MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	BHAMA ENTERPRISES (INDIA) PRIVATE LIMITED
Registered Office :	304, Tapasya Apartment, Rambagh, Indore – 452007, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.07.2006
Com. Reg. No.:	10-018800
Capital Investment / Paid-up Capital :	Rs. 2.126 millions
CIN No.: [Company Identification No.]	U21022MP2006PTC018800
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Casserole Set, Tiffin Box, Water Jug, Aqua Wool Water Bottle, Plastic Thermos and Plastic Flask.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company having a moderate track record. Its scale of activities is limited. The profit margin of the company is low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for small to medium 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 – 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

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 :	Ms. Sheetal
Designation :	Accounts Department
Contact No.:	91-731-4237363
Date :	26.07.2013

LOCATIONS

Registered Office :	304, Tapasya Apartment, Rambagh, Indore – 452007, Madhya Pradesh, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	cspriyankagupta@gmail.com mohansinghbhama@yahoo.co.in
Location :	Owned
Factory :	No.51-A, Sector – A, Sanwer Road, Industrial Estate, Indore – 452015, Madhya Pradesh, India
Tel. No.:	91-731-4237363 / 2724578
Fax No.:	91-731-4047324

DIRECTORS

As on 29.09.2012

Name :	Mr. Aditya Raghuvanshi
Designation :	Director
Address :	7B, Raghuvansi Colony, Nearmari Mata Square, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	26.10.1980
Date of Appointment :	24.03.2010
DIN No. :	02831448
Name :	Ms. Shital Raghuvanshi
Designation :	Director
Address :	57, Raghuvanshi Colony, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	30.08.1985
Date of Appointment :	24.03.2010
DIN No. :	02831464

KEY EXECUTIVES

Name :	Ms. Sheetal
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ghanshyam Singh Raghuvanshi	8000
Mohansingh Raghuvanshi	7150
Aditya Raghuvanshi	7050
Amarsingh Raghuvanshi	2860
Amit Raghuvanshi	4880
Anita Sharma	1430
Ansul Neema	1430
Aruna Jain	6540
Aruna Pramod Ojha	2860
Arun Raghuvanshi	9860
Arvind Raghuvanshi	5150
Atul Raghuvanshi	5700
Bhagwanti Raghuvanshi	10580
Bhupendra Raghuvanshi	7820
Gangaram Raghuvanshi	5000
Gayatri Raghuvanshi	10290
Gopal Raghuvanshi	5720
Jagdish Kumar Neema	5000
Jyotshana Raghuvanshi	8430
Kirti Sagar	4290

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Casserole Set, Tiffin Box, Water Jug, Aqua Wool Water Bottle, Plastic Thermos and Plastic Flask.
Products :	· Casserole Set Tiffin Box Water Jug Aqua Cool Water Bottle Multi Utility Flask Plastic Thermos Plastic Flask Designer Flask Stainless Steel Insulated Flask
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

50 (Approximately)

Bankers :

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Tel. No.: 91-22-66341100

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short term borrowings
Car Loan	0.199	0.452
Loan from UBI	0.000	0.644
Working Capital Loans from Bank	0.101	3.035
Total	0.300	4.131

Banking Relations :	--
Auditors :
Name :	Chetan Sharma and Company Chartered Accountants
Address :	324, 2^nd Floor, Vikram Tower, Sapna -Sangeeta Road, Indore – 452001, Madhya Pradesh, India
PAN No. :	AORPS3027A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs. 2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
212575	Equity Shares	Rs.10/- each	Rs. 2.126 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	2.126	2.126
(b) Reserves & Surplus	6.979	6.958
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.380	0.380
Total Shareholders’ Funds (1) + (2)	9.485	9.464
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.682	0.514
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.682	0.514
(4) Current Liabilities
(a) Short term borrowings	0.300	4.132
(b) Trade payables	12.790	9.437
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.327	0.295
Total Current Liabilities (4)	13.417	13.864
TOTAL	23.584	23.842
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.721	8.015
(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	8.721	8.015
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3.212	3.080
(c) Trade receivables	4.858	6.600
(d) Cash and cash equivalents	0.592	0.310
(e) Short-term loans and advances	6.201	5.754
(f) Other current assets	0.000	0.083
Total Current Assets	14.863	15.827
TOTAL	23.584	23.842

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.126
2] Share Application Money		0.200
3] Reserves & Surplus		6.945
4] (Accumulated Losses)		0.000
NETWORTH		9.271
LOAN FUNDS
1] Secured Loans		4.691
2] Unsecured Loans		0.093
TOTAL BORROWING		4.784
DEFERRED TAX LIABILITIES		0.341
TOTAL		14.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.883
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.690
	Sundry Debtors	11.254
	Cash & Bank Balances	0.054
	Other Current Assets	0.000
	Loans & Advances	0.765
Total Current Assets		14.763
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.998
	Other Current Liabilities	0.000
	Provisions	0.417
Total Current Liabilities		8.415
Net Current Assets		6.348
MISCELLANEOUS EXPENSES		0.165
TOTAL		14.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	11.565	13.513	16.535
Less	EXPENSES
		TOTAL (B)	11.354	13.374	15.531
			(Including	(Including
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		Depreciation)	Depreciation)	1.004
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.363
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.211	0.139	0.641
Less	TAX (H)		0.190	0.126	0.395
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.021	0.013	0.246
	Earnings / (Loss) Per Share (Rs.)		0.10	0.06	1.12

Particulars	31.03.2013
Sales Turnover (Approximately)	13.000

The above information has been parted by Ms. Sheetal (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.18	0.010	1.49
Return on Total Assets (PBT/Total Assets}	(%)	0.89	0.58	2.83
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.07
Debt Equity Ratio (Total Debt/Networth)		0.03	0.44	0.52
Current Ratio (Current Asset/Current Liability)		1.11	1.14	1.75

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 four 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	No
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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10410198	03/04/2013 *	6,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B74232612
2	10032341	21/12/2006	9,000,000.00	UNION BANK OF INDIA	SSI BRANCH, 21, DIAMOND COLONY, NEW PALASIA, INDORE, MADHYA PRADESH - 452003, INDIA	A09017104

* Date of charge modification

BUSINESS REVIEW :

The Company generated the Profit before tax of Rs. 0.211 million against the profit of earlier year that was Rs. 0.139 million. Directors are putting their best efforts to increase the sales and profitability of the company. Your Directors expect that performance of the company will be far better in the coming period and the Company would be able to achieve greater Results and give better result in the coming year.

FIXED ASSETS

· Building

Plant and Machinery

Motor Cycle

Motor Car

EPBAX – 308

Electric Installation

Air Conditioner

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making anyprohibited 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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

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	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.