MIRA INFORM REPORT

Report No. :	324471
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	SHIVI ENTERPRISES
Registered Office :	HIG 9, MPHB Colony, Near Head Post Office, Civil Lines, Jabalpur – 482001, Madhya Pradesh
Tel. No.:	91-761-2601623
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2006
Capital Investment :	Rs. 4.369 Million [As on 31.03.2014]
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Medicines.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 12000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the 2006 as proprietor concern and it is having satisfactory track record. Mr. Vijay, Proprietor has provided information to us. As per financial of proprietor concern for the year ended 2014, the general financial position of the concern seem to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid the concern can be considered for the business dealings at usual trade terms and conditions. NOTE: The concern doesn’t fall under audit category, as the concern turnover was Rs. 5.000 Million in the year 2013 which is below Rs. 6.000 Million category.

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

NOT AVAILABLE

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. Vijay Jadwani
Designation :	Proprietor
Contact No.:	91-9926865772
Date :	04.05.2015

LOCATIONS

Registered Office :	HIG 9, MPHB Colony, Near Head Post Office, Civil Lines, Jabalpur – 482001, Madhya Pradesh, India
Tel. No.:	91-761-2601623
Mobile No.:	91-9926865772 [Mr. Vijay Jadwani]
Fax No.:	91-761-2610250
E-Mail :	vijay.jadwani@rediffmail.com
Area :	500 Sq. ft.
Location :	Owned
Locality :	Residential

SOLE PROPRIETOR

Name :	Mr. Vijay Jadwani
Designation :	Proprietor
Date of Birth/Age :	30 Years
Qualification :	Graduate
Experience :	8 Years

BUSINESS DETAILS

Line of Business :	Trader of Medicines.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit [90 Days]
Purchasing :	Cash and Credit [90 Days]

GENERAL INFORMATION

Suppliers :

Reference:	Lupin Laboratories Limited, Mumbai
Name of the Person (Designation):	Mr. Bhavin Patel (Market Department)
Contact Number:	91-9820244293
Since how long known:	Not Divulged
Maximum limit dealt:	Rs. 3.000 Million
Experience:	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Remark	We had word with Mr. Bhavin Patel (Market Department) informed that they are satisfied with their payment behaviour.

Customers :

Reference:	West Central Railway
Name of the Person (Designation):	Mr. Girish (Assistant Pharmacy Health Officer)
Contact Number:	91-9752415517
Since how long known:	8 Years
Maximum limit dealt:	Not Divulged
Experience:	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Remark	Mr. Girish informed they are satisfied with their product quality and delivery behaviour.

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	Union Bank of India
Branch:	City Bazaar Branch, Jabalpur, Madhya Pradesh, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-761-2611276 [Continuously Ringing]
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Current Account
Remarks: Not Divulged

Facilities :

--

Auditors :
Name :	Choradiya and Company Chartered Accountants
Address :	601, Napier Town, Gorakhpur, Jabalpur, Madhya Pradesh, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Rama Medical Agency

CAPITAL STRUCTURE

CAPITAL ACCOUNT AS ON 31.03.2014

PARTICULARS	AMOUNT IN MILLION
Opening Balance	4.285
Addition	0.000
Withdrawals	0.132
Profit B/f	0.216
Total	4.369

FINANCIAL DATA

[all figures are in Rupees Million]

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	12.100

Expected Sales (2015-2016) : Rs. 20.000 Million

The above information has been parted by Mr. Vijay Jadwani (Proprietor)

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
SHAREHOLDERS FUNDS
1] Proprietor Capital		4.369
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		4.369
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.369
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.516
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.465
	Sundry Debtors	3.068
	Cash & Bank Balances	1.023
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		4.556
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.676
	Other Current Liabilities	0.010
	Provisions	0.017
Total Current Liabilities		0.703
Net Current Assets		3.853
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Sales	10.731
		Other Income	0.000
		TOTAL	10.731
Less	EXPENSES
		Cost of Goods sold	10.060
		Entry Tax	0.010
		Vat Paid	0.068
		Audit and Legal fees	0.010
		Bank charges	0.002
		Conveyance expenses	0.033
		Printing and Stationery	0.006
		Office and Misc. Expenses	0.019
		Salary Expenses	0.184
		Telephone Expenses	0.013
		Travelling Expenses	0.021
		TOTAL	10.426
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.305
Less/ Add	DEPRECIATION/ AMORTISATION		0.089
	NET PROFIT		0.216

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	2.01
Return on Total Assets (PBT/Total Assets}	(%)	4.26
Return on Investment (ROI) (PBT/Networth)		0.05
Debt Equity Ratio (Total Liability/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		6.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales Turnover (Approximately)	10.731	12.100
	120.000	10.000

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)	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	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	No
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 one year	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. 63.90
UK Pound	1	Rs. 97.98
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	BVA

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	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		42

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.