MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	BANG DATA FORMS PRIVATE LIMITED
Registered Office :	Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.07.1989
Com. Reg. No.:	11-52672
Capital Investment / Paid-up Capital :	Rs.13.200 Millions
CIN No.: [Company Identification No.]	U22219MH1989PTC052672
TAN No.: [Tax Deduction & Collection Account No.]	MUMB04760A MUMB13727A
PAN No.: [Permanent Account No.]	AAACB1541Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Plastic Packaging Products.
No. of Employees :	50 (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

Maximum Credit Limit :	USD 616000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Mr. Krishna Bang
Designation :	Director
Date :	22.11.2011

LOCATIONS

Registered Office/Factory :	Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-22070644
Mobile No. :	91-9371178955 (Mr. Varadraj R Bang)
Fax No.:	91-22-22073868
E-Mail :	kkbang@banggroup.com bangdata@banggroup.com info@banggroup.com
Website :	http://www.ppwovensacks.net
Area :	5000 sq. ft. (Approximately)
Location :	Owned
Corporate Office :	103, Keval Industrial Estate, 1^st Floor, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel No. :	91-22-24901781
Fax No. :	91-22-24901891
Factory :	Plot No. A/7, Chincholi MIDC, Off Solapur-Pune Highway, Solapur-413255, Maharashtra, India
Tel No. :	91-217-2375711 / 2357633
Email :	bdfadmin.spr@bangdataforms.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Krishna Kumar Ramkumar Bang

Designation :

Director

Address :

122, Sir Bhacchandra Road, Hindu Colony, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

25.04.1966

Date of Appointment :

25.01.1990

DIN No.:

00235932

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U22219MH1989PTC052672	BANG DATA FORMS PRIVATE LIMITED	Director	25/01/1990	25/01/1990	Active	NO
2	U67120MH1999PTC121801	RAMKUMAR VENUGOPAL INVESTMENTS PRIVATE LIMITED	Director	20/09/1999	20/09/1999	Active	NO
3	U51900MH1997PTC111466	BODYWAVE FASHIONS (INDIA) PRIVATE LIMITED	Director	7/11/2002	7/11/2002	Active	NO
4	U21000MH2007PTC172222	BANG PAPERS PRIVATE LIMITED	Director	10/7/2007	10/7/2007	Active	NO
5	U18109MH2010PLC209302	THOMAS SCOTT (INDIA) LIMITED	Director	22/10/2010	22/10/2010	Active	NO
6	U17290MH2011PTC220641	BAGS AND SACKS INDIA PRIVATE LIMITED	Director	8/8/2011	8/8/2011	Active	NO

Name :

Mr. Venugopal Balram Bang

Designation :

Director

Address :

122, Sir Bhacchandra Road, Hindu Colony, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

02.06.1954

Date of Appointment :

19.07.1989

DIN No.:

00112410

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U22219MH1989PTC052672	BANG DATA FORMS PRIVATE LIMITED	Director	19/07/1989	19/07/1989	-	Active	NO
2	L51900MH1992PLC067013	BANG OVERSEAS LIMITED	Director	1/6/1992	1/6/1992	-	Active	NO
3	U51900MH1997PTC111466	BODYWAVE FASHIONS (INDIA) PRIVATE LIMITED	Director	22/10/1997	22/10/1997	29/03/2010	Active	NO
4	U67120MH1999PTC121801	RAMKUMAR VENUGOPAL INVESTMENTS PRIVATE LIMITED	Director	24/09/2010	20/09/1999	-	Active	NO
5	U18101MH2001PLC133052	VEDANTA CREATIONS LIMITED	Director	14/08/2001	14/08/2001	-	Active	NO
6	U51909MH2005PTC155733	MARU TRADING COMPANY PRIVATE LIMITED	Director	30/08/2005	30/08/2005	31/03/2009	Active	NO
7	U17299MH2007PTC166957	AQUARELLE INDIA PRIVATE LIMITED	Director	29/09/2009	24/03/2008	20/09/2010	Active	NO
8	U18109MH2010PLC209302	THOMAS SCOTT (INDIA) LIMITED	Director	18/08/2011	22/10/2010	-	Active	NO

Name :

Mr. Varadraj R Bang

Designation :

Director

Address :

9, Arun Building, Narayan, Dabolkar Road, Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

21.10.1967

Date of Appointment :

25.07.1991

DIN No.:

00235962

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U22219MH1989PTC052672	BANG DATA FORMS PRIVATE LIMITED	Director	19/07/1989	19/07/1989	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Sampatkumar Bang	20000
Saraswati Devi Bang	26200
Ramanujdas Bang	5000
Kantadevi Bang	22200
Arvind Kumar Bang	26200
Purshotam Bang	26200
Sridhar Bang	28300
Padmavati P Soni	13000
Vishnukanta N Baheti	15000
Ramankanta S Partani	20000
Srikanta Laddha	20000
Ramkumar Bang	64700
Parwatidevi Bang	50200
Narayandas Bang	35000
Rekha N Bang	31000
Kamalnayan R Bang	35000
Krishna K Bang	41600
Madhusudan Bang	35000
Sita Bajaj	20000
Geeta Jakotia	20000
Balaram R Bang	50400
Radhadevi Bang	31400
Venugopal Bang	36600
Tara Bang	35400
Nandgopal Bang	35400
Sobha Bang	29600
Rajgobal Bang	35400
Girdhar Bang	35400
Brijgopal Bang	45500
Anusuya S Dhoot	20000
Madhu R Maheshwari	20000
Rangnath Bang	64900
Pushpadevi Bang	49800
Varadraj Bang	50400
Vasudev Bang	50500
Laxminiwas Bang	70500
Pushpa Bang	44200
Gopibai Bang	10000
Satyanarayan Sarda	10000
Dwarka Prasad Sarda	10000
Ramkishore Sarda	10000
Rajgopal Sarda	10000
Shobha Devi Sarda	10000
Total	1320000

Equity Shares Breakup

As On 30.09.2009

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Plastic Packaging Products.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
HDPE (Unit)
Bags	Nos	43918500
Fabric/ Cut	Nos	53706086
Gulbarga (Unit)
Bags	Nos	11931400
Fabric/ Cut	Nos	2126339
Computer Stationery (Unit)
Computer Stationery	Nos	129808969

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

50 (Approximately)

Bankers :

ING Vysya Bank

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Term Loan
From ING Vysya Bank Secured against hypothecation of land, building and machinery of the company and personal guarantee of the directors	21.125	8.485
SICOM Limited Pari passu charges by way of equitable mortgage of land, building and machinery of the company and personal guarantee of the directors	101.000	54.000
Cash Credit Secured against hypothecation of stocks and debtors of the company and personal guarantee of directors	29.921	31.222
Others – Pre-shipment Credit from ING Vysya Bank Secured against hypothecation of stocks and debtors of the company and personal guarantee of directors	3.377	23.787
Total	155.423	117.494
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Loan from Directors	0.038	2.676
Loan from Shareholders	0.813	24.432
Interest free sales tax deferred loan	0.582	1.412
Total	1.433	28.520

Banking Relations :

--

Financial Institution:

· SICOM Limited

Nirmal Building, 1^st Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Auditors :

Name :

K.M. Garg and Company

Chartered Accountant

Address :

603/604, Unique Tower, Off. S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Associates :

· Supreme Polyweave Private Limited

Other

(enterprises over which key management personnel are able to exercise significant influence)

· The Maheshwari Graphite Udyog Private Limited

· Bank Overseas Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10 /- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1320000	Equity Shares	Rs. 10 /- each	Rs.13.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		13.200	13.200	13.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		140.898	94.418	72.320
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		154.098	107.618	85.520
LOAN FUNDS
1] Secured Loans		155.423	117.494	149.531
2] Unsecured Loans		1.433	28.520	30.526
TOTAL BORROWING		156.856	146.014	180.057
DEFERRED TAX LIABILITIES		11.893	8.865	9.602
TOTAL		322.847	262.497	275.179
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		207.778	158.452	163.116
Capital work-in-progress		23.519	0.000	0.000
INVESTMENT		0.197	0.197	0.197
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.744	50.371	87.137
	Sundry Debtors	76.935	36.256	36.956
	Cash & Bank Balances	9.345	4.832	8.071
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	56.265	77.724	68.483
Total Current Assets		210.289	169.183	200.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.173	38.879	66.549
	Other Liabilities	42.866	24.789	1.832
	Provisions	2.897	1.667	20.400
Total Current Liabilities		118.936	65.335	88.781
Net Current Assets		91.353	103.848	111.866
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		322.847	262.497	275.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	PROFIT BEFORE TAX		63.374	33.235	15.501
Less	TAX		21.702	11.543	4.620
	PROFIT AFTER TAX		41.672	21.692	10.881
	IMPORTS
		Raw Materials	NA	62.353	24.760
		Others	NA	0.149	0.068
	TOTAL IMPORTS		NA	62.502	24.828
	Earnings Per Share (Rs.)		31.57	16.43	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	15.16	10.14	4.26
Return on Investment (ROI) (PBT/Networth)		0.41	0.31	0.18
Debt Equity Ratio (Total Liability/Networth)		1.79	1.96	3.14
Current Ratio (Current Asset/Current Liability)		1.77	2.59	2.26

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
For Goods	33.138	11.720	5.396
For Expenses	20.917	18.751	8.651
For others	19.118	8.408	52.502
Total	73.173	38.879	66.549

NOTE:

The Registered Address of the company has been shifted from 581, Bhuleshwar Road, Mumbai-400002, Maharashtra, India to the present address w.e.f. 27.03.2009.

OPERATIONS:

This is the 21^th year of the Commercial Activities of the company. The company’s performance has been encouraging and the company has registered a Net Profit of Rs. 41.672 Millions in the year. The order position is encouraging and the directors are confident that the performance of the company will be much better in the current year.

CONTINGENT LIABILITIES: (AS ON 31.03.2010)

Corporate Guarantee given by company on behalf of Bang Overseas Limited (Associates concern) of Rs.360.000 Millions to ING Vysya Bank Limited.

FORM 8:

Corporate identity number of the company	U22219MH1989PTC052672
Charge Identification number of the charged to be modified	10181137
Name of the company	BANG DATA FORMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	SICOM Limited, Nirmal Building, 1^st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Nature of instrument creating charge	Supplemental Memorandum of Entry
Date of instrument Creating the charge	08.02.2010
Amount secured by the charge	Rs. 27.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of 2% over and above SICOM’s very long term references rate. In case of default in payment, additional interest @ 2.5% over and above the applicable rate of interest is to be paid. Terms of Repayment The company shall repay the said loan of Rs. 27.000 Millions to SICOM in 20 quarterly installments commencing at the end of 12 months from the date of first disbursement of the said loan: First 04 installments Rs. 0.600 Million Next 10 Installment Rs. 1.500 Millions Last 06 installments Rs. 1.600 Millions Margin Minimum margin of 14% for Phase I of the project and 39% for the total project. Extent and Operation of the charge First Pari Passu charge on the immovable property of the company
Short particulars of the property or assets charged	a) All that piece and parcel of the property being industrially converted Land bearing Plot No. A-7 measuring 11,720 sq mtrs, located at Chincholi Industrial Area, Village – Pakni b) Taluk – North Solapur, District Solapur. c) All that piece and parcel of the property being industrially converted Land bearing Plot No. A-64 measuring 9100 sq mtrs, located at Chincholi Industrial Area, Village – Chincholi, District - Solapur

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture

· Office Equipment

· Computer Software

· Vehicle

· Electrical Equipments

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	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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
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.