MIRA INFORM REPORT

Report No. :	345118
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	SUJAN IMPEX PRIVATE LIMITED
Registered Office :	105, Bombay Samachar Marg, 1^st Floor, Road No. 10, Fort, Mumbai – 400023, Maharashtra
Tel. No. :	91-22-66969381
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.07.1996
Com. Reg. No.:	11-101179
Capital Investment / Paid-up Capital :	Rs. 0.317 Million
CIN No.: [Company Identification No.]	U51900MH1996PTC101179
IEC No.:	0397062567
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39058F
PAN No.: [Permanent Account No.]	AACCS2106G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of fabrics and textiles.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996 and it is a trader of importer textiles and fabrics. The company possesses satisfactory operational performance and it has achieved decent profitability margins at 6.26% during FY 2014. Rating also takes into consideration company’s established track record of business operations marked by its satisfactory financial base along with sound networth base and zero debt balance sheet profile of the company. Trade relations are reported as fair. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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 (GENERAL DETAILS)

Name :	Mr. Jaydeep Rajput
Designation :	Office Assistant
Contact No.:	91-9328728937
Date :	13.10.2015

LOCATIONS

Registered Office :	105, Bombay Samachar Marg, 1^st Floor, Road No. 10, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-66969381/ 2
Mobile No:	91-9328728937 (Mr. Jaydeep Rajput)
Fax No.:	91-22-66969384
E-Mail :	sujanimpex@vsnl.com
Website :	http://www.sujanimpex.com
Location :	Owned
Locality :	Commercial
Head Office / Corporate Office :	C – 3, Nanddham Industrial Estate, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66969381/ 82
Fax No.:	91-22-66969384
E-Mail :	mail@sujanimpex.com meena@sujanimpex.com
Warehouse :	Shed No. L/19/5 and 6, GIDC Industrial Area, Por, Ramangamdi, Vadodara-391243, Gujarat, India
Tel. No.:	91-265-3297504
Fax No.:	91-265-2831529

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ravindra Khushalchand Mehta
Designation :	Director
Address :	B 104, Harshvardhan Society, Shkivihar Road, Sakhinaka, Andheri (East), Mumbai – 400072, Maharashtra, India
Date of Birth/Age :	01.05.1961
Date of Appointment :	01.10.1997
DIN No.:	01742781
Name :	Mr. Girish Chinubhai Parikh
Designation :	Director
Address :	10, Bapuji Niwas, 6^th Road, Santacruz (East), Mumbai - 400072, Maharashtra, India
Date of Birth/Age :	18.01.1961
Date of Appointment :	01.10.1997
DIN No.:	00691233

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Girish C. Parikh	750	2.37
C. R. Parikh	375	1.18
Manjari G. Parikh	14325	45.26
Ravindra K Mehta	3825	12.09
Meena R Mehta	4500	14.22
Ravindra K Mehta HUF	6750	21.33
Pushpavati K Mehta	750	2.37
Kusum C. Parikh	375	1.18
Total	31650	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of fabrics and textiles.
Products :	Fabrics Textiles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Finished Goods
Countries :	China France Australia
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

16 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	O.P. Road, Vadodara, 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 :	Naresh and Company Chartered Accountants
Address :	210-203, City Enclave, Opposite Polo Ground, Bagikhana, Vadodara – 390001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFM7595C
Memberships :	Not Available
Collaborators :	Not Available
Enterprise over which Key Managerial Person have significant Influence :	Suman Udyog Private Limited Joy Architronic Products P. Limited Sprech Tenso-Structures P. Limited Joy Awning

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31650	Equity Shares	Rs.10/- each	Rs. 0.317 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.317	0.317	0.317
(b) Reserves & Surplus	88.254	81.482	68.615
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	88.571	81.799	68.932
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.263
(b) Trade payables	7.936	27.068	25.713
(c) Other current liabilities	1.489	1.684	0.905
(d) Short-term provisions	4.830	7.088	8.090
Total Current Liabilities (4)	14.255	35.840	34.971
TOTAL	102.826	117.639	103.903
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.088	5.570	5.868
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	14.867	9.091	9.251
(c) Deferred tax assets (net)	0.288	0.305	0.262
(d) Long-term Loan and Advances	1.597	0.593	0.593
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	22.840	15.559	15.974
(2) Current assets
(a) Current investments	25.031	8.931	0.027
(b) Inventories	19.252	34.152	32.218
(c) Trade receivables	24.411	22.285	38.495
(d) Cash and cash equivalents	3.815	21.977	9.038
(e) Short-term loans and advances	7.477	14.735	8.151
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	79.986	102.080	87.929
TOTAL	102.826	117.639	103.903

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Turnover	137.566	159.741	171.380
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	11.620	22.302	24.874
Less	TAX	3.009	7.045	8.096
	PROFIT/ (LOSS) AFTER TAX	8.611	15.257	16.778
	EARNINGS IN FOREIGN CURRENCY	84.659	111.036	0.053
	Earnings / (Loss) Per Share (Rs.)	272.08	377.28	530.11

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Turnover)	(%)	6.26	9.55	9.79
Return on Total Assets (PBT/Total Assets}	(%)	13.25	20.60	26.35
Return on Investment (ROI) (PBT/Networth)		0.13	0.27	0.36
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.61	2.85	2.51

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	0.317	0.317	0.317
Reserves & Surplus	68.615	81.482	88.254
Net worth	68.932	81.799	88.571
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.263	0.000	0.000
Total borrowings	0.263	0.000	0.000
Debt/Equity ratio	0.004	0.000	0.000

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)
Turnover	171.380	159.741	137.566
		(6.791)	(13.882)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	171.380	159.741	137.566
Profit	16.778	15.257	8.611
	9.79%	9.55%	6.26%

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)	No
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	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	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	Yes
30	Major shareholders, if available	Yes
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

Financial Results:

During the year, Company has achieved a turnover of Rs. 159.741 Million (PY Rs. 171.380 Million) which is a shortfall by about 7% as compared to previous year. After preceding two fantastic years of unbelievable growth, the Company has reached an entirely differently scale of operations and the growth rate cannot remain as high as 25% to 30% year on year. Specially considering the adverse economic conditions, we are happy that the Company has managed to substantially retain its topline. Due to focus on quality business, the margins remained stable and good. As a result, the Company was able to achieve a healthy pre-tax profitability of Rs. 223.03 lacs which is only marginally lower as compared to Rs. 24.874 Million of preceding year. Despite increase in employees cost, the Company was able to maintain its Net Profit margin due to control over admin costs, absence of any major write-offs and increase in incomes from investments. Overall, the Company has achieved a post-tax profitability of Rs. 15.258 Million which still translates into a whopping Rs. 48.208 Million earning per equity share.

Despite the apprehensions, once again we managed to substantially avoid the recessionary trend. However, we do expect that the sales will remain on similar levels and there will be sluggishness for growth. The major worry is about the impact of forex fluctuation. With the rupee having fallen to all-time lows in the early part of the year, our import heaviness has translated into substantial forex losses. The resultant rise in landed cost cannot be passed on to the customers immediately and take some time. We hope that the rupee stabilizes and we are able to get price rise on our products to ride out the storm.

Overall, with continued focus and thrust on development and growth of business while also looking at other avenues of business, we still expect higher volumes but maintaining profitability will remain a concern during the coming year.

General Information of the company:

Subject is the company was incorporated in July 1996 to carry on the business of trading principally in fabrics and textiles. The Present Management has been conducting the trading activities in imported fabrics for various applications since more than one decade. They have a rich experience of the industry and products also have very good demand in India. The Company has an excellent track record of turnover and healthy profits.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Land at Vadodara
• Building at Vadodara
• Air Conditioner
• Fax Machine
• Mobile Phone
• Furniture & Fixtures
• Office Equipments
• Motor Car (Honda Civic-1)
• Motor Car (Honda Civic-2)
• Motor Car (Indica)
• Motor Car (Tata Indigo)
• Motor Car (Inova)
• Motor Car ( A- star Auto)
• Scooter
• Motor Bike
• Software
• Computer System

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 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. 65.11
UK Pound	1	Rs. 99.50
Euro	1	Rs. 74.24

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		43

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.