MIRA INFORM REPORT

Report No. :	498337.2
Report Date :	22.03.2018

IDENTIFICATION DETAILS

Name :	RUSHI STONE CRUSHER
Registered Office :	Gat No 21/2/A/2, At Mohodari Taluka: Sinnar, District: Nashik – 422103, Maharashtra
Mobile No.:	91-9822066071 (Mr. Jayant Avhad)
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	1997
Capital Investment / Paid-up Capital :	INR 70.636 Million
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	27ABGPA9009C1Z4
TIN / CST No.:	Not Divulged
PAN No.: [Permanent Account No.]	ABGPA9009C
Legal Form :	Sole Proprietary Concern
Line of Business :	Seller, processing, crushing and of stone. [Confirmed by management]
No. of Employees :	19 (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 is a proprietorship concern established in the year 1997. It is a seller, processing, crushing and of stone. Mr. Jayant Avhad (Proprietor) has provided information about the subject to us. For the financial year 2017, the concern has earned revenue of INR 147.90 million along with fair profit margin of 29.56%. The satisfactory financial profile of the concern is marked by comfortable capital base along with negligible debt. The rating takes into consideration long established track record of the concern. Business is active. Payment seems to be usually correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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 22.03.2018

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. Jayant Avhad
Designation :	Proprietor
Contact No.:	91-9822066071
Date :	17.03.2018

LOCATIONS

Registered Office :	Gat No 21/2/A/2, At Mohodari Taluka: Sinnar, District: Nashik – 422103, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9822066071 (Mr. Jayant Avhad)
Fax No.:	Not Available
E-Mail :	jayantavhad@gmail.com
Area :	25 acre
Location :	Owned
Locality :	Industrial

SOLE PROPRIETOR

Name :	Mr. Jayant Dasharath Avhad
Designation :	Proprietor

BUSINESS DETAILS

Line of Business :	Seller, processing, crushing and of stone. [Confirmed by management]
Products :	Stone
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Credit (90 Days)
Purchasing :	Credit (90 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Junde Hardware, Nashik
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

· Safe Enterprises, Nashik

· Sai Prasad Tyres, Nashik

Customers :

Contractors

Reference :	JWG Infrastructure, Nashik
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

· Sanjay Constructions, Nashik

· JRK Infrastructure, Nashik

No. of Employees :

19 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Sinnar, Malegaon, Nashik, Maharashtra, India
Person Name (With Designation) :	Mr. Nashikakar (Senior Branch Manager)
Contact Number :	91-2551-221253
Name of Account Holder :	Rushi Stone Crusher
Account Number :	--
Account Since (Date/Year of Account Opening) :	7 to 8 years
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Cash Credit= INR 15.000 million
Account Operation :	--
Remark :	Subject having satisfactory trade record in banking transaction.

Auditors :
Name :	Patel Kalantri and Associates Chartered Accountants
Collaborators :	Not Available
Membership :	Not Available
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2017

PROPRIETORS’ CAPITAL ACCOUNT - MR. JAYANT DASHARATH AVHAD

Particulars	INR in Million	Particulars	INR in Million
Income tax
15.06.2016	0.300	Balance B.fd.	31.880
15.09.2016	0.450	Saving Bank Interest	0.002
06.12.2016	1.800	Interest on FDR	0.111
13.12.2016	0.800	Bank Shares Dividend	0.000
22.02.2017	0.900	Profit for the year	43.715
09.03.2017	1.000
TCS	0.021
TDS	0.101
S.A. Tax	0.300
School fees- Kausubh	0.034
School fees- Samruddhi	0.034
Interest on TDS	0.010
Bhaskar Avhad	(1.336)
Drawings	0.658
	5.072
Balance C.fd.	70.636
Grand Total	75.708	Grand Total	75.708

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017
EQUITY AND LIABILITIES
1] Proprietors’ Capital		70.636
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		70.636
LOAN FUNDS
1] Secured Loans		24.143
2] Unsecured Loans		0.300
TOTAL BORROWING		24.443
DEFERRED TAX LIABILITIES		0.000
TOTAL		95.079
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.715
Capital work-in-progress		0.000
INVESTMENT		1.808
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.016
	Sundry Debtors	24.508
	Cash & Bank Balances	33.916
	Other Current Assets	0.000
	Loans, Advances & Deposits	0.561
Total Current Assets		63.001
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.484
	Other Current Liabilities	0.150
	Provisions	2.811
Total Current Liabilities		4.445
Net Current Assets		58.556
MISCELLANEOUS EXPENSES		0.000
TOTAL		95.079

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017
	SALES
	Income	147.907
	Other Income	0.877
	TOTAL	148.784
Less	EXPENSES
	Cost of goods sold	43.196
	Diesel and kerosene	16.730
	Electricity expenses	8.397
	JCB hire charges	1.143
	Labour charges	8.962
	Repairs and maintenance	0.724
	Road tax	0.480
	Transportation charges	3.708
	Vat paid	5.846
	Wages	1.506
	Office expenses	0.116
	Salary to staff	0.848
	Printing and stationery	0.123
	Mobile expenses	0.130
	Travelling expenses	0.028
	Postage and courier	0.005
	Insurance expenses	0.032
	Computer expenses	0.018
	Advertisement expenses	0.026
	Commission paid	2.725
	Vehicle expenses	0.782
	Vehicle Insurance	0.222
	Business promotion expenses	0.056
	Staff welfare expenses	0.230
	Profession tax paid	0.003
	Account wring charges	0.077
	Professional fees	0.054
	Audit fees	0.049
	Vat Audit fees	0.029
	Discount and remission	0.344
	TOTAL	96.589
	PROFIT/ (LOSS) BEFORE INTEREST AND DEPRECIATION	52.195
Less	FINANCIAL EXPENSES	2.843
	PROFIT / (LOSS) DEPRECIATION	49.352
Less	DEPRECIATION	5.637
	NET PROFIT/ (LOSS)	43.715

Particulars	31.03.2016
Sales Turnover (Approximately)	120.000

Expected Sales (2017-2018): INR 160.000 Million

The above information has been parted by Mr. Jayant Avhad (Proprietor)

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

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017
Average Collection Days (Sundry Debtors / Income * 365 Days)	60.48
Account Receivables Turnover (Income / Sundry Debtors)	6.04
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	12.54
Inventory Turnover (Operating Income / Inventories)	13.00
Asset Turnover (Operating Income / Net Fixed Assets)	1.50

LEVERAGE RATIOS

PARTICULARS	31.03.2017
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.29
Debt Equity Ratio (Total Liability / Networth)	0.35
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.07
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.49
Interest Coverage Ratio (PBIT / Financial Charges)	18.36

PROFITABILITY RATIOS

PARTICULARS		31.03.2017
PAT to Sales ((PAT / Sales) * 100)	%	29.56
Return on Total Assets ((PAT / Total Assets) * 100)	%	43.92
Return on Investment (ROI) ((PAT / Networth) * 100)	%	61.89

SOLVENCY RATIOS

PARTICULARS	31.03.2017
Current Ratio (Current Assets / Current Liabilities)	13.28
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	12.43
G-Score Ratio Financial (Networth / Total Assets)	0.71
G-Score Ratio Debt (Debts / Equity Capital)	0.35
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	13.28

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

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last one year	Yes
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

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 65.22
UK Pound	1	INR 91.33
Euro	1	INR 79.96

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	VAR
Report Prepared by :	NKT

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.