MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	BHAGIRATH FIBRE PRIVATE LIMITED
Registered Office :	401, Corporate Office Building Complex, Bombay Market, Umarwada, Surat – 395010, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.1991
Com. Reg. No.:	04-015206
Capital Investment / Paid-up Capital :	Rs.8.628 Millions
CIN No.: [Company Identification No.]	U17119GJ1991PTC015206
PAN No.: [Permanent Account No.]	AAACB9574F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, exporter and importer pf bolting cloth, white bolting cloth, plain bolting cloth etc.
No. of Employees :	100 (Approximately)

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 110000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low profit margin and increased in the borrowings of the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be 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 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. Ankur Goyal
Designation :	Director
Contact No.:	91-9687400000
Date :	15.09.2014

LOCATIONS

Registered Office :	401, Corporate Office Building Complex, Bombay Market, Umarwada, Surat – 395010, Gujarat, India
Tel. No.:	91-261-2313194
Mobile No.:	91-9687400000 (Mr. Ankur Goyal)
Fax No.:	91-261-2310496
E-Mail :	bhagirath@iqara.net, info@bhagirath.co.in,
Website :	http://www.bhagirath.co.in
Factory:	Plot No. 2/B, Block No. 204 and 207, Village Karanj, Mandavi, Surat, Gujarat, India
Branches :	Located At: Shop 2, Shiv Ashish Industrial Plot 92, Hira Chand Palav Road, Behind Sosyo Factory, Bamroli Road, Surat, Gujarat, India Lower Ground 7, Shrinathdwar Apartment, Opposite Hira Nagar, A. K. Road, Surat, Gujarat, India 303, Intercity Shopping Center, Opposite Mahenra Park, Punakumbhariya Road, Surat, Gujarat, India 318, Arihant Complex, Opposite Hari Nagar – 2, Udhna Main Road, Surat, Gujarat, India S-10, Natraj Complex, Fulpada Road, Old G. I. D. C., Katargam, Surat – 6, Gujarat 78, Ishwer Moti Industries, Nani Bahucharaji Gali, Ved Road, Surat, Gujarat, India 13, First Floor, Alankar Complex, Behind Kapodra Police Station, Varachha Road, Surat, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Pradeepkumar Rampurshottam Goyal

Designation :

Chairman and Managing Director

Address :

1, Shaktinagar Society, Opposite Holiday Inn Hotel, Ambikani Ketan, Parle Point, Surat – 395 001, Gujarat, India

Date of Appointment :

13.03.1991

DIN No. :

00156243

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	U17119GJ1991PTC015206	BHAGIRATH FIBRE PVT LTD	Director	13/03/1991	13/03/1991	-	Active	NO
2	U17110GJ1994PTC021511	BHAGIRATH POLYFINS PVT LTD	Director	09/03/1994	09/03/1994	-	Active	NO
3	U51909GJ1995PTC026815	BHAGIRATH FINSEC PRIVATE LIMITED	Director	21/07/1995	21/07/1995	-	Active	NO
4	U28999GJ1999PTC036703	FTZ SCRAP LIFTERS PRIVATE LIMITED	Director	10/02/2000	10/02/2000	-	Active	NO

Name :

Mr. Brijeshkumar Rampurshottam Goyal

Designation :

Director

Address :

1, Shaktinagar Society, Opposite Holiday Inn Hotel, Ambikani Ketan, Parle Point, Surat – 395 001, Gujarat, India

Date of Appointment :

13.031991

DIN No. :

00156424

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	U17119GJ1991PTC015206	BHAGIRATH FIBRE PVT LTD	Director	13/03/1991	13/03/1991	-	Active	NO
2	U17110GJ1994PTC021511	BHAGIRATH POLYFINS PVT LTD	Director	09/03/1994	09/03/1994	-	Active	NO
3	U51909GJ1995PTC026815	BHAGIRATH FINSEC PRIVATE LIMITED	Director	21/07/1995	21/07/1995	-	Active	NO
4	U28999GJ1999PTC036703	FTZ SCRAP LIFTERS PRIVATE LIMITED	Director	14/10/2002	14/10/2002	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Pradeep rampurshotam goyal	74990
Brijesh rampurshotam goyal	81875
Maya brijeshkumar goyal	64260
Brijeshkumar r. goyal (HUF)	81875
Ankur brijeshkumar goyal	81875
Radha pradeepbhai goyal	52300
Pradeepkumar r. goyal (HUF)	81875
Praduman pradeepkumar goyal	63125
Droptidevi r. goyal	100
Parth pradeepkumar goyal	66315
Bhagirath finsec private limited	50100
Bhagirath ployfins private limited	50100
FTZ scrap lifter private limited	62600
Sonam ankur goyal	40065
Praduman sapna goyal	11335
Pradeepkumar jain (HUF)	10
Total	862800

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	18.87
Directors or relatives of directors	81.13
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, exporter and importer pf bolting cloth, white bolting cloth, plain bolting cloth etc.
Products :	· Bolting Cloth · White Bolting Cloth · Plain Bolting Cloth
Exports :
Products :	Finished Goods
Countries :	· Indonesia · Dubai · Bangladesh · Singapore
Imports :
Products :	Raw Material
Countries :	· Japan · Korea · China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

• Canara Bank, Sahara Darwaja, Ring Road, Surat – 395 002, Gujarat, India
• Axis Bank Limited
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
FROM BANK
Canara Bank	1.170	2.352
Canara Bank	3.824	3.891
VEHICLE LOAN
HDFC Bank Limited	0.217	0.502
SHORT TERM BORROWINGS:
LOANS REPAYABLE ON DEMAND
From Bank
Canara Bank	1.224	1.239
Canara Bank	1.767	1.778
HDFC Bank Limited	0.361	0.348
Canara Bank Overseas	28.220	20.064
Loans and advances from related party	0.564	2.052
Total	37.347	32.226

Banking Relations :	--
Auditors :
Name :	M .R. Bombaywala and Company Chartered Accountants
Address :	2008-10, Golden Plaza, Near Kinnary Cinema, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-2342891 / 2366229
E-Mail :	mebombaywala@yahoo.com
PAN No.:	ABIPB5899D

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
862800	Equity Shares	Rs.10/- each	Rs. 8.628 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	8.628	8.628	8.003
(b) Reserves & Surplus	18.891	18.252	15.580
(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)	27.519	26.880	23.583
(3) Non-Current Liabilities
(a) long-term borrowings	14.587	10.019	11.625
(b) Deferred tax liabilities (Net)	0.171	0.036	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)	14.758	10.055	11.625
(4) Current Liabilities
(a) Short term borrowings	32.136	25.481	25.367
(b) Trade payables	3.070	1.598	2.135
(c) Other current liabilities	1.424	1.318	2.105
(d) Short-term provisions	0.217	0.434	0.000
Total Current Liabilities (4)	36.847	28.831	29.607
TOTAL	79.124	65.766	64.815
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.541	28.980	20.481
(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	0.058	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.391
(d) Long-term Loan and Advances	2.567	2.281	1.859
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	31.166	31.361	22.831
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.674	17.809	28.352
(c) Trade receivables	21.305	12.292	10.173
(d) Cash and cash equivalents	1.077	0.382	0.281
(e) Short-term loans and advances	1.042	1.407	3.178
(f) Other current assets	2.860	2.515	0.000
Total Current Assets	47.958	34.405	41.984
TOTAL	79.124	65.766	64.815

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	129.330	98.933	85.012
		Other Income	0.830	0.338	0.278
		TOTAL	130.160	99.271	85.290
Less	EXPENSES		126.167	94.600	80.914
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.993	4.671	4.376
Less/ Add	DEPRECIATION/ AMORTISATION		3.038	2.504	2.348
	PROFIT BEFORE TAX		0.955	2.167	2.028
Less	TAX		0.316	0.833	0.762
	PROFIT AFTER TAX		0.639	1.334	1.266
	Earnings Per Share (Rs.)		0.74	1.55	1.47

Particulars	31.03.2014
Sales Turnover (Approximately)	160.000

Expected Sales (2014-2015): Rs.190.000 Millions

The above information has been parted by Mr. Ankur Goyal.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.49	1.34	1.48
Net Profit Margin (PBT/Sales)	(%)	0.74	2.19	2.39
Return on Total Assets (PBT/Total Assets}	(%)	1.21	3.30	3.15
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	0.09
Debt Equity Ratio (Total Debt/Networth)		1.70	1.32	1.57
Current Ratio (Current Asset/Current Liability)		1.30	1.19	1.42

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	8.003	8.628	8.628
Reserves & Surplus	15.580	18.252	18.891
Net worth	23.583	26.880	27.519
long-term borrowings	11.625	10.019	14.587
Short term borrowings	25.367	25.481	32.136
Total borrowings	36.992	35.500	46.723
Debt/Equity ratio	1.569	1.321	1.698

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	85.012	98.933	129.330
		16.375	30.725

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	85.012	98.933	129.330
Profit	1.266	1.334	0.639
	1.49%	1.35%	0.49%

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	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	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

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Directors	4.163	0.289
From Directors relatives	0.000	0.485
From shareholders	5.213	2.500
Total	9.376	3.274

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10022031	26/04/2013 *	98,150,000.00	CANARA BANK	OVERSEAS BRANCH, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B74039926
2	90109852	28/07/2004 *	9,000,000.00	CANARA BANK	RING ROAD, SURAT - 395002, GUJARAT, INDIA	-
3	90109851	23/09/2011 *	60,450,000.00	CANARA BANK	OVERSEAS BRANCH, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B22575997
4	90111285	28/08/1995	1,800,000.00	CANARA BANK	RING ROAD, SURAT, GUJARAT, INDIA	-
5	90109320	28/07/2004 *	9,000,000.00	CANARA BANK	RING ROAD, SURAT - 395002, GUJARAT, INDIA	-
6	90109319	25/08/1995	300,000.00	CANARA BANK	RING ROAD, SURAT, GUJARAT, INDIA	-
7	90112271	25/08/1995	1,000,000.00	CANARA BANK	RING ROAD, SURAT, GUJARAT, INDIA	-
8	90111284	25/08/1995	1,800,000.00	CANARA BANK	RING ROAD, SURAT, GUJARAT, INDIA	-

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computer

· Vehicles

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 judgment 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 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.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.02

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		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.