MIRA INFORM REPORT

Report No. :	345045
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	ASGARALI NURUDDIN AND COMPANY
Registered Office :	95, Nagdevi Street, Mumbai – 400 003, Maharashtra
Tel. No.:	91-22-40829786
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	1922
Capital Investment / Paid-up Capital :	Rs.3.181 Million
IEC No.:	0395029571
TAN No.: [Tax Deduction & Collection Account No.]	MUMA02383D
PAN No.: [Permanent Account No.]	AAEFA9869M
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Importer of Sanitary Products and Tiles.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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 old and well-established partnership concern started in the year 1922 and it is a trader and importer of sanitary products and tiles, etc. it has satisfactory track. Mr. Shahid Munir, (Partner) has provided all information of the subject to us. Financial means of the partners are reported to be good. Further, the concern’s low profit margin can be due to some technical reasons. However, trade relations are fair. Payments are reported to be correct and as per commitments. In view of long history of the concern, subject can be regarded as 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.

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. Shahid Munir
Designation :	Partner
Contact No.:	91-22-26683545
Date :	12.10.2015

LOCATIONS

Registered Office :	95, Nagdevi Street, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-40829786/ 26680047
Mobile No.:	91-9821236294 (Mr. Shahid)
Fax No.:	91-22-23442002
E-Mail :	info@asgarali.com account@asgarali.com
Website :	www.asgarali.com
Area :	1000 Sq. ft.
Location :	Rented
Branch Office :	Near Vakola Police Station, Vakola, Mumbai, Maharashtra, India
Warehouse :	Located at: Bhiwandi, Maharashtra, India

PARTNERS

Name :	Mr. Shamoon Munir
Designation :	Partner
Date of Birth/Age :	61 Years
Qualification :	B.Com
Name :	Mr. Shahid Munir
Designation :	Partner
Date of Birth/Age :	56 Years
Qualification :	CA
Name :	Mr. Shabir Munir
Designation :	Partner
Date of Birth/Age :	52 Years
Qualification :	B.Com

BUSINESS DETAILS

Line of Business :	Trader and Importer of Sanitary Products and Tiles.
Products :	Sanitary Ware Tiles C. P. Fittings Single Level Mixers Sinks Flushing Cisterns Seat Covers Bath Tubs Decorative Mirrors Pipes and Fittings Bath Accessories Water Heaters
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Sanitary Products
Countries :	Italy Spain Turkey
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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

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 :

25 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Mohammed Ali Road Branch, Mumbai, 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)	Over Draft = Rs.10.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Darmendra Shah and Associates Chartered Accountants
Address :	Kalbadevi, Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Shamac Tube Traders Casting and Ceramic Enterprises Neyce ceramic Ceramic and Tile Center

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs.3.181 Million
Borrowed :	--
Total :	Rs.3.181 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		3.181	3.880	4.279
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		3.181	3.880	4.279
LOAN FUNDS
1] Secured Loans		21.910	13.545
2] Unsecured Loans		36.816	33.733
TOTAL BORROWING		58.726	47.278	35.676
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		61.907	51.158	39.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.510	3.528	1.170
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.830	1.654	2.288
DEFERREX TAX ASSETS		0.003	(0.001)	(0.001)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.125	43.841
	Sundry Debtors	8.608	7.876	45.259
	Cash & Bank Balances	0.441	0.327	0.222
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		63.174	52.044	45.481
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	7.610	6.067
Total Current Liabilities		7.610	6.067	8.983
Net Current Assets		55.564	45.977	36.498
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.907	51.158	39.955

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	48.066	41.955	36.042
	Other Income	0.316	0.654	0.172
	TOTAL	48.382	42.609	36.214
Less	EXPENSES
	cost of goods sold	29.565	27.851	25.106
	Tile Cutting and Printing Charges	0.051	0.044	0.032
	Wooden Tiles Laying	0.006	0.000	0.000
	Import Expenses	0.125	0.187	0.082
	Carriage Inward	0.509	0.363	0.474
	Godown Rent	0.452	0.553	0.475
	Exchange Rate Difference	0.000	0.061	0.001
	Showroom Rent	0.735	0.323	0.121
	Showroom Salary	0.940	0.000	0.000
	Packing Expenses	0.325	0.153	0.137
	Expenses	14.474	11.745	8.589
	Interest to Partners	0.332	0.495	0.606
	Salary to Partners	0.608	0.597	0.451
	TOTAL	48.122	42.372	36.074
	PROFIT/ (LOSS) BEFORE TAX	0.260	0.237	0.140
Less	TAX	0.078	0.077	0.049
	PROFIT/ (LOSS) AFTER TAX	0.182	0.160	0.091

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)	(%)	0.38	0.38	0.25
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.03
Debt Equity Ratio (Total Debt /Networth)		18.46	12.19	8.34
Current Ratio (Current Asset/Current Liability)		8.30	8.58	5.06

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	4.279	3.88	3.181
Reserves & Surplus	0.000	0.000	0.000
Net worth	4.279	3.880	3.181
Secured Loans	0.000	13.545	21.91
Unsecured Loans	35.676	33.733	36.816
Total borrowings	35.676	47.278	58.726
Debt/Equity ratio	8.337	12.185	18.461

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	36.042	41.955	48.066
		16.406	14.566

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	36.042	41.955	48.066
Profit	0.091	0.160	0.182
	0.25%	0.38%	0.38%

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	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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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.62.02
UK Pound	1	Rs.99.89
Euro	1	Rs.73.92

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	HEE
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.