Electricity	0.646	0.586
		Printing and Stationery	0.560	0.485
		Conveyance	0.275	0.327
		Traveling	1.488	0.000
		Water Charges	0.218	0.177
		Security Charges	0.595	0.696
		Postage and Courier	1.158	1.181
		Society Maintenance	0.162	0.113
		Office Rent	0.812	0.312
		Office Expenses	0.273	0.373
		Insurance	1.106	0.230
		Computer Expenses	0.016	0.094
		Software Charges	0.013	0.000
		Repairs and Maintenance	0.471	0.526
		Tea and Tiffin	0.043	0.021
		Staff Welfare	0.407	0.379
		Pooja Expenses	0.028	0.000
		Diwali Expenses	0.000	0.122
		Books and Periodicals	0.001	0.001
		Assaying Charges	0.097	0.067
		Motor Car Expenses	0.141	0.137
		Octroi	0.000	0.002
		License and Registration	0.020	0.057
		Membership and Subscription	0.011	0.028
		Liasoning Charges	0.300	0.300
		Advertisement	0.062	0.027
		Exhibition Expenses	0.858	0.909
		Discount Allowed	0.092	0.138
		Sales Promotion Expenses	0.493	1.069
		Commission	1.236	1.739
		Clearing and Forwarding	0.952	0.937
		Freight Charges	0.043	0.000
		Bank Charges	1.547	1.785
		Interest	4.092	2.118
		Exchange rate difference	2.557	0.000
		Legal and Professional Charges	0.353	0.235
		Consultancy Charges	0.902	0.000
		Donation	0.011	0.000
		Sales Tax	0.020	0.008
		Custom Duty	1.060	0.000
		Auditor's Remuneration	0.719	0.750
		General Expenses	0.000	0.001
		Transportation Charges	0.000	0.014
		Internet Charges	0.00	0.137
		Travelling	0.000	1.167
		Interest on Capital	1.748	2.560
		TOTAL	771.113	693.877
	NET PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION		35.925	29.738
Less/ Add	DEPRECIATION/ AMORTISATION		6.129	9.819
	PROFIT/ (LOSS) BEFORE TAX		29.796	19.919
Less	TAX		1.106	0.836
	PROFIT/ (LOSS) AFTER TAX		28.690	19.083

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.56	2.65
Return on Total Assets (PBT/Total Assets}	(%)	10.08	7.16
Return on Investment (ROI) (PBT/Networth)		0.40	0.31
Debt Equity Ratio (Total Liability/Networth)		0.56	0.57
Current Ratio (Current Asset/Current Liability)		1.44	1.33

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	64.238	75.168
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	64.238	75.168
Loan Funds	36.478	42.440
Total borrowings	36.478	42.440
Debt/Equity ratio	0.568	0.565

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	718.837	806.088	880.000
		12.138	9.169

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	718.837	806.088
Profit	19.083	28.690
	2.65%	3.56%

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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	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 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. 64.03
UK Pound	1	Rs. 99.72
Euro	1	Rs. 70.88

INFORMATION DETAILS

Information Gathered by :	PRI
Analysis Done by :	DIV
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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		46

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.