MIRA INFORM REPORT

Report No. :	343201
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	SAPAT AND COMPANY (BOMBAY) PRIVATE LIMITED
Registered Office :	102/103, T. V. Industrial Estate, Behind Glaxo, 248/A, S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra
Tel. No.:	91-22-23732109
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.01.1995
Com. Reg. No.:	11-084552
Capital Investment / Paid-up Capital :	Rs. 0.800 Million
CIN No.: [Company Identification No.]	U24230MH1995PTC084552
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS23977C
PAN No.: [Permanent Account No.]	AADCS6342R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Medicines, Hair Oil, Lotion, Ointment, Cough Syrup etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 private limited company incorporated in the year 1995. It is having satisfactory track. Rating takes into consideration above average financial risk profile of the company marked by debt free capital structure in FY14. Management has reported growth in its revenue base, whereas reported dip in its net profit in the year under consideration. However has maintained fair profit margin of nearly 5.5%. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings with 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 (GENERAL DETAILS)

Name :	Mr. Mohan
Designation :	Accounts Manager
Contact No.:	91-9323622231
Date :	29.09.2015

LOCATIONS

Registered Office :	102/103, T. V. Industrial Estate, Behind Glaxo, 248/A, S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-23732109/24912101
Mobile No.:	91-9323622231 (Mr. Mohan)
Fax No.:	91-22-24914152
E-Mail :	mindulkar@sapat.com
Website :	www.sapat.com
Warehouse :	Located At Bhiwandi

DIRECTORS

As on 30.09.2014

Name :	Mr. Nikhil Jayant Joshi
Designation :	Managing director
Address :	N-1906, 19th Floor, The Imperial, B. B. Nakashe Marg, Tardeo, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	11.09.1967
Date of Appointment :	29.01.2000
DIN No.:	00408241
Name :	Mr. Jayant Ramshankar Joshi
Designation :	Director
Address :	36, Suprabhat, 76, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	04.11.1935
Date of Appointment :	11.01.1995
DIN No.:	00408182

KEY EXECUTIVES

Name :	Mr. Mohan
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Jayant Ramshankar Joshi	32520
Nikhil Jayant Joshi	2693
Arinsky Global Limited, Republic of Mauritius	44817
Total	80030

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	56.00
Directors or relatives of directors	44.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Medicines, Hair Oil, Lotion, Ointment, Cough Syrup etc.
Products :	Medicines Hair Oil Lotion Cough Syrup
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Kenya
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Gopaldas Vishram and Company
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 :

Retailers and End Users

Reference :	STL Private Limited, Mumbai
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 :

100 (Approximately)

Bankers :

• Canara Bank, Nasik City Branch, Nasik – 422002, Maharashtra, India
• Corporation Bank, Worli Branch, Mumbai, Maharashtra, India

Bank Name	Canara Bank
Branch	Fort 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	R. Thakkar Chartered Accountant
Address :	77 / 78, Commercial Chambers, Masjid Bunder Road, Mumbai – 400003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFR1902Q
Memberships :	--
Collaborators :	--
Holding Company (Entities having substantial interest) :	Arinsky Global Limited (Foreign Company)
Entities under common control :	J.R. Ventures (India) Private Limited Sapat International Private Limited Arjun Ventures (India) Private Limited Sapat Agro-pack Industry Private Limited Sapat and Company (Nasik) (Partnership Firm) Joshi Enterprises (Partnership Firm) R.H. Sapat Foundation (Trust)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80,030	Equity Shares	Rs. 10/- each	Rs. 0.800 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	0.800	0.800	0.800
(b) Reserves & Surplus	39.403	34.167	26.914
(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)	40.203	34.967	27.714
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.039	0.016	-0.044
(c) Other long term liabilities	3.350	2.525	2.350
(d) long-term provisions	0.000	0.000	6.468
Total Non-current Liabilities (3)	3.389	2.541	8.774
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	11.376	4.190	3.758
(c) Other current liabilities	2.080	3.826	0.768
(d) Short-term provisions	8.968	9.968	0.436
Total Current Liabilities (4)	22.424	17.984	4.962
TOTAL	66.016	55.492	41.450
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.923	1.809	0.394
(ii) Intangible Assets	0.342	0.466	0.030
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	7.058
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.265	2.275	7.482
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.399	5.021	3.808
(c) Trade receivables	12.444	11.737	12.125
(d) Cash and cash equivalents	11.641	18.150	17.566
(e) Short-term loans and advances	28.267	18.309	0.450
(f) Other current assets	0.000	0.000	0.019
Total Current Assets	62.751	53.217	33.968
TOTAL	66.016	55.492	41.450

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	91.929	79.510	74.017
	Other Income	1.838	1.079	0.945
	TOTAL (A)	93.767	80.589	74.962
Less	EXPENSES
	TOTAL (B)	94.966	69.153	61.734
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	8.801	11.436	13.228
Less	FINANCIAL EXPENSES (D)	0.362	0.284	0.241
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	8.439	11.152	12.987
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.680	0.339	0.073
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.759	10.813	12.914
Less	TAX (H)	2.523	3.560	4.354
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5.236	7.253	8.560
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	33.542	26.289	17.729
	Balance Carried to the B/S	38.778	33.542	26.289
	EARNINGS IN FOREIGN CURRENCY	1.406	8.866	0.868
	Earnings / (Loss) Per Share (Rs.)	65.42	90.62	106.97

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.58	9.00	11.42
Operating Profit Margin (PBIDT/Sales)	(%)	9.39	14.19	17.65
Return on Total Assets (PBT/Total Assets}	(%)	11.75	19.49	31.16
Return on Investment (ROI) (PBT/Networth)		0.19	0.31	0.47
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.80	2.96	6.85

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	0.800	0.800	0.800
Reserves & Surplus	26.914	34.167	39.403
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	27.714	34.967	40.203
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	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)
Sales	74.017	79.510	91.929
		7.421	15.619

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	74.017	79.510	91.929
Profit	8.560	7.253	5.236
	11.56%	9.12%	5.70%

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)	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	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

OPERATIONS

The Company has achieved turnover of Rs. 91.929 Million during the year, as against turnover of Rs. 79.510 Million during the previous year, which represents increase of about 15.62%. Profit after tax during the year Rs. 5.236 Million as against profit after tax of Rs. 7.253 Million during the previous year. The Directors are making constant endeavor to explore new markets to achieve higher turnover and to improve profitability.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Air Conditioner

· Fax Machine

· Fire Extinguisher

· Machinery

· Mobile Phones

· Office Equipments

· Printing Machine

· Type Writer

· Weigning Scale

· Xerox Machine

· Dyes and Mould

· Furniture and Fixture

· Vehicles

· Computer

· Printer

· Trade Mark

· Software

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.66.18
UK Pound	1	Rs.100.46
Euro	1	Rs.74.60

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	ART

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	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	NO
--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		46

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.