MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	SHREE BAJRANG SALES PRIVATE LIMITED
Registered Office :	Flat No. 101, “Maa Ashish” Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.01.1989
Com. Reg. No.:	11-50265
Capital Investment / Paid-up Capital :	Rs. 8.503 Millions
CIN No.: [Company Identification No.]	U51900MH1989PTC050265
TAN No.: [Tax Deduction & Collection Account No.]	NGPB00121C
PAN No.: [Permanent Account No.]	AAECS0955M
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Ores, Minerals and Metals.
No. of Employees :	50 (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 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 (30.09.2011)	Current Rating (31.12.2011)
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

Name :	Mr. Ashish
Designation :	Chief Executive Officer
Contact No.:	91-9422102641
Date :	23.04.2012

LOCATIONS

Registered Office :	Flat No. 101, “Maa Ashish” Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-712-2725884
Mobile No.:	91-9422102641 (Mr. Ashish)
Fax No.:	91-712-2721984
E-Mail :	cspinkush@gmail.com ashish@bhartias.com
Area :	950 sq. ft.
Location :	Owned
Factory :	20, New Cotton Market, Nagpur – 440018, Maharashtra, India
Tel. No.:	91-712-2725884 / 6666555
Fax No.:	91-2721484
Area :	10000 sq.ft
Location :	Owned
Branch 1 :	Arva Rice Mill, Mithumuda, Raigarh, Chhattisgarh – 496001, India
E-Mail :	ritesh_goyal_raigarh@yahoo.com raigarh@bhartias.com
Branch 2 :	Ring Road No. 1, Shaheed Bhagat Singh Ward No. 13, 1^st Lane, Plot No. 103, Tatibandh Transport Nagar, Raipur – 492010, India
Branch 3 :	X-49, MIDC Industrial Estate, Hingna Road, Nagpur – 440016, Maharashtra, India
Branch 4 :	Plot No. 65, Survey No. 70-72, Sanjeeviah Nagar Co-op House Building Society Limited, Thokatta, Secunderabad, Bowenpally, Hyderabad Urban, Andhra Pradesh – 500011, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Santkumar Bhartia
Designation :	Managing Director
Address :	Sarswati, Khare Town, Dharmpeth, Nagapur – 440010, Maharashtra, India
Date of Appointment :	01.12.1991
DIN No.:	00432335

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	U51900MH1989PTC050265	SHREE BAJRANG SALES PRIVATE LIMITED	Managing director	01-12-91	01-12-91	Active	NO

Name :	Mr. Devendra Bhartia
Designation :	Director
Address :	Plot No. 8A, Law College, 204 Sarita Co-op. Housing Society Chourasta, Nagpur – 440010, Maharashtra, India
Date of Appointment :	01.09.2004
DIN No.:	00432429

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	U65990MH1992PTC066712	BHARTIA LEASING PRIVATE LIMITED	Director	11-05-92	11-05-92	Active	NO
2	U26922MH1998PTC114813	SHREE BHARTIA CEMENTS PRIVATE LIMITED	Director	15-07-99	15-07-99	Active	NO
3	U51900MH1989PTC050265	SHREE BAJRANG SALES PRIVATE LIMITED	Director	01-09-04	01-09-04	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Allottees	No. of Equity Shares Allotted
Laxminarayan Chaturbhuj Bhartia	1800
Devendra Chaturbhuj Bhartia	13995
Harsh Santkumar Bhartia	2295
Preeti Devendra Bhartia	2295
Reeti Devendra Bhartia	2295
Ekta Jagdamba Bhartia	2295
Radhika Yudhisthir Bhartia	2295
Vidhi Surendra Bhartia	2295
Jagdambaprasad Chaturbhuj Bhartia	45
Santkumar C. Bhartia	45
Surendra Chaturbhuj Bhartia	14850
Yudhisthir Chaturbhuj Bhartia	90
Tarun Chaturbhuj Bhartia	13500
Balkrishna Chaturbhuj Bhartia	45
Sudhir Laxminarayan Bhartia	45
Samir Laxminarayan Bhartia	45
Usha Laxminarayan Bhartia	45
Smt Renu Santkumar Bhartia	45
Smt. Shashi Yudhisthir Bhartia	45
Annapurna Pradumna Thakar	45
Rukmani Dulhanoomal Narwani	45
Meena Surendra Bhartia	45
Kuhu Tarun Bhartia	495
Aparna Balkrishna Bhartia	2295
Vidhan Surendra Bhartia	2295
Rahul Yudhisthir Bhartia	2295
Nikunj Devendra Bhartia	2295
Nikhil Devendra Bhartia	2295
Juhi Jagdamba Prasad Bhartia	2295
Ashish Santkumar Bhartia	2295
Swati Balkrishna Bhartia	2295
Ayush Santkumar Bhartia	2295
Chetan Jagdamba Prasad Bhartia	2295
Shardadevi Devendra Bhartia	45
Bharatbhushan Babulal Mehadia	450
Gitadevi Ghanshamdas Vyas	45
Nikhilesh Pradyumna Thakar	45
Seema Nikhilesh Thakar	450
Rita Sudhir Bhartia	45
Total	83025

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 :	Manufacturer and Exporter of Ores, Minerals and Metals.
Exports :
Products :	Ores Minerals and Metals
Countries :	Nepal Saudi Arabia
Imports :
Products :	Raw Materials
Countries :	China Russia South Africa
Terms :
Selling :	Cash and Credit (30 Days and 60 Days)
Purchasing :	Cash and Credit (30 Days and 60 Days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Cement Division	M. Tonns	NA	6000

GENERAL INFORMATION

Suppliers :

PRS Metallic Limited, Kolkata

Customers :

• Jayaswals New India Limited, Nagpur
• Wholesalers, Retailers and End Users

No. of Employees :

50 (Approximately)

Bankers :

· Industrial Development Bank of India Limited, Sitabuldi Branch, Shewalkar Building, Jhashi Rani Square, Sitabuldi, Nagpur - 440012, Maharashtra, India

• HDFC Bank, Nagpur, Maharashtra, India
• Punjab National Bank, Nagpur, Maharashtra, India
• IDBI Bank, India

Facilities :

Secured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loans
IDBI Bank Term Loams (FDR)	0.152	0.152
Cholamandalam Finance	0.014	0.170
G F Money	9.517	9.966
HDFC Bank (Car Loan)	0.000	0.038
Tata Capital	0.063	0.422
Standard Chartered Bank Limited (LAP)	18.945	--
(Secured against hypothecation of Plant, Machinery and Building of Aqua Pure Unit) (Secured against Hypothecation of Vehicles)
Secured Loans By Third Party Property Mortgage
IDBI Bank Limited	0.000	0.496
IDBI Bank Limited (Raipur)	0.012	0.022
Cash Credit
From IDBI Bank Limited	30.987	27.836
From Union Bank of India	2.619	1.881
From IDBI Bank Limited	--	0.000
(secured against hypothecation Stock and Debtors of Trading Division, Cement part and Aqua Pure Unit Respectively)
Total	62.309	40.983
Unsecured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	1.106	0.984
From Shareholders	62.416	53.798
Total	63.522	54.782

Banking Relations :
Auditors :
Name :	Jain Bhartia and Associates Chartered Accountants
Address :	77, Sadoday Complex, C A Road, Nagpur – 440002, Maharashtra, India
PAN No.:	AACFJ7530L
Associates/Subsidiaries :	Shree Bhartia Cements Private Limited CIN No.: U26922MH1998PTC114813

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Share	Rs. 100/- each	Rs. 9.000 Millions
10000	Preference Share	Rs. 100/- each	Rs. 1.000 Million
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83025	Equity Share	Rs. 100/- each	Rs. 8.303 Millions
2000	Preference Share	Rs. 100/- each	Rs. 0.200 Million
	Total		Rs. 8.503 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		8.503	8.503	8.503
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		66.699	63.115	52.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		75.202	71.618	61.273
LOAN FUNDS
1] Secured Loans		62.309	40.983	25.744
2] Unsecured Loans		63.522	54.781	42.336
TOTAL BORROWING		125.831	95.764	68.080
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		201.033	167.382	129.353
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.753	36.552	27.277
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		29.122	27.620	27.420
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.207	27.589	32.574
	Sundry Debtors	123.229	69.554	12.418
	Cash & Bank Balances	9.794	1.769	2.262
	Other Current Assets	1.862	1.684	1.551
	Loans & Advances	16.265	40.182	53.410
Total Current Assets		207.357	140.778	102.215
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.474	12.814	17.562
	Other Current Liabilities	45.668	24.610	9.815
	Provisions	0.057	0.144	0.182
Total Current Liabilities		72.199	37.568	27.559
Net Current Assets		135.158	103.210	74.656
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		201.033	167.382	129.353

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	485.936	484.749
		Other Income	0.401	0.762
		TOTAL (A)	486.337	485.511
Less	EXPENSES
		Purchases	477.997	433.883
		Cost of Material Consumed	2.253	9.285
		Increase / Decrease in stock	(27.331)	3.868
		Processing Expenses	0.050	0.528
		Power	0.379	1.298
		Payment and Provisions to Employee	2.567	4.556
		Marketing and Distribution Expenses	2.208	6.746
		I.S.I Royalty	0.498	0.417
		Taxes and Insurance	9.863	7.067
		Administrative Expenses	9.977	9.437
		TOTAL (B)	478.461	477.085
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.876	8.426
Less	FINANCIAL EXPENSES (D)		6.769	6.881
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.108	1.544
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.029	1.097
	PROFIT BEFORE TAX (E-F) (G)		0.079	0.447
Less	TAX (I)		0.024	0.000
	PROFIT AFTER TAX (G-I) (J)		0.055	0.447
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.792	2.345
	BALANCE CARRIED TO THE B/S		2.847	2.792
	IMPORTS
		Goods	22.000	20.600
	TOTAL IMPORTS		22.000	20.600
	Earnings Per Share (Rs.)		0.01	--

Particulars	31.03.2012
Sales Turnover (Approximately)	750.000 (More Sale in Domestic Market)

Expected Sales (2012-2013): Rs. 830.000 Millions

The above information has been parted by Mr. Ashish

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.01	0.09	NA
Net Profit Margin (PBT/Sales)	(%)	0.02	0.09	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.25	NA
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	NA
Debt Equity Ratio (Total Liability/Networth)		2.63	1.86	1.56
Current Ratio (Current Asset/Current Liability)		2.87	3.75	3.71

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. Constructions of the firm	Yes
4. Premises details	Yes
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	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last two years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	Yes
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
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 20, New Cotton Market, Nagpur – 440018, Maharashtra, India, to the present address w.e.f. 15.01.2009.

FIXED ASSETS:

· Plant and Machinery

Office Building

Vehicles

Furniture and fixtures

Office Equipment

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. 53.46
UK Pound	1	Rs. 86.27
Euro	1	Rs. 69.40

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	No
--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

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.