MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	DEBJYOTI PULP AND PAPER PRIVATE LIMITED
Registered Office :	Quarter No. 200/R, 'C' Block, Senraleigh, PO – Kanyapur, Asansol – 713341, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.04.2007
Com. Reg. No.:	21-115318
Capital Investment / Paid-up Capital :	Rs.9.971 Millions
CIN No.: [Company Identification No.]	U21010WB2007PTC115318
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Importer and Exporter of Craft Paper.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 a moderate track record. Management has failed to file the latest financials of 2013 with the government department. As per the available record, the company has seen a drastic dip in its sales volume as well, has incurred a loss from its operations consecutively for past two years. Which has led to smaller cash accruals during 2012. The ratings also take consideration the below average financial profile, market by medium net

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: B -
Rating Explanation	High risk of default regarding timely payment.
Date	17.05.2012

Rating Agency Name	CRISIL
Rating	Short term rating: A4
Rating Explanation	Minimal degree of safety regarding timely payment and very high credit risk.
Date	17.05.2012

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 PARTED BY

Name :	Mr. Kiron Roy Hazra
Designation :	Head – Kolkata Office
Contact No.:	91-9331412184
Date :	20.12.2013

LOCATIONS

Registered Office / Factory :	Quarter No. 200/R, 'C' Block, Senraleigh, PO – Kanyapur, Asansol – 713341, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	hariboltala@yahoo.co.in
Owned:	Owned
Head Office:	Diamond Chamber, Floor 8/D, No. 4 Chowringhee Lane, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22522739
Mobile No.:	91-9331412184 (Mr. Kiron Roy Hazra)
Fax No.:	91-33-22522740
E-Mail :	djpppl@yahoo.com
Factory:	Village: Melakela, P.O.: Sitarampur, P.S. Salanpur, District: Burdwan – 713350, West Bengal, India

DIRECTORS

As on 30.09.2012

Name :

Mr. Alpana Mondal

Designation :

Director

Date of Appointment :

25.04.2007

DIN No.:

02542716

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	U21010WB2007PTC115318	DEBJYOTI PULP AND PAPER PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
2	U32109WB1995PTC074012	AMARJYOTI INFRASTRUCTURE PRIVATE LIMITED	Director	04/06/2007	04/06/2007	-	Active	NO
3	U70109WB2010PTC155219	JYOTI AALO REAL ESTATES PRIVATE LIMITED	Director	30/11/2010	30/11/2010	-	Under Process of Striking off	NO
4	U45400WB2012PTC181757	SUKDEV MONDAL CONSTRUCTION PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO

Name :

Nani Gopal Mondal

Designation :

Director

Date of Appointment :

01.09.2012

DIN No.:

05250616

PAN No.:

AMMPM4868J

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	U45400WB2012PTC181757	SUKDEV MONDAL CONSTRUCTION PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO
2	U21010WB2007PTC115318	DEBJYOTI PULP AND PAPER PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO
3	U32109WB1995PTC074012	AMARJYOTI INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO

Name :

Tapas Nandi

Designation :

Director

Date of Appointment :

01.09.2012

DIN No.:

06387735

PAN No.:

AFOPN8556M

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	U32109WB1995PTC074012	AMARJYOTI INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO
2	U21010WB2007PTC115318	DEBJYOTI PULP AND PAPER PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO

Name :

Mr. Ushapati Kundu

Designation :

Director

Date of Appointment :

01.09.2012

DIN No.:

06387738

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	U32109WB1995PTC074012	AMARJYOTI INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO
2	U21010WB2007PTC115318	DEBJYOTI PULP AND PAPER PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kiron Roy Hazra
Designation :	Head – Kolkata Office

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Joydeb Mondal	10000
Alpona Mondal	10000
Rajmandir Estate Private Limited	63000
Vaibhav Vinimay Private Limited	95000
Urch Traders Private Limited	130625
Vertex Suppliers Private Limited	50000
Ganguar Properties Private Limited	85000
Amarjyoti Infrastructure Private Limited	553500
Total	997125

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2012

Category	Percentage
Bodies corporate	98.00
Directors or relatives of Directors	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Importer and Exporter of Craft Paper.
Exports :
Products :	Craft Paper
Countries :	Bangladesh
Imports :
Products :	Spare Parts
Countries :	· Singapore · China
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Customers :

Manufacturers

No. of Employees :

100 (Approximately)

Bankers :

Syndicate Bank, Large Corporate Branch, Illaco House, 1,Brabourne Road, Kolkata - 700001, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Long-term Borrowings
Syndicate Bank Term Loan	52.670	58.799
Short-term borrowings
Syndicate Bank CC	11.052	10.845
Total	63.722	69.644

Banking Relations :	--
Auditors :
Name :	Naha Dhar Kapurand Company Chartered Accountants
Address :	Anjali Apartment, First Floor, 29, West Apcar Gardens, P.O.-Asansol – 713304, West Bengal, India
Tel. No.:	91-341-2250726
E-Mail :	Ndk.ca@yahoo.com
PAN N Income-tax PAN of auditor or auditor’s firm :	AACFN1598E
Associates/Subsidiaries:	· Amar Jyoti Inprastructure Private Limited · Jyoti Transport · Jyoti Dricks · Synocate Bank – Large Corporate Branch

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
997125	Equity Shares	Rs.10/- each	Rs. 9.971 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.971	9.971
(b) Reserves & Surplus	43.621	64.503
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	20.805	20.805
Total Shareholders’ Funds (1) + (2)	74.397	95.279
(3) Non-Current Liabilities
(a) long-term borrowings	52.670	58.799
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	52.670	58.799
(4) Current Liabilities
(a) Short term borrowings	12.252	10.845
(b) Trade payables	11.383	5.123
(c) Other current liabilities	2.111	3.784
(d) Short-term provisions	0.055	0.055
Total Current Liabilities (4)	25.801	19.807
TOTAL	152.868	173.885
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.358	141.705
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	126.358	141.705
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18.361	9.901
(c) Trade receivables	0.106	8.699
(d) Cash and cash equivalents	1.746	3.819
(e) Short-term loans and advances	4.806	3.919
(f) Other current assets	1.491	5.842
Total Current Assets	26.510	32.180
TOTAL	152.868	173.885

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.971
2] Share Application Money		9.500
3] Reserves & Surplus		65.470
4] (Accumulated Losses)		0.000
NETWORTH		84.941
LOAN FUNDS
1] Secured Loans		58.515
2] Unsecured Loans		0.000
TOTAL BORROWING		58.515
DEFERRED TAX LIABILITIES		0.000
TOTAL		143.456
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		135.575
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.00
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.169
	Sundry Debtors	0.000
	Cash & Bank Balances	3.480
	Other Current Assets	0.000
	Loans & Advances	5.609
Total Current Assets		10.258
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.302
	Other Current Liabilities	1.197
	Provisions	0.055
Total Current Liabilities		2.554
Net Current Assets		7.704
MISCELLANEOUS EXPENSES		0.177
TOTAL		143.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	49.035	69.438
		Other Income	0.289	0.220
		TOTAL (A)	49.324	69.658
Less	EXPENSES
		Cost of material consumed	17.415	37.052
		Changes in inventories of finished goods, work in progress and stock in trade	(4.760)	(1.931)
		Employee benefit Expenses	2.050	4.357
		Other Expenses	23.318	17.533
		TOTAL (B)	38.023	57.011
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.301	12.647
Less	FINANCIAL EXPENSES (D)		11.055	9.205
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.246	3.442
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.440	4.409
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(19.194)	(0.967)
	TAX		1.635	0.000
	PROFIT / (LOSS) AFTER TAX		(19.194)	(0.967)
	Earnings / (Loss) Per Share (Rs.)		(19.25)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(38.91)	(1.39)	NA
Net Profit Margin (PBT/Sales)	(%)	(39.14)	(1.39)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(12.56)	(0.56)	NA
Return on Investment (ROI) (PBT/Networth)		(0.26)	(0.01)	NA
Debt Equity Ratio (Total Debt /Networth)		0.87	0.73	0.69
Current Ratio (Current Asset/Current Liability)		1.03	1.62	4.02

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 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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Short-term borrowings
Jyoti Transport	1.200	0.000
Total	1.200	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10174224	28/03/2012 *	76,000,000.00	SYNDICATE BANK	LARGE CORPORATE BRANCH, ILLACO HOUSE, 1,BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B39865761

* Date of charge modification

FIXED ASSETS

· Land

· Office Premises

· Tools and Tackles

· Plant and Machinery

· Building

· Electrical Installation

· Boiler and Chimney

· Furniture and Fixture

· Computer and Software

· Office Equipment

· Felt and Wire

· Mobile

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.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.