MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	BLOOM DEKOR LIMITED
Registered Office :	267, Village Oran, Taluka Prantij, N.H. 8, District Sabarkantha - 383 205, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.1992
Com. Reg. No.:	04-017341
Capital Investment / Paid-up Capital :	Rs.60.000 Millions
CIN No.: [Company Identification No.]	L20210GJ1992PLC017341
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00170C
PAN No.: [Permanent Account No.]	AAACB6221B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer And Exporter of High Pressure Decorative Laminates
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 640000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. In the current their is improvement in the performance capacity and financially. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments The company can be considered for business dealing with slight caution.

NOTES :

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	TERM LOAN = BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	October 2012

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. Raju
Designation :	Accounts Manager
Contact No.:	91-79-26841916
Date :	12.11.2012

LOCATIONS

Registered Office / Factory :	267, Village Oran, Taluka Prantij, N.H. 8, District Sabarkantha - 383 205, Gujarat, India
Tel. No.:	91-2770-230510
Fax No.:	91-2770-230546
E-Mail :	doshiac@gmail.com info@bloomdekor.com
Website :	http://www.bloomdekor.com
Location :	Owned
Head Office :	2/F, Sumel, S G Highway, Thaltej, Ahmedabad-380059, Gujarat, India
Tel. No.:	91-79-26841916/17/18
Fax No.:	91-79-26841914
E-Mail :	laminates@bloomdekor.com doors@bloomdekor.com

DIRECTORS

As on 31.03.2012

Name :	Mr. Mayur Rajendrabhai Parikh
Designation :	Director
Address :	H/62, Management Enclave, Nehru Parikh Road, Vastrapur, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	13.11.1959
Date of Appointment :	15.08.1992
DIN No.:	Director
Name :	Dr Sunil Sitaram Gupta
Designation :	Chairman and Managing Director
Address :	No.9, Kalhaar Bungalows, Sector-III Beyond Shilaj Village, Bopal Post, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	06.12.1958
Date of Appointment :	23.03.1992
DIN No.:	00012572
Name :	Mrs. Rupal Sunil Gupta
Designation :	Whole-time director
Address :	No.9, Kalhaar Bungalows, Sector-III Beyond Shilaj Village, Bopal Post, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	15.10.1961
Date of Appointment :	23.03.1992
DIN No.:	00012611
Name :	Mr. Chirag Ashokbhai Mehta
Designation :	Director
Address :	5, Janpad Society, P. T. College Road, Paldi, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	07.05.1975
Date of Appointment :	24.10.2008
DIN No.:	02500707
Name :	Mr. Karan Sunil Gupta
Designation :	Director
Address :	No.9, Kalhaar Bungalows, Sector-III Beyond Shilaj Village, Bopal Post, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	09.10.1989
Date of Appointment :	01.04.2012
DIN No.:	03435462
Name :	Mr. Ashok Chandrakant Gandhi
Designation :	Director
Address :	2, Prabhat Society, Paldi, Ahmedabad - 380007, Gujarat, India
Date of Birth/Age :	04.12.1939
Date of Appointment :	29.09.2012
DIN No.:	00022507

KEY EXECUTIVES

Name :	Mr. Raju
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3098867	51.65
Bodies Corporate	128000	2.13
Sub Total	3226867	53.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3226867	53.78
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	306573	5.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	993981	16.57
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	474941	7.92
Any Others (Specify)	997638	16.63
Non Resident Indians	943042	15.72
Hindu Undivided Families	48942	0.82
Clearing Members	5654	0.09
Sub Total	2773133	46.22
Total Public shareholding (B)	2773133	46.22
Total (A)+(B)	6000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6000000	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	s a % of grand total (A)+(B)+(C)
1	Dr Sunil Gupta	19,28,074	32.13
2	Rupal Gupta	5,06,559	8.44
3	Sunil Sitaram Gupta	2,50,000	4.17
4	Anika Sunil Gupta	2,45,794	4.10
5	Sunil Gupta HUF	1,34,760	2.25
6	Karan Interiors Limited	1,28,000	2.13
7	Karan Sunil Gupta	30,470	0.51
8	Rupal Gupta	3,200	0.05
9	Dr Ramesh Shah	10	0.00
	Total	32,26,867	53.78

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Bimalkumar P Brahmbhatt	800000	13.33
2	S Sathya	166390	2.77
3	Upendra H Brahmbhatt	155199	2.59
4	Sonika Granites Private Limited	139000	2.32
5	Sangeetha S	102850	1.71
6	Dipak Kanayalal Shah	60000	1.00

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Bimalkumar P Brahmbhatt	800000	13.33

BUSINESS DETAILS

Line of Business :

Manufacturer And Exporter of High Pressure Decorative Laminates

Products :

Product Description	ITC Code
Decorative Laminated Sheets and Wooden Doors	44129900

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Laminate Plant	Sheets	--	1470000	1049906
Door Plant	Pieces	--	90000	5824

GENERAL INFORMATION

No. of Employees :

70 (Approximately)

Bankers :

· State Bank of India, Overseas Branch Navjeevan Trust Building, Navjeevan P O, Ahmedabad - 380014, Gujarat, India

· The Karur Vysya Bank Limited, Post Box No.21, Erode Road, Karur - 639002, Tamil Nadu, India

Facilities :

Secured Loans	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
TERM LOANS
- From Banks	2.542	9.338
- From Financial Institutions	3.945	0.000
BORROWINGS
- From banks	199.235	172.516
- Bill Discounted under letter of credit	3.545	3.496
Total	209.267	185.350
Unsecured Loans	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
TERM LOANS
- From Banks	1.232	0.000
Total	1.232	0.000

Notes:

Sr. No.	Type of Loan / Nature of security	Terms of repayments
	Term Loan
	Secured Loans
	From Bank
a.	Term loan - 1 from Punjab national Bank amounting to Rs.Nil (Previous Year: Rs.0.685 Million) is secured by first pari passu charges on fixed assets of the company as a whole both present and future.	Repayable in 20 monthly installments of Rs.0.112 Million from January 2010 and interest will be paid as and when charged.
	Term loan - 2 from Punjab national Bank amounting to Rs.4.057 Millions (Previous Year : Rs.8.106 Millions) is secured by first pari passu charges on fixed assets of the company as a whole both present and future.	Repayable in 13 quarterly installments of Rs.1.000 Million from March 2010 and interest will be paid as and when charged.
c.	Term loan - 3 from Punjab National Bank amounting to Rs.5.427 Millions (Previous Year: Rs.8.269 Millions) is secured by first pari passu charges on fixed assets of the company as a whole both present and future.	Repayable in 48 monthly installments of Rs.0.234 Million from January 2010 and interest will be paid as and when charged.
	From Financial Institution
d.	Vehicles loan from Kotak Mahindra Prime Limited amounting to Rs.4.999 Millions (Previous Year : Nil ) secured against vehicles of the company against which this loan has been taken.	Repayable in EMI of Rs.0.312 Million from Oct. 2011 to August 2012, EMI of Rs.0.253 Million from September 2012 to August 2013 and EMI of Rs.0.121 Million from September 2013 to August 2014.
e.	Vehicle Loan from Volkswagen Finance Pvt. Ltd. Amounting to Rs.2.333 Millions ( Previous Year : Nil ) secured against vehicles of the company against which this loan has been taken.	Repayable in 36 monthly installments of Rs.0.067 from March 2012 to February 2015
	Unsecured
	From Bank
	Unsecured business loan from Dhanlaxmi Bank amounting to Rs.2.323 Millions ( Previous Year : Nil )	Repayable in EMI of Rs.0.139 Million from September 2011 to August 2012 , EMI of Rs.0.105 from September 2012 to August 2013 and EMI of Rs.0.073 from September 2013 to August 2014.
	From Financial Institution
g.	Unsecured business loan from Religer Finvest Private Limited amounting to Rs.1.338 Millions ( Previous Year : Nil )	Repayable in EMI of Rs.0.441 Millions from August 2011 to November 2011 , EMI of Rs.0.312 Million from September 2012 to August 2013 and EMI of Rs.0.073 Million from September 2013 to August 2014.
	Cash Credit
	Cash credit from Punjab National Bank amounting to Rs.143.626 Millions ( Previous year : Rs.135.968 Millions) secured by hypothecation of raw materials, stock in process, finisher goods, receivables, stores and spares etc. And all other current assets of the company and plant & machineries, equitable mortgages of factory land and building etc. and assets acquired out of term loans.	From 17th January, 2012 to December 2012 (For a period of 12 months) and subject to renewals. Subject to bank As and when demanded otherwise.

Banking Relations :	--
Auditors :
Name :	B T Vora And Company Chartered Accountants
Address :	706 "Hemkoot" Opposite Capital Commercial Centre, Ashram Road, Ahmedabad – 380009, Gujarta, India
PAN.:	AALPV1476A
Related Parties :	· Suncare Traders Limited · Karan Interior Limited · Anik Holding Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6250000	Equity Shares	Rs.10/- Each	Rs.62.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- Each	Rs.60.000 Millions

A. Reconcilition of Shares outstanding at the begning and at the end of reporting year.

Particulars	No. of shares	Rs. In Millions
Equity shares with voting rights
At the Begning of the year	600000	60.000
Issued During the year	--	--
Outstanding at the end of the year	600000	60.000

Details of shares held by each shareholder holding more than 5% of issued share capital:

Class of shares / Name of shareholder	Number of shares held	% holding in that class of shares
Equity shares with voting rights
Dr. Sunil Gupta	2146074	35.77%
Rupal Gupta	509759	8.50%
Bimalkumar P. Brahmbhatt	800000	13.33%
Rudra Securities and Capital Limited	0	0.00%
Total	3455833	57.60%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		60.000	60.000	60.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.766	97.439	103.073
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		159.766	157.439	163.073
LOAN FUNDS
1] Secured Loans		209.267	185.350	144.437
2] Unsecured Loans		1.232	0.000	5.877
TOTAL BORROWING		210.499	185.350	150.314
DEFERRED TAX LIABILITIES		16.728	16.577	17.268
TOTAL		386.993	359.366	330.655
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		158.631	159.017	155.900
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.422	0.011	0.017
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS LOANS & ADVANCES
	Inventories	235.733	231.121	175.369
	Sundry Debtors	88.294	85.042	81.651
	Cash & Bank Balances	27.991	12.235	8.109
	Other Current Assets	0.088	1.007	0.000
	Loans & Advances	28.557	23.515	29.957
Total Current Assets		380.663	352.920	295.086
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.604	119.010	111.532
	Other Current Liabilities	33.801	32.046	8.215
	Provisions	5.318	1.526	0.601
Total Current Liabilities		152.723	152.582	120.348
Net Current Assets		227.940	200.338	174.738
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		386.993	359.366	330.655

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	535.489	431.835
		Other Income	2.329	3.086
		TOTAL (A)	537.818	434.921
Less	EXPENSES
		Cost of materials consumed	315.467	271.790
		Purchases of stock-in-trade	4.898	7.616
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	3.752	(34.432)
		Employee benefits expenses	39.291	35.570
		Other expenses	116.799	122.416
		TOTAL (B)	480.207	402.960
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.611	31.961
Less	FINANCIAL EXPENSES (D)		39.448	27.633
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.163	4.328
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.135	10.377
	PROFIT BEFORE TAX (E-F) (G)		6.028	(6.049)
Less	TAX (H)		0.214	(0.414
	PROFIT AFTER TAX (G-H) (I)		5.814	(5.635)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.818	72.453
	BALANCE CARRIED TO THE B/S		68.845	66.818
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	100.273	91.051
	TOTAL EARNINGS		100.273	91.051
	IMPORTS
		Raw Materials	114.481	118.301
		Stores & Spares	0.000	1.511
		Capital Goods	5.523	8.109
		Publicity Item	0.000	0.618
	TOTAL IMPORTS		120.004	128.539
	Earnings Per Share (Rs.)		0.97	(0.94)

	PARTICULARS		31.03.2010
	SALES
		Income	412.388
		Other Income	6.512
		TOTAL (A)	418.900
Less	EXPENSES
		Purchase for Resale	0.000
		Raw Materials Consumption	284.406
		Manufacturing Expenses	76.326
		Administrative, Selling and Distribution Expense	38.832
		Increase/ Decrease in Stock	[26.951]
		Prior Period Adjustment	0.030
		TOTAL (B)	372.643
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.257
Less	FINANCIAL EXPENSES (D)		20.313
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.944
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.155
	PROFIT BEFORE TAX (E-F) (G)		12.789
Less	TAX (H)		2.638
	PROFIT AFTER TAX (G-H) (I)		10.151
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.302
	BALANCE CARRIED TO THE B/S		72.453
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	109.785
	TOTAL EARNINGS		109.785
	IMPORTS
		Raw Materials	98.981
		Stores & Spares	1.698
		Capital Goods	6.347
		Publicity Item	0.000
	TOTAL IMPORTS		107.026
	Earnings Per Share (Rs.)		1.69

QUARTERLY RESULTS

PARTICULARS	30.06.2012
Type	1^st Quarter
Net Sales	142.720
Total Expenditure	129.200
PBIDT (Excl OI)	13.520
Other Income	0.000
Operating Profit	13.520
Interest	8.440
Exceptional Items	0.000
PBDT	5.080
Depreciation	3.220
Profit Before Tax	1.860
Tax	0.000
Provisions and contingencies	0.000
Profit After Tax	1.860
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	1.860

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.08	(1.30)	2.42
Net Profit Margin (PBT/Sales)	(%)	1.13	(1.40)	3.10
Return on Total Assets (PBT/Total Assets}	(%)	1.12	(1.18)	2.84
Return on Investment (ROI) (PBT/Networth)		0.04	(0.04)	0.08
Debt Equity Ratio (Total Liability/Networth)		2.27	2.15	1.66
Current Ratio (Current Asset/Current Liability)		2.49	2.31	2.45

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Creditor for Raw Materials	90.625	90.751	111.532
Creditors for Expenses	19.550	24.233
Unpaid Expenditure	3.429	4.026
Total	113.604	119.010	111.532

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	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	Yes
10]	Designation of contact person	Yes
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	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	Yes
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	Yes

FINANCIAL PERFORMANCE:

Subject is engaged into the manufacturing of high pressure laminate sheets used in the furniture industry as well as interiors. The Company was mainly exporting its products till 2006-07. The growth in the local market and the continuous strengthening of the Rupee against the USD opened new opportunities for the company to shift focus onto the domestic markets. Domestic sales have shown a growth of 27.77% over the previous year 10-11.

The gross turnover of the company in the year 2011-2012 has shown a growth of 23.66% as compared to the previous year which also exceeded the projections. The turnover of the company in the year 2011-2012 is Rs.537.817 Millions as against Rs.434.922 Millions for the previous year 2010-2011.

The domestic markets in India have shown tremendous up trends in demand due to a boom in the construction industry and new design concepts emerging for sophisticated interiors. This is reason enough for the increase in domestic laminate sales and strategic decisions taken by the management have helped in improving the top line of the company both in the domestic and the international markets.

During the financial year, there had been a number of external factors adversely affecting the performance and profitability of the Company; i.e Increase in 1) raw material cost, for chemicals like Phenol, Methanol, Formaldehyde and Melamine due to rising crude oil prices. 2) Unfavorable exchange rates of US Dollar and EURO 3) Increase in both inward and outward freight costs due to high fuel prices. In addition to this, frequent shortage of raw materials also affected the overall production and in turn, the anticipated top line of the Company.

Despite the downturn in the economy subject has returned an increase of 24.45% on the top line with better margins.

INDUSTRY OVERVIEW AND DEVELOPMENTS:

Globally, the decorative laminate industry is projected to have a marginal growth. However, the domestic market is showing a very healthy double digit growth, which appears to be sustainable for the coming decade mainly on account of boom in the real estate markets which has put a high demand for decorative laminate sheets catering to the interior decoration of the innumerable residential and commercial buildings sector.

At the same time, the Chinese invasion with low prices is adding pressure on the price realizations. The contribution of Indian laminate industry to the world demand is still under utilized and offers a lot of opportunity for the growth in volume.

OUTLOOK :

LAMINATES:

Laminate industry in India is growing at a rapid speed, in spite of many new entrants in the market. Although the competition has increased, it has created awareness amongst the consumers and has benefited to the organized players like Bloom. Bloom has its own standing in the market and is known as a premium brand. With the help of versatile product range in Laminates and with two Brands, BLOOM - Simply d'front and OLIVE - new world laminates - BE BOLD. BE NEW. BE U. it can cater the needs of both the trade and the influencers. Company is poised to become a market leader soon. The platform is ready, we just need to take off!, aiming at a growth of nearly 25% annual.

DOORS:

The Company's entry into door business was marked by down trend in construction industry and fierce competition from unorganized sector. Hence, Bloom doors going very tough in this business. Hence, Bloom doors introduced up-market, environment friendly new generation - engineered doors which found lots of interests in the market. Many builders were interested in using them as entrance doors due to rich and esthetic look of solid door but value for money. New door concepts are very well accepted in the market and company is hopeful of achieving 50% growth for the coming year.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
a) Letter of Credit opened for import of Raw materials	20.061	11.237
b) Letter of Credit opened for indigenous Raw material	10.725	15.138
c) Sales bills discounted With Bankers	3.545	3.495
d) Letter of Credit for Capital Goods`	0.000	2.618
e) Income tax demand disputed in appeals	16.581	17.310
f) Gujarat Sales Tax disputed in appeals	0.598	0.598
g) Insurance claim	2.041	2.041
h) Excise & Service tax demand disputed in appeals	0.987	0.000

FIXED ASSETS:

· Land

· Site Development

· Factory Building

· Staff Quarters

· Plant and Machinery

· S.S. Press Moulds

· Electric Installation

· Lab Equipments

· Office Equipments

· Furniture and Fixture

· Air Conditioner

· Vehicles

· E- Treatment Plant

· Office Furniture

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 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

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.