MIRA INFORM REPORT

Report No. :	486240
Report Date :	17.01.2018

IDENTIFICATION DETAILS

Name :	SARTHAK PVC WORLD PRIVATE LIMITED
Registered Office :	206, Pukhraj Corporate, Opposite Bus Stand, Navlakha, Indore - 452001, Madhya Pradesh
Mobile No.:	91-9435082280 (Mr. Ashish Bothra)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.03.2016
Com. Reg. No.:	10-035550
Capital Investment / Paid-up Capital :	INR 9.600 Million
CIN No.: [Company Identification No.]	U24139MP2016PTC035550
IEC No.:	1116900033
GST No:	23AAWCS8557M1ZB
TIN No:	23759191252
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAWCS8557M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Plastic and PVC Items. [Registered activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 2016. It is a Manufacturing of Plastic and PVC Items. For the financial year 2016, the company has earned revenue of INR 2.58 million but has incurred operational loss. The moderate financial profile of the company is marked by negative reserve base along with poor debt coverage indicators due high debt balance sheet profile. Rating is constrained on limited track record of the company. However, rating weakness is partially offset by equity infused by its promoters. Payments are reported to be slow. In view of aforesaid, the company can be considered for business dealings with some caution.

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 17.01.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Mr. Ashish Bothra
Designation :	Director
Contact No.:	91-9435082280
Date :	15.01.2018

[91-9770777740] disconnecting call

[91-7049928103] not reachable

[91-731-4027927/ 240014] ringing

LOCATIONS

Registered Office :	206, Pukhraj Corporate, Opposite Bus Stand, Navlakha, Indore – 452001, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9435082280 (Mr. Ashish Bothra)
Fax No.:	Not Available
E-Mail :	nkbetala@rediffmail.com info@sarthakpvc.com
Work:	Village Sindhi Baroda, Off Nemawar Main Road, Tehsil and District Indore – 452020, Madhya Pradesh, India
Tel. No.:	91-731-4027927
Fax No.:	91-731-4027927

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Naresh Kumar Betala

Designation :

Director

Address :

13, Janki Nagar, Extension, Indore -452001, Madhya Pradesh, India

Date of Birth/Age :

08.07.1966

Date of Appointment :

15.03.2016

PAN No:

AFNPB5412R

DIN No.:

00038995

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51101MP1997PLC012015	FAIRWELL FINANCE LIMITED	23/08/1985	-
U50300MP2002PTC015196	BETALA AUTO SALES PRIVATE LIMITED	31/07/2002	-
U45200MP2012PTC028515	HIMGANGE INFRASTRUCTURE PRIVATE LIMITED	23/05/2012	-

Name :

Mrs. Maina Jain

Designation :

Director

Address :

53 Janki Nagar, Extension Pachawati, Indore -452001, Madhya Pradesh, India

Date of Birth/Age :

08.06.1973

Date of Appointment :

15.03.2016

PAN No:

ABEPJ8026C

DIN No.:

03316860

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70100MP2010PTC024180	SATA INFRASTRUCTURE PRIVATE LIMITED	30/09/2013	-
U70100MP2010PTC024632	MAINA REALESTATE PRIVATE LIMITED	19/11/2010	-
U70101MP2011PTC026429	SATA REALITY PRIVATE LIMITED	21/03/2012	-
U70101MP2012PTC027571	FALODI PARAS INFRAESTATE PRIVATE LIMITED	27/01/2012	-

Name :

Mrs. Vimaladevi Chhallani

Designation :

Director

Address :

3, Maa Durga Nagar, Near Agarwal Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

22.12.1963

Date of Appointment :

15.03.2016

PAN No:

AADPV9237B

DIN No.:

05286197

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25202MP2012PTC028614	SARTHAK PET INDUSTRIES (INDIA) PRIVATE LIMITED	07/06/2012	-

Name :

Mr. Ashish Bothra

Designation :

Director

Address :

KC. Road Tezpur 784001 AS IN

Date of Birth/Age :

25.04.1986

Date of Appointment :

15.03.2016

PAN No:

AKLPB7994B

DIN No.:

07121254

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17114AS2002PTC006774	ASKARAN HIRALAL TEXTILES PRIVATE LIMITED	16/03/2015	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

NOTE: SHAREHOLDERS DETAILS FILE ATTACHED

AS ON: 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family – Indian)	48.96
Promoters (Body corporate)	51.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Plastic and PVC Items. [Registered activity]

Products :

ITC Code No.	Product Descriptions
99885200	Manufacturing of Plastic Items

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Maharashtra Impex Limited

· Prim Electrical Fixtures Private Limited

· Bombay Insulation Corporation

· Jain and Company

· Khetan Cable Network Private Limited

Customers :

· SSS Pharmachem Private Limited

· AL Signage Private Limited

· Navyug Chemical Private Limited

· Kshipra Drugs Private Limited

· The India Cements Limited

· Raj Herbal Private Limited

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

HDFC Bank House Senapati Bapat Marg Lower Parel, West, Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
HDFC Bank Limited (term loan)	37.930	0.000
SHORT TERM BORROWINGS
HDFC Bank Limited Cash Credit	7.346	0.000
Total	45.276	0.000

Auditors :
Name :	Robin Betala and Associates Chartered Accountants
Address :	11, Usha Ganj, Betala Complex, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2703514/2703371
Mobile No.:	91-9406668445
E-Mail :	robbinbetala@gmail.com
Income-tax PAN of auditor or auditor's firm :	AASFR2801A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Sarthak Pet Industries (India) Private Limited [U25202MP2012PTC028614]

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
960000	Equity Shares	INR 10/- each	INR 9.600 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.600	0.200
(b) Reserves & Surplus	(4.080)	(0.518)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5.520	-0.318
(3) Non-Current Liabilities
(a) Long-term borrowings	79.682	5.513
(b) Deferred tax liabilities (Net)	0.012	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	79.694	5.513
(4) Current Liabilities
(a) Short term borrowings	7.346	0.000
(b) Trade payables	3.437	0.000
(c) Other current liabilities	0.105	0.000
(d) Short-term provisions	0.654	0.010
Total Current Liabilities (4)	11.542	0.010
TOTAL	96.756	5.205
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.112	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	71.622	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	75.734	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.231	0.000
(c) Trade receivables	3.264	0.000
(d) Cash and cash equivalents	0.405	5.205
(e) Short-term loans and advances	0.690	0.000
(f) Other current assets	9.432	0.000
Total Current Assets	21.022	5.205
TOTAL	96.756	5.205

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Revenue from Operations	2.581	0.000
		Other Income	0.013	0.000
		TOTAL	2.594	0.000
Less	EXPENSES
		Cost of Materials Consumed	3.548	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.226)	0.000
		Employees benefits expense	1.070	0.000
		Preliminary expenses	0.000	0.495
		Other expenses	1.351	0.023
		TOTAL	5.743	0.518
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(3.149)	(0.518)
Less	FINANCIAL EXPENSES		0.267	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(3.416)	(0.518)
Less/ Add	DEPRECIATION/ AMORTISATION		0.135	0.000
	PROFIT/(LOSS) BEFORE TAX		(3.551)	(0.518)
Less	TAX		0.011	0.000
	PROFIT/(LOSS) AFTER TAX		(3.562)	(0.518)
	Earnings/(Loss) Per Share (INR)		(3.71)	(25.90)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net Cash flow from Operating Activities	(12.500)	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	461.59	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.79	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	353.58	0.00
Inventory Turnover (Operating Income / Inventories)	(0.44)	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	(0.04)	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.94	1.06
Debt Equity Ratio (Total Liability / Networth)	15.77	(17.34)
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.09	(0.03)
Fixed Assets to Networth (Net Fixed Assets / Networth)	13.72	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	(11.79)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	(138.01)	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(3.68)	(9.95)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(64.53)	162.89

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.82	520.50
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.19	520.50
G-Score Ratio Financial (Networth / Total Assets)	0.06	(0.06)
G-Score Ratio Debt (Debts / Equity Capital)	9.07	27.57
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.82	520.50

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017
	INR In Million	INR In Million
Share Capital	0.200	9.600
Reserves & Surplus	(0.518)	(4.080)
Share Application money pending allotment	0.000	0.000
Net worth	(0.318)	5.520
long-term borrowings	5.513	79.682
Short term borrowings	0.000	7.346
Total borrowings	5.513	87.028
Debt/Equity ratio	(17.336)	15.766

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	0.000	2.581

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	0.000	2.581
Profit/ (Loss)	(0.518)	(3.562)
		(138.01%)

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	No
8	Designation of contact person	No
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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G59487801	100057791	HDFC BANK LIMITED	27/09/2016	29/09/2017	-	92500000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
2	G19445790	100057578	HDFC BANK LIMITED	12/09/2016	-	-	47500000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From directors and share holders	41.752	5.513
Total	41.752	5.513

BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR

The company is engaged in the manufacturing of plastic and PVC items.

FIXED ASSETS

· Printer and Filter

· Computer Software

· Air Conditioner

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	INR
US Dollar	1	INR 63.76
UK Pound	1	INR 87.91
Euro	1	INR 78.20

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	VAR
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.