MIRA INFORM REPORT

Report No. :	487635
Report Date :	30.01.2018

IDENTIFICATION DETAILS

Name :	SHITI ARC ENTERPRISES
Registered Office :	301 Ruturaj Society, Behind Prakash Talkies, Bhausaheb Dandekar Marg, Palghar - 401404, Maharashtra
Mobile No.:	91-9270023956 [Mr. Vidyasagar Vishnu Vartak]
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	January 2012
Capital Investment :	INR 2.530 Million
IEC No.:	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	27701143775
Udyog Aadhar No.:	MH17E0015698
GST No.:	27ACMPV3160C1ZJ
PAN No.: [Permanent Account No.]	ACMPV3160C
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Stainless Steel Fine Wire used in Application like Spring, Wire Ropes, Kitchen Baskets, Fasteners, Bell Bearing Medical Instruments, Automobile Clutch Wires, etc. [Confirmed by Management]
No. of Employees :	02 [Approximately]

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 2012 as proprietorship firm and it is having satisfactory track. For the financial year 2017, the firm has increased in its revenue from operations and maintained average profitability margin of 2.19%. Rating takes into consideration firm’s sound financial profile marked by adequate capital base along with low debt balance sheet. The firm also derives strength from its healthy improvement in the revenue profile as well as profitability profile during the year. Further, Supplier (Viraj Profiles Ltd and Veritas Industries Private Limited) and Customer (K.M. Fasteners and New Gujarat Fastener) of the firm has given positive feedback and they are satisfied with firm’s payment behaviour, product quality and overall performance. Banker (Bassein Catholic Co-operative Bank Limited) is also satisfied with firm’s banking transaction. Trade relations are reported as fair. Business is active. Payment seems to be usually correct. The firm can be considered for business dealings at usual trade terms and condition. NOTE: Site visit was conducted at the factory cum warehouse address of the firm. Our executive has successfully traced the firm on the given address. At the premises our executive met to Mr. Vidyasagar Vishnu Vartak (Proprietor) and he provided contact details i.e. 91-9270023956. Further, our executive found given premises is in under construction. As per our executive observation, location of the firm is difficult to find. Landmark was Tembi Naka. It is a 3 storey building and whole building belongs to the firm. Locality appears to be Industrial. Area seems to be neutral. Area of the premises was 24000 Sq. Ft. (approx.) Name board of the subject was not sighted at the given address.

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 30.01.2018.

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 PARTED BY

Name :	Mr. Vidyasagar Vishnu Vartak
Designation :	Proprietor
Contact No.:	91-9270023956
Date :	24.01.2018

LOCATIONS

Registered Office :	301 Ruturaj Society, Behind Prakash Talkies, Bhausaheb Dandekar Marg, Palghar - 401404, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9270023956 [Mr. Vidyasagar Vishnu Vartak]
Fax No.:	Not Available
E-Mail :	shiti.arc@gmail.com
Area :	850 Sq. Ft.
Location :	Rented
Locality :	Industrial
Factory/ Warehouse :	Plot No. 3, New Gut No. 329/3, Village Hamrapur, Manorwada Road, Taluka Wada, Palghar, Maharashtra, India
Area :	24000 Sq. Ft.
Location :	Owned
Locality :	Industrial
Branch Office:	Swastik Estate, Gala No. 2, Goddev Road, Near Phatak, Bhayander (East), Thane, Maharashtra, India
Area :	1315 Sq. Ft.

SOLE PROPRIETOR

Name :	Mr. Vidyasagar Vishnu Vartak
Designation :	Proprietor
Date of Birth/Age	21.01.1966
Qualification:	B.Com and DGLW
Experience:	25 Years
PAN No.:	ACMPV3160C
Aadhar No.:	230784001137
Profile:	He is qualified in Diploma in personal & Administration from Mumbai University in 1992. After study he joined in Super Alise and Private Limited in 1988 & worked there till 1992. After that he joined Anand ARC Ltd in 1993 & worked there till 2007. After having good knowledge he opened new partnership firm with his colleague Mr. Riaz Khan named “MSS Industries” in 2007. Here, they are trading Copper Coated welding wires till 2015. He gained good experience in this industry. He used to handle all technical support to major client of the company. He was supporting sales people as well as clients to resolve all the technical issue of the products. After receiving lots of demand from regular customers, he started his own firm. The company called “Shiti ARC Enterprise” in 2012. He has a dynamic approach towards his work. He personally overlooking on improvement on the same. He provides strategic direction in trading, hiring best Salesmen and acquiring products at the right price. He has all the abilities to handle tough situation in a very light manner. He has a dynamic approach & leadership quality.

BUSINESS DETAILS

Line of Business :	Trader of Stainless Steel Fine Wire used in Application like Spring, Wire Ropes, Kitchen Baskets, Fasteners, Bell Bearing Medical Instruments, Automobile Clutch Wires, etc. [Confirmed by Management]
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Credit [45/60 Days]
Purchasing :	Credit [30 Days]

GENERAL INFORMATION

Suppliers :

Reference:	Viraj Profiles Limited
Name of the Person (Designation):	Mr. Sandeep Dutta (Purchase Department)
Contact Number:	91-9049991318
Since how long known:	3 Years
Maximum limit dealt:	--
Experience:	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remark	They gave us positive response about subject company. They are satisfied with their payment behaviour and market goodwill

Reference:	Veritas Industries Private Limited
Name of the Person (Designation):	Mr. Krupesh Raut (Manager)
Contact Number:	91-9158089469
Since how long known:	3 Years
Maximum limit dealt:	INR 6.000 Million (Monthly)
Experience:	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remark	They gave us positive response about subject company. They are satisfied with their payment behaviour and market goodwill

Name:	Shree Mahalaxmi Industries
Address:	1602, Lodha Priva Majiwada, Thane - 400608, Maharashtra, India
GST No.:	27AFTPV8426M1ZA

Customers :

End Users and OEM’s

Reference:	K M Fasteners
Name of the Person (Designation):	Mr. Santosh Sinde (Partner)
Contact Number:	91-9022303444
Since how long known:	4 Years
Maximum limit dealt:	INR 0.700 Million (Monthly)
Experience:	Products Quality: Good Delivery Behaviour: Good Overall: Good
Remark	They gave us positive response about subject company. They are satisfied with their product quality and delivery behaviour.

Reference:	New Gujarat Fastener
Name of the Person (Designation):	Mr. Zameer Noorani (Partner)
Contact Number:	91-9323323666
Since how long known:	3 Year
Maximum limit dealt:	INR 10.000 Million (Yearly)
Experience:	Products Quality: Good Delivery Behaviour: Good Overall: Good
Remark	They gave us positive response about subject company. They are satisfied with their product quality and delivery behaviour.

No. of Employees :

02 [Approximately]

Bankers :

Bank Name:	Bassein Catholic Co-Operative Bank Limited
Branch:	Ground Floor, Shop No. 1, 2 and 3 City Point, Near Panch Batti, Kacheri Road, Palghar (West), Palghar - 401404, Maharashtra, India
Person Name (with Designation):	Mr. Lobho (Manager)
Contact Number:	91-2525-252241/ 252242
Name of Account Holder:	SHITI ARC ENTERPRISES
Account Number:	039130300000005
Account Since (Date/ Year of A/c Opening):	2016
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Overdraft + Cash Credit
Account Operation:	Satisfactory
Remarks:	They gave us positive response about subject company. They are satisfied with their banking transaction.

Auditors :
Name :	Mr. Prabhakar Dubbey Chartered Accountant
Address :	City Point Building, Maharashtra, India
Mobile No.:	91-9823718717
Email:	arif.kaladiya@gmail.com
Membership No.:	137160
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2017

Particulars	INR in Million	Particulars	INR in Million
To Withdrawal	0.200	By Balance b/d	1.805
To Housing Loan Interest	0.025
To Tuition Fees	0.007	By Net Profit	0.957
To Balance c/d	2.530
Total :	2.762	Total :	2.762

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016	31.03.2015
SHAREHOLDERS FUNDS
1] Capital Account		2.530	2.867	2.550
2] Reserves & Surplus		0.000	0.000	0.000
NETWORTH		2.530	2.867	2.550
LOAN FUNDS
1] Secured Loans		1.364	0.224	0.247
2] Unsecured Loans		0.425	0.000	0.000
TOTAL BORROWING		1.789	0.224	0.247
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.319	3.091	2.797
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.088	2.444	2.232
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	10.387	0.352	0.284
	Cash & Bank Balances	0.039	0.295	0.281
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		10.426	0.647	0.565
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.117	0.000	0.000
	Other Current Liabilities	0.078	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		7.195	0.000	0.000
Net Current Assets		3.231	0.647	0.565
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.319	3.091	2.797

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Receipts	43.710	9.514	2.518
		Other Income	0.000	0.000	0.000
		TOTAL	43.710	9.514	2.518
Less	EXPENSES
		Purchase	40.566	8.866	1.953
		Transportation	0.764	0.000	0.000
		Salary and wages	0.670	0.064	0.030
		Consumable	0.166	0.050	0.079
		Stationary	0.010	0.010	0.010
		Telephone	0.006	0.006	0.006
		Electrical charges	0.024	0.021	0.021
		Conveyance	0.099	0.008	0.008
		Vat paid	0.169	0.000	0.000
		Repair and maintenance	0.065	0.036	0.034
		Rates and taxes	0.008	0.007	0.007
		Sundry expenses	0.092	0.025	0.016
		TOTAL	42.639	9.093	2.164
	PROFIT/ (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION		1.071	0.421	0.354
Less	FINANCIAL EXPENSES		0.114	0.018	0.018
	PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION		0.957	0.403	0.336
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	NET PROFIT/ (LOSS)		0.957	0.403	0.336

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	86.74	13.50	41.17
Account Receivables Turnover (Income / Sundry Debtors)	4.21	27.03	8.87
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	64.04	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.98	0.17	0.16

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.78	0.07	0.09
Debt Equity Ratio (Total Liability / Networth)	0.71	0.08	0.10
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.01	0.00	0.00
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.43	0.85	0.88
Interest Coverage Ratio (PBIT / Financial Charges)	9.39	23.39	19.67

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.19	4.24	13.34
Return on Total Assets ((PAT / Total Assets) * 100)	%	8.31	13.04	12.01
Return on Investment (ROI) ((PAT / Networth) * 100)	%	37.83	14.06	13.18

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.37	0.00	0.00
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.37	0.00	0.00
G-Score Ratio Financial (Networth / Total Assets)	0.22	0.93	0.91
G-Score Ratio Debt (Debts / Equity Capital)	0.71	0.08	0.10
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.37	0.00	0.00

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

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Capital Account	2.550	2.867	2.530
Reserves & Surplus	0.000	0.000	0.000
Net worth	2.550	2.867	2.530
Secured Loans	0.247	0.224	1.364
Unsecured Loans	0.000	0.000	0.425
Total borrowings	0.247	0.224	1.789
Debt/Equity ratio	0.097	0.078	0.707

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Receipts	2.518	9.514	43.710
		277.840	359.428

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Receipts	2.518	9.514	43.710
Profit	0.336	0.403	0.957
	13.34%	4.24%	2.19%

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	Yes
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	Yes
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	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

OBSERVATION POINTS

Name of Company :	SHITI ARC ENTERPRISES
Address :	Plot No. 3, New Gut No. 329/3, Village- Hamrapur, Manorwada Road, Taluka Wada, Palghar, Maharashtra, India
Contact No.:	91-9270023956
Date of Visit :	25.01.2018
Person to whom we met:	Mr. Vidyasagar Vishnu Vartak [Proprietor]
Name Board :	Not Sighted
Location:	Difficult
Landmark (If Any):	Tembi Naka
Total Floors of the Building :	3 Floors
Subject situated on:	Whole Building
Locality:	Industrial
Area of Premises :	24000 sq. Ft.
Area :	Neutral
Proof of visit:	Photos

-----------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

(INR IN MILLION)

Particulars	Amount
INCOME FROM HOUSE PROPERTY
Self-occupies property: Palghar
Gross annual value u/s 23(2)(a)		0.000
Less: Interest on borrowed capital u/s 24(b)		0.030
		------------
Income from self-occupied property		(0.030)
Income chargeable under the head “House Property”		------------	(0.030)
PROFITS AND GAINS OF BUSINESS OR PROFESSION
Business 1
Net profit before tax as per P & L a/c		0.957
Total income of business and profession		0.957
Income chargeable under the head “business and profession”			0.957
			------------
Gross Total Income			0.927
DEDUCTIONS UNDER CHAPTER VI-A
Investment u/s 80C, CCC, CCD
Housing loan repayment	0.215
Deduction subject to ceiling u/s 80CCE			0.150
			------------
Total Income			0.777
Tax on total income			0.080
Add: Education cess			0.003
			------------
Tax with cess			0.083
			------------
Net Tax			0.083
Interest u/s 234B		0.006
Interest u/s 234C		0.004
		------------	0.010
			------------
Net tax payable			0.093
Self-assessment tax paid			0.095
			------------
REFUND DUE			0.002

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COST OF PROJECT

(INR IN MILLION)

Particulars	To be incurred	Total
Plant and Machinery	11.800	11.800
Pre-operative expenses	0.100	0.100
Provision for contingencies	0.100	0.100
Margin for working capital reqd.	0.200	0.200
TOTAL PROJECT COST	12.200	12.200

------------------------------------------------------------------------------------------------------------------------------

MEANS OF FINANCE

(INR IN MILLION)

Particulars	Amount proposed to be raised	Total
Capital	1.975	1.975
Term Loan	8.800	8.800
Unsecured Loan	1.425	1.425
TOTAL MEANS OF FINANCE	12.200	12.200

------------------------------------------------------------------------------------------------------------------------------

D.S.C.R. CALCULATION

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
1	Profit After Tax	1.115	0.726	1.273	1.760	2.282
2	Depreciation	0.044	1.806	1.540	1.308	1.112
3	Interest on TL	0.154	0.896	0.764	0.622	0.480
4	TOTAL (A)	1.313	3.428	3.578	3.690	3.874
5	Interest on TL	0.154	0.896	0.764	0.622	0.480
6	Repayment of TL Installment	0.903	1.354	1.354	1.354	1.354
7	TOTAL (B)	1.057	2.250	2.118	1.976	1.834
8	D.S.C.R (A / B)	1.24	1.52	1.69	1.87	2.11
9	Avg. D.S.C.R.	2.36

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected
	A. LIABILITIES
1.	Equity share capital	5.670	5.995	6.669	7.829
2.	Reserve a & surplus	--	--	--	--
3.	Term loans	7.897	6.544	4.776	3.836
4.	Bank borrowings for working	0.800	2.000	3.000	4.000
5.	Other liabilities	9.491	6.715	6.703	6.658
	Total Liabilities	23.858	21.254	21.148	22.323
	B. ASSETS
1.	Gross block	12.888	11.995	10.259	8.718
2.	Depreciation	0.044	1.806	1.540	1.308
3.	Net Block	12.844	10.190	8.718	7.409
4.	Investment	--	--	--	--
5.	Current assets	10.855	11.024	12.361	14.843
6.	Cash & bank balances	0.159	0.040	0.069	0.071
	Total Assets	23.858	21.254	21.148	22.323

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
1.	Gross Sales
	(a) Domestic Sales (Trading)	44.585	10.230	0.000	0.000	0.000
	(b) Domestic Sales (Mfg)	0.000	25.920	38.016	41.818	46.000
	(c) Other Income	0.000	0.000	0.000	0.000	0.000
	TOTAL SALES	44.585	36.150	38.016	41.818	46.000
2.	Less: Excise/custom duty	0.000	0.000	0.000	0.000	0.000
3.	Net Sales	44.585	36.150	38.016	41.818	46.000
4.	% age rise or fall in net sales as compared to previous year	2.000	(18.92)	10.00	10.00	10.00
5.	COST OF SALES
	i) Raw Materials
	a) For trading	42.032	9.532	0.000	0.000	0.000
	b) For Mfg	0.000	18.744	28.987	30.674	33.364
	Sub-Total	42.032	28.276	28.987	30.674	33.364
	ii) Other spares
	a) Imported	0.000	0.000	0.000	0.000	0.000
	b) Indigenous	0.000	2.313	2.475	2.648	2.816
	Sub-Total	0.000	2.313	2.475	2.648	2.816
	iii) Electricity/power and fuel	0.055	1.037	1.193	1.330	1.423
	iv) Labour charges	0.871	1.045	1.202	1.346	1.440
	v) Electricity expenses	0.169	0.194	0.233	0.268	0.287
	vi) depreciation	0.044	1.806	1.540	1.308	1.112
	vii) Repair and maintenance	0.000	0.235	0.247	0.259	0.272
	viii) Other Exp.	0.102	0.352	0.370	0.388	0.407
	Sub-Total	43.273	35.258	36.247	38.222	41.121
	Add: Opening stock in process-RM	0.000	0.000	0.000	0.000	0.000
	Less: Closing stock in process-RM	0.000	0.000	0.000	0.000	0.000
	Cost of production	43.273	35.258	36.247	38.222	41.121
	Add: Opening stock finished goods	0.000	1.221	3.551	5.728	6.874
	Less: Closing stock finished goods	1.221	3.551	5.728	6.874	7.562
	Total Cost of sales	42.052	32.929	34.069	37.076	40.434
6.	Selling, general and administrative expenses	0.885	1.177	1.412	1.553	1.708
7.	Sub-Total	42.937	34.106	35.481	38.629	42.142
8.	Op. profit before interest	1.648	2.044	2.535	3.188	3.858
9.	Interest on term loan	0.154	0.896	0.764	0.622	0.480
	i) Interest on CC	0.116	0.210	0.315	0.420	0.525
	ii) Other interest	0.179	0.174	0.041	0.000	0.000
	Total Interest	0.449	1.280	1.120	1.042	1.005
10.	Op. profit after interest	1.199	0.764	1.415	2.146	2.853
11.	i) Add other non-operating income
	a) deferred income tax	0.000	0.000	0.000	0.000	0.000
	b) Other misc. income	0.000	0.000	0.000	0.000	0.000
	Sub-Total (Income)	0.000	0.000	0.000	0.000	0.000
	ii) Deduct other non-operating expenses
	a) Deffered tax	0.000	0.000	0.000	0.000	0.000
	b) Partner remuneration	0.000	0.000	0.000	0.000	0.000
	Sub-Total (Expenses)	0.000	0.000	0.000	0.000	0.000
	Net of other non-operating income/expenses	0.000	0.000	0.000	0.000	0.000
12.	Profit Before tax/loss	1.199	0.764	1.415	2.146	2.853
13.	Earlier year tax expenses	0.000	0.000	0.000	0.000	0.000
	Current tax	0.084	0.038	0.141	0.386	0.571
14.	Net Profit/loss	1.115	0.726	1.273	1.760	2.282
15.	a) Drawings	0.400	0.400	0.600	0.600	0.900
	b) Dividend rate	--	--	--	--	--
	Retained profit	0.715	0.326	0.673	1.160	1.382
16.	Retained profit/net profit (%)	64.12	44.89	52.89	65.91	60.57
17.	Net Profit/sales (in%)	2.50	2.01	3.35	4.21	4.96

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
	CURRENT LIABILITIES
1.	Long term borrowings from bank (including bill BP/BD and the excess borrowings placed on repayment basis but exclude bills drawn under LCs)
	(i) From Applicant Bank CC	0.800	2.000	3.000	4.000	5.000
	(ii) From Existing Banks OD	0.000	0.000	0.000	0.000	0.000
	Sub-Total (A)	0.800	2.000	3.000	4.000	5.000
2.	Short Term Borrowings From Others/ICD taken	0.000	0.000	0.000	0.000	0.000
3.	Sundry Creditors (Trade)	6.213	3.478	3.945	3.863	4.060
4.	Advance Payments From Customers/ deposits From Dealers	0.475	0.583	0.640	0.850	0.936
5.	Provision For Taxation	0.084	0.038	0.141	0.386	0.571
6.	Dividend Payable	0.000	0.000	0.000	0.000	0.000
7.	Other Statutory Liabilities (Due Within 1 Year)	0.000	0.000	0.000	0.000	0.000
8.	Deposits /Installments of Term Loans/DPGs/ Debentures, etc. (Due Within One Year)	0.903	1.354	1.354	1.354	1.354
9.	Other Current Liabilities & Provisions (Due Within One Year) (Specify major items)
	a) Other Liabilities & Provisions	0.325	0.344	0.279	0.205	0.264
	Sub-Total (B)	7.999	5.797	6.359	6.658	7.184
10.	TOTAL CURRENT LIABILITIES	7.999	5.797	6.359	6.658	7.184
	TERM LIABILITIES
11.	Debentures (Not Maturing Within One Year)	0.000	0.000	0.000	0.000	0.000
12.	Security deposit on lease of land	0.000	0.000	0.000	0.000	0.000
13.	Term Loans (Excluding Installment Payable Within One Year) TL for deposits	7.897	6.544	4.776	3.836	2.482
14.	Deferred liability (not payable within 1 year)	0.000	0.000	0.000	0.000	0.000
15.	Unsecured loans	0.000	0.000	0.000	0.000	0.000
16.	Loan from others	1.492	0.918	0.344	0.000	0.000
17.	Total Term Liabilities	9.389	7.462	5.120	3.836	2.482
18.	Total Outside Liabilities	18.189	15.259	14.479	14.494	14.666
	NET WORTH
19.	Proprietor’s Capital	4.245	4.570	5.244	6.404	7.786
20.	General Reserve	0.000	0.000	0.000	0.000	0.000
21.	Subsidy from govt.	0.000	0.000	0.000	0.000	0.000
22.	Loans from family and friends	1.425	1.424	1.424	1.424	1.424
23.	Surplus(+) or Deficit(-) in Profit & Loss Account	0.000	0.000	0.000	0.000	0.000
24.	NET WORTH	5.670	5.995	6.669	7.829	9.211
25	TOTAL LIABILITIES	23.859	21.254	21.148	22.323	23.878
	CURRENT ASSETS
26.	Cash and Bank Balances	0.159	0.040	0.069	0.071	0.113
27.	Investments (Other Than Long Term Investments)
	(i) Government & Other Trustee Securities/CP,CD,MF	0.000	0.000	0.000	0.000	0.000
	(ii) Deposit	0.000	0.000	0.000	0.000	0.000
28.	(i) Receivables Other Than Deferred & Exports (Including Bills Purchases & Discounted By Banks drawn under LCs)	9.403	7.248	6.333	7.556	9.450
	ii) export receivables (excluding bills purchased and discounted by banks drawn under LCs)	0.000	0.000	0.000	0.000	0.000
29.	Installments of Deferred Receivables (Due Within One Year)	0.000	0.000	0.000	0.000	0.000
30.	INVENTORY
	i) Raw materials
	a. Imported	0.000	0.000	0.000	0.000	0.000
	b. Indigenous	0.000	0.000	0.000	0.000	0.000
	ii) Stock in process-WIP	0.000	0.000	0.000	0.000	0.000
	iii) Finished goods	1.221	3.551	5.728	6.874	7.562
	iv) Other consumable spares
	a. Imported	0.000	0.000	0.000	0.000	0.000
	b. Indigenous	0.000	0.000	0.000	0.000	0.000
31.	Advances to Suppliers of raw materials, stores/loans and advances	0.100	0.100	0.128	0.152	0.112
32.	Advance Payment of Taxes	0.025	0.011	0.042	0.116	0.171
33.	Other Current Assets
	a) Margin on LCs/BGs-WC only	0.000	0.000	0.000	0.000	0.000
	b) Other CA assets	0.105	0.115	0.129	0.144	0.172
	c) Working investment	0.000	0.000	0.000	0.000	0.000
34.	TOTAL CURRENT ASSETS	11.014	11.065	12.430	14.913	17.580
	FIXED ASSETS
35.	Opening balance	12.888	11.994	10.259	8.718	7.410
36	Depreciation	0.044	1.806	1.540	1.308	1.112
	Capital-work-in-progress	0.000	0.000	0.000	0.000	0.000
37.	Closing Balance	12.844	10.189	8.718	7.410	6.298
	Other Non-Current Assets
38.	Investments/Book Debt/Advances/Deposits Which are Not Current Assets
	(i) (a) Investments in Subsidiary Companies/Affiliates	0.000	0.000	0.000	0.000	0.000
	(b) Others	0.000	0.000	0.000	0.000	0.000
	(ii) Advances to Suppliers of Capital Goods	0.000	0.000	0.000	0.000	0.000
	(iii) Deferred Receivables	0.000	0.000	0.000	0.000	0.000
	(iv) Others	0.000	0.000	0.000	0.000	0.000
39.	Non consumable stores	0.000	0.000	0.000	0.000	0.000
40.	Other Non-Current Assets	0.000	0.000	0.000	0.000	0.000
41.	Total Other Non-Current Assets	0.000	0.000	0.000	0.000	0.000
42.	Intangible Assets	0.000	0.000	0.000	0.000	0.000
43	TOTAL ASSETS	23.858	21.254	21.148	22.323	23.878
44.	Tangible Net Worth	5.670	5.995	6.669	7.829	9.211
45.	Net Working Capital	2.215	3.268	3.071	4.255	5.395
46.	Current Ratio	1.25	1.42	1.33	1.40	1.44
47	Total Outside Liabilities/Tangible Net Worth Ratio	3.21	2.55	2.17	1.85	1.59

------------------------------------------------------------------------------------------------------------------------------

FUND FLOW STATEMENT

(INR IN MILLION)

Sr. No.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
1	SOURCES
	a) Net profit (after tax)	1.115	0.726	1.273	1.760	2.282
	b) Depreciation	0.044	1.806	1.540	1.308	1.112
	c) Increase in capital	1.715	0.326	0.673	1.160	1.382
	d) Increase in term liabilities, including public deposits	8.813	0.000	0.000	0.000	0.000
	e) Decrease in : i ) Fixed assets	0.000	0.000	0.000	0.000	0.000
	ii) Other non-current assets	0.885	0.000	0.000	0.000	0.000
	f) Decrease in intangible	0.000	0.000	0.000	0.000	0.000
	TOTAL SOURCES OF FUND	12.573	3.752	5.223	5.769	6.085
2	USES OF FUND
	a) Net loss
	b) Decrease in term liabilities (including public deposits)	0.000	1.928	2.342	1.284	1.354
	c) Increase in : i) Fixed asset	12.685	0.000	0.000	0.000	0.000
	ii) Other non-current assets	0.000	0.000	0.000	0.000	0.000
	d) Dividend payment	0.400	0.400	0.600	0.600	0.900
	e) Other	0.000	0.000	0.000	0.000	0.000
	TOTAL USES OF FUNDS	13.085	2.328	2.942	1.884	2.254
3	Long term surplus / deficit	(0.513)	1.424	2.281	3.885	3.831
4	Increase / Decrease in current assets* (as per details given below)	0.588	0.051	1.365	2.484	2.666
5	Increase / Decrease in current liabilities other then bank borrowings	0.804	(2.202)	0.562	0299	0.526
6	Increase / Decrease in working capital gap	(0.216)	2.254)	0.802	2.185	2.140
7	Net surplus(+) / deficit(-)	(0.297)	(0.830)	1.479)	1.700	1.691
8	Increase / Decrease in Bank borrowings	0.013	1.200	1.000	1.000	1.000
	INCREASE / DECREASE IN SALES	0.874	(8.435)	1.866	3.802	4.182
	*Break-up of (4)
	i) Increase / decrease in Raw materials	0.000	0.000	0.000	0.000	0.000
	ii) Increase / decrease in Stock -in-process	0.000	0.000	0.000	0.000	0.000
	iii) Increase / decrease in Finished goods	1.221	2.329	2.178	1.146	0.687
	iv) Increase / decrease in Receivables	(0.984)	(2.155)	(0.915)	1.223	1.894
	v) Increase / decrease in Stores & spares	0.000	0.000	0.000	0.000	0.000
	vi) Increase / decrease in Other current assets	0.245	(0.133)	0.088	0.099	0.057
	TOTAL INCREASE / DECREASE	0.483	0.041	1.351	2.468	2.639

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS

AND CURRENT LIABILITIES

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
	A CURRENT ASSETS
1	Raw Materials (including stores and other items used in the process of manufacture )
	(a) Imported	0.000	0.000	0.000	0.000	0.000
	Months' Consumption	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000
	Months' Consumption	0.00	0.00	0.00	0.00	0.00
2	Other Consumable Spares, excluding those included In 1 above
	(a) Imported	0.000	0.000	0.000	0.000	0.000
	Months' Consumption	0.00	0.00	0.00	0.00	0.00
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000
	Months' Consumption	0.00	0.00	0.00	0.00	0.00
3	Stock in Process	0.000	0.000	0.000	0.000	0.000
	Months' Cost of Production	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
4	Finished Goods	1.221	3.551	5.728	6.874	7.562
	Months' Cost of Sales	(0.35)	(1.29)	(2.02)	(2.22)	(2.24)
5	Receivables other than Export and Deferred Receivables (including Bills Purchased and Discounted by Bank )	9.403	7.248	6.333	7.556	9.450
	Months' Domestic Sales
	excluding Deferred Payment Sales .	(0.253)	(0.850)	0.000	0.000	0.000
6	Export Receivables (including Non-LC Bills Purchased & Discounted by Bankers) Months' Export Sales	0.000	0.000	0.000	0.000	0.000
7	Advances to Suppliers	0.100	0.100	0.128	0.152	0.112
8	Other Current Assets (Due within 1year)	0.184	0.051	0.111	0.187	0.284
9	TOTAL CURRENT ASSETS	10.909	10.950	12.301	14.769	17.408
	CURRENT LIABILITIES (other than Bank Borrowing for Working Capital)
10	Creditors for Purchase of Raw Materials, Stores & Consumable Spares	6.213	3.478	3.945	3.863	4.060
	Months' Purchases	(1.77)	(1.36)	(1.50)	(1.39)	(1.35)
11	Advances from Customers	0.475	0.583	0.640	0.850	0.936
12	Statutory Liabilities	0.084	0.038	0.141	0.386	0.571
13	i) Other Current Liabilities (Specify major items) Short Term Borrowings from others Provision for Taxation Dividend Payable	0.000	0.000	0.000	0.000	0.000
	ii) Deposits / Instalments of Term Loan/DPG's/Debentures etc.	0.903	1.354	1.354	1.354	1.354
	iii) Others	0.325	0.344	0.279	0.205	0.264
14	TOTAL CURRENT LIABILITIES	7.999	5.797	6.359	6.658	7.184

-----------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
1.	Total Current Assets	10.909	10.950	12.301	14.769	17.408
2.	Other Current Liabilities (other than Bank Borrowings)	7.999	5.797	6.359	6.658	7.184
3.	Working Capital Gap (WCG)	2.909	5.153	5.942	8.111	10.223
4.	Net Working Capital (Actuals/ projected)	2.215	3.268	3.071	4.255	5.395
5.	Assessed bank finance	0.694	1.885	2.871	3.856	4.828
6.	NWC to TCA (%)	20.30	29.85	2.96	28.81	30.99
7.	Bank Finance to TCA (%)	7.33	18.26	24.39	27.08	28.72
8.	Sundry Creditors to TCA (%)	56.95	31.76	32.07	26.16	23.32
9.	Other CL to TCA (%)	16.38	21.18	19.63	18.93	17.95
10.	Inventories to net sales (Day)	10	36	55	60	60
11.	Receivables to gross sales (Day)	77	73	61	66	75
12.	S. creditors to purchases (Days)	54	42	46	42	41

------------------------------------------------------------------------------------------------------------------------------

RATIO ANALYSIS

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		31.03.2018 Estimated	31.03.2019 Projected	31.03.2020 Projected	31.03.2021 Projected	31.03.2022 Projected
1.	PBDIT	1.692	3.850	4.076	4.497	4.969
2.	PAT/Sales (%)	2.50	2.01	3.35	4.21	4.96
3.	Net profit/ total funds (in%)	4.67	3.42	6.02	788	9.56
4.	Cash accruals	1.159	2.532	2.814	3.069	3.394
5.	Retained accruals	0.759	2.132	2.214	2.469	2.494
6.	Retained accruals/ cash accrual (in%)	65.49	84.20	78.68	80.45	73.48
7.	PBDIT/ net sales (%)	3.79	10.65	10.72	10.75	10.80
8.	PBDI/ interest (Times)	3.58	2.98	3.51	3.95	4.38
9.	ROCE	7.09	18.11	19.27	20.14	20.81
10.	INV + REC/ net sales (days)	86.98	109.03	115.80	12.95	134.98

-----------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. VIDYASAGAR VISHNU VARTAK (PROPRIETOR)

(INR IN MILLION)

DETAILS OF ASSETS

IMMOVABLE PROPERTY:

Assets	Own/joint name	Area	Free hold or lease hold	Location/address	Purchase cost	Present value
Non Agri. Land
Commercial	Joint name	24000 Sq. Ft.	Free Hold	Plot No. 3, New Gut No. 329/3, Village- Hamrapur, Manorwada Road, Taluka Wada, Palghar, Maharashtra, India	9.000	25.000
Flat /House	Own	85.0 Sq. Ft.	Free Hold	301 Ruturaj Society, Behind Prakash Talkies, Bhausaheb Dandekar Marg, Palghar, Taluka Thane - 401404, Maharashtra, India	0.500	3.500

MOVABLE PROPERTY:

Vehicles

Type of vehicle	Registration No.	Model	Year of make	Cost at the time of purchase	Present value
Honda City ZX	MH/04/DB	1532 ZX GXI MY	2007	0.500	0.300

Jewellery

Products	Quantity	Valuation (approx.)
Gold	15650 gm	0.500

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Mrs. Sandhya V Vartak	Housewife	Wife	48 Years	Married	301 Ruturaj Society, Behind Prakash Talkies, Bhausaheb Dandekar Marg, Palghar, Taluka Thane - 401404, Maharashtra, India
Ms. Alisha V Vartak	Student	Daughter	19 Years	Unmarried
Ms. Mahashiv V Vartak	Student	Daughter	12 Years	Unmarried

-----------------------------------------------------------------------------------------------------------------------------

COMPANY PROFILE

Shiti ARC Enterprise Established since 2012 by their founder Mr. Vidya Sagar Vartak, they are trading unit for Stainless Steel like Stainless steel fine wires and many more.

They started their journey since Year 2007 in the name of MSS Industries which was a manufacturing unit & now since 2013 they have running a successful business in Trading of Stainless wires under the name of Shiti Arc Enterprises based in Palghar.

Operational since 2013 into Stainless Steel wire business for trading wires they offer Stainless Steel in Austenitic, Martensitic, Ferritic, Duplex and low nickel - high manganese (200 series) grades. Their strength lies in its ability to meet customer’s unique requirements. Their fully integrated facilities enable us to trade Stainless Steels with various modified chemistries for customer specific applications.

In their new Production Unit Shiti ARC Enterprises Plans to Manufacture Products of Standard Quality as per customer stringent specifications. Wires will be made in variety of Grades in the size range from 0.10 mm to 3.00 mm in their First Phase of project having demanding applications like Braiding Wire, Springs, Wire Mesh, Wire Ropes, Sieves, Screws, Kitchen Ware & Cutlery etc.

The usage of Stainless Steel Fine wire is witnessing a steady and sustained growth worldwide with ever increasing challenges on the competitive dynamics of the world steel industry. In order to meet these challenges they believe in integrated activity and continuous up-gradation in their manufacturing technologies, wherein a premium product is delivered at premium quality.

MISSION

· Delivering operational excellence through continuous technological up-gradation

· Continual growth through customer service, innovation, quality and commitment

· Preferred Supplier to top Global OEMs

· To be the organization of choice & a great place to work

INDUSTRY OVERVIEW

Steel demand in India is expected to grow by 5.4 per cent to 83.8 million tons (MT) this year on the back of low oil prices, reform momentum, the World Steel Association (WSA) saidx today. The global industry body has also forecasted that demand in the world's third largest producer will again grow at 5.4 per cent to 88.3 MT in 2017.

"India's prospects are brightening due to low oil prices, the reform momentum and policies to increase infrastructure and manufacturing output. India's steel demand will increase by 5.4 per cent in both 2016 and 2017 reaching 88.3 MT in 2017," WSA said in a statement. With the integration of China in the global manufacturing supply chain, steel sector has slowed as a consequence of weak growth in global trade.

Manufacturing exports in emerging economies, particularly Asia, declined owing to slower Chinese demand. The same is true for developed countries experiencing a reduction in the exports of consumer goods and machinery, it added. Mechanical machinery, metal goods and other transport sectors are weakening, but the automotive sector will maintain its growth momentum supported by strong demand in many countries, WSA said. "Outside China the construction sector is expected to maintain its mild, but steady recovery momentum particularly in India, the MENA and ASEAN regions," it noted.

Globally, WSA has forecasted steel demand to decrease by 0.8 per cent to 1,488 MT in 2016 following a contraction of 3 per cent in 2015. In 2017, the world steel demand is expected to return to growth of 0.4 per cent to reach 1,494 MT, it added. Commenting on the outlook, World Steel Economics Committee Chairman TV Narendran said the economic environment facing steel industry continues to be challenging with China's slowdown impacting globally across a range of indicators contributing to volatility in financial markets, sluggish growth in global trade and low oil and other commodity prices. The global steel market is suffering from insufficient investment expenditure and continued weakness in the manufacturing sector, he added.

"In 2016, while we are forecasting another year of contraction in steel demand in China, slow but steady growth in some other key regions including NAFTA and EU is expected. Growth for steel demand in all markets except China is expected in 2017," Narendran said. The decline in steel demand in China is expected to be 4 per cent in 2016 followed by 3 per cent in 2017. This suggests a demand of 626.1 MT (15 per cent down from 2013) for 2017. In 2016 demand is expected to be 645.4 MT.

SWOT ANALYSIS

SWOT analysis of this sector is carried as follows:

(i) STRENGTHS:

· Good Customer Relationship.

· Excellent brand reputation among customers.

(ii) WEAKNESSES:

· Cannot fulfill the entire demand of existing customers.

(III) OPPORTUNITIES:

· Potential for Investments.

· With market improving and plans of proprietor there is a good scope for growth.

· With Wide range of products, chances for increase in market share are bright.

(IV) THREATS:

· Threat from new entrant.

· Change in Government policy can affect the business adversely.

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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	INR
US Dollar	1	INR 63.55
UK Pound	1	INR 89.82
Euro	1	INR 78.87

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	PRS
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	NO
--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.