MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	BRITE PROOFINGS PRIVATE LIMITED
Registered Office :	107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai – 400 088, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.1997
Com. Reg. No.:	11-106948
Capital Investment / Paid-up Capital :	Rs.0.350 Million
CIN No.: [Company Identification No.]	U26933MH1997PTC106948
TAN No.: [Tax Deduction & Collection Account No.]	MUMB09866D
PAN No.: [Permanent Account No.]	AABCB1590J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Construction Activity like Flooring, Coating, Painting etc.
No. of Employees :	Approximately 20 (In Office) + Contract Basis Worker

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 54000
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 :	107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai – 400 088, Maharashtra, India
Tel. No.:	91-22-40433433
Fax No.:	91-22-40433441
E-Mail :	dhacas@vsnl.com admin@brppl.co.in
Website :	http://www.brppl.co.in/
Location :	Owned
Branch Office :	106, Money Point, 1^st Floor, No 59, K H Road, Bangalore – 560 027, Karnataka, India.
Fax No.:	91-80-22107268

DIRECTORS

As on 30.09.2011

Name :	Mr. Kalpathy Vaidyanath
Designation :	Director
Address :	23 – B, Panorama Golf View CHS. Limited S.T Road, Chembur, Mumbai – 400071, Maharashtra
Date of Birth/Age :	06.04.1948
Date of Appointment :	31.03.1997
DIN No.:	00603833
Name :	Mr. Vaidyanath Ramnath
Designation :	Director
Address :	23 – B, Panorama Golf View, C.H.S Limited, Sion – Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Date of Birth/Age :	19.10.1977
Date of Appointment :	31.03.1997
DIN No.:	00603781
Name :	Mrs. Jyothasana Ramnath
Designation :	Director
Address :	23 – B, Panorama Golf View, C.H.S Limited, Sion – Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Date of Birth/Age :	07.04.1979
Date of Appointment :	01.12.2009
DIN No.:	02888566

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kalpathy Vaidyanath	875
Vaidyanath Ramnath	1750
Jyothasana Ramnath	875
TOTAL	3500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Construction Activity like Flooring, Coating, Painting etc.

GENERAL INFORMATION

Customers :

· AstraZeneca International

· Biocon

· Cipla

· GlaxoSmithKline

· L’Oreal India

· Macleods

· Micro Labs

· Reliance Life Sciences

· Wockhardt

No. of Employees :

Approximately 20 (In Office) + Contract Basis Worker

Bankers :

· ICICI Bank

· Citi Bank N.A., Trent House, 2^nd floor, G B Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Vehicle Loan : From ICICI Bank (Hypothecation of Car)	0.760	1.065
Cash Credit Facility From : (Secured By Hypothecation of Stock and Book Debts)	29.995	18.419
Term Loan from Banks	10.412	5.766
Citibank Loan for Property at Bangalore	1.794	2.229
Total	42.961	27.479
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors :
K.R. Vaidyanath	2.113	1.085
V. Ramnath	2.453	1.135
Jyothsana Ramnath	2.963	0.769
Total	7.529	2.989

Banking Relations :	--
Auditors :
Name :	Divakar Hari And Associates
Address :	611/612, Raikar Chambers, S. P. Road, Deonar, Mumbai – 400088, Maharashtra, India
PAN.:	AAAPN9087E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500	Equity Shares	Rs.100/- each	Rs.0.350 Million

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		0.350	0.350	0.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.114	10.559	7.726
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.464	10.909	8.076
LOAN FUNDS
1] Secured Loans		42.961	27.479	13.109
2] Unsecured Loans		7.529	2.989	1.330
TOTAL BORROWING		50.490	30.468	14.439
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		63.954	41.377	22.515
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.652	26.151	10.321
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.044
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.650	7.766	9.483
	Sundry Debtors	33.508	31.969	26.242
	Cash & Bank Balances	1.034	1.223	1.472
	Other Current Assets	2.454	0.209	1.783
	Loans & Advances	3.012	0.894	1.731
Total Current Assets		57.658	42.061	40.711
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.465	17.533	18.498
	Other Current Liabilities	1.273	7.197	6.099
	Provisions	3.618	2.105	3.964
Total Current Liabilities		21.356	26.835	28.561
Net Current Assets		36.302	15.226	12.150
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		63.954	41.377	22.515

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	191.897	151.919	127.587
		Other Income	0.137	0.443	0.151
		TOTAL	192.034	152.362	127.738
Less	EXPENSES
		Material Consumption	135.502	108.387	79.973
		Contract Site Overheads	24.651	22.101	32.305
		Selling & Distribution Overheads	5.605	3.909	3.091
		Administrative Overheads	13.619	8.862	5.850
		TOTAL	179.377	143.259	121.219
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.657	9.103	6.519
Less	FINANCIAL EXPENSES		4.520	2.523	1.680
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.137	6.580	4.839
Less/ Add	DEPRECIATION/ AMORTISATION		2.886	2.193	1.144
	PROFIT BEFORE TAX		5.251	4.387	3.695
Less	PRIOR PERIOD ITEMS		0.015	0.000	0.000
Less	TAX		1.622	1.368	0.746
	PROFIT AFTER TAX		3.614	3.019	2.949
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.332	7.313	4.364
	BALANCE CARRIED TO THE B/S		13.946	10.332	7.313
	Earnings Per Share (Rs.)		1032.48	862.60	697.96

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.88	1.98	2.31
Net Profit Margin (PBT/Sales)	(%)	2.74	2.89	2.90
Return on Total Assets (PBT/Total Assets}	(%)	6.15	7.65	7.24
Return on Investment (ROI) (PBT/Networth)		0.39	0.40	0.46
Debt Equity Ratio (Total Liability/Networth)		5.34	5.25	5.32
Current Ratio (Current Asset/Current Liability)		2.70	1.57	1.43

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

NOTE

The Registered Office of the company has been shifted from 128/223 Acharya Commercial Centre, Dr. C G Road, Chembur, Mumbai – 400 074, Maharashtra, India to the present address.

OPERATIONS

The Company for the Financial year has achieved a Total Turnover of Rs.191.897 millions (Previous Year Rs.151.919 millions). Miscellaneous Income of Rs.0.137 million (Previous Year Rs.0.443 million). The Company has earned the Profit before Taxation to the tune of Rs.5.251 millions (Previous Year Rs.4.836 millions)

FORM 8

Corporate identity number of the company	U26933MH1997PTC106948
Name of the company	BRITE PROOFINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai – 400 088, Maharashtra, India Email: dhacas@vsnl.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Citi Bank N.A., Trent House, 2^nd floor, G B Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India Email: vlaxman@vsnl.com
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	06.04.2011
Amount secured by the charge	Rs.43.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by the bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The Company created mortgage by deposit of title deeds with the Bank in respect of immovable properties described in Column No.15 below as security for repayment of its Rs.43.000 millions, together with interest, additional interest, liquidated damages, commitment charges, premia on repayment or on redemption, costs, expenses and other monies due and payable by the Borrower to the Citibank N.A.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable properties being Office Nos.107 and 108, Raikar Chambers Premises Society Limited, Village Deonar, Kurla Taluka, Mumbai - 400088. Immovable properties being Office Nos.109 and 110, Raikar Chambers Premises Society Limited, Village Deonar, Kurla Taluka, Mumbai - 400088. Immovable properties being Shop No.006, Ground Floor, A Wing, Raikar Chambers Premises Society Limited, Village Deonar, Kurla Taluka, Mumbai - 400088. Immovable properties being Shop No.007, Ground Floor, A Wing, Raikar Chambers Premises Society Limited, Village Deonar, Kurla Taluka, Mumbai - 400088.

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Report Prepared by :

MYI

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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.