MIRA INFORM REPORT

Report No. :	349516
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	KASHISH METAL
Registered Office :	Shop No.29, 3^rd Floor, 81/83, P.K. Building, Old Hanuman Lane, Kalbadevi, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-22006677
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment:	2006
Capital Investment / Paid-up Capital :	Rs.54.852 Million
TIN No.:	Not Available
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Gold Jewellery.
No. of Employees :	14 (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 :	Slow but correct
Litigation :	Clear
Comments :	Kashish Metal was established in the year 2006 by the proprietor Mr. Mahaveer Babulal Jain. He set up its business as trading of bullion and in 2012 it started manufacturing of jewellery, coins through job works. During FY-2013-14 the concern diversified its operational activities by setting up its own manufacturing plant to export its products. The rating draws strength from the decent industrial experience of the proprietor, established relation with its customers and satisfactory financial profile. Rating further takes into account on concern’s healthy operational activities over the years. However, the rating is constrained by the working capital intensive nature of operations, thin profitability margins and average debt protection metrics. Trade relations seems to be fair. Business is active. Payments terms are reported to slow but correct. In view of aforesaid, the concern can be considered for business dealings with 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	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Mahaveer Babulal Jain
Designation :	Proprietor
Contact No.:	91-9320506681
Date :	19.11.2015

LOCATIONS

Registered Office/ Factory :	Shop No.29, 3^rd Floor, 81/83, P.K. Building, Old Hanuman Lane, Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22006677
Mobile No.:	91-9320506681 (Mr. Mahaveer Babulal Jain)
Fax No.:	Not Available
E-Mail :	maha143@yahoo.com
Location :	Owned
Locality:	Commercial

SOLE PROPRIETOR

Name :	Mr. Mahaveer Babulal Jain
Designation :	Proprietor
Date of Birth/Age :	39 Years
Qualification :	Graduate

BUSINESS DETAILS

Line of Business :	Manufacturer of Gold Jewellery.
Products :	Gold Jewellery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Gold Jewellery
Countries :	United Arab Emirates United State of America Hong Kong
Imports :
Products :	18K, Gold Jewellery
Countries :	United Arab Emirates
Terms :
Selling :	Cash and Credit (30/ 60/ 90 Days)
Purchasing :	Cash and Credit (30/ 60/ 90 Days)

GENERAL INFORMATION

Suppliers :

Reference :

HDFC Bank Limited

Name of the Person :

Mr. Prashant Sawant (Treasury Department)

Contact No.:

91-9322276059

Since How Long Known :

3 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

No complaints. He is happy and satisfied with payment behavior and market goodwill.

Customers :

End Users and OEMS’s

Reference :

Master Chains Private Limited

Name of the Person :

Mr. Sunil Jain (Director)

Contact No.:

91-9323435589

Since How Long Known :

3 Years

Maximum Limit Dealt :

Rs.150.000 Million p.m

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

No complaints. They are very much satisfied with the supplier. Product quality is excellent.

No. of Employees :

14 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Narsi Natha Street, Mandvi Branch
Person Name (With Designation)	Mr. Sanjay (Chief Manager)
Contact Number	91-22-23752105
Name of Account Holder	Kashish Metal
Account Number	003230110000047
Account Since (Date/Year of Account Opening)	2014
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash/ Credit Rs.150.000 Million / Bank Gurantee Rs.50.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	P. Shah and Company (CA Ketan P. Shah) Chartered Accountants
Address :	Mumbai, Maharashtra, India
Membership No.:	043246
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :	Amount (Rs. In Million)
Capital Account
Mahaveer Babulal Jain’s	54.852
Total :	54.852

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		54.852	51.540	48.427
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		54.852	51.540	48.427
LOAN FUNDS
1] Secured Loans		187.385	123.285	0.000
2] Unsecured Loans		89.733	3.601	8.900
TOTAL BORROWING		277.118	126.886	8.900
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		331.970	178.426	57.327
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.494	0.007	0.009
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		18.341	5.462	30.438
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	168.730	82.355	100.316
	Sundry Debtors	332.538	96.895	37.574
	Cash & Bank Balances	1.593	0.792	2.859
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	6.390	2.120	9.800
Total Current Assets		509.250	182.162	150.549
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	195.697	8.431	122.856
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.419	0.774	0.813
Total Current Liabilities		196.116	9.205	123.669
Net Current Assets		313.134	172.957	26.880
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		331.970	178.426	57.327

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1789.170	940.197	1006.996
	Other Income	0.754	3.940	2.453
	TOTAL	1789.924	944.137	1009.449
Less	EXPENSES
	Cost of Goods Sold	1742.326	908.886	976.777
	Labour Charges	11.208	12.381	11.336
	Exchange Rate Fluctuation	0.333	0.075	0.000
	Clearing and Forwarding Charges	0.523	0.000	0.000
	Selling and Administrative Expenses	30.425	18.044	17.189
	TOTAL	1784.815	939.386	1005.302
	NET PROFIT	5.109	4.751	4.147

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.29	0.51	0.41
Return on Total Assets (PBT/Total Assets}	(%)	1.00	2.61	2.75
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.09
Debt Equity Ratio (Total Debt /Networth)		5.05	2.46	0.18
Current Ratio (Current Asset/Current Liability)		2.60	19.79	1.22

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)
Share Capital	48.427	51.540	54.852
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	48.427	51.540	54.852
Secured Loans	0.000	123.285	187.385
Unsecured Loans	8.900	3.601	89.733
Total borrowings	8.900	126.886	277.118
Debt/Equity ratio	0.184	2.462	5.052

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	1006.996	940.197	1789.170
		(6.633)	90.297

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	1006.996	940.197	1789.170
Profit	4.147	4.751	5.109
	0.41%	0.51%	0.29%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	No
29	Profitability for last three years	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.66.39
UK Pound	1	Rs.100.66
Euro	1	Rs.70.46

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KSH
Report Prepared by :	SUD

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	4
--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	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.