MIRA INFORM REPORT

Report No. :	315741
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	CHHAYA PRAKASHANI PRIVATE LIMITED
Registered Office :	1, Bidhan Sarani College Street, Kolkata - 700073 West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.11.2006
Com. Reg. No.:	21-111821
Capital Investment / Paid-up Capital :	Rs.11.312 Millions
CIN No.: [Company Identification No.]	U22122WB2006PTC111821
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALC05853B
PAN No.: [Permanent Account No.]	AACCC9925B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of publishing educational and other books.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 306000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is decent. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 DENIED BY

Name :	Mr. Sumit Biswas
Designation :	Director
Contact No.:	91-9830084540
Date :	02.04.2015

LOCATIONS

Registered Office :	1, Bidhan Sarani College Street, Kolkata - 700073 West Bengal, India
Tel. No. :	91-33-22573157
Mobile No. :	91-9830084540 (Mr. Sumit Biswas)
Fax No. :	Not Available
E-Mail :	info@chhaya.co.in ddaskamaluddin@gmail.com
Website :	www.chhaya.co.in

DIRECTORS

As on 26.09.2014

Name :

Ms. Shalini Biswas

Designation :

Director

Address :

CG-72, Salt Lake, Sector – II, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

19.10.1973

Date of Appointment :

15.11.2008

DIN No. :

00936491

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	U22222WB2004PTC099639	PUBLISHING SERVICES PRIVATE LIMITED	Director	01-09-2004	01-09-2004	12-02-2010	Active	NO
2	U22110WB2006PTC111784	SCHOLAR BOOKS PRIVATE LIMITED	Director	14-11-2006	14-11-2006	-	Active	NO
3	U22122WB2006PTC111821	CHHAYA PRAKASHANI PRIVATE LIMITED	Director	15-11-2006	15-11-2006	-	Active	NO
4	U22219WB2009PTC139575	CHHAYA STATIONERIES PRIVATE LIMITED	Director	19-11-2009	19-11-2009	-	Active	NO
5	U70109WB2011PTC165389	CHHAYA ASSETS PRIVATE LIMITED	Director	26-07-2011	26-07-2011	-	Active	NO
6	U22219WB1961PTC025317	INDIAN PROGRESSIVE PUBLISHING CO PVT LTD	Director	01-09-2012	01-09-2012	-	Active	NO

Name :

Mr. Sumit Biswas

Designation :

Director

Address :

CG-72, Salt Lake, Sector – II, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

16.09.1966

Date of Appointment :

15.11.2008

DIN No. :

01183450

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	U22110WB2006PTC111784	SCHOLAR BOOKS PRIVATE LIMITED	Director	14-11-2006	14-11-2006	-	Active	NO
2	U22122WB2006PTC111821	CHHAYA PRAKASHANI PRIVATE LIMITED	Director	15-11-2006	15-11-2006	-	Active	NO
3	U22222WB2004PTC099639	PUBLISHING SERVICES PRIVATE LIMITED	Director	09-03-2007	09-03-2007	22-12-2009	Active	NO
4	U22219WB2009PTC139575	CHHAYA STATIONERIES PRIVATE LIMITED	Director	19-11-2009	19-11-2009	-	Active	NO
5	U51909WB2008PTC131618	SAKET VINCOM PRIVATE LIMITED	Director	28-06-2010	28-06-2010	02-08-2010	Active	NO
6	U70109WB2011PTC165389	CHHAYA ASSETS PRIVATE LIMITED	Director	26-07-2011	26-07-2011	-	Active	NO
7	U22219WB2011PTC168625	ASIA PRESS PRIVATE LIMITED	Director	18-10-2011	18-10-2011	-	Active	NO
8	U22219WB1961PTC025317	INDIAN PROGRESSIVE PUBLISHING CO PVT LTD	Director	01-09-2012	01-09-2012	-	Active	NO

Name :

Noyanika Biswas

Designation :

Director

Address :

CG-72, Salt Lake, Sector – II, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

10.08.1994

Date of Appointment :

20.06.2013

DIN No. :

06383003

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	U22219WB1961PTC025317	INDIAN PROGRESSIVE PUBLISHING CO PVT LTD	Director	12-09-2012	12-09-2012	-	Active	NO
2	U22219WB2011PTC168625	ASIA PRESS PRIVATE LIMITED	Director	03-06-2013	03-06-2013	-	Active	NO
3	U22122WB2006PTC111821	CHHAYA PRAKASHANI PRIVATE LIMITED	Director	20-06-2013	20-06-2013	-	Active	NO
4	U70109WB2011PTC165389	CHHAYA ASSETS PRIVATE LIMITED	Director	10-11-2014	10-11-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares	%age
Shalini Biswas	10000	8.84
Sumit Biswas	102500	90.61
Noyanika Biswas	625	0.55
Total	113125	100.00

As on 26.09.2014

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 :	Subject is engaged in the business of publishing educational and other books.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	--

No. of Employees :

Not Divulged

Bankers :

• ICICI Bank Limited
• Axis Bank Limited
• HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Vehicle Loans from Banks
ICICI Bank Limited	4.349	0.000
Axis Bank Limited	0.000	0.807
HDFC Bank Limited	0.611	1.214
Current Maturities	(1.952)	(1.127)
SHORT TERM BORROWINGS
Cash Credit – From Bank of India (Primay Security: Secured by way of hypothecation of stock and book debts.)	38.803	36.393
Total	41.811	37.287

Auditors :
Name :	D Das and Kamaluddin Chartered Accountants
Address :	81/2/7, Phears Lane, 2^nd Floor, Room No. – 2/1, Kolkata – 700012, West Bengal, India
Tel. No. :	91-33-22360488 / 32952875
Telefax No. :	91-33-40078145
PAN No. :	AADFD5845R
Memberships :	--
Collaborators :	--
Other Sister Company :	Scholar Books Private Limited Chhaya Stationeries Private Limited Chhaya Prakashani Publishing Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
113125	Equity Shares	Rs.100/- each	Rs.11.312 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.312	10.000	10.000
(b) Reserves & Surplus	96.018	48.776	26.417
(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)	107.330	58.776	36.417
(3) Non-Current Liabilities
(a) long-term borrowings	3.008	0.894	3.038
(b) Deferred tax liabilities (Net)	0.000	0.000	0.077
(c) Other long term liabilities	0.000	0.000	31.556
(d) long-term provisions	0.000	0.000	1.373
Total Non-current Liabilities (3)	3.008	0.894	36.044
(4) Current Liabilities
(a) Short term borrowings	62.708	106.866	0.000
(b) Trade payables	81.536	47.856	76.497
(c) Other current liabilities	24.678	12.842	10.455
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	168.922	167.564	86.952
TOTAL	279.260	227.234	159.413
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.523	139.706	34.590
(ii) Intangible Assets	3.708	0.259	0.466
(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	2.136	2.136	4.000
(c) Deferred tax assets (net)	0.100	0.082	0.000
(d) Long-term Loan and Advances	0.960	0.701	25.865
(e) Other Non-current assets	0.000	0.000	0.677
Total Non-Current Assets	136.427	142.884	65.598
(2) Current assets
(a) Current investments	0.000	0.000	11.136
(b) Inventories	105.581	54.923	63.571
(c) Trade receivables	20.337	10.984	7.818
(d) Cash and cash equivalents	4.890	3.989	1.852
(e) Short-term loans and advances	12.025	14.454	9.438
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	142.833	84.350	93.815
TOTAL	279.260	227.234	159.413

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	393.897	280.253	246.149
		Other Income	3.884	1.102	1.664
		TOTAL	397.781	281.355	247.813
Less	EXPENSES
		Office Expenses	263.433	185.992
		Administrative Expenses	77.860	62.211
		TOTAL	341.293	248.203	222.873
	PROFIT/ (LOSS) BEFORE TAX		56.488	33.152	24.940
Less	TAX		18.434	10.793	8.283
	PROFIT/ (LOSS) AFTER TAX		38.054	22.359	16.657
	Earnings / (Loss) Per Share (Rs.)		372.54	223.59	147.24

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.66	7.98	6.77
Operating Profit Margin (PBDIT/ Sales)	(%)	14.34	11.83	10.13
Return on Total Assets (PBT/Total Assets}	(%)	20.39	14.73	16.05
Return on Investment (ROI) (PBT/Networth)		0.53	0.56	0.68
Debt Equity Ratio (Total Debt/Networth)		0.61	1.83	0.08
Current Ratio (Current Asset/Current Liability)		0.85	0.50	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	11.312
Reserves & Surplus	26.417	48.776	96.018
Net worth	36.417	58.776	107.330
long-term borrowings	3.038	0.894	3.008
Short term borrowings	0.000	106.866	62.708
Total borrowings	3.038	107.760	65.716
Debt/Equity ratio	0.083	1.833	0.612

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	246.149	280.253	393.897
		13.855	40.551

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	246.149	280.253	393.897
Profit	16.657	22.359	38.054
	6.77%	7.98%	9.66%

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	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No
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

NOTE:

The registered address of the company has been shifted from AC – 189, Salt Lake City, Sector – 1, Kolkata – 700064, West Bengal, India to the present address w.e.f 01.09.2009

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loan Repayable on Demand
From Related Parties	23.905	23.905
From Others	0.000	46.568
Total	23.905	70.473

INDEX OF CHARGES

No Charges Exist for Company 

FIXED ASSETS

v Land

v Building

v Furniture and fixture

v Electrical Installation

v Equipment and Facilities

v Computer – Hardware

v Trade Mark

v Computer Software

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.