MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	BRINDCO SALES LIMITED
Registered Office :	3E/7, Jhandewalan Extension, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.04.1984
Com. Reg. No.:	55-18032
Capital Investment / Paid-up Capital :	Rs.495.000 Millions
CIN No.: [Company Identification No.]	U52110DL1984PLC018032
TAN No.: [Tax Deduction & Collection Account No.]	MUMB15024C
PAN No.: [Permanent Account No.]	AAACB3997N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Liquor and Beer.
No. of Employees :	150 (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 3010000
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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	3E/7, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	91-11-26383261/ 26389351/ 23525739
Fax No.:	91-11-26386618/ 51612499/ 26385294
E-Mail :	shahdharmesh2412@yahoo.co.in contact@brindco.com delhioffice@brindco.com aabidcs@rediffmail.com inderassociates@yahoo.co.in amandhall@brindco.com neeta.handa@brindcolimited.com bpsinghbrindco@rediffmail.com zolud@psb.co.in psgurleensoni@yahoo.com
Website :	http://www.brindco.com
Location :	Owned
Factory :	S – 53, Okhla Industrial Area, Phase – II, New Delhi – 110020, India
Tel. No.:	91-11-51616424/ 26388707/ 26383261/ 40646666
Fax No.:	91-11-26385294/ 26386618/ 40646684

DIRECTORS

As on 30.09.2011

Name :

Mr. Brinder Pal Singh

Designation :

Chairman Cum Managing Director

Address :

E – 38, Kalindi, Maharani Bagh, New Delhi – 110065, India

Date of Birth/Age :

15.05.1945

Date of Appointment :

28.09.2006

DIN No.:

00268202

Other Directorship:

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	U51228MH1986PTC039686	WIB DISTRIBUTORS PRIVATE LIMITED	Managing director	30-04-86	30-04-86	-	Active	NO
2	U70109RJ1988PTC004562	MANDWA FARMS PRIVATE LIMITED	Director	09-01-89	09-01-89	-	Active	NO
3	U74899DL1991PTC043330	BRINDCO INVESTMENTS PRIVATE LIMITED	Director	04-03-91	04-03-91	-	Active	NO
4	U74899DL1991PTC043331	BRINDCO ENTERPRISES PRIVATE LIMITED	Director	04-03-91	04-03-91	-	Active	NO
5	U52208MH2002PTC135495	SPAN ALCOHOL AND BEVERAGES (INDIA ) PRIVATE LIMITED	Director	11-04-02	11-04-02	-	Active	NO
6	U63023DL2002PTC117940	GOLDEN PHOTO AND WAREHOUSING PRIVATE LIMITED	Director	05-02-03	05-02-03	-	Active	NO
7	U51900MH1989PTC050469	DARSHIT IMPEX PRIVATE LIMITED	Director	05-05-05	05-05-05	-	Active	NO
8	U52110DL1984PLC018032	BRINDCO SALES LIMITED	Managing director	28-09-11	28-09-06	-	Active	NO

Name :

Mr. Smirit Dhall

Designation :

Director

Address :

E – 38, Kalindi, Maharani Bagh, New Delhi – 110065, India

Date of Birth/Age :

31.07.1950

Date of Appointment :

28.09.2006

DIN No.:

00268390

Other Directorship:

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	U39212WB1971PLC027948	SURAJIT YANTRIK SHILPA UDYOG LIMITED	Director	22-02-91	22-02-91	-	Active	YES
2	U74899DL1991PTC043330	BRINDCO INVESTMENTS PRIVATE LIMITED	Director	04-03-91	04-03-91	-	Active	NO
3	U74899DL1991PTC043331	BRINDCO ENTERPRISES PRIVATE LIMITED	Director	04-03-91	04-03-91	-	Active	NO
4	U51228MH1986PTC039686	WIB DISTRIBUTORS PRIVATE LIMITED	Director	24-09-92	24-09-92	-	Active	NO
5	U63023DL2002PTC117940	GOLDEN PHOTO AND WAREHOUSING PRIVATE LIMITED	Director	05-02-03	05-02-03	-	Active	NO
6	U52110DL1984PLC018032	BRINDCO SALES LIMITED	Director	28-09-06	28-09-06	-	Active	NO

Name :

Mrs. Inder Dhall

Designation :

Director

Address :

A – 74, East of Kalish, New Delhi – 110065, India

Date of Birth/Age :

21.06.1921

Date of Appointment :

27.04.1984

DIN No.:

00467912

Other Directorship:

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	U52110DL1984PLC018032	BRINDCO SALES LIMITED	Director	27-04-84	27-04-84	-	Active	NO
2	U51909WB1945PTC012261	PETERS AND SMITH (INDIA) PRIVATE LIMITED	Director	16-09-11	16-09-11	-	Active	YES

Name :

Mr. Amandeep Dhall

Designation :

Director

Address :

E – 38, Kalindi, Maharani Bagh, New Delhi – 110065, India

Date of Birth/Age :

19.12.1972

Date of Appointment :

01.07.2004

DIN No.:

00497674

Other Directorship:

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	U39212WB1971PLC027948	SURAJIT YANTRIK SHILPA UDYOG LIMITED	Director	22-02-91	22-02-91	-	Active	YES
2	U74899DL1991PTC043331	BRINDCO ENTERPRISES PRIVATE LIMITED	Director	02-03-93	02-03-93	-	Active	NO
3	U74899DL1991PTC043330	BRINDCO INVESTMENTS PRIVATE LIMITED	Director	02-03-93	02-03-93	-	Active	NO
4	U52110DL1984PLC018032	BRINDCO SALES LIMITED	Whole-time director	01-07-07	01-07-04	-	Active	NO
5	U51900MH1989PTC050469	DARSHIT IMPEX PRIVATE LIMITED	Director	05-05-05	05-05-05	-	Active	NO
6	U01100MH1988PLC049515	GROVER VINEYARDS LIMITED	Director	30-09-08	14-02-08	21-03-12	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Brinder Pal Singh	1511290
Simrit Dhall	190520
Indra Dhall	233200
Aman Deep Singh	979880
Simer Dhall	413600
Brindco Enterprises Private Limited	761200
Brindco Investment Private Limited	860200
Brinder Pal Singh	110
TOTAL	4950000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	32.76
Directors or relatives of Directors	67.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Liquor and Beer.

Products :

Product Description	Item Code no.
Liquor Bottles	38249011
Beer Bottles	220300000

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

v Bank of India

Jhandewalan Branch

v Axis Bank

GK2 Branch

v HDFC (Centurion Bank of Punjab)

Ludhiana, Punjab, India

v Bank of Punjab Limited

SCO, 4647, Bank of Punjab Square, Sector 9 D, Chandigarh – 141001, Punjab, India

v Punjab and Sind Bank

Sunet Branch, Ludhiana – 141001, Punjab, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	544.092	440.440
Loans taken for vehicles secured	1.204	4.948
Total	545.296	445.388

Banking Relations :	--
Auditors :
Name :	Davinder Pal Singh and Company Chartered Accountants
Address :	524-I, Model Town, Ludhiana – 141002, Punjab, India
Tel. No.:	91-161-2422279/ 2422284
Mobile No.:	91-9814025756
Pan No.:	AACFD9217D
Subsidiaries :	Surajit Yantric Shilpa Udyog Limited Darshit Impex Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.100/- each	Rs.495.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		495.000	30.000	45.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		258.346	618.518	544.006
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		753.346	648.518	589.006
LOAN FUNDS
1] Secured Loans		545.296	445.388	310.907
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		545.296	445.388	310.907
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1298.642	1093.906	899.913
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.592	51.224	50.845
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		177.147	177.147	177.146
DEFERREX TAX ASSETS		3.784	3.026	2.505
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	266.499	172.862	222.415
	Sundry Debtors	862.106	661.708	388.067
	Cash & Bank Balances	92.226	67.869	55.651
	Other Current Assets	1.490	0.066	1.226
	Loans & Advances	230.026	198.304	232.255
Total Current Assets		1452.347	1100.809	899.614
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	193.724	118.774	165.430
	Other Current Liabilities	47.811	42.589	23.465
	Provisions	140.877	76.937	41.302
Total Current Liabilities		382.412	238.300	230.197
Net Current Assets		1069.935	862.509	669.417
MISCELLANEOUS EXPENSES		2.184	0.000	0.000
TOTAL		1298.642	1093.906	899.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2978.898	2040.273	1979.591
		Other Income	58.878	51.222	49.181
		TOTAL (A)	3037.776	2091.495	2028.772
Less	EXPENSES
		Consumption materials changes inventories	2533.210	1709.993	1882.469
		Manufacturing other operating expenses	261.382	216.145
		TOTAL (B)	2794.592	1926.138	1882.469
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		243.184	165.357	146.303
Less	FINANCIAL EXPENSES (D)		55.948	44.076	37.557
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		187.236	121.281	108.746
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.015	12.016	11.674
	PROFIT BEFORE TAX (E-F) (G)		175.221	109.265	97.072
Less	TAX (H)		62.893	34.753	35.603
	PROFIT AFTER TAX (G-H) (I)		112.328	74.512	61.469
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		546.018	486.506	425.037
	Redemption of 15000 shares 10% Non Cumulative reddemable preference shares o Rs.100/- each out of profit		7.500	15.000	0.000
	BALANCE CARRIED TO THE B/S		258.346	546.018	486.506
	EARNINGS IN FOREIGN CURRENCY
		Sales	68.595	86.171	--
	TOTAL EARNINGS		68.595	86.171	--
	CIF Value of Imports
		Purchase	602.452	341.189	--
	TOTAL IMPORTS		602.452	341.189	--
	Earnings Per Share (Rs.)		215.89	331.17	313.18

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.70	3.56	3.03
Net Profit Margin (PBT/Sales)	(%)	5.77	5.35	4.90
Return on Total Assets (PBT/Total Assets}	(%)	11.70	9.48	10.21
Return on Investment (ROI) (PBT/Networth)		0.23	0.16	0.16
Debt Equity Ratio (Total Liability/Networth)		1.23	1.05	0.92
Current Ratio (Current Asset/Current Liability)		3.80	4.62	3.91

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Contingent liabilities not provided for in respect of

Bank guarantees outstanding Rs.40.547 Millions (Previous Year 22.336 Millions)

Fixed Assets

v Land

v Building

v Generators

v Office Equipments

v Air conditioners / Coolers

v Furniture and Fixture

v Vehicles

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.51.99
UK Pound	1	Rs.83.54
Euro	1	Rs.68.39

SCORE & RATING EXPLANATIONS

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