MIRA INFORM REPORT

Report No. :	343080.2
Report Date :	07.10.2015

IDENTIFICATION DETAILS

Name :	GIRIRAJ TRANSPORT
Registered Office :	C/o Shree Trambakeshwar Quarry Works Private Limited, Opposite Rajupura Railway Crossing At Post - Seraliya, Taluka Thasra, District Kheda - 388250, Gujarat
Tel. No.:	91-2699-233387
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment:	1991
Capital Investment / Paid-up Capital :	Rs. 3.137 Million
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	ACWPM4166B
Legal Form :	Sole Proprietary Concern
Line of Business :	Subject is engaged in providing transportation services.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern started in the year 1991 having moderate track. Subject is engaged in providing transportation services The rating takes into consideration declined in the operating income and profit of the concern during FY 2014 Further, the borrowings recorded by the concern are huge and increasing over years which further act as a threat to the liquidity position of the concern. Their trade relations are reported as fair. Business is active. Payments are reported as slow but correct. The concern can be considered for business dealings 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 – 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. Ketan Patel
Designation :	Manager
Contact No.:	91-9712986691
Date :	05.10.2015

LOCATIONS

Registered Office :	C/o Shree Trambakeshwar Quarry Works Private limited, Opposite Rajupura Railway Crossing At Post - Seraliya, Taluka Thasra, District Kheda - 388250, Gujarat, India
Tel. No.:	91-2699-233387
Mobile No.:	91-9712986691 (Mr. Ketan)
Fax No.:	Not Available
E-Mail :	ijmalek@yahoo.co.in

SOLE PROPRIETOR

Name :	Mr. Asif Hussian Jafrullamiya Malek
Designation :	Proprietor

KEY EXECUTIVES

Name :	Mr. Ketan Patel
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing transportation services.
Products/ Services :	Transportation Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash
Purchasing :	Cash

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 :

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 :

8 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Sevalia, Kheda, Gujarat, 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 :	Ashok I. Parikh and Company Chartered Accountants
Address :	Anand, Gujarat, India
M. No.:	38340
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 3.137 Million
Borrowed :	----
Total :	Rs. 3.137 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
1] Proprietor’s Capital		3.137	2.535
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.137	2.535
LOAN FUNDS
1] Secured Loans		14.776	9.956
2] Unsecured Loans		4.378	3.400
TOTAL BORROWING		19.154	13.356
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		22.291	15.891
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.387	11.664
Capital work-in-progress		0.000	0.000
INVESTMENT		0.124	0.124
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	44.097	42.922
	Cash & Bank Balances	10.740	10.549
	Other Current Assets	0.000	0.000
	Loans & Advances	8.821	2.639
Total Current Assets		63.658	56.110
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	53.631	51.947
	Other Current Liabilities	0.000	0.000
	Provisions	0.247	0.060
Total Current Liabilities		53.878	52.007
Net Current Assets		9.780	4.103
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		22.291	15.891

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	57.208	82.648
	Other Income	2.055	1.256
	TOTAL	59.263	83.904
Less	EXPENSES
	Carting Expenses	52.756	67.307
	Accounting Expenses	0.048	0.000
	Advertisement Expenses	0.013	0.010
	Audit Fee Expenses	0.010	0.017
	Bank Charges	0.038	0.024
	Bank Interest Expenses	0.733	0.000
	Bhattha Expense	0.000	0.065
	Car Driver Expenses	0.006	0.008
	Car Driver Salary Expenses	0.072	0.000
	Car Fuel Expenses	0.357	0.000
	Car Insurance Expenses	0.104	0.000
	Car Loan Interest Expenses	0.135	0.000
	Car Repairing and Maintenance Expenses	0.037	0.449
	Discount Expenses	0.062	0.064
	Festival Expenses	0.025	0.053
	Insurance Expenses	0.027	0.237
	I T Vakil Fees	0.007	0.000
	Land Revenue Tax Expense	0.000	0.042
	Legal Expenses	0.027	0.030
	Membership Expenses	0.007	0.000
	Office Miscellaneous Expenses	0.059	0.072
	Office Rent Expenses	0.024	0.072
	Professional Tax Expense	0.000	0.001
	Office Staff Salary	0.625	1.557
	Office Staff Bonus	0.046	0.060
	Stationery and Printing Expenses	0.065	0.026
	Tyre Tube Expense	0.000	0.979
	Telephone Expenses	0.035	0.037
	Vehicles Fuel Expense	0.000	7.223
	Travelling Expenses	0.026	0.047
	Vatav Kasar	0.004	0.000
	Interest Expense	0.138	1.668
	TOTAL	55.348	78.380
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.777	3.856
Less/ Add	DEPRECIATION/ AMORTISATION	2.424	2.232
	NET PROFIT/ (LOSS)	1.353	1.624

Particulars	31.03.2015
Sales Turnover	85.000

Expected Sales (2015-16): Rs. 90.000 Million

The above information has been parted By Mr. Ketan Patel (Manager).

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.37	1.96
Return on Total Assets (PBT/Total Assets}	(%)	1.78	2.39
Return on Investment (ROI) (PBT/Networth)		0.43	0.64
Debt Equity Ratio (Total Debt /Networth)		6.10	5.26
Current Ratio (Current Asset/Current Liability)		1.18	1.07

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Proprietor’s Capital	2.535	3.137
Reserves & Surplus	0.000	0.000
Net worth	2.535	3.137
Secured Loans	9.956	14.776
Unsecured Loans	3.400	4.378
Total borrowings	13.356	19.154
Debt/Equity ratio	5.269	6.106

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	82.648	57.208
		(30.781)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	82.648	57.208
Profit	1.624	1.353
	1.96%	2.37%

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	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	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	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 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 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. 65.39
UK Pound	1	Rs. 99.25
Euro	1	Rs. 73.19

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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	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		29

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 unfavorable 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.