MIRA INFORM REPORT

Report No. :	312564
Report Date :	23.03.2015

IDENTIFICATION DETAILS

Name :	CREATIONS STUDENT STATIONERY PRIVATE LIMITED
Registered Office :	Units No.304 and 305, 3^rd Floor, Rajhshree Plaza, Opposite Shreyas Cinema, L.B.S Marg, Ghatkopar (West), Mumbai-400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.06.2008
Com. Reg. No.:	11-183769
Capital Investment / Paid-up Capital :	Rs. 34.000 Million
CIN No.: [Company Identification No.]	U51396MH2008PTC183769
TAN No.: [Tax Deduction & Collection Account No.]	MUMC16229D
PAN No.: [Permanent Account No.]	AADCC4116D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Trader of stationery Items.
No. of Employees :	115 (Approximately)

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 79000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by thin profitability margins and huge accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

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.

INFORMATION PARTED BY

Name :	Ms. Hema
Designation :	Purchase Manager
Contact No.:	91-22-25006777
Date :	20.03.2015

LOCATIONS

Registered Office/ Factory : :	Units No.304 and 305, 3^rd Floor, Rajhshree Plaza, Opposite Shreyas Cinema, L.B.S Marg, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-66794777/401197777
Mobile No.:	91-9320685777 (Mr. Sudhir Singhi)
Fax No.:	91-22-25006777
E-Mail :	creations.mumbai@gmail.com rekha_damani@hotmail.com
Website :	http://www.creationsstudent.com
Area :	Rented

DIRECTORS

As on: 30.09.2014

Name :

Ms. Rekha Anand Thirani

Designation :

Managing Director

Address :

Flat No. 19-20, Firpos CHS, 47 A, Bhulabhi D Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

25.12.1959

Qualification:

B.COM

Date of Appointment :

20.06.2008

DIN No.:

00054058

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	U45209WB1949PTC024424	SHASHI FINANCE PRIVATE LIMITED	DIRECTOR	06/09/1983	06/09/1983	-	STRIKE OFF	NO
2	U65990MH1959PTC045435	SHASHI FINANCE PRIVATE LIMITED	DIRECTOR	06/09/1983	06/09/1983	-	ACTIVE	NO
3	U63040MH1999PTC122344	NEHA-NANDINI TOURS AND TRAVELS PRIVATE LIMITED	MANAGING DIRECTOR	01/01/2000	01/01/2000	05/12/2011	ACTIVE	NO
4	U51396MH2008PTC183769	CREATIONS STUDENT STATIONERY PRIVATE LIMITED	DIRECTOR	20/06/2008	20/06/2008	-	ACTIVE	NO
5	L17111PN1907PLC000258	THE JAMSHRI RANJITSINGHJI SPINNING AND WEAVING MILLS COMPANY LIMITED	DIRECTOR	18/09/2014	11/08/2014	-	ACTIVE	NO
6	AAD-3540	MADHUR CREATIVE STATIONERY LLP	DESIGNATED PARTNER	12/02/2015	12/02/2015	-	ACTIVE	NO

Name :

Mr. Sudhir Kumar Singhi

Designation :

Director

Address :

C-201, Eternity Complex, Teen Hath Naka, LBS Marg, Thane - 400604 (West), Maharashtra, India

Date of Birth/Age :

10.04.1977

Qualification:

M Com

Date of Appointment :

20.06.2008

DIN No.:

02177741

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	U51396MH2008PTC183769	CREATIONS STUDENT STATIONERY PRIVATE LIMITED	DIRECTOR	20/06/2008	20/06/2008	-	ACTIVE	NO
2	AAD-3540	MADHUR CREATIVE STATIONERY LLP	DESIGNATED PARTNER	12/02/2015	12/02/2015	-	ACTIVE	NO

KEY EXECUTIVES

Name :	Ms. Hema
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Rekha Anand Thirani	2240000	89.60
Sudhir Kumar Singhi	260000	10.40
Total	2500000	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 :	Manufacturer, Importer and Trader of stationery Items.
Products :	Stationery Items
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Stationery Items
Countries :	USA China Thailand
Imports :
Products :	Stationery Items
Countries :	Japan Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

End Users and Manufacturer

Reference :	Not Divulged
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

No. of Employees :

115 (Approximately)

Bankers :

· Bank of Baroda, Worli Branch, 135, CDC Building, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2014	Rs. In Millions 31.03.2013
Long Term Borrowings
Term Loan - 653	0.000	0.000
Term Loan - 529	0.000	0.176
Term Loan – A/C 3	1.202	1.598
Term Loan – A/C 4 (847)	2.000	2.667
KMP Car Loan/Toyota ETIOS	0.231	0.405
KMP Car Loan/ (ERTIGA)	0.542	0.661
KMP Car Loan/Honda City	0.472	0.000
Term Loan – 5 (962)	2.268	0.000
Short Term Borrowings
Cash Credit From Banks	11.769	9.273
TOTAL	18.484	14.780

Auditors :
Name :	J L Agarwal and Company Chartered Accountant
Address :	B-103, Citi Mall, Near Pendharkar College, MIDC, Dombivali (East), Mumbai-421203, Maharashtra, India
Tel. No.:	91-251-2435223
Mob:	91-8692000600
Email:	cajlagrawal@gmail.com
PAN No.:	ABFPA7656L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs. 40.000 Million
1,000,000	Preference Shares	Rs.10/- each	Rs. 10.000 Million
	Total		Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 Million
900,000	Preference Shares	Rs.10/- each	Rs. 9.000 Million
	Total		Rs. 34.000 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	34.000	15.000	15.000
(b) Reserves & Surplus	(6.408)	(6.959)	(7.239)
(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)	27.592	8.041	7.761
(3) Non-Current Liabilities
(a) long-term borrowings	10.489	24.625	18.538
(b) Deferred tax liabilities (Net)	2.012	1.456	1.205
(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)	12.501	26.081	19.743
(4) Current Liabilities
(a) Short term borrowings	12.769	10.647	7.258
(b) Trade payables	22.447	17.125	13.819
(c) Other current liabilities	1.302	1.261	1.150
(d) Short-term provisions	1.972	1.547	1.506
Total Current Liabilities (4)	38.490	30.580	23.733
TOTAL	78.583	64.702	51.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.405	16.301	7.841
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.025	0.025	0.000
(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	1.406	1.303	1.167
	20.836	17.629	9.008
(2) Current assets
(a) Current investments
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	31.563	25.694	19.862
(d) Cash and cash equivalents	22.307	17.679	16.527
(e) Short-term loans and advances	2.145	1.695	2.568
(f) Other current assets	0.329	0.623	1.910
Total Current Assets	1.403	1.382	1.362
	57.747	47.073	42.229
TOTAL

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	159.704	130.076	77.704
		Other Income	0.113	0.111	2.052
		TOTAL	159.817	130.187	79.756
Less	EXPENSES
		TOTAL EXPENSES	157.530	128.996	80.993
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.287	1.191	(1.237)
Less/ Add	DEPRECIATION/ AMORTISATION		1.180	0.691	0.388
	PROFIT / (LOSS) BEFORE TAX		1.107	0.500	(1.625)
Less	TAX		0.556	0.251	0.978
	PROFIT / (LOSS) AFTER TAX		0.551	0.249	(2.603)
	Earnings / (Loss) Per Share (Rs.)		0.22	0.21	(2.17)

Expected Sales (2014-2015): Rs. 200.000 Million

The above information has been parted by Ms. Hema (Purchase Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.35	0.19	(3.35)
Return on Total Assets (PBT/Total Assets}	(%)	1.41	0.77	(3.17)
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	(0.21)
Debt Equity Ratio (Total Debt /Networth)		0.84	4.39	3.32
Current Ratio (Current Asset/Current Liability)		1.50	1.54	1.78

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	15.000	15.000	34.000
Reserves & Surplus	(7.239)	(6.959)	(6.408)
Net worth	7.761	8.041	27.592
long-term borrowings	18.538	24.625	10.489
Short term borrowings	7.258	10.647	12.769
Total borrowings	25.796	35.272	23.258
Debt/Equity ratio	3.324	4.387	0.843

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	77.704	130.076	159.704
		67.399	22.777

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	77.704	130.076	159.704
Profit/Loss	(2.603)	0.249	0.551
	(3.35%)	0.19%	0.35%

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

Registered Office of the Company has been shifted from “208, Swastik Disa Corporate Park, LBS Marg, Opposite Shreyas Cinema, Ghatkopar (West), Mumbai – 400086, Maharashtra, India” to the present address.

OPERATIONS:

The company has achieved a turnover of Rs. 159.704 Million during the year ended 31^st March 2014 and other income is Rs. 0.113 Million for the year under consideration.

The company has earned Net Profit After Tax of Rs. 0.551 Milion after charging depreciation of Rs. 1.180 Million.

UNSECURED LOAN

Particular	Rs. In Millions 31.03.2014	Rs. In Millions 31.03.2013
Long Term Borrowings
Loan from Directors	3.773	19.118
Short Term Borrowings
Loans and Advances
From Others	0.000	0.374
Deposits
Deposit from C and F	1.000	1.000
TOTAL	4.773	20.492

INDEX OF CAHREGS: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

· Computer

· Electric Equipment

· Factory Building

· Furniture and Fixtures

· Plant and Machinery

· Vehicle

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.62.49
UK Pound	1	Rs.92.26
Euro	1	Rs.66.80

INFORMATION DETAILS

Information Gathered by :	SNU
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		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 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.