MIRA INFORM REPORT

Report No. :	350449
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	EASTMAN INTERNATIONAL
Registered Office :	B - 30, 2185/C - 203/1, Phase - 7, Near Sharu Sheel, Focal Point, Ludhiana – 141010, Punjab
Tel. No.:	91-161-3026901/ 5026901
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	1996
Capital Investment / Paid-up Capital :	Rs. 2277.797 Million
IEC No.:	3096000727
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AAAFE3449D
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader, Exporter And Importer of bicycles, components and spares.
No. of Employees :	90 (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

Maximum Credit Limit :	USD 6500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern started in the year 1996 having satisfactory track. Subject is engaged in the business trader, exporter and importer of bicycles, components and spares. Turnover and profit of the concern has declined during FY 2015. However, general financial position of the concern is normal and acceptable for business dealings. The rating also takes into consideration promoter’s experience and long established track of business operation. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitments. The concern can 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BBB+
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	28.11.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	28.11.2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rajesh Varma
Designation :	Account Manager
Contact No.:	91-161-3026901
Date :	20.11.2015

LOCATIONS

Registered Office/ Warehouse :	B - 30, 2185/C - 203/1, Phase - 7, Near Sharu Sheel, Focal Point, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-3026901/ 5026901
Mobile No.:	91-9814720820 (Mr. Aman Singal)
Fax No.:	91-161-3026919
E-Mail :	info@eastman-intl.com eastman@eastman-intl.com
Website :	http://www.eastman-intl.com
Area :	27000 sq. ft.
Location :	Owned
Locality :	Industrial

PARTNERS

Name :	Mr. Rakesh Gupta
Designation :	Partner
Address :	173-A, Aggar Nagar, Ludhiana – 141 010, Punjab, India
Date of Birth/Age :	61 Years
Qualification :	Graduate
Experience :	35 Years
Name :	Mr. Ramesh Gupta
Designation :	Partner
Address :	147-A, Aggar Nagar, Ludhiana – 141 010, Punjab, India
Date of Birth/Age :	56 Years
Qualification :	Graduate
Experience :	30 Years
Name :	Mr. Munish Gupta
Designation :	Partner
Address :	3/23, 2^nd Floor, Shanti Niketan, New Delhi – 110 057, India
Name :	Mr. Aman Singal
Designation :	Partner
Address :	173-A, Aggar Nagar, Ludhiana – 141 010, Punjab, India
Name :	Mr. Atul Singal
Designation :	Partner
Address :	173-A, Aggar Nagar, Ludhiana – 141 010, Punjab, India
Name :	Mr. Sachin Singal
Designation :	Partner
Address :	147-A, Aggar Nagar, Ludhiana – 141 010, Punjab, India

KEY EXECUTIVES

Name :	Mr. Rajesh Varma
Designation :	Account Manager

BUSINESS DETAILS

Line of Business :	Trader, Exporter And Importer of bicycles, components and spares.
Products :	Bicycles Components and spares
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Middle East America Africa
Imports :
Products :	Raw Materials
Countries :	China Singapore
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 manufacturer

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

No. of Employees :

90 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Golden Tower, Dholewal Chowk, Ludhiana – 141 010, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Sanjay Goyal and Company Chartered Accountants
Address :	Ludhiana, Punjab, India
Mobile No.:	91-9814126286
Memberships :	Not Available
Collaborators :	Not Available
Sister Concerns :	Max Well Inc. Ramesh Steel Eastmen International Limited

CAPITAL STRUCTURE

As on: 31.03.2015

Capital Investment :
Owned :	Rs. 2277.797 Million
Borrowed :	--
Total :	Rs. 2277.797 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner Capital		2277.797	1900.651	1697.838
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2277.797	1900.651	1697.838
LOAN FUNDS
1] Secured Loans		602.223	873.394	788.266
2] Unsecured Loans		411.104	412.491	338.885
TOTAL BORROWING		1013.327	1285.885	1127.151
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3291.124	3186.536	2824.989
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1560.470	1624.813	1342.509
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.675	256.767	523.560
	Sundry Debtors	1660.212	1747.581	1271.995
	Cash & Bank Balances	167.371	172.413	96.737
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	256.314	263.052	345.308
Total Current Assets		2183.572	2439.813	2237.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	452.919	878.090	755.120
	Other Current Liabilities
	Provisions
Total Current Liabilities		452.919	878.090	755.120
Net Current Assets		1735.653	1561.723	1482.480
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3296.124	3186.536	2824.989

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4897.210	6713.430	4765.317
	Other Income	82.135	100.373	78.139
	TOTAL	4979.345	6813.803	4843.456
Less	EXPENSES
	Cost of Goods Sold	3792.127	5462.951	3728.300
	Direct expenses	13.007	8.708	0.721
	Personal expenses	26.519	25.253	21.981
	Administrative expenses	51.315	40.291	33.615
	Selling expenses	629.323	724.021	511.387
	Interest of partners	80.208	42.926	54.080
	Partner Remuneration	30.300	0.000	0.000
	TOTAL	4622.799	6304.150	4350.084
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	356.546	509.653	493.372
Less	FINANCIAL EXPENSES	139.085	166.346	140.815
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	217.461	343.307	352.557
Less/ Add	DEPRECIATION/ AMORTISATION	84.351	79.944	70.031
	PROFIT/ (LOSS) BEFORE TAX	133.109	263.363	282.526
Less	TAX	5.028	8.723	(3.914)
	PROFIT/ (LOSS) AFTER TAX	128.081	254.640	286.440

Expected Sales (2015-16): Rs. 5000.000 Million

The above information has been parted by Mr. Rajesh Varma (Account Manager)

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

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.62	3.79	6.01
Operating Profit Margin (PBIDT/Sales)	(%)	7.28	7.59	10.35
Return on Total Assets (PBT/Total Assets}	(%)	3.56	6.48	7.89
Return on Investment (ROI) (PBT/Networth)		0.06	0.14	0.17
Debt Equity Ratio (Total Debt /Networth)		0.44	0.68	0.66
Current Ratio (Current Asset/Current Liability)		2.53	1.89	2.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Partner Capital	1697.838	1900.651	2277.797
Reserves & Surplus	0.000	0.000	0.000
Net worth	1697.838	1900.651	2277.797
Secured Loans	788.266	873.394	602.223
Unsecured Loans	338.885	412.491	411.104
Total borrowings	1127.151	1285.885	1013.327
Debt/Equity ratio	0.664	0.677	0.445

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	4765.317	6713.430	4897.210
		40.881	(27.054)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4765.317	6713.430	4897.210
Profit	286.440	254.640	128.081
	6.01%	3.79%	2.62%

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	Yes
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	Yes
18	Major suppliers	No
19	Major customers	No
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	Yes
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 three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	Yes
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 records 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.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	MTN

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.