MIRA INFORM REPORT

Report Date :

22.06.2013

IDENTIFICATION DETAILS

Name :	BANG DATA FORMS PRIVATE LIMITED
Registered Office :	Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.07.1989
Com. Reg. No.:	11-52672
Capital Investment / Paid-up Capital :	Rs. 13.200 Millions
CIN No.: [Company Identification No.]	U22219MH1989PTC052672
TAN No.: [Tax Deduction & Collection Account No.]	MUMB04760A MUMB13727A
PAN No.: [Permanent Account No.]	AAACB1541Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Importer of Plastic Packaging Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	22.03.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of Safety and higher credit risk
Date	22.03.2013

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 DENIED BY

Management Non Co-Operative (91-22-24901781)

LOCATIONS

Registered Office :	Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-22070644
Mobile No.:	91-9371178955 (Mr. Varadraj Rangnath Bang)
Fax No.:	91-22-22073868
E-Mail :	kkbang@banggroup.com bangdata@banggroup.com info@banggroup.com
Website :	http://www.ppwovensacks.net
Area :	5000 Sq. ft. (Approximately)
Location :	Owned
Factory :	Plot No. A/7, Chincholi MIDC, Off Solapur-Pune Highway, Solapur - 413255, Maharashtra, India
Tel No. :	91-217-2375711 / 2357633
Email :	bdfadmin.spr@bangdataforms.com
Corporate Office :	103, Keval Industrial Estate, 1^st Floor, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel No. :	91-22-24901781
Fax No. :	91-22-24901891

DIRECTORS

As on: 14.09.2012

Name :	Mr. Venugopal Balram Bang
Designation :	Director
Address :	122, Sir Bhacchandra Road, Hindu Colony, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	02.06.1954
Date of Appointment :	19.07.1989
DIN No.:	00112410
Name :	Mr. Krishna Kumar Ramkumar Bang
Designation :	Director
Address :	122, Sir Bhacchandra Road, Hindu Colony, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	25.04.1966
Date of Appointment :	25.01.1990
DIN No.:	00235932
Name :	Mr. Varadraj Rangnath Bang
Designation :	Director
Address :	9, Arun Building, Narayan, Dabolkar Road, Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	21.10.1967
Date of Appointment :	19.07.1989
DIN No.:	00235962

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 14.09.2012

Names of Shareholders	No. of Shares
Sampatkumar Bang	20000
Saraswati Devi Bang	26200
Ramanujdas Bang	5000
Kantadevi Bang	22200
Arvind Kumar Bang	26200
Purshotam Bang	26200
Sridhar Bang	28300
Padmavati P Soni	13000
Vishnukanta N Baheti	15000
Ramankanta S Partani	20000
Srikanta Laddha	20000
Ramkumar Bang	64700
Parwatidevi Bang	50200
Narayandas Bang	35000
Rekha N Bang	31000
Kamalnayan R Bang	35000
Krishna K Bang	41600
Madhusudan Bang	35000
Sita Bajaj	20000
Geeta Jakotia	20000
Balaram R Bang	50400
Radhadevi Bang	31400
Venugopal Bang	36600
Tara Bang	35400
Nandgopal Bang	35400
Sobha Bang	29600
Rajgobal Bang	35400
Girdhar Bang	35400
Brijgopal Bang	45500
Anusuya S Dhoot	20000
Madhu R Maheshwari	20000
Rangnath Bang	64900
Pushpadevi Bang	49800
Varadraj Bang	50400
Vasudev Bang	50500
Laxminiwas Bang	70500
Pushpa Bang	44200
Gopibai Bang	10000
Satyanarayan Sarda	10000
Dwarka Prasad Sarda	10000
Ramkishore Sarda	10000
Rajgopal Sarda	10000
Shobha Devi Sarda	10000
Total	1320000

Equity Share Break up (Percentage of Total Equity)

As on: 14.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Plastic Packaging Products

PRODUCTION STATUS As on 31.03.2012

The installed capacity of HDPE/ PP Plant is 14915 m.t p.a based on extruder capacities of 150 kgs per hour, 250 kg per hour, 350 kg per hour, 450 kg per hour, 600 kg per hour

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ING Vysya Bank Limited, Mittal Towers, A-Wing, Ground Floor, 210 Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
From ING Vysya Bank (Secured against hypothecation of land, building and machinery of the company and personal guarantee of the directors)	39.795	36.033
SICOM Limited (Pari passu charges by way of equitable mortgage of land, building and machinery of the company and personal guarantee of the directors)	9.500	32.500
Loans repayable on demand	0
From Banks (Secured against hypothecation of stocks and debtors of the company and personal guarantee of directors)	83.163	43.810
Preshipment Credit From ING Vysya Bank (Secured against hypothecation of stocks and debtors of the company and personal guarantee of directors)	21.591	0.000
WCDL	0.000	35.000
Total	154.049	147.343

Banking Relations :	--
Auditors :
Name :	K. M. Garg and Company Chartered Accountants
Address :	603/604, Unique Tower, Off. S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
PAN No. :	AAEFK4654J
Associates :	· Supreme Polyweave Private Limited
Other (Enterprises over which key management personnel are able to exercise significant influence)	· The Maheshwari Graphite Udyog Private Limited · Bank Overseas Limited · Bang Papers Private Limited · Bags and Sacks India Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1320000	Equity Shares	Rs.10/- each	Rs. 13.200 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	13.200	13.200
(b) Reserves & Surplus	198.008	165.750
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	49.294	68.533
(b) Deferred tax liabilities (Net)	14.353	15.118
(c) Other long term liabilities	0.506	2.321
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	141.215	121.754
(b) Trade payables	108.624	95.440
(c) Other current liabilities	49.361	42.859
(d) Short-term provisions	26.420	53.238
TOTAL	600.981	578.213
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	237.177	238.911
(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	0.175	0.176
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	45.074	16.791
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	142.299	140.430
(c) Trade receivables	123.936	111.459
(d) Cash and cash equivalents	10.991	7.483
(e) Short-term loans and advances	41.330	62.963
(f) Other current assets	0.000	0.000
TOTAL	600.982	578.213

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.200
2] Share Application Money		0.000
3] Reserves & Surplus		140.898
4] (Accumulated Losses)		0.000
NETWORTH		154.098
LOAN FUNDS
1] Secured Loans		155.423
2] Unsecured Loans		1.433
TOTAL BORROWING		156.856
DEFERRED TAX LIABILITIES		11.893
TOTAL		322.847
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		207.778
Capital work-in-progress		23.519
INVESTMENT		0.197
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.744
	Sundry Debtors	76.935
	Cash & Bank Balances	9.345
	Other Current Assets	0.000
	Loans & Advances	56.265
Total Current Assets		210.289
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.173
	Other Liabilities	42.866
	Provisions	2.897
Total Current Liabilities		118.936
Net Current Assets		91.353
MISCELLANEOUS EXPENSES		0.000
TOTAL		322.847

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		43.529	41.293	63.374
Less	TAX		15.624	17.941	21.702
	PROFIT AFTER TAX		27.905	23.352	41.672
	EARNINGS IN FOREIGN CURRENCY		428.032	276.791	253.438
	Earnings Per Share (Rs.)		21.14	17.69	31.57

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	7.25	7.14	15.16
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.41
Debt Equity Ratio (Total Debt /Networth)		0.90	1.06	1.02
Current Ratio (Current Asset/Current Liability)		0.98	1.03	1.77

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs in Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
For Goods/ Services	108.624	95.440	33.138
For Expenses	0.000	0.000	20.917
For others	0.000	0.000	19.118
Total	108.624	95.440	73.173

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 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

OPERATIONS

The company’s performance has been reasonably good. The company has registered a Net Profit of Rs. 27.905 Millions in the year as against Rs. 23.352 Millions in the previous year

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Loan from Directors	0.271	0.891
Loan from Share Holders	34.610	38.477
Loan from body corporate	1.579	3.576
Total	36.460	42.944

FIXED ASSETS:

· Lease hold land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicle

· Electrical Equipments

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. 59.35
UK Pound	1	Rs. 92.11
Euro	1	Rs. 78.59

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	5
--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		46

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.