MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	NILKAMAL BITO STORAGE SYSTEMS PRIVATE LIMITED
Registered Office :	77-78, Nilkamal House, Road No.13-14, MIDC, Andheri (East) Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.2006
Com. Reg. No.:	11-161327
Capital Investment / Paid-up Capital :	Rs.44.400 Millions
CIN No.: [Company Identification No.]	U63020MH2006PTC161327
TAN No.: [Tax Deduction & Collection Account No.]	MUMN13742B
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Metal Storage Systems.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 998000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a 50:50 Joint Venture between Nilkamal Limited, India, and Bito Lagertechnik Bithmann Gmbh, Germany. It is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability of the company is under pressure. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Nitin Goyal
Designation :	Finance Head
Contact No.:	91-22-26818613/ 14
Date :	24.02.2012

LOCATIONS

Registered/ Admin. Office :	77-78, Nilkamal House, Road No.13-14, MIDC, Andheri (East) Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26818888/ 28361366/ 26818653
Fax No.:	91-22-28210920/ 28361923/ 28367891
E-Mail :	nitin.goyal@nbss.in investor@nilkamal.com storagesolutions@nbss.in
Website :	http://www.nbss.in
Location :	Owned
Factory :	Industrial Growth Centre, Phase – II, SAMBA, Jammu and Kashmir – 184121, India
Tel. No.:	91-1923-2317770/1/2/3
Location :	Leased
Regional Offices :	Located at: · Ahmedabad · Aurangabad · Bangalore · Chandigarh · Chennai · Cochin · Coimbatore · Dehradun · Delhi · Faridabad · Ghaziabad · Goa · Gurgaon · Guwahati · Indore · Jaipur · Jamshedpur · Kanpur · Kolkata · Ludhiana · Madurai · Nashik · Noida · Pune · Secunderabad · Surat

DIRECTORS

(AS ON 15.09.2011)

Name :	Mr. Nayan Sharad Parekh
Designation :	Director
Address :	Nain Basera, 39 8^th Road, JVPD Scheme, Vile Parle, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	08.03.1972
Date of Appointment :	24.04.2006
DIN No.:	00037597
Name :	Mr. Hiten Vamanrai Parekh
Designation :	Director
Address :	36, Naman, 11^th Road, JVPD Scheme, Vile Parle, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	27.05.1963
Date of Appointment :	24.04.2006
DIN No.:	00037550
Name :	Mr. Manish Vamanrai Parekh
Designation :	Director
Address :	Prabhu Prem, 12^th Road, JVPD Scheme, Vile Parle, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	04.02.1969
Date of Appointment :	24.04.2006
DIN No.:	00037724
Name :	Mr. Detlef Willi Ganz
Designation :	Director
Address :	AUF DER Beind 14, 55590 Meisenheim, Germany, Meisenheim
Date of Birth/Age :	01.09.1964
Date of Appointment :	24.04.2006
DIN No.:	00946056
Name :	Mr. Bernd Gruendemann
Designation :	Director
Address :	Breidenborner Strasse 3, Kaiserslautern Germany 67657 Kaiserslautern
Date of Birth/Age :	09.06.1969
Date of Appointment :	23.10.2007
DIN No.:	02150040
Name :	Mr. Robert Erhard Schillinger
Designation :	Director
Address :	AM Eichenhain 67745 Grumbach Germany, Grumbach
Date of Birth/Age :	13.10.1963
Date of Appointment :	24.04.2006
DIN No.:	00946110

KEY EXECUTIVES

Name :	Mr. Nitin Goyal
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.09.2011)

Names of Shareholders	No. of Shares
Nilkamal Limited, India	2220000
Bito Lagertechnik Bittmann Gmbh, Germany	2220000
Total	4440000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Metal Storage Systems.

Products :

Products Description	Item Code No.:
Upright, Beam, Bracing, Spacer, Hook Connector, etc.	3440
Flow Rail System, Pallet System, Multitier System etc,	3402
Drive in System, Cantiliver System, mobile Pallet System etc.	3419

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Material Handing Storage Systems of Metal	MT	--	15000	3354

GENERAL INFORMATION

Customers :

Retailers, End Users and OEM’s

No. of Employees :

140 (Approximately)

Bankers :

· State Bank of India

Commercial Branch, NGN Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan from a Bank	25.609	45.156
Working Capital Loan from Banks	28.047	79.360
Short Term Loan from a Bank	--	5.000
Total	53.656	129.516

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountant
Address :	2^nd Floor, 252, Veer Savarkar road, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AAAFD0907D
Joint Venture :	· Nilkamal Limited · Bito Lagertechnik Bittmann, Gmbh
Associates/Subsidiaries :	· Nilkamal Eswarun Plastics (Private) Limited
Enterprise owned or significantly influenced by the joint venture partners, where transaction have taken place.	· Nilkamal Crates and Bins, FZE · Cambro Nilkamal Private Limited
Enterprises owned or significantly influenced by Key Management Personnel or their relatives where transactions have taken place.	· Nilkamal Crates and Containers

CAPITAL STRUCTURE

(AS ON 15.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4440000	Equity Share	Rs.10/- each	Rs.44.400 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		44.400	44.400	36.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		402.466	402.466	332.266
4] (Accumulated Losses)		(197.321)	(190.728)	(110.149)
NETWORTH		249.545	256.138	258.717
LOAN FUNDS
1] Secured Loans		53.656	129.516	124.342
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		53.656	129.516	124.342
DEFERRED TAX LIABILITIES		9.454	9.839	7.951
TOTAL		312.655	395.493	391.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		216.978	240.697	262.721
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.212	79.769	77.736
	Sundry Debtors	90.962	129.861	52.033
	Cash & Bank Balances	1.198	0.790	1.007
	Other Current Assets	4.185	4.628	3.098
	Loans & Advances	11.296	28.622	30.183
Total Current Assets		165.853	243.670	164.057
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	58.107	72.527	23.716
	Other Current Liabilities	6.641	8.824	6.075
	Provisions	5.428	7.523	5.977
Total Current Liabilities		70.176	88.874	35.768
Net Current Assets		95.677	154.796	128.289
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		312.655	395.493	391.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL (A)	385.188	363.049	281.000
Less	EXPENSES
		TOTAL (B)	388.922	403.089	310.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3.734)	(40.040)
Less	FINANCIAL EXPENSES (D)		10.271	14.863
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(14.005)	(54.903)	(Including Financial expenses and depreciation)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.638	23.786
	PROFIT BEFORE TAX (E-F) (G)		(37.643)	(78.689)	(29.200)
Less	TAX (H)		(31.050)	1.890	8.000
	PROFIT AFTER TAX (G-H) (I)		(6.593)	(80.579)	(37.200)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.300	6.106	5.171
	TOTAL EARNINGS		8.300	6.106	5.171
	IMPORTS
		Raw Materials and Components	1.173	29.316	26.984
		Stores, Spares and Others	0.494	0.000	0.632
		Merchanting and Capital Goods	1.733	23.412	16.362
	TOTAL IMPORTS		3.400	52.728	43.978
	Earnings Per Share (Rs.)		(1.48)	(21.98)

Expected Sales (2011-12): Rs.400.000 Millions

The above information has been parted by Mr. Nitin Goyal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.71)	(22.20)	(13.24)
Return on Total Assets (PBT/Total Assets}	(%)	(9.83)	(16.25)	(6.84)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.31)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		0.50	0.85	0.62
Current Ratio (Current Asset/Current Liability)		2.36	2.74	4.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	58.107	72.527	23.716
Total	58.107	72.527	23.716

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FINANCIALS:

The Company's net turnover and other income was Rs.385.188 Millions for the current financial year as against Rs. 363.049 Millions of the previous year. The total operating expenses incurred by the Company was Rs.388.922 Millions after charging an interest cost of Rs.10.271 Millions and depreciation of Rs. 23.638 Millions. The total loss for the year amounted to Rs. 6.593 Millions as compared to Rs. 80.579 Millions of the previous year. The Company has achieved a cash break even during the year.

FORM 8:

Corporate identity number of the company	U63020MH2006PTC161327
Name of the company	NILKAMAL BITO STORAGE SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	77/78, Nilkamal House, Road No.13/14, MIDC, Andheri East, Mumbai – 400093, Maharashtra, India investor@nilkamal.com
This form is for	Modification of charge
Charge identification number of the modified	10041695
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India Commercial Branch, N. G. N. Vaidya Marg, Fort, Mumbai – 400001, Maharashtra, India r.pandole@sbi.co.in
Nature of description of the instrument creating or modifying the charge	No Dues Certificate dated 1st February, 2012 issued by the State Bank of India with respect to repayment of Term Loan Facility bearing Account No. 30122827723 of Rs. 80.000 Millions against which an amount of Rs. 65.200 Millions was outstanding as on the date of modification of charge on 9th September, 2009.
Date of instrument Creating the charge	01.02.2012
Amount secured by the charge	Rs.155.000 Millions
Date of latest modification prior to the present modification	09.09.2009
Particulars of the present modification	The present modification is by way of reduction in borrowings from Rs. 220.200 Millions to Rs.155.000 Millions pursuant to the No Dues Certificate dated 1st February, 2012 issued by the State Bank of India with respect to repayment of Term Loan Facility bearing Account No. 30122827723 of Rs. 80.000 Millions against which an amount of Rs. 65.200 Millions was outstanding as on the date of modification of charge on 9th September, 2009.

FIXED ASSETS:

· Leasehold

· Building

· Plant and Machinery

· Electrical Installations and Equipment

· Computer

· Office Equipment

· Furniture and Fixture

· 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.49.07
UK Pound	1	Rs.77.19
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.