MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	BISALAXMI RICE MILL PRIVATE LIMITED
Registered Office :	Vill + PO – Bengai, PS – Goghat, Arambagh, Hooghly – 712611, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.04.1989
Com. Reg. No.:	21-046666
Capital Investment / Paid-up Capital :	Rs. 0.915 Million
CIN No.: [Company Identification No.]	U15312WB1989PTC046666
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Rice.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Net Worth of the company has been eroded due to continuous accumulated loss incurred from its operations. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Banshi Mohan Ghosh
Designation :	Director
Contact No.:	91-9434227665
Date :	05.08.2014

LOCATIONS

Registered Office :	Vill + PO – Bengai, PS – Goghat, Arambagh, Hooghly – 712611, West Bengal, India
Tel. No. :	91-3211-246291
Mobile No. :	91-9434227665/ 9434189530 (Mr. Banshi Mohan Ghosh)
Fax No. :	Not Available
E-Mail :	berhampur@vsnl.net

DIRECTORS

As on 30.09.2013

Name :

Sadhan Chandra Ghosh

Designation :

Director

Address :

Vill and PO – Bengai, PS – Goghat, Arambagh, Hooghly – 712611, West Bengal, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

07.04.1989

PAN No.:

ADVPG7465Q

DIN No. :

00318098

Name :

Chandana Ghosh

Designation :

Director

Address :

Vill and PO – Bengai, PS – Goghat, Arambagh, Hooghly – 712611, West Bengal, India

Date of Birth/Age :

16.06.1966

Date of Appointment :

20.06.1990

PAN No. :

AECPG08174J

DIN No. :

00318125

Name :

Banshi Mohan Ghosh

Designation :

Director

Address :

Vill and PO – Bengai, PS – Goghat, Arambagh, Hooghly – 712611, West Bengal, India

Date of Birth/Age :

17.08.1962

Date of Appointment :

07.04.1989

Voter ID No. :

WB-28-195-018194

DIN No. :

00318170

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	Company/ LLP Status	Defaulting status
1	U15312WB1989PTC046666	BISALAXMI RICE MILL PRIVATE LIMITED	Director	07-04-1989	07-04-1989	Active	NO
2	U15312WB1994PTC065851	DAMODAR RICE MILLS PRIVATE LIMITED	Director	15-07-2002	15-07-2002	Active	NO

Name :

Mr. Madan Mohan Ghosh

Designation :

Director

Address :

Vill and PO – Bengai, PS – Goghat, Arambagh, Hooghly – 712611, West Bengal, India

Date of Birth/Age :

20.04.1958

Date of Appointment :

07.04.1989

Voter ID No. :

WB-28-195-018192

DIN No. :

00488445

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	Company/ LLP Status	Defaulting status
1	U15312WB1989PTC046666	BISALAXMI RICE MILL PRIVATE LIMITED	Director	07-04-1989	07-04-1989	Active	NO
2	U70109WB1996PTC079869	BALARAM COLD STORAGE PRIVATE LIMITED	Director	12-02-2001	12-02-2001	Active	NO
3	U15312WB1994PTC065851	DAMODAR RICE MILLS PRIVATE LIMITED	Director	15-07-2002	15-07-2002	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Madan Mohan Ghosh	38312	41.87
Sadhan Chandra Ghosh	8000	8.74
Banshi Mohan Ghosh	24313	26.57
Chandana Ghosh	20875	22.81
Total	91500	100.00

As on 30.09.2013

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 and Supplier of Rice.
Products :	· Parboiled Rice Raw Rice Banskathi Soman Rice Rantna, Ir 36 Swarna Rice
Terms :
Selling :	Cash, Advance Payment, Cheque and Credit
Purchasing :	Cash, Advance Payment, Cheque and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

150 (Approximately)

Bankers :

· Allahabad Bank, Vill and P.O.: Bengai, P.S. Goghat, Dist: Hooghly, Bengai - 712611, West Bengal, India

State Bank of India, Main Branch, Arambagh Branch, Hooghly, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans Repayable on Demand From Banks	5.640	5.964
Total	5.640	5.964

Banking Relations :	--
Auditors :
Name :	S.Molla and Company Chartered Accountants
Address :	6, Kyd. Street, Kolkata – 700016, West Bengal, India
Tel. No. :	91-33-22296466
Income-tax PAN of auditor or auditor's firm :	ADLPM9989P

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91,500	Equity Shares	Rs.10/- each	Rs. 0.915 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.915	0.915	0.915
(b) Reserves & Surplus	(1.220)	(1.541)	(1.473)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(0.305)	(0.626)	(0.558)
(3) Non-Current Liabilities
(a) long-term borrowings	4.236	4.208	2.525
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.236	4.208	2.525
(4) Current Liabilities
(a) Short term borrowings	5.640	5.964	5.993
(b) Trade payables	0.000	1.138	1.921
(c) Other current liabilities	0.011	0.021	0.019
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	5.651	7.123	7.933
TOTAL	9.582	10.705	9.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.739	2.033	1.482
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.117	0.042	0.042
(d) Long-term Loan and Advances	0.039	0.038	0.058
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.895	2.113	1.582
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.483	6.847	7.721
(c) Trade receivables	0.000	1.286	0.504
(d) Cash and cash equivalents	1.204	0.459	0.093
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7.687	8.592	8.318
TOTAL	9.582	10.705	9.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	28.053	8.881	17.996
		Other Income	0.281	0.032	0.099
		TOTAL (A)	28.334	8.913	18.095
Less	EXPENSES
		Cost of Materials Consumed	25.335	6.048	15.907
		Purchases of Stock-in-Trade	0.654	0.140	0.257
		Increase and Decrease in Inventories	(1.339)	1.476	(0.733)
		Employees benefits expense	0.211	0.097	0.174
		Other expenses	2.142	0.375	1.470
		TOTAL (B)	27.003	8.136	17.075
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.331	0.777	1.020
Less	FINANCIAL EXPENSES (D)		0.715	0.635	0.324
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.616	0.142	0.696
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.294	0.211	0.241
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.322	(0.069)	0.455
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.322	(0.069)	0.455
	Earnings / (Loss) Per Share (Rs.)		3.52	(0.75)	4.97

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.14	(0.77)	2.51
Net Profit Margin (PBT/Sales)	(%)	1.15	(0.78)	2.53
Return on Total Assets (PBT/Total Assets}	(%)	3.40	(0.65)	4.62
Return on Investment (ROI) (PBT/Networth)		(1.06)	0.11	(0.82)
Debt Equity Ratio (Total Debt/Networth)		(32.38)	(16.25)	(15.27)
Current Ratio (Current Asset/Current Liability)		1.36	1.21	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.915	0.915	0.915
Reserves & Surplus	(1.473)	(1.541)	(1.220)
Net worth	(0.558)	(0.626)	(0.305)
long-term borrowings	2.525	4.208	4.236
Short term borrowings	5.993	5.964	5.640
Total borrowings	8.518	10.172	9.876
Debt/Equity ratio	(15.265)	(16.249)	(32.380)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	17.996	8.881	28.053
		(50.650)	215.877

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	17.996	8.881	28.053
Profit	0.455	(0.069)	0.322
	2.53%	(0.78%)	1.15%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
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	90246258	24/07/2009 *	6,000,000.00	ALLAHABAD BANK	VILL & P.O.: BENGAI, P.S. GOGHAT, DIST: HOOGHLY, BENGAI, WEST BENGAL - 712611, INDIA	A67750299

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan From Banks	0.311	0.583
Loans and Advances from related parties (Directors)	3.925	3.625
Total	4.236	4.208

FINANCIAL RESULTS

It will appear from Profit and Loss Account annexed to the Balance Sheet that the company has been able to effect sale of Rs. 28.053 Millions which is higher than last year’s sales after meeting all expenses including depreciation the company incurred a net profit Rs. 0.322 Million

FIXED ASSETS

· Land

Shed and Building

Plant and Machineries

Weigh Bridge

Electric Installations

Tube Well

Furniture and Fixture

Weights

Motor Car

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.60.87
UK Pound	1	Rs.102.67
Euro	1	Rs.81.70

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.