MIRA INFORM REPORT

Report No. :	340849
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	KAVITA ENTERPRISE
Registered Office :	404, Pujan Plaza, Opposite Onemali Brts Junction, Near Yogi Chowk, Punagam, Surat – 395010, Gujarat
Mobile No.:	91-9924263584 (Mr. Vijay)
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2013
Capital Investment / Paid-up Capital :	Rs.2.367 Million
IEC No.:	5214900287
TIN No.:	Not Divulged
Com. Reg. No.:	24221705405
PAN No.: [Permanent Account No.]	BAHPK7701C
Legal Form :	Sole Proprietary Concern
Line of Business :	Trading of lime stone, dolomite, quicklime and petcoke
No. of Employees :	4 (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

Maximum Credit Limit :	USD 7000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a proprietary concern established in the year 2013. It is engaged in the business of trading of lime stone, dolomite, quicklime and petcoke. It has a satisfactory track record. For the financial year 2015, during the initial years of business operation, the concern has reported decent sales turnover and achieved good profits along with profitability margin of 3.46%. The concern is growing consistently by itself. Further, the concern has healthy financial risk profile marked by comfortable structure. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The concern can be considered 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

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. Vijay Kumbhani
Designation :	Manager
Contact No.:	91-9924263584
Date :	11.09.2015

LOCATIONS

Registered Office :	404, Pujan Plaza, Opposite Onemali Brts Junction, Near Yogi Chowk, Punagam, Surat – 395010, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9924263584 (Mr. Vijay)
Fax No.:	Not Available
E-Mail :	varanigroup@gmail.com
Area :	348 sq. ft.
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Kavitaben Vijaybhai Kumbhani
Designation :	Proprietor
Address :	70, Balaji Bunglows, Yogichowk, Near Simada Gam, Surat – 395006, Gujarat, India
Date of Birth/ Age :	31 Years
Qualification :	BHMS
Experience :	3 Years

KEY EXECUTIVES

Name :	Mr. Vijay Kumbhani
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Trading of lime stone, dolomite, quicklime and petcoke
Products :	Lime Stone Dolomite Quicklime Petcoke
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Credit (30 Days)
Purchasing :	L/C, Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Company Name :	Super White Chemical and Minerals
Name of the Person :	Mr. Sukhvir Singh (Partner)
Contact No.:	91-9928992110
Since How Long Known :	1 Years
Maximum Limit Dealt :	--
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	They gave us positive response about subject company they are satisfied with their Payment behaviour and market goodwill.

• Podar Chemical
• Rajendrasingh Kachavala
• Shivam Lime Technology
• Shree Ram Cement
• Transport Payable
• Anjali lnfracrete Private Limited

Customers :

End Users

Company Name :	Essar Steel Limited
Name of the Person :	Mr. Vivek N Nath
Contact No.:	91-9930133834
Since How Long Known :	1 ½ Years
Maximum Limit Dealt :
Experience :	Product Quality Delivery Behaviour Excellent Overall
Remark :	As claimed by Mr. Vivek N Nath, that he is satisfied with subject company.

• Biltech Buildinq Lements Limited

No. of Employees :

4 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Kamrej Branch, Surat, Gujarat, India
Person Name (With Designation) :	Mr. Jigar Desai (Manager)
Contact Number :	91-9925007545
Name of Account Holder :	Kavita Enterprise
Account Number :	--
Account Since (Date/Year of Account Opening) :	4 Years
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	Satisfactory
Remark :	They gave us positive response about subject company they are satisfied with their banking transaction.

• lDBl Bank
• The Varachha Co Operative Bank

Auditors :
Name :	CA Mayank Dave As Partner of Shirish Desai And Comapny Chartered Accountants
Address :	311, City Centre, Sosyo Circle, U M Road, Surat, Gujarat, India
Mobile No.:	91-9426505065
E-Mail :	davemayank@gmail.com
Collaborators :	Not Divulged
Membership :	Not Divulged
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

(Rs. In Million)

Particulars	Amount	Particulars	Amount
To Withdrawal	0.232	By Balance B/F	1.349
		By Net Profit	1.250
To Balance C/F	2.367
TOTAL	2.599	TOTAL	2.599

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Capital Account		2.367	1.349
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.367	1.349
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.050	0.282
TOTAL BORROWING		0.050	0.282
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2.417	1.631
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.394	0.463
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	14.143	3.574
	Cash & Bank Balances	0.102	0.109
	Other Current Assets	0.000	0.000
	Loans & Advances	0.112	0.220
Total Current Assets		14.357	3.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.212	1.856
	Other Current Liabilities	0.000	0.000
	Provisions	2.122	0.879
Total Current Liabilities		12.334	2.735
Net Current Assets		2.023	1.168
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2.417	1.631

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	36.107	13.205
		Other Income	0.000	0.030
		TOTAL	36.107	13.235
Less	EXPENSES
		Purchases	6.086	7.357
		Commission Expenses	0.000	0.125
		VAT Expenses	0.076	0.127
		Loading and Unloading Charges	0.006	0.006
		Power and Fuel	0.130	0.331
		Rat Different	0.000	0.129
		Worker Salary Expenses	0.520	0.747
		Transportation Expenses	26.830	3.061
		Accountant Fees	0.015	0.000
		Advocate Fees Expenses	0.009	0.004
		Audit Fee	0.014	0.014
		Bank Charges	0.005	0.007
		Rent Paid	0.150	0.288
		Office Expenses	0.025	0.000
		Sales promotion	0.035	0.000
		VAT interest	0.279	0.000
		Vatav Kasar A'/c	0.222	0.000
		Salary Expenses	0.385	0.240
		TOTAL	34.787	12.436
	PROFIT/(LOSS) BEFORE DEPRECIATION		1.320	0.799
Less	DEPRECIATION		0.070	0.249
	NET PROFIT		1.250	0.550

The above information has been parted by Mr. Vijay

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

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin PAT / Sales	(%)	3.46	4.17
Return on Total Assets (PBT/Total Assets)	(%)	8.47	12.60
Return on Investment (ROI) (PBT/Networth)		0.53	0.41
Debt Equity Ratio (Total Debt /Networth)		0.02	0.21
Current Ratio (Current Asset/Current Liability)		1.16	1.43

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Capital Account	1.349	2.367
Reserves & Surplus	0.000	0.000
Net worth	1.349	2.367
Secured Loans	0.000	0.000
Unsecured Loans	0.282	0.050
Total borrowings	0.282	0.050
Debt/Equity ratio	0.209	0.021

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Sales	13.205	36.107
		173.434

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Sales	13.205	36.107
Profit	0.550	1.250
	4.17%	3.46%

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)	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	Yes
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

TRADE REFERENCES

Name :	Ca Mayank Dave
Address :	311, City Centre, Sosyo Circle, U M Road, Surat, Gujarat, India
Mobile No.:	91-9426505065

UNSECURED LOANS:

Particulars	31.03.2015 Rs. In Million
Rahul Pansuriya	0.050
Total	0.050

FIXED ASSETS:

• Plant and Machinery

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.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	5
--LEVERAGE	1~10	5
--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	NO
--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.