MIRA INFORM REPORT

Report No. :	318800
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :		BANG PAPERS PRIVATE LIMITED
Registered Office :		47, New Bardan Lane, Mumbai – 400003, Maharashtra
Tel. No.:	91-22-23432260
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		10.07.2007
Com. Reg. No.:		11-172222
Capital Investment / Paid-up Capital :		Rs. 5.020 Million
CIN No.: [Company Identification No.]		U21000MH2007PTC172222
TAN No.: [Tax Deduction & Collection Account No.]		MUMB21156C
PAN No.: [Permanent Account No.]		AAECB0225F
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer and Distributor of all kinds of Paper Products.
No. of Employees :		Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 156500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	The subject is an established company having a satisfactory track record. The company has reported decent profitability during the financial year 2013-14. The company possesses decent networth and adequate liquidity. The company can be considered for business dealings at usual trade terms and conditions.

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-22-23432260/ 91-40-23391075 (RINGING)]

LOCATIONS

Registered Office :	47, New Bardan Lane, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23432260
Fax No.:	Not Available
E-Mail :	sudarshan@bangpapers.in cvnath123@yahoo.com cvnath123@gmail.com
Website :	http://www.bangpapers.in
Corporate Office :	104, Purni Plaza, Opposite Shadan College, Khairatabad, Hyderabad – 500004, Telangana, India
Tel. No.:	91-40-23391075

DIRECTORS

AS ON 25.09.2014

Name :	Mr. Krishna Kumar Ramkumar Bang
Designation :	Director
Address :	Bang Bhavan, 122 Sir Bhalchander Road, Hindu Colony, Dadar (East), Mumbai - 400014, Maharashtra, India
Date of Birth/Age :	25.04.1966
Date of Appointment :	10.07.2007
PAN No.:	AAVPB9853D
DIN No.:	00235932
Name :	Mr. Narayan Das Bang
Designation :	Director
Address :	F. No 203, Second Floor, Malti Naik Plaza, Hanuman Tekdi, Hyderabad - 500001, Andhra Pradesh, India
Date of Birth/Age :	03.05.1955
Date of Appointment :	10.07.2007
PAN No.:	AIGPB2344E
DIN No.:	01443684
Name :	Mr. Sudarshan Bang
Designation :	Director
Address :	8-2-684 A, Flat No.301, Bhavyas Fantastika, Road No.12, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Date of Birth/Age :	30.12.1981
Date of Appointment :	14.09.2013
PAN No.:	AFLPB0938G
DIN No.:	02829353
Name :	Mr. Siddharth Narayandas Bang
Designation :	Additional director
Address :	Flat No.303, 8-2-684A, Bhavyas Fantastika Road No. 12, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Date of Birth/Age :	28.12.1985
Date of Appointment :	06.03.2014
PAN No.:	AICPB6901H
DIN No.:	05212774

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 25.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of all kinds of Paper Products.

Products/ Services :

ITC Code No.	Product Descriptions
84193200	Paper Products

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Citi Bank N.A

1st Floor, Queens Plaza, Sardar Patel Road,, Hyderabad - 500003, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	2.697	0.000
SHORT TERM BORROWINGS
Term loans from banks [Hypothecation on first charge of stocks and extended by Directors personal guarantee]	181.248	116.319
Total	183.945	116.319

Banking Relations :	--
Auditors :
Name :	Cheruvu and Associates Chartered Accountants
Address :	1-3-176/4/C/15, Gandhi Nagar, Hyderabad, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ABBPC5021H
Enterprises in which Directors and their relatives exercise significant influence :	· Bang Data Forms Private Limited · Bang Paper and Boards Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
502,000	Equity Shares	Rs. 10/- each	Rs. 5.020 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.020	5.020	0.227
(b) Reserves & Surplus	49.765	30.685	12.550
(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)	54.785	35.705	12.777
(3) Non-Current Liabilities
(a) Long-term borrowings	248.415	151.003	161.466
(b) Deferred tax liabilities (Net)	0.188	0.025	0.023
(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)	248.603	151.028	161.489
(4) Current Liabilities
(a) Short term borrowings	181.248	116.319	59.271
(b) Trade payables	17.874	22.962	9.207
(c) Other current liabilities	10.489	7.567	6.350
(d) Short-term provisions	0.098	1.182	1.141
Total Current Liabilities (4)	209.709	148.030	75.969
TOTAL	513.097	334.763	250.235
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.176	0.175	0.187
(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)	0.000	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	5.176	0.175	0.187
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	77.901	61.942	81.395
(c) Trade receivables	316.139	253.885	159.817
(d) Cash and cash equivalents	9.687	4.619	1.867
(e) Short-term loans and advances	104.188	14.135	6.961
(f) Other current assets	0.006	0.007	0.008
Total Current Assets	507.921	334.588	250.048
TOTAL	513.097	334.763	250.235

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1324.840	1004.400	827.400
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		19.080	18.135	9.120
	Earnings Per Share (Rs.)		38.01	36.13	401.76

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	7.84	7.49	17.28
Current Ratio (Current Asset/Current Liability)	2.42	2.26	3.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.227	5.020	5.020
Reserves & Surplus	12.550	30.685	49.765
Net worth	12.777	35.705	54.785
Long-term borrowings	161.466	151.003	248.415
Short term borrowings	59.271	116.319	181.248
Total borrowings	220.737	267.322	429.663
Debt/Equity ratio	17.276	7.487	7.843

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	827.400	1004.400	1324.840
		21.392	31.904

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	827.400	1004.400	1324.840
Profit	9.120	18.135	19.080
	1.10%	1.81%	1.44%

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	No
10]	Designation of contact person	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate deposits	9.438	8.478
Loans and advances from directors	74.840	31.375
Loans and advances from others	161.440	111.150
Total	245.718	151.003

OPERATIONS AND FINANCIAL HIGHLIGHTS:

This Company has achieved a turnover of Rs. 1324.840 Million and earned profit / (Loss) after tax of Rs. 19.080 Million during the financial year. It is expected more impressive turnover and earn more profit in the years to come.

FIXED ASSETS:

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 63.19
UK Pound	1	Rs. 94.94
Euro	1	Rs. 67.66

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.