MIRA INFORM REPORT

Report Date :

07.05.2014

IDENTIFICATION DETAILS

Name :	BHARAT FOILS LIMITED
Registered Office :	8A, Rajasthani Udyog, G T Karnal, Road, New Delhi - 110033
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.08.1981
Com. Reg. No.:	55-012125
Capital Investment / Paid-up Capital :	Rs.22.918 Millions
CIN No.: [Company Identification No.]	U74899DL1981PLC012125
TAN No.: [Tax Deduction & Collection Account No.]	DELB05678B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Dealing in Cleaning equipment, material handling equipment, milling, production and business consultant, accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 12000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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

Name :	Ms. Ekta Saighal
Designation :	Accounts Manager
Contact No.:	91-11-27696944
Date :	06.05.2014

LOCATIONS

Registered Office :	8A, Rajasthani Udyog, G T Karnal, Road, New Delhi – 110033, India
Tel. No. :	91-11-27696944, 27692645, 27694469, 27694471
Fax No. :	91-11-27693961
E-Mail :	rksingal@rksingal.com bansalengg9@gmail.com
Website :	www.bansalsgroup.com

DIRECTORS

As on 24.09.2013

Name :

Mr. Vinod Gupta

Designation :

Director

Address :

K-4/19, model Town, Delhi – 110009, India

Date of Appointment :

13.03.2001

DIN No. :

00207875

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1981PLC012125	BHARAT FOILS LIMITED	Director	13/03/2001	13/03/2001	-	Active	NO
2	U29225DL2013PTC259067	BANSAL ENGINEERS (GRAIN MILLING) PRIVATE LIMITED	Director	10/10/2013	10/10/2013	-	Active	NO

Name :

Mr. Sunil Gupta

Designation :

Director

Address :

K-4/19, model Town, Delhi – 110009, India

Date of Appointment :

13.03.2001

DIN No. :

00211199

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC025283	ASHA AND ASSOCIATES PRIVATE LIMITED	Director	29/08/1986	29/08/1986	-	Active	NO
2	U74899DL1992PTC048519	ASHA LAND DEVELOPERS PRIVATE LIMITED	Director	28/04/1992	28/04/1992	-	Active	NO
3	U74899DL1995PLC070615	ASHA SECURITIES LIMITED	Director	10/07/1995	10/07/1995	-	Active	YES
4	U74899DL1981PLC012125	BHARAT FOILS LIMITED	Director	13/03/2001	13/03/2001	-	Active	NO
5	U29225DL2013PTC259067	BANSAL ENGINEERS (GRAIN MILLING) PRIVATE LIMITED	Director	10/10/2013	10/10/2013	-	Active	NO

Name :

Mr. Rabinder Nath Gupta

Designation :

Director

Address :

K-4/19, model Town, Delhi – 110009, India

Date of Appointment :

13.03.2001

DIN No. :

00211184

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC025283	ASHA AND ASSOCIATES PRIVATE LIMITED	Director	29/08/1986	29/08/1986	23/08/2010	Active	NO
2	U74899DL1995PLC070615	ASHA SECURITIES LIMITED	Director	10/07/1995	10/07/1995	23/08/2010	Active	YES
3	U74899DL1981PLC012125	BHARAT FOILS LIMITED	Director	13/03/2001	13/03/2001	-	Active	NO

Name :

Dwearika Dhish Chauhan

Designation :

Director

Address :

K-4/19, model Town, Delhi – 110009, India

Date of Appointment :

28.09.2007

DIN No. :

01018500

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1981PLC012125	BHARAT FOILS LIMITED	Director	28/09/2007	01/12/2006	-	Active	NO

Name :

Mr. Dhruv Gupta

Designation :

Director

Address :

K-4/19, model Town, Delhi – 110009, India

Date of Birth/Age :

08.02.1989

Date of Appointment :

30.09.2009

DIN No. :

02487613

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1981PLC012125	BHARAT FOILS LIMITED	Director	30/09/2009	01/01/2009	-	Active	NO
2	U74899DL1986PTC025283	ASHA AND ASSOCIATES PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO
3	U74899DL1992PTC048519	ASHA LAND DEVELOPERS PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO
4	U74899DL1995PLC070615	ASHA SECURITIES LIMITED	Director	23/08/2010	23/08/2010	-	Active	YES

KEY EXECUTIVES

Name :	Ms. Ekta Saighal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2013

Names of Shareholders	No. of Shares	%age
Asha Rani Gupta	238370	10.40
Sunil Gupta	866500	37.81
Rabinder Nath Gupta	158300	6.91
Rekha Gupta	1000	0.04
Neha Gupta	100	0.00
Vinod Gupta	946480	41.30
Bindu Gupta	81080	3.54
Total	2291830	100.00

As on 24.09.2013

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 :

Dealing in Cleaning equipment, material handling equipment, milling, production and business consultant, accessories.

GENERAL INFORMATION

Suppliers :

² ANG Agro Foods (Private) Limited

² Anjaneya Roller Flour Mills Private limited

² Clarion Agro

² Gopal Roller Flour Mill

² Shubham Agro Industries

² Sidvin Agro Products Limited

² V.N.J. Agro Foods Private Limited

² Ambe Agro Industries Limited

² Suraj Pulses

² Shakti Bhog Foods Limited, Delhi

Customers :

² Kanha Flour Mill (Private) Limited

² Aggaewal Flour Mill

² Akshat Roller Flour Mills Private Limited

² Anjani Foods Products Private Limited

² Dima Hasao Roller Flour Mill

² Ekjot Agro Foods (Private) Limited

² K. K. Roller Flour Mills

² Nu Foods Private Limited

² Modern Grinding Mill

² Riya’s Flour Mills

² Usher Agro Limited

No. of Employees :

Not Divulged

Bankers :

Bank of India, Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi – 110002, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan
From bank	0.000	2.397
Car loan from Bank of India	0.856	0.000
SHORT TERM BORROWINGS
Loans and advance from bank	0.749	1.369
Bansal Flour Mill Engineers (Branch)	13.816	11.122
Loans and advance from related parties	106.814	79.500
Bansal Flour Mill Engineers (Branch)	97.711	78.625
Loans and advances from others	2.500	0.000
Total	222.446	173.013

Banking Relations :	--
Auditors :
Name :	Rajendra Kumar Singla and Associates Chartered Accountants
Address :	1001, DDA SFS Flats, Block – 1, Motia Khan, Jhandewalan Extn. Nw Delhi – 110055, India
Tel. No. :	91-11-23635360 / 23635361
Fax No. :	91-11-23632625
E-Mail :	rksa@rksingal.com
PAN No. :	AAEFR7956C

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2291830	Equity Shares	Rs.10/- each	Rs.22.918 Millions

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	22.918	22.918	22.918
(b) Reserves & Surplus	6.997	2.446	2.523
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	9.500	9.500
Total Shareholders’ Funds (1) + (2)	29.915	34.864	34.941
(3) Non-Current Liabilities
(a) long-term borrowings	0.856	2.397	0.000
(b) Deferred tax liabilities (Net)	2.201	3.112	3.673
(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)	3.057	5.509	3.673
(4) Current Liabilities
(a) Short term borrowings	221.590	170.616	135.700
(b) Trade payables	19.173	0.931	10.456
(c) Other current liabilities	56.296	64.813	34.329
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	297.059	236.360	180.485
TOTAL	330.031	276.733	219.099
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	213.347	36.499	29.042
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	97.152	52.314
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	213.347	133.651	81.356
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.008	55.465	49.760
(c) Trade receivables	35.637	20.392	32.497
(d) Cash and cash equivalents	0.515	0.568	0.550
(e) Short-term loans and advances	19.524	66.657	54.936
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	116.684	143.082	137.743
TOTAL	330.031	276.733	219.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	424.945	315.709	310.304
		Other Income	14.162	8.593	0.278
		TOTAL	439.107	324.302	310.582
Less	EXPENSES
		Cost of Materials Consumed	405.158	302.660	269.676
		Employees benefits expense	0.105	0.044	11.227
		Other expenses	14.660	9.995	22.661
		TOTAL	419.923	312.699	303.564
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		19.184	11.603	7.018
Less	FINANCIAL EXPENSES		6.821	4.339	1.864
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.363	7.264	5.154
Less/ Add	DEPRECIATION/ AMORTISATION		7.838	7.524	5.706
	PROFIT/ (LOSS) BEFORE TAX		4.525	(0.260)	(0.552)
Less	TAX		(0.026)	0.337	(0.186)
	PROFIT/ (LOSS) AFTER TAX		4.551	(0.077)	(0.366)
	Earnings / (Loss) Per Share (Rs.)		1.99	(0.03)	(1.60)

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	Yes
18]	Major customers	Yes
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10430945	17/04/2013	975,000.00	Bank of India	Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi, Delhi - 110002, INDIA	B77034957
2	10371212	23/07/2012	2,940,000.00	Bank of India	Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi, Delhi - 110002, INDIA	B55901409
3	10300443	02/07/2011	6,983,000.00	Bank of India	Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi, Delhi - 110002, INDIA	B18153544
4	10024636	24/10/2011 *	20,000,000.00	Bank of India	Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi, Delhi - 110002, INDIA	B26654061
5	80014212	24/10/2011 *	12,500,000.00	Bank of India	Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi, Delhi - 110002, INDIA	B26652586
6	80014224	24/10/2011 *	12,500,000.00	Bank of India	Asaf Ali Road Branch, 4/8, Asaf Ali Road, New Delhi, Delhi - 110002, INDIA	B26653295

* Date of charge modification

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.60.20
UK Pound	1	Rs.101.67
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	ANK

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.