MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	RAJYAVARDHAN VANIJYA PRIVATE LIMITED RAJ DEALERS AND DISTRIBUTORS DIVISION OF RAJYAVARDHAN VANIJYA PRIVATE LIMITED
Registered Office :	14, N S Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.09.1986
Com. Reg. No.:	21-041217
Capital Investment / Paid-up Capital :	Rs.4.270 Millions
CIN No.: [Company Identification No.]	U17125WB1986PTC041217
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of printing papers, writing paper etc.
No. of Employees :	20 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track. The company possesses a moderate financial profile marked by modest Networth base along with huge gearing for satisfying its working capital needs, likely to be further raised by slow realisation of debtors and huge inventory in the books. Management has witnessed a significant increase in its sales volume whereas has reported a minimal net profitability affecting its margins during FY13. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow. In view of long standing presence, the company can be considered for business dealings with 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 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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. Ramesh Bangur
Designation :	Director
Contact No.:	91-9810010311
Date :	29.09.2014

LOCATIONS

Registered Office :	14, N S Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22434540
Mobile No.:	91-9810010311 (Mr. Ramesh Bangur)
Fax No.:	Not Available
E-Mail :	rajdealer@bangurmail.com bangurkol@yahoo.co.in
Branch Office 1 :	111 and 109, Oriental House, 19, Community Centre, Yusuf Sarai, New Delhi – 110049, India
Tel. No.:	91-11-41026601
Fax No.:	91-11-26517102
Branch Office 2 :	644 Gazipur Estate, Patpar Gunj, Delhi, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ramesh Kumar Bangur

Designation :

Director

Address :

199, Chittaranjan Avenue, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

06.07.1955

Date of Appointment :

26.08.1994

DIN No.:

00241980

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	U21014WB1991PTC050900	MANI PACKAGING PVT LTD	Director	11/03/1991	11/03/1991	-	Active	NO
2	U70101DL1970PLC006408	VENKTESH TRADING CO LTD	Director	24/08/1992	24/08/1992	29/01/2011	Active	NO
3	U17125WB1986PTC041217	RAJYAVARDHAN VANIJYA PVT LTD	Director	26/08/1994	26/08/1994	-	Active	NO
4	U74900DL1995PLC067565	COATED PAPERS INDIA LIMITED	Director	20/04/1995	20/04/1995	-	Strike off	NO
5	U21012WB1991PTC051716	SHREYANS PAPERPLAST PVT LTD	Director	19/06/1995	19/06/1995	29/03/2014	Active	NO
6	U21022WB1996PTC080497	SWASTIK GLOBAL PAPERS PVT LTD	Director	30/03/1997	30/03/1997	-	Active	NO
7	U74899DL1995PTC064606	ETHNIC SILKS PRIVATE LIMITED	Director	09/06/1998	09/06/1998	-	Active	NO

Name :

Mr. Sudarshan Bangur

Designation :

Director

Address :

C-2/25, Bhim Nagar (SAD), New Delhi – 110016, India

Date of Birth/Age :

12.07.1978

Date of Appointment :

17.03.2007

DIN No.:

00162828

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	U74899DL1995PTC064606	ETHNIC SILKS PRIVATE LIMITED	Director	02/03/2004	02/03/2004	04/08/2014	Active	NO
2	U17125WB1986PTC041217	RAJYAVARDHAN VANIJYA PVT LTD	Director	17/03/2007	17/03/2007	-	Active	NO
3	U70101DL1970PLC006408	VENKTESH TRADING CO LTD	Director	12/07/2014	12/07/2014	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Mani Devi	8000
Luxmi Devi	8000
Bimala Devi	10000
Veena Bangur	10000
Vijay Kumar Bangur	10000
Madan Gopal Gopal	10000
Ajay Bangur	10000
Rajendra Kumar Bangur	18900
Milan Bangur	10000
Sushma Bangur	10000
Bina Bangur	10000
Suresh Kumar Bangur	97100
Ramesh Kumar Bangur	30000
Pannalal Oswal	6000
Sita Devi Sharma	10000
Kiran Mohta	100
Sudarshan Bangur	2800
Suresh Kumar Ramesh Kumar	90890
Anirudh Bangur	1000
Basant Kamani	100
Ritika Commercial Co. Private Limited	20000
Archana Bangur	100
Ramesh Kumar Bangur (HUF)	100
Rajendra Kumar Bangur (HUF)	100
Ajay Kumar Bangur (HUF)	100
Vijay Kumar Ajay Kumar	100
Madan Gopal Shree Prakash	100
Shree Prakash Bangur (HUF)	100
Usha Kiran Bangur	5000
Pradyumna Bangur	10000
Sudershan Prasad Bagardia	38100
Bina Kothari	100
Kalpana Chandak	200
Suresh Kumar Bangur (Karta of Shree Gopal Bangur-HUF)	10
Total	427000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	4.68
Directors or relatives of Directors	59.77
Other top fifty shareholders	35.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of printing papers, writing paper etc.
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

Suppliers :

· Andhra Pradesh Paper Mills Limited

· Century Pulp and Paper

Customers :

Wholesalers, Retailers, Others

No. of Employees :

20 (Approximately)

Bankers :

Union Bank Limited, Asaf Ali Road Branch, 4/14A, Asaf Ali Road, New Delhi – 10002, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	47.947	30.360
Total	47.947	30.360

Banking Relations :	--
Auditors :
Name :	Sitaram Agrawal and Associates Chartered Accountants
Address :	69, Ram Lochan Shire Street, Belurmath, Howrah – 700202, West Bengal, India
Tel. No.:	91-2654-4325 / 2242-8480
PAN No.:	AASFS5167L
Name :	G. S. Goyal and Company Chartered Accountants

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
427000	Equity Shares	Rs.10/- each	Rs.4.270 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	4.270	4.270	4.270
(b) Reserves & Surplus	9.713	8.584	7.641
(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)	13.983	12.854	11.911
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.010	(0.068)
(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)	0.000	0.010	(0.068)
(4) Current Liabilities
(a) Short term borrowings	140.038	100.766	70.787
(b) Trade payables	40.740	26.122	19.712
(c) Other current liabilities	47.042	25.981	11.356
(d) Short-term provisions	1.751	1.129	0.671
Total Current Liabilities (4)	229.571	153.998	102.526
TOTAL	243.554	166.862	114.369
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.508	7.614	5.226
(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)	0.028	0.000	0.000
(d) Long-term Loan and Advances	21.367	16.110	15.945
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.903	23.724	21.171
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.216	36.454	19.288
(c) Trade receivables	123.790	95.723	66.578
(d) Cash and cash equivalents	2.030	0.575	0.336
(e) Short-term loans and advances	12.349	10.309	6.935
(f) Other current assets	0.266	0.077	0.061
Total Current Assets	213.651	143.138	93.198
TOTAL	243.554	166.862	114.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	800.646	406.238	423.966
		Other Income	40.617	24.922	20.333
		TOTAL (A)	841.263	431.160	444.299
Less	EXPENSES
		Cost of Materials Consumed	789.747	404.086	419.220
		Employee Benefits Expenses	8.283	4.517	4.111
		Other Expenses	19.799	10.723	10.647
		TOTAL (B)	817.829	419.326	433.978
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.434	11.834	10.321
Less	FINANCIAL EXPENSES (D)		21.284	10.041	9.154
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.150	1.793	1.167
Less	DEPRECIATION/ AMORTISATION (F)		0.499	0.314	0.351
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.651	1.479	0.816
Less	TAX (H)		0.522	0.536	0.107
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.129	0.943	0.709
	Earnings Per Share (Rs.)		2.64	--	--

Particulars	31.03.2014
Sales Turnover (Approximately)	1300.000

Expected Sales (2014-2015): Rs.1300.000 Millions

The above information has been parted by Mr. Ramesh Bangur (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.13	0.22	0.16
Net Profit Margin (PBT/Sales)	(%)	0.21	0.36	0.19
Return on Total Assets (PBT/Total Assets}	(%)	0.68	0.89	0.71
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.07
Debt Equity Ratio (Total Debt /Networth)		10.01	7.84	5.94
Current Ratio (Current Asset/Current Liability)		0.93	0.93	0.91

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	4.270	4.270	4.270
Reserves & Surplus	7.641	8.584	9.713
Net worth	11.911	12.854	13.983
long-term borrowings	0.000	0.000	0.000
Short term borrowings	70.787	100.766	140.038
Total borrowings	70.787	100.766	140.038
Debt/Equity ratio	5.943	7.839	10.015

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	423.966	406.238	800.646
		(4.181)	97.088

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	423.966	406.238	800.646
Profit	0.709	0.943	1.129
	0.17%	0.23%	0.14%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL HIGHLIGHTS:

Subject has achieved Sales of Rs.800.646 Millions and earned a Net Profit of Rs.1.129 Millions during the year as compared to Sales of Rs.406.238 Millions and Net Profit of Rs.0.943 Million during the previous year. Subject has received other income of Rs.40.617 Millions as against Rs.24.922 Millions in the previous year.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans from body corporate	3.308	5.825
Loans from share holders	88.783	64.581
Total	92.091	70.406

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10500383	29/05/2014	5,000,000.00	UNION BANK OF INDIA	4/14-A, ASAF ALI ROAD, NEW DELHI, DELHI - 110001, INDIA	C05742515
2	10465271	07/12/2013	10,000,000.00	UNION BANK OF INDIA	4/14-A, ASAF ALI ROAD, NEW DELHI, DELHI - 110001, INDIA	B91596254
3	10075969	12/03/2014 *	60,000,000.00	UNION BANK OF INDIA	4/14-A, ASAF ALI ROAD, NEW DELHI, DELHI - 110001, INDIA	C01060094

*Date of modification Charges

FIXED ASSETS:

· Land

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computers

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 records 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.61.61
UK Pound	1	Rs.100.28
Euro	1	Rs.78.21

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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		29

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.