MIRA INFORM REPORT

Report No. :	337526.2
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	BELIEVE INFRAPROJECTS PRIVATE LIMITED
Registered Office :	202, Jay Bhuvneshwari, Shahji Raje Road, Vile-Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-9702016959 (Mr. Manish)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.11.2011
Com. Reg. No.:	11-223560
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74120MH2011PTC223560
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMB21648E
PAN No.: [Permanent Account No.]	AAECB7356F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of cement, steel, building material for civil contractor and builder.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a private limited company incorporated in the year 2011, having moderate track. Rating takes into consideration moderate financial risk profile of the company marked by minimal networth base along with highly leveraged capital structure. However, company has achieved significant increase in its sales turnover along with fair profit margin in FY14. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of limited track record of its operations, the company can be considered for business dealings with some caution. (NOTE: Company has provided FY2015 financials, according to that company has earned revenue of Rs.620.000 million, however it has not verified with government authorities as the company has not yet filed its 2015 financials to the government department)

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Manish Kashliwal
Designation :	Finance Manager
Contact No.:	91-9702016959

LOCATIONS

Registered Office :	202, Jay Bhuvneshwari, Shahji Raje Road, Vile-Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9702016959 (Mr. Manish)
Fax No.:	Not Available
E-Mail :	manish_desai08@yahoo.com

DIRECTORS

AS ON 27.09.2014

Name :	Mr. Manish Vipin Desai
Designation :	Director
Address :	202, Jay Bhuvneshwari, Shahji Raje Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Date of Birth/Age :	23.12.1986
Date of Appointment :	01.11.2011
DIN No.:	03643764
Name :	Mr. Kushal Vasant Jain
Designation :	Director
Address :	4-C/73, Rustomjee Regency, Jaywant Sawant Marg, Dahisar (West), Mumbai - 400068, Maharashtra, India
Date of Birth/Age :	20.11.1986
Date of Appointment :	01.011.2011
DIN No.:	03643776
Name :	Mr. Gaurav Sureshkumar Picha
Designation :	Additional Director
Address :	C/O. Picha Navsukhlal Bhagchand, Old Agra Road, Ghoti, Nasik - 422402, Maharashtra, India
Date of Birth/Age :	20.05.1987
Date of Appointment :	04.09.2012
DIN No.:	06372579
Name :	Mr. Sagar Venilal Purohit
Designation :	Director
Address :	A-401, Amita Apartments, Plot No. 2, Rajendra Nagar, Kulupwadi Road, Borivali East, Mumbai, 400066, Maharashtra, India
Date of Appointment :	07.11.2014
DIN No.:	07010979

KEY EXECUTIVES

Name :	Mr. Manish Kashliwal
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 27.09.2014

Names of Shareholders	No. of Shares	% of Holding
Manish Vipin Desai	4900	49.00
Kushal Vasant Jain	4800	48.00
Umesh M. Chandak	100	1.00
Archana U. Chandak	100	1.00
Sheela Anil Bafna	100	1.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader of cement, steel, building material for civil contractor and builder.
Products :	Cement Steel Building Material
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Depend
Purchasing :	Depend

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	New Anupam Trader, Mumbai
Name of the Person :	Mr. Asif (Finance Manager)
Contact No.:	91-7506552803
Since How Long Known :	1 Year
Maximum Limit Dealt :	--
Experience :	Payment Behaviour Market Goodwill Good Overall
Remark :	They gave us positive response about subject company they are satisfied with their Payment behaviour and market goodwill.

Customers :

Builder, Civil Contractor

Company Name :	Patel Engineering Limited, Jogeshwari
Name of the Person :	Mr. Shashank Chandak (Deputy Manager)
Contact No.:	91-9769376477
Since How Long Known :	6 Months
Maximum Limit Dealt :	Rs.150.000 Million
Experience :	Product Quality Delivery Behaviour Good Overall
Remark :	They gave us positive response about subject company they are satisfied with their product quality and delivery behaviour.

No. of Employees :

18 (Approximately)

Bankers :

Banker Name :	Indian Bank
Branch :	Vile Parle (West), Mumbai – 400056, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	91-22-26630304 (Ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	Number is continuously ringing.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million
Short Term Borrowings
Loans repayable on demand from banks	7.436
Total	7.436

Auditors :
Name :	Kesaba Padhy and Company Chartered Accountants
Address :	104, A-Wing, New Narmada Tower, Sai Baba Nagar, Mira Road (East), Thane – 401107, Maharashtra, India
Mobile No.:	91-8080907970 / 9867617970
E-Mail :	mks_world@yahoo.com kesaba.padhy@gmail.com
PAN No.:	AJTPP2125P
Memberships :	Not Divulged
Collaborators :	Not Divulged
Sister Concern :	· K. R. Construction

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	37.074	4.449	1.272
(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)	37.174	4.549	1.372
(3) Non-Current Liabilities
(a) long-term borrowings	59.000	0.650	15.649
(b) Deferred tax liabilities (Net)	0.001	0.001	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)	59.001	0.651	15.649
(4) Current Liabilities
(a) Short term borrowings	20.394	27.829	6.768
(b) Trade payables	16.179	11.547	2.222
(c) Other current liabilities	5.680	4.064	4.274
(d) Short-term provisions	1.652	0.000	0.000
Total Current Liabilities (4)	43.905	43.440	13.264
TOTAL	140.080	48.640	30.285
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.060	0.060	0.036
(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	0.000	3.569	5.559
(c) Goodwill (on Consolidation)	1.519	0.000	0.000
(d) Deferred tax assets (net)	0.000	0.000	0.000
(e) Long-term Loan and Advances	15.442	11.835	16.860
(f) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17.021	15.464	22.455
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.658	4.085	2.356
(c) Trade receivables	35.157	17.068	3.375
(d) Cash and cash equivalents	30.395	10.225	1.078
(e) Short-term loans and advances	7.766	0.766	0.713
(f) Other current assets	44.083	1.032	0.308
Total Current Assets	123.059	33.176	7.830
TOTAL	140.080	48.640	30.285

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	620.645	71.939	24.754
		Other Income	1.526	NA	NA
		TOTAL (A)	622.171	NA	NA
Less	EXPENSES
		Cost of Materials Consumed	320.693	NA	NA
		Employee Benefits Expenses	5.281	NA	NA
		Other Expenses	236.437	NA	NA
		TOTAL (B)	562.411	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.760	NA	NA
Less	FINANCIAL EXPENSES (D)		6.056	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.704	4.068	1.361
Less	DEPRECIATION/ AMORTISATION (F)		5.009	0.009	0.002
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		48.695	4.059	1.359
Less	TAX (H)		16.070	0.882	0.339
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		32.625	3.177	1.020
	Earnings Per Share (Rs.)		3262.55	317.70	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
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		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	5.26	4.42	4.12
Operating Profit Margin (PBDIT/Sales)	(%)	9.63	NA	NA
Return on Total Assets (PBT/Total Assets)	(%)	35.14	9.01	5.50
Return on Investment (ROI) (PBT/Networth)		1.31	0.89	0.99
Debt Equity Ratio (Total Debt /Networth)		2.14	6.26	16.34
Current Ratio (Current Asset/Current Liability)		2.80	0.76	0.59

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	0.100	0.100	0.100
Reserves & Surplus	1.272	4.449	37.074
Net worth	1.372	4.549	37.174
long-term borrowings	15.649	0.650	59.000
Short term borrowings	6.768	27.829	20.394
Total borrowings	22.417	28.479	79.394
Debt/Equity ratio	16.339	6.260	2.136

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
Turnover	24.754	71.939	620.645
		190.616	762.738

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Turnover	24.754	71.939	620.645
Profit	1.020	3.177	32.625
	4.12%	4.42%	5.26%

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	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 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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million
Long Term Borrowings
Loans and advances from related parties	0.650
Short Term Borrowings
Loans and advances from related parties	17.394
Other loans and advances	3.000
Total	21.044

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488877	20/03/2014	7,500,000.00	Indian Bank	Indian Bank, Vileparle (West), Mumbai - 400056, Maharashtra, India	C02554673

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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KIN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.