MIRA INFORM REPORT

Report No. :	343116.2
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	PERFECT ABRASIVES
Registered Office :	C-23/B, Ambad MIDC behind India Oil Depo, Nashik – 422010, Maharashtra
Tel. No.:	91-9423970980 (Mr. Shailesh Ashok Bhamre)
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Year of Establishment:	2000
Capital Investment / Paid-up Capital :	Rs.7.920 Million
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AFFPB4529P
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Grinding Wheels
No. of Employees :	15 (Approximately) (In Office – 3 / In Factory - 12)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 :	Subject is an established proprietary concern started in the year 2000 having satisfactory track record. It is engaged in the business as manufacturer of grinding wheels. Profit of the concern has slightly declined during FY 2014 however, it has able to maintained a good profitability at 6.8% approx. General financial of the concern is sound. Trade relations are reputed as fair. Business is active. Payment 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	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. Shailesh Ashok Bhamre
Designation :	Head Business Development
Contact No.:	91-9423970980
Date :	28.09.2015

LOCATIONS

Registered Office / Factory :	C-23/B, Ambad MIDC behind India Oil Depo, Nashik – 422010, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9423970980 (Mr. Shailesh Ashok Bhamre)
Fax No.:	91-253-2384020
E-Mail :	perfectabrasives2000@gmail.com
Area :	10000 sq. ft.
Location :	Owned
Locality :	Commercial

SOLE PROPRIETOR

Name :	Mr. Ashok Shankar Bhamre
Designation :	Proprietor
Address :	AAI Bunglow, S. No. 909/2, Pathardi, Phata, Nashik, Maharashtra, India
Date of Birth/Age :	59 Years
Qualification :	BSE
Experience :	35 Years

KEY EXECUTIVES

Name :	Mr. Shailesh Ashok Bhamre
Designation :	Head Business Development

BUSINESS DETAILS

Line of Business :	Manufacturer of Grinding Wheels
Products :	Grinding Wheels
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C

PRODUCTION STATUS NOT AVAILABLE

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Grinding Wheels	--	--	100 Tons PM	80 Tons PM

GENERAL INFORMATION

Suppliers :

Reference 1 :

Ambika Enterprises (Pune)

Reference 2 :

Sunrise Polymers (Nashik)

Name of the Person :

Mr. Sanap (Partner)

Contact No.:

91-9226344910

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

As Claimed by Mr. Sanap (Partner) that he is satisfied with subject company.

Customers :

End Users

Reference 1 :

Emakay Automobile Industries (Nashik)

Reference 2 :

Y’sons Foundry (Sangli)

Name of the Person :

Mr. Udgare (Purchase Manager)

Contact No.:

91-9423566101

Since How Long Known :

15 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

As Claimed by Mr. Udgare (Purchase Manager) that he is satisfied with subject company.

No. of Employees :

15 (Approximately) (In Office – 3 / In Factory - 12)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Ashwin, Height, Asd1,2, Ashwin Nagar, CIDCO, Nashik, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Credit Limit = Rs. 4.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :

Name :

V J Bhavsar and Associates

Chartered Accountants

Address :

Nashik, Maharashtra, India

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs. 7.920 Million (Estimate)
Borrowed :	--
Total :	Rs. 7.920 Million (Estimate)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		8.244
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		8.244
LOAN FUNDS
1] Secured Loans		0.272
2] Unsecured Loans		10.384
3] Bank OD A/c		3.200
TOTAL BORROWING		13.856
DEFERRED TAX LIABILITIES		0.000
TOTAL		22.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.699
Capital work-in-progress		0.000
INVESTMENT		0.161
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.944
	Sundry Debtors	12.575
	Cash & Bank Balances	0.424
	Other Current Assets	0.007
	Loans & Advances	0.107
Total Current Assets		15.057
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.577
	Other Current Liabilities	0.000
	Provisions	1.164
	Duties and Taxes	0.076
Total Current Liabilities		8.817
Net Current Assets		6.240
MISCELLANEOUS EXPENSES		0.000
TOTAL		22.100

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		7.920	6.566	4.197
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		7.920	6.566	4.197
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING		9.951	2.407	1.717
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17.871	8.973	5.914
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.434	2.421	2.677
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.090	0.090	0.078
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities
Net Current Assets		1.347	6.462	3.159
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17.871	8.973	5.914

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (Provisional)
	SALES
	Income	23.190
	Other Income	0.102
	TOTAL	23.292
Less	EXPENSES
	Cost of Materials Consumed	16.515
	Direct Expenses
	Carriage Inward	0.451
	Electricity Bill	0.583
	Excise Duty Paid	0.004
	Factory Expenses	0.023
	Mashik Municipal Corporation (LBT)	0.410
	Wages	0.821
	Indirect Expenses
	Travelling and Conveyance	0.056
	Financial Expenses	0.522
	Acc. Writing Charges	0.023
	Advertisement	0.015
	Audit Fees	0.028
	Carriage Outward	0.487
	Consulting Charges	0.018
	Consumable Expenses	0.001
	Debit Balance W/Off	0.003
	Discount	0.001
	Insurance Expenses	0.024
	Labour Welfare Expenses	0.010
	Legal Fees	0.030
	Maharashtra Labour Welfare Fund	0.008
	Miscellaneous Expenses	0.001
	Municipal Tax	0.003
	Office Expenses	0.006
	Printing and Stationery	0.032
	Professional Fees Expenses	0.862
	Professional Tax	0.002
	Repairs and Maintenance	0.172
	Repairs and Maintenance (Vehicle)	0.005
	Salary A/c	0.069
	Sales Promotion	0.037
	Sales Tax Paid	0.010
	Service Tax Paid	0.006
	Telephone Expenses	0.054
	Water Expenses	0.013
	TOTAL	21.305
Less/ Add	DEPRECIATION/ AMORTISATION	0.979
	PROFIT/ (LOSS) AFTER TAX	1.008

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL INCOME	21.299	18.370	16.277
Less	EXPENSES
	Cost of Materials Consumed	14.958	12.319	12.819
	Direct Expenses	2.121	1.860	1.510
	Indirect Expenses	2.767	2.030	1.123
	TOTAL	19.846	16.210	15.452
	NET PROFIT	1.453	2.160	0.825

The above information has been parted by Mr. Mr. Shailesh Ashok Bhamre (Head Business Development)

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.82	11.76	5.07
Debt Equity Ratio (Total Debt /Networth)		1.26	0.37	0.41
Current Ratio (Current Asset/Current Liability)		NA	NA	NA

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.197	6.566	7.920
Reserves & Surplus	0.000	0.000	0.000
Net worth	4.197	6.566	7.920
long-term borrowings	1.717	2.407	9.951
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.717	2.407	9.951
Debt/Equity ratio	0.409	0.367	1.256

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16.277	18.370	21.299
		12.859	15.944

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16.277	18.370	21.299
Profit	0.825	2.160	1.453
	5.07%	11.76%	6.82%

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	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	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last four 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.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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		47

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.