MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Name :	JOY BHAVYA PLY BOARD PRIVATE LIMITED
Formerly Known As :	BHAVYA TEX OIL PRIVATE LIMITED
Registered Office :	E-98, Riico Industrial Area, Bassi, Jaipur – 302016, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.04.1997
Com. Reg. No.:	17-013537
Capital Investment / Paid-up Capital :	Rs. 5.388 Millions
CIN No.: [Company Identification No.]	U20211RJ1997PTC013537
PAN No.: [Permanent Account No.]	AAACJ7179C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plywood Products, Board and Doors.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 78000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company financial position and performance capability seems to be moderate. 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 – 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 PARTED BY

Name :	Mr. G. P. Shah
Designation :	Head of Accounts Department
Contact No.:	91-8058000991
Date :	02.04.2013

LOCATIONS

Registered Office/ Factory :	E-98, Riico Industrial Area, Bassi, Jaipur – 302016, Rajasthan, India
Tel. No.:	91-141-3295900
Mobile No.:	91-8058000991 [Mr. G. P. Shah]
Fax No.:	91-141-2922665
E-Mail :	Joy414a@yahoo.co.in cs.vmanda@gmail.com
Website :	www.joyplatenium.com
Location :	Owned
City Office :	414-A, City Plaza, Nirman Marg, Bani Park, Jaipur – 302016, Rajasthan, India

DIRECTORS

AS ON 24.09.2012

Name :	Mr. Sanjib Kumar Choudhury
Designation :	Director
Address :	106, Indra Colony, Bani Park, Jaipur – 302016, Rajasthan, India
Date of Appointment :	10.02.1998
PAN No.:	ACEPC4574B
DIN No.:	00450269
Name :	Mr. Rajib Kumar Choudhury
Designation :	Director
Address :	Gram-Sainthia, Mauja Sainthia, A5 Sainthia, Birbhum - 731234, West Bengal, India
Date of Appointment :	09.02.2004
DIN No.:	00482558
Name :	Mrs. Sushila Devi Choudhury
Designation :	Director
Address :	Sainthia, A5 Sainthia, Birbhum - 731234, West Bengal, India
Date of Appointment :	16.12.1999
DIN No.:	00482585

KEY EXECUTIVES

Name :	Mr. G. P. Shah
Designation :	Head of Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Sanjib Kumar Choudhury	7200
Rajib Kumar Choudhury	5100
Ankit Nivesh and Management Private Limited, India	50000
Urch Traders Private Limited, India	50000
East and West Trading Company Private Limited, India	50000
Udayachal Viniyog Private Limited, India	50000
Saraf Company Private Limited, India	50000
Jaisri Properties and Exports Private Limited, India	25000
Preeti Vanijya Private Limited, India	25000
Sudha Devi Agarwal	100
Sushila Devi Choudhary	100
Goodworth Merchants Private Limited, India	120000
Abhawati Parekh	20500
Barkha Jain	45600
Namta Dinghra	100
Unicon Suppliers Private Limited, India	10000
Shri Baiju Trading and Investment Private Limited, India	10000
Omex Management Private Limited, India	10000
Sakthi Traders Private Limited, India	10000
Sanjib Kumar Choudhary (HUF)	100
Vashnaway Vyapaar Private Limited, India	20000
Zenith Fiscal Services Private Limited, India	20000
Tulsiyan Distributors Private Limited, India	20000
Sarla Finance Private Limited, India	20000
Samkit Finance Private Limited, India	20000
Total	638800

AS ON 02.11.2012

Names of Allottees	No. of Shares
Zenith Fiscal Services Private Limited, India	10000
Vashnaway Vyapaar Private Limited, India	10000
Sarla Finance Private Limited, India	10000
Tulsiyan Distributors Private Limited, India	10000
Total	40000

AS ON 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	87.67
Directors or relatives of directors	1.94
Other top fifty shareholders	10.39
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plywood Products, Board and Doors.
Imports :
Products :	Raw Material
Countries :	Ø Vietnam
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø J.K. Interior and Handicraft

Ø Aaditya Enterprises

Ø Ambica Hydraulic Private Limited

Ø Anjani Enterprises

Ø Adsar Hybro Controls

Ø Delhi Hardware

Ø Gupta Sale Corporation

Ø J.B.S. Adhesives

Ø PLO Traders

Ø Titan Data Products

Ø Vinay Associates Distributors Private Limited

Ø A.P.Timbers

Ø Aar Chem India

Ø Aarem Chemicals Private Limited

Ø Aashima Impex Private Limited

Ø ARCL Organics Limited

Ø Chemtech India

Customers :

End Users

Ø Punjab Saw Mill Private Limited

Ø Jai Krishna Traders

Ø J.S. Plywood and Timber

Ø Krishna Trading Company

Ø Mahalaxmi Sales

Ø Preeti Enterprises

Ø Raj Enterprises

Ø Shiv Shakti Traders

Ø S.G. Timbers

Ø S.K.C. Company

Ø Shri Krishna Trading Company

Ø United Plywood

Ø Shri Mahaveer Electricals and Hardware

No. of Employees :

18 (Approximately)

Bankers :

State Bank of India, Commercial Branch, Anukampa Tower, Church Road, Jaipur - 302001, Rajasthan, India

Facilities :

Cash Credit – Rs. 3.000 Millions [State Bank of India]

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
State Bank of India	3.028	3.010
State Bank of India [Term Loan]	0.538	0.707
Total	3.566	3.717

Banking Relations :	--
Auditors :
Name :	Sharma Naresh and Associates Chartered Accountants
Address :	309, City Centre, S. C. Road, Jaipur – 302001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	ASVPS6278B

CAPITAL STRUCTURE

AS ON 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700,000	Equity Shares	Rs. 10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
638,800	Equity Shares	Rs. 10/- each	Rs. 6.388 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700,000	Equity Shares	Rs. 10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
498,800	Equity Shares	Rs. 10/- each	Rs. 4.988 Millions
40,000	Equity Shares of Rs. 10/- each at a premium of Rs. 40/-		Rs. 0.400 Million
	Total		Rs. 5.388 Millions

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		5.388	5.388	5.388
2] Share Application Money		10.000	0.000	0.000
3] Reserves & Surplus		4.185	3.988	3.664
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.573	9.376	9.052
LOAN FUNDS
1] Secured Loans		3.566	3.717	4.573
2] Unsecured Loans		2.790	2.765	2.140
TOTAL BORROWING		6.356	6.482	6.713
DEFERRED TAX LIABILITIES		1.698	1.478	1.419
TOTAL		27.627	17.336	17.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.363	11.673	11.771
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.140
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.394	7.486	5.750
	Sundry Debtors	9.884	7.764	12.029
	Cash & Bank Balances	0.205	0.113	0.013
	Other Current Assets	0.170	0.288	0.000
	Loans & Advances	0.340	0.276	0.339
Total Current Assets		27.993	15.927	18.131
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.064	8.005	10.166
	Other Current Liabilities	1.376	1.376	1.098
	Provisions	1.289	0.883	1.594
Total Current Liabilities		13.729	10.264	12.858
Net Current Assets		14.264	5.663	5.273
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.627	17.336	17.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	14.954	14.081
		Other Income	0.016	0.008
		TOTAL (A)	14.970	14.089	14.106
Less	EXPENSES
		Purchase	18.567	10.500
		Decrease/ (Increase) in Closing Stock	(9.908)	(1.736)
		Labour Cost	0.412	0.349
		Other Direct Cost	3.218	2.326
		Employee Benefit Expenses	0.135	0.132
		Other Expenses	0.595	0.543
		TOTAL (B)	13.019	12.114	13.128
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.951	1.975	(Including Financial Expense)
Less	FINANCIAL EXPENSES (D)		0.712	0.806
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.239	1.169	0.978
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.726	0.694	0.662
	PROFIT BEFORE TAX (E-F) (G)		0.513	0.475	0.316
Less	TAX (H)		0.316	0.151	0.077
	PROFIT AFTER TAX (G-H) (I)		0.197	0.324	0.239
	Earnings Per Share (Rs.)		0.37	0.60	0.44

Expected Sales (2012-2013): Rs. 14.500 Millions

The above information has been parted by Mr. G. P. Shah [Head of Accounts Department]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.32	2.30	1.69
Net Profit Margin (PBT/Sales)	(%)	3.43	3.37	2.24
Return on Total Assets (PBT/Total Assets}	(%)	1.24	1.72	1.06
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.03
Debt Equity Ratio (Total Debt/Networth)		0.32	0.69	0.74
Current Ratio (Current Asset/Current Liability)		2.04	1.55	1.41

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advances [Related parties]	2.790	2.765
Total	2.790	2.765

TRADE REFERENCES:

Ø J.K. Interior and Handicraft

Ø Punjab Saw Mill Private Limited

FIXED ASSETS:

Ø Land and Building

Ø Plant and Machinery

Ø Electric Installation

Ø Lab Equipments

Ø Office Equipments

Ø Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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. 54.46
UK Pound	1	Rs. 83.13
Euro	1	Rs. 70.99

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.