MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	CHIMANLAL FEIN PAPER PRIVATE LIMITED (w.e.f. 03.06.1999)
Formerly Known As :	THE BOMBAY CALCUTTA PAPER AND GENERAL COMPANY PRIVATE LIMITED
Registered Office :	40/42, Bombay Mutual Building, 293, Dr. D.N. Road, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.11.1946
Com. Reg. No.:	11-006886
Capital Investment / Paid-up Capital :	Rs.4.900 millions
CIN No.: [Company Identification No.]	U51396MH1946PTC006886
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10457G
PAN No.: [Permanent Account No.]	AAACT1599E
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Seller of Paper
No. of Employees :	Not Available

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 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having a moderate track record. There appears low profit margin and huge external borrowing. However, trade relations are fair. Business is active. Payments are reported as 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB / Stable
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	01.04.2013

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.

LOCATIONS

Registered Office :	40/42, Bombay Mutual Building, 293, Dr. D.N. Road, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22662842 / 22661943
Mobile No.:	91-9833663336 (Mr. Hasit Hasmukh Shah) 91-9833663332 (Mr. Rajesh Madhvan)
Fax No.:	91-22-22623186/ 22662842
E-Mail :	chimpaper@eth.net

DIRECTORS

As on 27.09.2012

Name :	Mr. Hasit Hasmukh Shah
Designation :	Managing Director
Address :	C-4, Alaknanda, 16A, Nepean Sea Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	03.06.1965
Date of Appointment :	28.07.1995
DIN No.:	00079204
Name :	Mrs. Indu Hasmukh Shah
Designation :	Joint Managing Director
Address :	C-4, Alaknanda, 16A, Nepean Sea Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	27.11.1934
Date of Appointment :	12.02.2007
DIN No.:	00079164
Name :	Mr. Rajesh Madhvan
Designation :	Joint Managing Director
Address :	905/906, Shivalaya Towers, 90 FT Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Date of Birth/Age :	04.04.1964
Date of Appointment :	12.02.2007
DIN No.:	00998479

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Indu H. Shah	9121
Indu H Shah Jointly With Hasit H. Shah	4628
Indu H. Shah Jointly With Hasit H Shah	10861
Hasit H. Shah Jointly With Indu H. Shah	7299
Bhupali R. Madhavan Jointly With Rajesh Madhavan	2678
Rajesh Madhavan Jointly With Bhupali R. Madhavan	211
Sharad Sawant	100
Usha Sawant	100
Indu H. Shah Jointly With Hasit H. Shah	7750
Indu H. Shah Jointly With Hasit H. Shah	6250
Zain Akbarli Jawadwala	1

As on 27.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.59
Others	0.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Seller of Paper

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Corporation Bank, 68/72, Babu Genu Road, Kalbadevi, P.B. No.2587, Mumbai – 400 002, Maharashtra, India ICICI Bank Limited

Banking Relations :	--
Auditors :
Name :	V.C. Shah and Associates Chartered Accountants
Address :	F-6, Jethwanagar, V.L. Road, Opposite BMC School, Kandivali (West), Mumbai – 400 067, Maharashtra, India
PAN No.:	AAEPS6422L

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49000	Equity Shares	Rs.100/- each	Rs.4.900 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		4.900	4.900	4.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.775	28.657	24.101
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.675	33.557	29.001
LOAN FUNDS
1] Secured Loans		235.001	243.089	125.951
2] Unsecured Loans				26.268
TOTAL BORROWING		235.001	243.089	152.219
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		268.676	276.646	181.220
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.918	17.286	17.949
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.350	1.350	1.350
DEFERREX TAX ASSETS		0.058	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.606	81.228	66.123
	Sundry Debtors	127.410	124.968	79.913
	Cash & Bank Balances	1.642	10.318	0.382
	Other Current Assets	0.000	0.000	15.226
	Loans & Advances	62.199	59.384	38.101
Total Current Assets		258.857	275.898	199.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.273	8.418	33.429
	Other Current Liabilities	5.234	9.470	0.000
	Provisions	0.000	0.000	4.395
Total Current Liabilities		10.507	17.888	37.824
Net Current Assets		248.350	258.010	161.921
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		268.676	276.646	181.220

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	984.774	445.200
		Other Income		NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.656	27.742	19.270
Less	FINANCIAL EXPENSES (D)		29.306	20.268	14.377
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.350	7.474	4.893
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.175	0.818	0.680
	PROFIT BEFORE TAX (E-F) (G)		0.175	6.656	4.213
Less	TAX (H)		0.057	2.100	1.365
	PROFIT AFTER TAX (G-H) (I)		0.118	4.556	2.848
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.290	8.034	5.486
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.300	0.300
	BALANCE CARRIED TO THE B/S		12.408	12.290	8.034
	Earnings Per Share (Rs.)				58.12

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	NA	0.68	0.95
Return on Total Assets (PBT/Total Assets}	(%)	0.06	2.27	1.94
Return on Investment (ROI) (PBT/Networth)		0.01	0.20	0.15
Debt Equity Ratio (Total Debt /Networth)		6.98	7.24	5.25
Current Ratio (Current Asset/Current Liability)		24.64	15.42	5.28

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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	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 RESULTS:

The year 2011-12 was a challenging year not only for the Company but overall of the trade and paper industry in their country. The profit of the company has been adversely affected by three main reasons, one: adverse market conditions, two: steep hike in bank interest rate, three: the constant weakening of their currency which has decline by more than approx. 33% since April 2011. Excise duty has also increased from 5% to 6% in the last Union Budget The Company does not expect any major change in the current year, in sales. However the Directors are trying to see that there should be a small marginal improvement in the profit barring unforeseen circumstances.

The turnover during the current year ie. April to August 2012 is Rs. 381.388 Millions as against Rs. 327.674 Millions in the previous year a increase of 16.39% than that of previous year, moreover the profit is under stress. Unfortunately in the current year the Company has not received any order from Life Insurance Corporation of India which they have been receiving since the last many decades.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51396MH1946PTC006886
Name of the company	CHIMANLAL FEIN PAPER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	40/42, Bombay Mutual Building, 293, Dr. D.N. Road, Mumbai – 400 001, Maharashtra, India chimpaper@eth.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80002589
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Current And Fixed Assets)
Particular of charge holder	Corporation Bank, 68/72, Babu Genu Road, Kalbadevi, P.B. No.2587, Mumbai – 400 002, Maharashtra, India adlalwani@rediffmail.com
Nature of instrument creating charge	1.Supplemental Common Deed of Hypothecation of Movables/Assets/Debts 2.Continuity Letter (All The Above Agreement Constitute A Single Charge)
Date of instrument Creating the charge	30.06.2012
Amount secured by the charge	Rs.230.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipualted by bank from time to time Terms of Repayment As stipualted by bank from time to time Margin As stipualted by bank from time to time Extent and Operation of the charge First charge(present and future)=total limit Rs.230.000 Millions ((1) cash credit cum WCDL=Rs.230.000 Millions) Sub limit under C.C. cum WCDL=import L/C cum bank guarantee=Rs.20.000 Millions) And/or as stipulated by bank from time to time Others As stipulated by bank from time to time and as per sanction letter of the bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge (Present and Future on Following Assets) - (1) Hypothecation of All Stock / Goods / Inventoires / Products Kept At Borrower Place / Premises / Factories / Godowns Etc Or Whereeverelse Or In Transit (2) Hypothecation Of All Book Debts And Receivables Of The Company (3) Hypothecation Of All Current And Movable Assets Of The Company (4) Emg Of Flat No 203 And 204 At 2nd Floor In Building No 10, Type C Of The Complex Known As West End Situated At Land Bearing Survey No 316-B,Village Bolinj, Taluka-Vasai, District-Thane (5) Emg Of Flat No 905 And 906 At 9th Floor In The Building Known As Shivalaya Towers In The Complex Known As Thakur Enclave Situated On The Land Bearing Cts No. 638-E and 638-F ,Village Poisar, Taluka Borivali, Mumbai Suburban District,
Date of instrument modifying the charge
Particulars of the present modification	By this modification limit stand enhanced from Rs. 200.000 Millions to Rs.230.000 Millions ((1) cash credit cum WCDL=Rs.230.000 Millions),sub limit under C.C. cum WCDL = import L/C cum bank guarantee=Rs.20.000 Millions), securities are continued as given by original charge as well as by modifications, terms and conditions

FIXED ASSETS:

• Shredder Machine (Aditya)
• Air Conditioners
• Celluler Phones
• Celluler Phones (Bangalore)
• Computer System
• Computer System (Bangalore)
• Contech Electronic Balance
• Dehumidfier
• Electrical Installation
• Fax Machine (Cannon)
• Flat at Shivalaya (Kandivali)
• Flat at Virar
• Furniture and Fixtures
• Telephone System (Panasonic)
• Motar Car -Santro (Zip Plus)
• Motar Car -Skoda Octavia
• Motar Car -Baleno
• Motar Car -Swift VXI
• Refrigerator (Daewoo)
• Sony Television
• UPS (Bangalore)

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.56.24
UK Pound	1	Rs.84.54
Euro	1	Rs.72.32

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	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		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.