MIRA INFORM REPORT

Report No. :	351845
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	MAHALAXMI GREENHOUSE
Registered Office :	Gat No. 1403, Sonawave Wasti Road, Chikhali, Pune – 412114, Maharashtra
Mobile No.:	91-9822811114 [Mr. Avinash Ashok More]
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2005
Capital Investment :	Rs. 17.055 Million
IEC No.:	Not Applicable [As claimed by Company management, the Company does not Export and Import]
PAN No.: [Permanent Account No.]	ALHPM2236J
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Greenhouse.
No. of Employees :	10 (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 48700
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern started in the year 2005 having satisfactory track record. Subject is a manufacturer of greenhouse. Turnover and profit of the concern has declined during FY2015. However, general financial position of the concern is sound and healthy. Proprietor is reported to be experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitment. 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

EXTERNAL AGENCY RATING

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. Avinash Ashok More
Designation :	Proprietor
Contact No.:	91-9822811114
Date :	27.11.2015

LOCATIONS

Registered Office/ Factory :	Gat No. 1403, Sonawave Wasti Road, Chikhali, Pune – 412114, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9822811114 [Mr. Avinash Ashok More]
Fax No.:	Not Available
E-Mail :	info@mahalaxmigreenhouse.com
Website :	http://www.mahalaxmigreenhouse.com
Area :	10000 Sq. ft.
Location :	Owned
Locality :	Commercial cum Industrial
Branch Office :	Gat No. 1192, Sonawane Wasti Road, Durga Nagar, Chikhali, Pune – 412114, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Avinash Ashok More
Designation :	Proprietor
Date of Birth/Age :	40 Years
Qualification :	B.A.
Experience :	15 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of Greenhouse.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference:	Shankara Pipes
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	Indian Overseas Bank
Branch:	Nigdi Branch, Pune – 411044, Maharashtra, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 7.500 Million
Account Operation:	Not Divulged
Remarks: Not Divulged

Banking Relations :	--
Auditors :
Name :	S C Sancheti and Associates Chartered Accountants
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs. 17.055 Million
Borrowed :	--
Total :	Rs. 17.055 Million

FINANCIAL DATA

[all figures are in Rupees Million]

Expected Sales (2015-2016) : Rs.80.000 Million

The above information has been parted by Mr. Avinash Ashok More [Proprietor]

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
SHAREHOLDERS FUNDS
1] Capital Account		17.055	10.460
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		17.055	10.460
LOAN FUNDS
1] Secured Loans		6.651	9.912
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		6.651	9.912
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		23.706	20.372
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.893	3.332
Capital work-in-progress		0.000	0.000
INVESTMENT		9.974	6.985
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.945	6.160
	Sundry Debtors	9.586	7.451
	Cash & Bank Balances	0.211	1.723
	Other Current Assets [Deposits]	0.849	0.795
	Loans & Advances	2.035	13.494
Total Current Assets		21.626	29.623
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.263	15.395
	Other Current Liabilities	0.000	3.675
	Provisions	0.524	0.498
Total Current Liabilities		10.787	19.568
Net Current Assets		10.839	10.055
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23.706	20.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Sales	54.793	83.307
		Other Income	0.000	0.022
		TOTAL	54.793	83.329
Less	EXPENSES
		Cost of Goods sold	49.181	74.880
		Labour charges paid	0.771	0.351
		Electricity charges paid	0.123	0.117
		Loading charges	0.066	0.998
		Rent, Rates and Taxes	0.069	0.000
		Transport and Octroi Charges	0.294	0.949
		Bank Interest and Charges	0.909	0.773
		Interest on Loans	0.138	0.290
		Petrol and Diesel	0.177	0.000
		Repairs and Maintenance of Vehicle	0.137	0.042
		Salary paid	0.431	0.549
		Vat paid	0.094	0.000
		Other Expenses	0.402	0.633
		TOTAL	52.792	79.582
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		2.001	3.747
Less/ Add	DEPRECIATION/ AMORTISATION		0.491	0.525
	NET PROFIT		1.510	3.222

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	2.76	3.87
Return on Total Assets (PBT/Total Assets}	(%)	6.16	9.78
Return on Investment (ROI) (PBT/Networth)		0.09	0.31
Debt Equity Ratio (Total Liability/Networth)		0.39	0.95
Current Ratio (Current Asset/Current Liability)		2.00	1.51

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Capital Account	10.460	17.055
Reserves & Surplus	0.000	0.000
Net worth	10.460	17.055
Secured Loans	9.912	6.651
Unsecured Loans	0.000	0.000
Total borrowings	9.912	6.651
Debt/Equity ratio	0.948	0.390

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	83.307	54.793
		-34.228

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	83.307	54.793
Net Profit	3.222	1.510
	3.87%	2.76%

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	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	Yes
19	Major customers	No
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	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last two 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. 66.75
UK Pound	1	Rs. 100.68
Euro	1	Rs. 70.88

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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		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.