MIRA INFORM REPORT

Report No. :	312081
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	FASTENERS MULTITRADE INDIA PRIVATE LIMITED
Registered Office :	904-A, Vastu Tower Cooperative Housing Society,  Evershine Nagar, Malad Link Road, Malad (West), Mumbai - 400064 , Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.01.2009
Com. Reg. No.:	11-189957
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U27101MH2009PTC189957
TAN No.: [Tax Deduction & Collection Account No.]	MUMF05921G
PAN No.: [Permanent Account No.]	AABCF3416B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and trading of stainless steel fasters, nut bolts, screws, washers, hex bolts, special carbon fasters, wood screw cross recessed, wood screw slotted, self-tapping screws.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowings of the company seems to be huge during 2014. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

LOCATIONS

Registered Office :	904-A, Vastu Tower Co-Op HSG Society,  Evershine Nagar, Malad Link Road, Malad (West), Mumbai - 400064 , Maharashtra, India
Tel. No.:	91-22-28884974
Fax No.:	91-22-66680261
E-Mail :	pravesh.aggrawal@kundan.com
Website :	http://www.fmipl.in
Corporate Office :	35, Building No.1, New Sonal Link Estate, Link Road, Malad (west), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-66680260
Fax No.:	91-22-66680261
E-Mail :	fastener_india@rediffmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Pravesh Narsingdas Aggrawal

Designation :

Director

Address :

A-904, Vastu Tower CHS Limited, Evershine Nagar, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

21.09.1971

Date of Appointment :

29.01.2009

DIN No.:

00373466

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27101MH2009PTC189957	FASTENERS MULTITRADE INDIA PRIVATE LIMITED	Director	29/01/2009	29/01/2009	-	Active	NO
2	U92190MH2009PTC195787	WALKING LEAF ENETERTAINMENT PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
3	U74900MH2011PTC223761	KUNDAN FASTNERS AND MULTITRADE PRIVATE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO

Name :

Mr. Manjit Pravesh Aggrawal

Designation :

Director

Address :

A-904, Vastu Tower CHS Limited, Evershine Nagar, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

02.08.1972

Date of Appointment :

29.01.2009

DIN No.:

02291717

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Pravesh Narsingdas Aggrawal	5000	50.00
Manjit Pravesh Aggrawal	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and trading of stainless steel fasters, nut bolts, screws, washers, hex bolts, special carbon fasters, wood screw cross recessed, wood screw slotted, self-tapping screws.
Products :	stainless steel fasters nut bolts screws washers hex bolts special carbon fasters wood screw cross recessed wood screw slotted Self-tapping screws, etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• IndusInd Bank Limited, Acme Plaza, C T S No. 32, Opp. Sangam Talkies, Andheri-Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India
• HDFC Bank Limited
• Axis Bank, Goregaon (East), Mumbai, Maharashtra, India
• Bank of India, Borivali, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Bank overdraft A/c
- IndusInd Bank	14.904	0.000
Term loan
- Kotak Mahindra Prime Ltd – Car Loan	0.000	0.123
Total	14.904	0.123

Auditors :
Name :	S. K. Thanawala and Company Chartered Accountants
Address :	Govind Building, 140/142 Princess Street, Marine Lines, Mumbai – 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPJ5959K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	1.404	1.219	0.838
(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)	1.504	1.319	0.938
(3) Non-Current Liabilities
(a) long-term borrowings	57.501	14.300	3.807
(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)	57.501	14.300	3.807
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.786	4.545	5.741
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.187	0.376	0.491
Total Current Liabilities (4)	4.973	4.921	6.232
TOTAL	63.978	20.540	10.977
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.321	0.409	0.767
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.066	0.059	0.045
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.387	0.468	0.812
(2) Current assets
(a) Current investments	1.002	0.025	0.000
(b) Inventories	5.258	4.995	3.015
(c) Trade receivables	6.227	7.703	6.419
(d) Cash and cash equivalents	1.051	0.203	(2.092)
(e) Short-term loans and advances	50.046	7.137	2.813
(f) Other current assets	0.007	0.009	0.010
Total Current Assets	63.591	20.072	10.165
TOTAL	63.978	20.540	10.977

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		23.985	15.373
	Other Income		0.007	0.056
	TOTAL	16.435	23.992	15.429
Less	EXPENSES
	Purchases of Stock-in-Trade		20.502	11.284
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(1.981)	(0.113)
	Employees benefits expense		1.208	1.118
	Other expenses		2.734	2.212
	TOTAL	16.160	22.463	14.501
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(Including Financial and Depreciation Expenses)	1.529	0.928
Less	FINANCIAL EXPENSES		0.855	0.359
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.674	0.569
Less/ Add	DEPRECIATION/ AMORTISATION		0.123	0.247
	PROFIT/ (LOSS) BEFORE TAX	0.275	0.551	0.322
Less	TAX	0.087	0.170	0.101
	PROFIT/ (LOSS) AFTER TAX	0.188	0.381	0.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1.219	0.838	0.617
	Earnings / (Loss) Per Share (Rs.)	18.80	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.14	1.59	1.44
Operating Profit Margin (PBIDT/Sales)	(%)	1.67	6.37	6.04
Return on Total Assets (PBT/Total Assets}	(%)	0.43	2.69	2.95
Return on Investment (ROI) (PBT/Networth)		0.18	0.42	0.34
Debt Equity Ratio (Total Debt /Networth)		38.23	10.84	4.06
Current Ratio (Current Asset/Current Liability)		12.79	4.08	1.63

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	0.100	0.100	0.100
Reserves & Surplus	0.838	1.219	1.404
Net worth	0.938	1.319	1.504
long-term borrowings	3.807	14.300	57.501
Short term borrowings	0.000	0.000	0.000
Total borrowings	3.807	14.300	57.501
Debt/Equity ratio	4.059	10.842	38.232

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	15.373	23.985	16.435
		56.020	(31.478)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	15.373	23.985	16.435
Profit	0.221	0.381	0.188
	1.44%	1.59%	1.14%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS

Due to persistent market situation, during the year company’s sales has been declined by 31.66%. During the year under report income from operation was Rs. 16.391 Million as compared to income from operation of Rs. 23.985 Million during the previous year. In view of decrease in sales profit has also declined. During the year Profit after tax was Rs. 0.188 Million as compared to profit after tax of Rs. 0.381 Million during the previous years.

The Management has taken series of measure to arrest the decline in sales and also promote the company’s business. The management will try its best to decrease expenses which will ultimately increase profit amount.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10500359	21/03/2014	20,000,000.00	INDUSIND BANK LTD.	ACME PLAZA, C T S NO. 32, OPP. SANGAM TALKIES, ANDHERI-KURLA ROAD, ANDHERI (E), MUMBAI, Maharashtra - 400059, INDIA	C05724687

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan and Advances from related parties
- Pravesh Narsingdas Aggrawal	3.129	2.986
- Manjit Pravesh Aggrawal	1.433	1.499
Loan from others
- Amirali Matcheswala	0.023	0.500
- Kundan Industries Ltd.	34.907	0.000
- Shahnaz Matcheswala	2.545	2.800
- Sonia Matcheswala	0.000	5.000
- Standard Chartered Bank	0.560	1.392
Total	42.597	14.177

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

· Air Conditioner

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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 unfavorable 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.