MIRA INFORM REPORT

Report No. :	338837
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED

Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700029, West Bengal
Tel. No.:	91-33-24666607

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.09.1981

Com. Reg. No.:	21-034151

Capital Investment / Paid-up Capital :	Rs.20.000 Million

CIN No.: [Company Identification No.]	U17232WB1981PTC034151

IEC No.:	0298003902

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCC2153J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of packaging products.

No. of Employees :	200 (Approximately)

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

Maximum Credit Limit :	USD 200000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company seems to be decent. The rating takes into consideration the extensive experience of promoters in the fibre rope industry, and its strong relationships with customers and supplier. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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

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	CRISIL
Rating	Long term rating = BB+
Rating Explanation	Have inadequate credit quality and carry high credit risk.
Date	August 12, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	August 12, 2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Siddharth Jhawar
Designation :	Director
Contact No.:	91-9234668881
Date :	02.09.2015

LOCATIONS

Registered Office / Factory :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700029, West Bengal, India
Tel. No.:	91-33-24666607 / 24661654 / 24655005s
Mobile No.:	91-9234668881 (Mr. Siddharth Jhawar)
Fax No.:	91-33-24661654 / 24644631 / 24754857
E-Mail :	crwcores@hotmail.com rch_corerope@bsnl.in crw/ranchi@dartmail.dartnet.com corerope@dte.vsnl.net.in reh-corerope@sancharnet.in rch_crwcores@bsnl.in anuragjhawar@yahoo.com
Website :	www.coreropes.com
Location :	Owned

Factory 1 / Corporate Office / Branch Office :	P.O. Mahilong, Ranchi – 835 103, Jharkhand, India
Tel. No.:	91-651-2265124/ 2265832/ 6570978
Fax No.:	91-651-2233475/ 2265421
Area :	20000 sq. ft. (Factory) 22500 sq. ft. (Corporate Office) 10000 sq. ft. (Branch Office)
Location :	Owned (Factory and Corporate Office) Rented (Branch Office)

DIRECTORS

As on 30.09.2014

Name :	Mr. Siddharth Arun Kumar Jhawar
Designation :	Director
Address :	51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India
Date of Birth/Age :	19.11.1954
Qualification :	B. Com (Hns.)
Experience :	41 Years
Date of Appointment :	24.09.1981
DIN No.:	00919664

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17232WB1981PTC034151	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED	Director	24/09/1981	24/09/1981	-	Active	NO
2	U51109WB1982PTC034614	CENTURY CORDAGE PRODUCTS PRIVATE LIMITED	Director	04/04/1988	04/04/1988	-	Under Process of Striking off	NO

Name :

Mr. Anurag Arun Kumar Jhawar

Designation :

Director

Address :

51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

01.03.1958

Qualification :

B. Sc. (Hns)

Experience :

37 Years

Date of Appointment :

24.09.1981

DIN No.:

00919656

Voter ID No.:

WB/23/149/090360

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17232WB1981PTC034151	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED	Director	24/09/1981	24/09/1981	-	Active	NO
2	U51109WB1982PTC034614	CENTURY CORDAGE PRODUCTS PRIVATE LIMITED	Director	15/03/1993	15/03/1993	-	Under Process of Striking off	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Siddharth Arun Kumar Jhawar	86320	43.16
Vaijayanti Siddharth Jhawar	13680	6.84
Anurag Arun Kumar Jhawar	86320	43.16
Pallavi Anurag Jhawar	13680	6.84
Total	200000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of packaging products.

Products :	Cores for Steel Rope (Sisal, Polypropylene and Jute) Carpet Grade Yarns and Twines for Sisal Carpets-Dyed/Undyed

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Australia USA Netherland Thailand Malaysia Indonesia Sweden Germany Japan

Imports :
Products :	Raw Material
Countries :	Kenya

Terms :
Selling :	Cash and Credit (30/60/90 Days)

Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Wigglesworth and Company Limited, UK
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 :

End Users and OMEs

Reference :	Usha Martin Industries Limited
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 :

200 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	S.M.E. (Commercial) Branch, Mecon Campus, Doranda, Ranchi – 834 002, Jharkhand, 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)	Cash Credit = 74.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans
Vehicle Loan – Reliance Capital	0.000	0.055
The National Small Industries Corporation Limited	1.754	0.000
SHORT TERM BORROWING
S.B.I. Cash Credit	50.662	49.254
S.B.I. Standby Letter of Credit	3.527	0.071
Total	55.943	49.380

Auditors :
Name :	R. Kothari and Company Chartered Accountants
Address :	16A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Tel. No.:	91-2282-6776/6809/6807
Fax No.:	91-2282-5921
E-Mail :	kolkata@rkothari.in
Website :	www.rkothari.in
PAN No.:	AAFFR7366B

Memberships :	ASSOCHAM, J.S.I.A., F.J.C.C. and I and O.I.P.E.E.C. (Switzerland), Indo-German Chamber of Commerce (Germany), C.I.I., and F.I.C.C.I

Collaborators :	Not Available

Associates :	Chhotanagpur Lube Specialists Chhotanagpur Poly Products Siddharth Industries Jharkhand Rope

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs.100/- each	Rs.20.000 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	20.000	20.000	13.362
(b) Reserves & Surplus	51.594	40.231	36.855
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	2.000
Total Shareholders’ Funds (1) + (2)	71.594	60.231	52.217

(3) Non-Current Liabilities
(a) long-term borrowings	1.754	1.655	2.472
(b) Deferred tax liabilities (Net)	0.638	0.689	0.638
(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)	2.392	2.344	3.110

(4) Current Liabilities
(a) Short term borrowings	54.189	49.325	48.029
(b) Trade payables	21.885	31.076	32.973
(c) Other current liabilities	12.853	6.890	9.002
(d) Short-term provisions	5.500	3.531	1.791
Total Current Liabilities (4)	94.427	90.822	91.795

TOTAL	168.413	153.397	147.122

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.364	31.052	33.772
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.398	1.398	1.368
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.188	0.256	0.087
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.772	1.712	1.403
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	32.722	34.418	36.630

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.040	60.488	81.645
(c) Trade receivables	38.340	21.738	6.529
(d) Cash and cash equivalents	5.470	7.686	2.536
(e) Short-term loans and advances	35.614	28.812	0.190
(f) Other current assets	0.227	0.255	19.592
Total Current Assets	135.691	118.979	110.492

TOTAL	168.413	153.397	147.122

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	321.673	289.038	248.554
	Other Income	10.164	3.210	3.220
	TOTAL	331.837	292.248	251.774

Less	EXPENSES
	Cost of Materials Consumed	204.996	181.064	160.701
	Other Direct Expenses	41.754	43.833	24.288
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.931	2.277	(1.197)
	Employees benefits expense	11.472	9.421	19.483
	Exceptional Items	0.068	0.000	0.000
	Other expenses	44.657	35.882	31.155
	TOTAL	305.878	272.477	234.430

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	25.959	19.771	17.344

Less	FINANCIAL EXPENSES	5.555	6.724	5.408

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	20.404	13.047	11.936

Less/ Add	DEPRECIATION/ AMORTISATION	4.746	5.218	5.911

	PROFIT/ (LOSS) BEFORE TAX	15.658	7.829	6.025

Less	TAX	5.450	2.426	1.865

	PROFIT/ (LOSS) AFTER TAX	10.208	5.403	4.160

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	22.181	17.933	14.549

Less	APPROPRIATIONS
	Transfer to General Reserve	(1.154)	1.155	0.776
	Total	(1.154)	1.155	0.776

	Balance Carried to the B/S	33.543	22.181	17.933

	Earnings / (Loss) Per Share (Rs.)	51.04	27.015	20.8

Particulars

31.03.2015

Sales Turnover (Approximately)

400.000

The above information has been parted by Mr. Siddharth Jhawar (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.897	5.296
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.17	1.87	1.67

Operating Profit Margin (PBDIT / Sales)	(%)	8.07	6.84	6.98

Return on Total Assets (PBT/Total Assets}	(%)	9.39	5.16	4.14

Return on Investment (ROI) (PBT/Networth)		0.22	0.13	0.12

Debt Equity Ratio (Total Debt/Networth)		0.78	0.86	1.07

Current Ratio (Current Asset/Current Liability)		1.44	1.31	1.20

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	13.362	20.000	20.000
Reserves & Surplus	36.855	40.231	51.594
Share Application money pending allotment	2.000	0.000	0.000
Net worth	52.217	60.231	71.594

long-term borrowings	2.472	1.655	1.754
Short term borrowings	48.029	49.325	54.189
Current Maturities of Long Term Debt	5.296	0.897	0.000
Total borrowings	55.797	51.877	55.943
Debt/Equity ratio	1.069	0.861	0.781

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	248.554	289.038	321.673
		16.288	11.291

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	248.554	289.038	321.673
Profit	4.160	5.403	10.208
	1.67%	1.87%	3.17%

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	Yes
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	Yes
19	Major customers	Yes
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 four 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	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other Loans and advances	0.000	1.600
Total	0.000	1.600

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80032773	29/03/2013 *	74,120,000.00	STATE BANK OF INDIA	SME BRANCH, MECON CAMPUS,DORANDA, RANCHI - 834002, JHARKHAND, INDIA	B75502112

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Tube well
Tools and Tackles
Security System
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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--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.

MIRA INFORM REPORT

Unit