MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	BRITE COATINGS PRIVATE LIMITED
Registered Office :	Plot No. C – 352, TTC Industrial Area, Pawane, Navi Mumbai – 400705 Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.1989
Com. Reg. No.:	11-052790
Capital Investment / Paid-up Capital :	Rs. 0.100 million
CIN No.: [Company Identification No.]	U65910MH1989PTC052790
TAN No.: [Tax Deduction & Collection Account No.]	MUMB 17951D
PAN No.: [Permanent Account No.]	AACCB6946P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of adhesive tapes and decals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financial after the year 2011 with the government department. Mr. Bhavesh Vaswani provided all information however, financial are not verified. As per Registrar of companies the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealing with great 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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

Name :	Mr. Bhavesh Vaswani
Designation :	Accounts Manager
Contact No.:	91-9870023217
Date :	19.12.2014

LOCATIONS

Registered Office / Factory :	C-352, TTC Industrial Area, Road No. 9, Pawane, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27687591
Mobile No.:	91-9870023217 (Mr. Bhavesh Vaswani)
Fax No.:	91-22-25824369
E-Mail :	brite@britecoatings.com haresh_joshi@hotmail.com
Website :	www.britecoatings.com
Area :	1000 Sq.ft.
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2011

Name :	Mr. Dalip Nanikram Vaswani
Designation :	Director
Address :	32, Casa Blanca, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	10.08.1960 / 52 Years
Date of Appointment :	10.07.2003
DIN No.:	01307208
Name :	Mrs. Deepika Dalip Vaswani
Designation :	Director
Address :	32, Casa Blanca, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	31.05.1964 / 48 Years
Date of Appointment :	10.07.2003
DIN No.:	01866008

KEY EXECUTIVES

Name :	Mr. Bhavesh Vaswani
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Dalip Nanikram Vaswani	5000	50.00
Deepika Dalip Vaswani	5000	50.00
Total	10000	100.00

As on 30.09.2011

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, Trader, Exporter and Importer of adhesive tapes and decals.
Products :	· Mylar Polyester Tape · Self Adhesive Vinyls · Colour Vinyls · Adhesive Coating Services · Album Lamination Film · Woven Medical Tape · Spacer Tape · Glazing Tape · Structural Glazing Tape
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Adhesive Tapes and Decals
Countries :	· USA · Europe
Imports :
Products :	Adhesive Tapes and Decals
Countries :	· Europe · China
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Gujarat Polymers

· Matoshree Traders

· Nova Flexipack Private Limited

· Nyne Organics Private Limited

· Rishichem Distributors Private Limited

· R.K.Trading Company

· Shree Vinayak Organics India Private Limited

· Sirabh Chemicals

· Technova Imaging Systems Private Limited

· Wacker Metroark Chemicals Private Limited

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Wholesalers and Manufacturer

· Aastha Tech Products

· Asian Electronics Limited

· Blue Star Limited

· Crownstar Industries Private Limited

· DSA Electrofab Controls Private Limited

· Featherlite Office Systems Limited

· Featherlite Products Limited

· Finolex Cables Limited

· Kiran Medical Systems

· R.K.Trading Company

· Rushabh Investment Private Limited

· Roopam Paper Krafts

· Sayba Traders

· SP Architectural Coating Private Limited

· SP Fabricators Private Limited

· SP Fabricators Aastha Tech Products

· Asian Electronics Limited

· Blue Star Limited

· Crownstar Industries Private Limited

· DSA Electrofab Controls Private Limited

· Featherlite Office Systems Private Limited

· Featherlite Products Private Limited

· Finolex Cables Limited

· Kiran Medical Systems

· R.K.Trading Company

· Sayba Traders

· SP Architectural Coating Private Limited

· SP Fabricators Private Limited

· Roopam Paper Krafts

· Rushabh Investment Private Limited

· Star Alubuild Private Limited

· Steel Infoline Company India Private Limited.

· Technova Imaging Systems

· Vikhyat Graphics

· Yashodeep Enterprises

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Navi Mumbai, Maharashtra, India
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Canara Bank, Navi Mumbai, India

Facilities :

PARTICULAR	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Dalip N.Vaswani (HUF)	0.302	0.302
Dalip N.Vaswani	2.270	2.270
Deepika D.Vaswani	0.406	0.406
Total	2.978	2.978

Banking Relations :	--
Auditors :
Name :	H. R. Joshi and Company chartered Accountants
Address :	1^stFloor, Ganesh Bhuvan, 43/45, 2^nd Marine Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-060217
Fax No.:	91-22-089788
Income-tax PAN of auditor or auditor's firm :	AAEPJ9204H
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.558	1.904	1.335
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.658	2.004	1.435
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.091
2] Unsecured Loans		2.978	2.978	4.078
TOTAL BORROWING		2.978	2.978	4.169
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.636	4.982	5.604
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.047	4.292	4.518
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.370	1.402	1.554
	Sundry Debtors	2.714	3.070	3.926
	Cash & Bank Balances	2.502	1.622	1.587
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.228	0.954	0.139
Total Current Assets		7.814	7.048	7.206
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.118	1.563	1.502
	Other Current Liabilities	4.847	4.450	4.273
	Provisions	0.265	0.350	0.350
Total Current Liabilities		6.230	6.363	6.125
Net Current Assets		1.584	0.685	1.081
MISCELLANEOUS EXPENSES		0.005	0.005	0.005
TOTAL		5.636	4.982	5.604

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT AFTER TAX	0.629	0.630	0.576
	Earnings Per Share (Rs.)	62.90	63.00	57.60

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	3.46	4.66	7.17
Current Ratio (Current Asset/Current Liability)	1.25	1.11	1.18

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	240.000	240.000

Expected Sales (2014-2015): Rs. 250.000 Millions

The above information has been parted by Mr. Bhavesh Vaswani (Accounts Manager).

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	1.335	1.904	2.558
Net worth	1.435	2.004	2.658
Secured Loans	0.091	0.000	0.000
Unsecured Loans	4.078	2.978	2.978
Total borrowings	4.169	2.978	2.978
Debt/Equity ratio	2.905	1.486	1.120

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	Yes
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 five years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
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)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS

31.03.2013 (Rs. In Millions)

31.03.2012 (Rs. In Millions)

FIXED ASSETS

· Computer

· Motor car

· Plant and Machinery

· Water Cooler and Aqu.

· Land and Building

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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	DIV
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	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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.