MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	bharat foam udyog private limited
Registered Office :	1646/47, S.P. Mukherjee Marg, Delhi - 110 006
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	21.07.1972
Com. Reg. No.:	55-006206
Capital Investment / Paid-up Capital :	Rs.1.591 Millions
CIN No.: [Company Identification No.]	U74899DL1972PTC006206
TAN No.: [Tax Deduction & Collection Account No.]	RTKB01968B
PAN No.: [Permanent Account No.]	AAACB2870Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Importer of Pu Foam and Articles
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	Unknown
Litigation :	Clear
Comments :	Subject is a pretty old and established company and had not filed any financials with the Government departments after 2006 and hence it is very difficult to assess the current position of the company. The management failed to update with latest financials so far. No further details or payment could be made available. The company can be considered for any business dealings on safe and secured terms, only.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. K C Jain
Designation :	Director
Date :	08.11.2012
Contact No.:	91-9910490551

LOCATIONS

Registered Office :	1646/47, S.P. Mukherjee Marg, Delhi - 110 006, India
Tel. No.:	91-11-2512736 / 2512716 / 23962736
Mobile No.:	91-9910490551 (Mr. K C Jain)
Fax No.:	91-11-23962736
E-Mail :	info@bharatfoam.com
Website :	http://www.bharatfoam.com/
Location :	Owned
Factory :	15/4, Mathura Road, Faridabad – 121 002, Haryana, India
Tel. No.:	91-129-2276364 / 276365 / 278911 / 4046365 / 4048911 / 4087366-69
Fax No.:	91-129-2277856
E-Mail :	bharatfoam@touchtelindia.net
Area :	Above 150 gaj
Location :	Owned

DIRECTORS

As on 30.01.2010

Name :	Mr. Ajit Prasad Jain
Designation :	Director
Address :	House No. 49/8, Rajpur Road, Delhi – 110 054, India
Date of Birth/Age :	26.12.1924
Date of Appointment :	01.08.2000
DIN No.:	02970624

Name :	Mr. Keshab Chandra Jain
Designation :	Managing Director
Address :	House No. 246, Sector 15A, Noida – 201 301, Guttam Budh Nagar, Uttar Pradesh, India
Date of Birth/Age :	11.01.1928
Date of Appointment :	21.07.1972
DIN No.:	00823617

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1972PTC006206	BHARAT FOAM UDYOG PRIVATE LIMITED	Managing director	21/07/1972	21/07/1972	-	Active	NO
2	U74899DL1981PTC012307	KASP PRODUCTS PRIVATE LIMITED	Managing director	11/09/1981	11/09/1981	-	Active	NO

Name :	Mr. Pawan Kumar Jain
Designation :	Director
Address :	House No. 49/8, Rajpur Road, Delhi – 110 054, India
Date of Birth/Age :	16.03.1937
Date of Appointment :	21.07.1972
DIN No.:	02401429

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1972PTC006206	BHARAT FOAM UDYOG PRIVATE LIMITED	Director	21/07/1972	21/07/1972	-	Active	NO
2	U74899DL1981PTC012059	FARIDABAD METAL UDYOG PRIVATE LIMITED	Managing director	30/07/1981	30/07/1981	08/02/2012	Active	NO

Name :	Mr. Ved Prakash Khullar
Designation :	Director
Address :	House No. D/1-26, Model Town, Delhi – 110 009, India
Date of Birth/Age :	23.05.1932
Date of Appointment :	17.01.1996
DIN No.:	00999045

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24301TN1979PTC007743	JOY FOAM PRIVATE LIMITED	Director	08/06/1979	08/06/1979	-	Active	NO
2	U74899DL1988PTC032073	K SHOES PRIVATE LIMITED	Director	20/03/1990	20/03/1990	-	Active	NO
3	U74899DL1972PTC006206	BHARAT FOAM UDYOG PRIVATE LIMITED	Director	17/01/1996	17/01/1996	-	Active	NO

Name :	Mr. Amit Jain
Designation :	Director
Address :	House No. 49/2, Raj Pur Road, Delhi – 110 054, India
Date of Birth/Age :	26.07.1954
Date of Appointment :	17.01.1996
DIN No.:	00924618

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1972PTC006206	BHARAT FOAM UDYOG PRIVATE LIMITED	Director	01/01/1980	01/01/1980	-	Active	NO
2	U74899DL1980PTC011003	SKAGGS AUTO PRODUCTS PRIVATE LIMITED	Director	31/10/1980	31/10/1980	-	Active	NO
3	U34300DL1976PLC008215	ALLIED PROMOTERS LIMITED	Director	30/09/2010	21/08/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.01.2010

Names of Shareholders	No. of Shares
K.C Jain	141
R. C Khullar	838
P.K Jain	260
A. P Jain	1100
Bhushan. K. Jain	360
Ravinder K. Jain	440
Virender K. Jain	440
Narender K. Jain	440
Satya Jain	295
Atul Jain	600
Monika Jain	508
Veena Jain	507
Prakash Devi Jain	440
Saraswati Devi Jain	750
Alka Rani Jain	360
Arvind Jain	440
Adarsh Jain	540
Ved Khullar	910
Usha Khullar	162
Ranesh Bala Khullar	90
Sharat Jain	750
M.R Jain Investment Private Limited, India	21
Deepti Jain	360
Ila Jain	360
Alka Amit Jain	1150
Anita Jain	360
Amit Jain	2000
Anjali Jain	100
Chitra Jain	260
Nitin Jain	133
Parag Jain	132
Kaaran Jain	107
Vinay Jain	107
Aditya Jain	447
Total	15908

Equity Share Break up (Percentage of Total Equity)

As on 30.01.2010

Category	Percentage
Bodies corporate	0.13
Directors or relatives of directors	99.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Importer of Pu Foam and Articles

Products :

Product Description	ITC Code
Pu-Foam-Sheet	3921.11

Brand Names :

“FOAM PILLOW”

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India, SIB Branch, 65, Neelam Bata Road, Faridabad – 121 001, Haryana, India

· Canara Bank, Kashmere Gate Branch, Delhi - 110 006, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2006	As on 31.03.2005
LOAN (STATE BANK OF INDIA)
State Bank of India – FBD CC A/C (Secured against Stock-in-trade)	7.806	1.51
Total	7.806	1.510
Unsecured Loan	As on 31.03.2006	As on 31.03.2005
From Shareholders	6.295	5.206
Total	6.295	5.206

Banking Relations :	-
Auditors :
Name :	S. Ramanan Aiyar and Company Chartered Accountants
Address :	708 Surya Kiran, 19 Kasturba Gandhi Marg, New Delhi – 110001, India
Tel No.:	91-11-23319284 / 23311045
PAN No.:	ABJFS9507L
Associates/Subsidiaries :	· Jain Motor Company Private Limited, Delhi, India · Jain Motor Trading Company, Delhi, India · Faridabad Metal Udyog Private Limited, India · Jain Motors Car Company, India · Banmore Foam Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
16000	Equity Shares	Rs.100/- each	Rs.1.600 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15908	Equity Shares	Rs.100/- each	Rs.1.591 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		1.591	1.591
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		30.296	30.269
4] (Accumulated Losses)		0.000	0.000
NETWORTH		31.887	31.860
LOAN FUNDS
1] Secured Loans		7.806	1.515
2] Unsecured Loans		6.295	5.206
TOTAL BORROWING		14.101	6.721
DEFERRED TAX LIABILITIES		2.067	2.226
TOTAL		48.055	40.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.296	19.120
Capital work-in-progress		0.000	0.000
INVESTMENT		0.013	0.013
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.642	17.455
	Sundry Debtors	13.632	9.901
	Cash & Bank Balances	4.400	1.185
	Other Current Assets	0.538	0.477
	Loans & Advances	0.728	1.010
Total Current Assets		39.940	30.028
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.691	3.902
	Other Current Liabilities	0	4.277
	Provisions	0.503	0.175
Total Current Liabilities		11.194	8.354
Net Current Assets		28.746	21.674
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		48.055	40.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2006	31.03.2005
	SALES
		Turnover	107.407	92.860
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA
	PROFIT BEFORE TAX		0.196	1.943
Less	TAX		NA	NA
	PROFIT AFTER TAX		NA	NA

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
Return on Total Assets (PBT/Total Assets}	(%)	0.33	3.95
Return on Investment (ROI) (PBT/Networth)		0.01	0.06
Debt Equity Ratio (Total Liability/Networth)		0.79	0.47
Current Ratio (Current Asset/Current Liability)		3.57	3.59

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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 two 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	Yes
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 involved in	--
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

I have pleasure to present Directors' Report for the year 2005-06 which may be approved for presentation in the A.G.M., if deemed fit.

Financial results of the company's operation reveal that annual sales of Rs. 107.400 Millions were 15.66 percent higher than those of the previous year which was Rs. 92.900 Millions.

As a result of higher prices of raw materials and exchange rate variations, the outgo on account of raw materials per kg. was higher at Rs. 97.82 as against R5.35.11 during the previous year.

Gross profit -sale ratio at 3.987 percent was lower than that of the previous year viz 12.64 percent, since selling prices of finished goods could not correspondingly increase to catch up with higher raw material costs due to several market competition, none the less management was able to retain company's share of market during the year. Net profit dipped to Rs.0.196 Million from Rs. 1.943 Millions during the previous year.

Interest and bank charges out go during the year was lowest Rs.1.840 Millions compared to Rs.1.920 Millions during the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1972PTC006206
Name of the company	bharat foam udyog private limited
Address of the registered office or of the principal place of business in India of the company	1646/47, S.P. Mukherjee Marg, Delhi - 110 006, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90335641
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of India SME Branch, 65, Neelam Bata Road, Faridabad – 121 001, Haryana, India
Nature of instrument creating charge	Letter of Arrangement, Agreement of Loan cum Hypothecation, Letter of confirmation for extension of mortgage by deposit of title deeds covering new limits
Date of instrument Creating the charge	17.09.2011
Amount secured by the charge	Rs.45.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Working capital - interest at the rate of 6.50% margin above the base rate, which is presently 9.50% p.a., present effective rate 16.00% p.a. calculated on daily products at monthly rests. Terms of repayment Working capital - repayable on demand. Margin Raw material (indigenous) - 25%, semi finished goods and finished goods - 25%, components/consumables/spares - 25%, domestic receivables (cover period 90 days) - 40% and letter of credit - 15%. Extent and Operation of the charge Cash credit (hyp. Of stock & book debts), epc & adv. Against export bills sent on collection. Hypothecation of stock of raw material, finished goods, semi finished goods, goods in transit and present and future receivables. Em of factory land and building at 15/4, mathura road, Faridabad standing in the name of m/s Bharat Foam Udyog Private Limited Extension of charge on unencumbered plant and machinery. Personal guarantee of directors namely Mr. K. C. Jain, Mr. Amit Jain, Mr. P. K. Jain, Mr. V. P. Khullar. Others Extension of the charge of all current and fixed assets (present and future) in the name of the company.
Particulars of the property charged	15/4, Mathura Road, Faridabad
Particulars of the present modification	Limit reduced from Rs.75.500 Millions to Rs.45.000 Millions (cash credit (hypothecation of stock) Rs.20.000 Millions which is include CC (book debts) Rs.10.000 Millions, LC (foreign/inland) Rs.25.000 Millions

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Furniture and Fixtures

· Electric Installation

· Fax Machines

· Generator

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 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 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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		19

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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.