MIRA INFORM REPORT

Report No. :	347958
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	GAHRA MINERALS
Registered Office :	Habib Nagar, Teka, Nagpur – 440017, Maharashtra
Tel. No.:	91-712-2640540/2640540
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1983
Capital Investment / Paid-up Capital :	Rs. 52.912 Million
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AALPR2881D
Legal Form :	Sole Proprietary Concern
Line of Business :	Mining of Iron Ore.
No. of Employees :	100 (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Gahra Minerals was established on 1983 and it is engaged in iron ore mining. The rating reflects satisfactory financial profile of Gahra Minerals characterized by high net worth, a comfortable debt protection metrics and low external liabilities. Rating further takes into account on concern’s steady y-o-y sales turnover growth, long operating track record and well experienced of the proprietor. The ratings are constrained by the highly working capital intensive nature of its operations, and the fragmented and intensively competitive nature of iron and mining industry. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of aforesaid, 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.

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Asif
Designation :	Manager
Contact No.:	91-712-2640540
Date :	02.11.2015

LOCATIONS

Registered Office :	Habib Nagar, Teka, Nagpur – 440017, Maharashtra, India
Tel. No.:	91-712-2640540/2640540
Mobile No.:	91-9923317000 (Mr. Abdul)
Fax No.:	Not Available
E-Mail :	gahraminerals@rediffmail.com
Area :	--
Location :	Owned
Mine:	At Village Gunjewahi, Tehsil - Shindewahi, District - Chandrapur, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Abdul Gaffar Abdul Sakoor
Designation :	Proprietor

KEY EXECUTIVES

Name :	Mr. Asif
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Mining of Iron Ore
Products :	-
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and End Users

Reference :	Altratech Cement
Name of the Person :	Mr. Nitin Chandak (Purchase Manager)
Contact No.:	91-9922413050
Since How Long Known :	20 Years
Experience :	Good
Maximum Limit Dealt :	They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Behramji Town, Chindwara Road, Nagpur - 440001, Maharashtra, India
Person Name (With Designation)	Mr. Sushilkumar (Operations Head)
Contact Number	91-8806908042
Name of Account Holder	Gahra Minerals
Account Number	-
Account Since (Date/Year of Account Opening)	4 Years
Average Balance Maintained (If Possible)	-
Credit Facilities Enjoyed (If any)	Cash Credit – Rs. 40.000 Million
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about subject company.

Auditors :
Name :	Demble Ramani and Company Chartered Accountant
Address :	Ravindranath Tagore Marg, At M.G. House, Civiline, Nagpur, Maharashtra, India
Mobile No.:	91-8087200551/52
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on: 31.03.2014

Particular	Amount (Rs. in Million)	Particular	Amount (Rs. in Million)
Opening Balance	45.927	Drawing	8.428
Profit and Loss A/C	15.413
		Closing Balance	52.912
Total :	61.340		61.340

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2015
Sales Turnover (Approximately)	230.000

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

Note: Sole Proprietory 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		52.912
2] Share Application Money		0.000
3] Reserves & Surplus		67.391
4] (Accumulated Losses)		0.000
NETWORTH		120.303
LOAN FUNDS
1] Secured Loans		73.502
2] Unsecured Loans		0.000
TOTAL BORROWING		73.502
DEFERRED TAX LIABILITIES		0.000
TOTAL		193.805
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		155.970
Capital work-in-progress		8.994
INVESTMENT
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.417
	Sundry Debtors	89.027
	Cash & Bank Balances	1.006
	Deposite	1.035
Total Current Assets		95.485
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	66.644
	Provisions
Total Current Liabilities		66.644
Net Current Assets		28.841
MISCELLANEOUS EXPENSES		0.000
TOTAL		193.805

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	141.309
		Other Income	5.380
		TOTAL	146.689
Less	EXPENSES
		Cost of Goods Sold	3.560
		Raising Expenses	55.378
		Royalty	15.230
		Electric Power	0.965
		Machinery Expenses	3.029
		Explosive Expensive	2.431
		Tools	0.065
		Diesel Expansive	29.581
		Welfare Cass	0.014
		Audit Fees	0.075
		Bank Commission	0.318
		Bank Interest	2.500
		Car Expensive	0.780
		Electricity	0.036
		Office Expenses	0.008
		Postage and Telegram	0.020
		Salary	1.420
		Stationery	0.025
		Legal Fees	0.060
		Telephone Expenses	0.029
		Tractor Repairing	0.067
		Travelling Expansive	0.609
		TOTAL	116.196
	PROFIT BEFORE TAX AND DEPRECIATION		30.493
Less/ Add	DEPRECIATION		15.077
	PROFIT BEFORE TAX		15.416
Less	TAX		0.002
	Net Profit		15.414

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	10.91
Return on Total Assets (PBT/Total Assets}	(%)	6.13
Return on Investment (ROI) (PBT/Networth)		0.13
Debt Equity Ratio (Total Debt /Networth)		0.61
Current Ratio (Current Asset/Current Liability)		1.43

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	No
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
18	Major suppliers	No
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	No
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last t 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.65.48
UK Pound	1	Rs.101.06
Euro	1	Rs.72.22

INFORMATION DETAILS

Information Gathered by :	KSP
Analysis Done by :	PRT
Report Prepared by :	MTN

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	NO
--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.