MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	BEST PRACTICE WASHROOMS PRIVATE LIMITED
Registered Office :	108/1, Rajkar Building, Sher-E-Punjab, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.10.2007
Com. Reg. No.:	11-175258
Capital Investment / Paid-up Capital :	Rs.0.250 million
CIN No.: [Company Identification No.]	U52312MH2007PTC175258
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18047B
PAN No.: [Permanent Account No.]	AADCB2700L
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Washroom Products.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject 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 on a safe and secured 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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mrs. Swatee Ghatpande
Designation :	Admin Manager
Contact No.:	91-9324643636
Date :	16.01.2012

LOCATIONS

Registered Office :	108/1, Rajkar Building, Sher-E-Punjab, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28325239 / 28262898 / 65264260
Mobile No.:	91-9324643636 (Mrs. Swatee Ghatpande)
Fax No.:	91-22-28301359
E-Mail :	info@bpw.co.in
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Vinay Mahendra Ruparel
Designation :	Director
Address :	12/93, Aradhna Apartment, Opposite Andra School, Wadala, Mumbai – 400 031, Maharashtra, India
Date of Birth/Age :	02.08.1968
Date of Appointment :	22.10.2007
DIN No.:	00637203

Other Directorship

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	U51101MH2006PTC159993	Jade Consumer Products India Private Limited	Director	24-02-06	24-02-06	Active	NO
2	U52312MH2007PTC175258	Best Practice Washrooms Private Limited	Director	22-10-07	22-10-07	Active	NO
3	U24100MH2011PTC223233	Saatvik Hygiene Products Private Limited	Director	19-10-11	19-10-11	Active	NO

Name :	Mr. Abbas Ismail Contractor
Designation :	Director
Address :	Block No. 402, Krishna Building, 68/69 Pochkhanwala Road, Worli, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	20.07.1961
Date of Appointment :	22.10.2007
DIN No.:	00637326

Other Directorship

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	U51101MH2006PTC159993	Jade Consumer Products India Private Limited	Director	24-02-07	24-02-07	Active	NO
2	U52312MH2007PTC175258	Best Practice Washrooms Private Limited	Director	22-10-07	22-10-07	Active	NO
3	U45400MH2011PTC212661	Silverkrust Infrastructure Private Limited	Director	22-01-11	22-01-11	Active	NO
4	U24100MH2011PTC223233	Saatvik Hygiene Products Private Limited	Director	19-10-11	19-10-11	Active	NO

Name :	Mr. Sadanand Shivajirao Shinde
Designation :	Director
Address :	B, 602, Lokhandwala Residency, Manjrekar Lane, Off E Moses Road, Worli, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	17.04.1966
Date of Appointment :	22.10.2007
DIN No.:	00893156

Other Directorship

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	U51101MH2006PTC159993	Jade Consumer Products India Private Limited	Additional director	27-12-06	27-12-06	Active	NO
2	U52312MH2007PTC175258	Best Practice Washrooms Private Limited	Director	22-10-07	22-10-07	Active	NO
3	U45202MH2011PTC214649	Glosson Surface Solutions Private Limited	Director	11-03-11	11-03-11	Active	NO
4	U24100MH2011PTC223233	Saatvik Hygiene Products Private Limited	Director	19-10-11	19-10-11	Active	NO

Name :	Mr. Hydros Jassem Mohamed Kooliyattil
Designation :	Director
Address :	No. 7, Ferndale Apartments, 3^rd Cross, Artillery Road, Bangalore – 560 008, Karnataka, India
Date of Birth/Age :	11.08.1963
Date of Appointment :	22.10.2007
DIN No.:	00895522

Other Directorship

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	U51101MH2006PTC159993	Jade Consumer Products India Private Limited	Additional director	27-12-06	27-12-06	Active	NO
2	U52312MH2007PTC175258	Best Practice Washrooms Private Limited	Director	22-10-07	22-10-07	Active	NO
3	U30007TN2008PTC068811	Percept Printing Solutions Private Limited	Director	07-08-08	07-08-08	Active	NO
4	U74990MH2008PTC189074	Fragrance Delivery Technologies Private Limited	Director	22-12-08	22-12-08	Active	NO
5	U72200KA2009PTC051038	Primedia Print Solutions Private Limited	Director	25-09-09	25-09-09	Active	NO
6	U24100MH2011PTC223233	Saatvik Hygiene Products Private Limited	Director	19-10-11	19-10-11	Active	NO

Name :	Mr. Riaz Malikkaravide Kottal
Designation :	Director
Date of Appointment :	22.10.2007
DIN No.:	00893188

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	U51101MH2006PTC159993	Jade Consumer Products India Private Limited	Additional director	27-12-06	27-12-06	-	Active	NO
2	U52312MH2007PTC175258	Best Practice Washrooms Private Limited	Director	22-10-07	22-10-07	-	Active	NO
3	U30007TN2008PTC068811	Percept Printing Solutions Private Limited	Director	07-08-08	07-08-08	-	Active	NO
4	U74990MH2008PTC189074	Fragrance Delivery Technologies Private Limited	Director	22-12-08	22-12-08	-	Active	NO
5	U72200KA2009PTC051038	Primedia Print Solutions Private Limited	Director	25-09-09	25-09-09	-	Active	NO
6	U85110KL2002PTC015726	Sunrise Institute Of Medical Sciences Private Limited	Director	30-09-10	10-08-10	05-01-11	Active	NO
7	U74900TN2009PTC073892	Blushing Cherry Private Limited	Director	14-09-10	14-09-10	-	Active	NO
8	U24100MH2011PTC223233	Saatvik Hygiene Products Private Limited	Director	19-10-11	19-10-11	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Swatee Ghatpande
Designation :	Admin Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinay Mahendra Ruparel	5000
Abbas Ismail Contractor	5000
Sadanand Shivajirao Shinde	5000
Riaz Malikkaravide Kottal	5000
Hydros Jassem Mohamed Kooliyattil	5000
Total	25000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Washroom Products.
Product Description :	· Dispensors · Refills · Acessories
Services :	· Air care · Surface care · Hand care · Skin care · Water management system · Feminine hygiene systems · Restroom care
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

· Reliance

· Taj

· Times of India

No. of Employees :

150 (Approximately)

Bankers :

ING Vysya Bank Limited

Plot No. 509, “Sharada”, 32^nd Road, Opposite R. D. National College, Bandra (West), Mumbai – 400 050, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loan from Kotak Mahindra Prime Limited (Secured by hypothecation of a vehicle)	0.000	0.064
Total	0.000	0.064

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loan from Directors	2.550	2.550
Jade International	2.545	0.945
Total	5.095	3.495

Banking Relations :	--
Auditors :
Name :	Rajgopal and Badrinarayanan Chartered Accountants
Address :	202, Sagar Avenue, Above ICICI Bank, S. V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Tel. No.:	91-22-26205701
E-Mail :	buma@vsnl.com
PAN No.:	AACFR5386A

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.10/- each	Rs.0.250 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		0.250	0.250	0.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.058	0.000
4] (Accumulated Losses)		(1.958)	0.000	(0.709)
NETWORTH		(1.708)	0.308	(0.459)
LOAN FUNDS
1] Secured Loans		0.000	0.064	0.119
2] Unsecured Loans		5.095	3.495	4.720
TOTAL BORROWING		5.095	3.559	4.839
DEFERRED TAX LIABILITIES		0.014	0.009	0.000
TOTAL		3.401	3.876	4.380
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.707	0.630	0.320
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.105	0.100	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.011
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.110	15.876	8.341
	Sundry Debtors	9.065	4.931	2.176
	Cash & Bank Balances	1.048	0.734	2.205
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.127	5.851	2.505
Total Current Assets		45.350	27.392	15.227
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.453	23.618	11.110
	Other Current Liabilities	1.312	0.088	0.081
	Provisions	0.996	0.540	0.012
Total Current Liabilities		42.761	24.246	11.203
Net Current Assets		2.589	3.146	4.024
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3.401	3.876	4.380

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	46.506	25.690	11.102
		Other Income	4.086	1.257	0.483
		TOTAL	50.592	26.947	11.585
Less	EXPENSES
		Cost of goods sold	31.169	17.897	8.009
		Personnel Expenses	10.836	2.629	0.273
		Operating Expenses	10.393	5.332	3.417
		TOTAL	52.398	25.858	11.699
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.806)	1.089	(0.114)
Less/ Add	DEPRECIATION/ AMORTISATION		0.205	0.155	0.085
	PROFIT/(LOSS) BEFORE TAX		(2.011)	0.934	(0.199)
Less	TAX		0.005	0.167	0.012
	PROFIT/(LOSS) AFTER TAX		(2.016)	0.767	(0.211)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.058	(0.709)	(0.498)
	BALANCE CARRIED TO THE B/S		(1.958)	0.058	(0.709)
	Earnings Per Share (Rs.)		(80.64)	30.68	(8.44)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.98)	2.85	(1.82)
Net Profit Margin (PBT/Sales)	(%)	(4.32)	3.64	(1.79)
Return on Total Assets (PBT/Total Assets}	(%)	(4.37)	3.33	(1.28)
Return on Investment (ROI) (PBT/Networth)		1.18	3.03	0.43
Debt Equity Ratio (Total Liability/Networth)		(28.02)	90.28	(34.95)
Current Ratio (Current Asset/Current Liability)		1.06	1.13	1.36

LOCAL AGENCY FURTHER INFORMATION

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

ACCOUNTS

The financial year ended on 31 March 2011, the company has resulted in a Loss of Rs.2.016 millions after providing for depreciation of Rs.0.204 million and Deferred Tax Liability of Rs.0.005 million. Keeping in mind the need to plough back the funds for growth in business, the Directors do not recommend any dividend for the year.

PERFORMANCE

The company has achieved a Turnover of Rs.46.506 millions and confident of improving the performance of the company in the current year. The Board of Directors has made concerted efforts to consolidate the position of the company during the year.

FORM 8

Corporate identity number of the company	U52312MH2007PTC175258
Name of the company	BEST PRACTICE WASHROOMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	108/1, Rajkar Building, Sher-E-Punjab, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Floating charge · Others o Hypothecation of stock
Particular of charge holder	ING Vysya Bank Limited Plot No. 509, “Sharada”, 32^nd Road, Opposite R. D. National College, Bandra (West), Mumbai – 400 050, Maharashtra, India E-Mail : cms@companiesinn.com
Nature of instrument creating charge	General Hypothecation Agreement.
Date of instrument Creating the charge	21.03.2011
Amount secured by the charge	Rs.10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SOD-BLT : IVBR+3.25% Terms of Repayment SOD-BLT : 2 years with annual review. Margin SOD-BLT : NA Extent and Operation of the charge First charge on the stocks - present and future. First charge on the book debts - present and future Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the book debts of the company both present and future at 1. Garage, Plot No.108, Sher-E, Punjab Society Mahakali Caves Road, Andheri (E), Mumbai - 400093. 2. W/87, Unistep House, MIDC, Rabale, Navi Mumbai and 3. Plot No.24, Village Valiv, Panaspada, Opposite K.T Industry, Vasai (E), District Thane. All the book debts of the company both present and future.

TRADE REFERENCES

· Reliance

· Taj

· Times of India

FIXED ASSETS

· Vehicle

· Computer

· Furniture and Fixture

· Software

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.51.65
UK Pound	1	Rs.79.10
Euro	1	Rs.65.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		22

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.