MIRA INFORM REPORT

Report No. :	335641
Report Date :	08.08.2015

IDENTIFICATION DETAILS

Name :	BALAJI MALTS PRIVATE LIMITED
Registered Office :	Plot No.8, Kiadb Industrial Area, Sommanahlli Village, Maddur Taluk, Bangalore - 571429, Karnataka
Tel. No.:	91-8232-213988
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.1991
Com. Reg. No.:	08-012611
Capital Investment / Paid-up Capital :	Rs. 12.548 Million
CIN No.: [Company Identification No.]	U15494KA1991PTC012611
TAN No.: [Tax Deduction & Collection Account No.]	BLRB07100C
PAN No.: [Permanent Account No.]	AACCB2151L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kraft Paper, Paper Products, Paper Boards, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, company possess adequate operational performance and maintained sound profitability margins during a year under a review. Rating also takes into consideration company’s sound financial risk profile marked by above average net worth base and favorable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Ajit Prasad
Designation :	Senior Accountant Incharge
Contact No.:	91-9448486483
Date :	06.08.2015

LOCATIONS

Registered Office :	Plot No.8, Kiadb Industrial Area, Sommanahlli Village, Maddur Taluk, Bangalore - 571429, Karnataka, India
Tel. No.:	91-8232-213988/ 233656-59
Mobile No.:	91-9448486483 (Mr. Ajit Prasad)
Fax No.:	91-8232-233030
E-Mail :	sreenivas@dnsconsulting.net balajimpl@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nirmal Kumar Jodhani

Designation :

Director

Address :

No. 32 And 33, Doddaballapur Industrial Area, Near Factory Circle, Bashettihalli, Doddaballapur - 561203, Karnataka, India

Date of Birth/Age :

13.07.1962

Qualification :

B.com

Experience :

23 Years

Date of Appointment :

30.09.2007

DIN No.:

00594572

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	Company/ LLP Status	Defaulting status
1	U00204BR1998PTC008587	JHODHANI FOODS PRIVATE LIMITED	Director	07/09/1998	07/09/1998	Active	NO
2	U21019KA1992PLC038321	JODHANI PAPERS LIMITED	Whole-time director	01/04/2011	21/06/2003	Active	NO
3	U15494KA1991PTC012611	BALAJI MALTS PRIVATE LIMITED	Director	30/09/2007	05/02/2007	Active	NO

Name :

Mr. Narendra Kumar Jodhani

Designation :

Director

Address :

No.32 And 33 Doddaballapur Industrial Area, Veerapur Post, Doddaballapur - 561203, Karnataka, India

Date of Birth/Age :

13.07.1963

Qualification :

B.com

Experience :

22 Years

Date of Appointment :

30.09.2007

DIN No.:

00594647

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	U21019KA1992PLC038321	JODHANI PAPERS LIMITED	Managing director	01/04/2011	26/02/1997	-	Active	NO
2	U00204BR1998PTC008587	JHODHANI FOODS PRIVATE LIMITED	Director	07/09/1998	07/09/1998	30/08/2006	Active	NO
3	U15494KA1991PTC012611	BALAJI MALTS PRIVATE LIMITED	Director	30/09/2007	05/02/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajit Prasad
Designation :	Senior Accountant Incharge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Jodhani Papers Limited, India	23175	18.47
Nirmal Kumar Jodhani	300	0.24
Motilal Makhanlal Holdings Private Limited, India	2800	2.23
True Mercantlle Private Limited, India	5200	4.14
Ganapati Tradewings Private Limited, India	1200	0.96
Sumangal Dealer Private Limited, India	92800	73.96
Total	125475	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.76
Directors or relatives of directors	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Kraft Paper, Paper Products, Paper Boards, etc.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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

· Axis Bank Limited, No.9, M G Road, Bangalore - 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
SHORT TERM BORROWINGS
Cash Credit (secured against hypothecation of book debts and inventory)	23.366	54.893
Total	23.366	54.893

Banking Relations :	--
Auditors :
Name :	Dhariwal and Sreenivas Chartered Accountants
Address :	No. 10, South Park Road, Nehru Nagar, Opposite Sheshadripuram College, Bangalore – 560020, Karnataka, India
Tel. No.:	91-80-42479333/ 23310591
Fax. No.:	91-80-42479302/ 23367564/ 42479300
Income-tax PAN of auditor or auditor's firm :	AAAFD7609L
Memberships :	--
Collaborators :	--
Holding company :	Sumangal dealers Private Limited (U51909WB2005PTC103695)
Entity controlled by key management personnel:	· Jodhani Papers Limited · Jodhani Foods Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125,475	Equity Shares	Rs. 10/- each	Rs. 12.548 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	12.548	12.548	12.548
(b) Reserves & Surplus	99.119	77.360	56.515
(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)	111.667	89.908	69.063
(3) Non-Current Liabilities
(a) Long-term borrowings	181.402	176.118	162.640
(b) Deferred tax liabilities (Net)	0.000	0.000	7.047
(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)	181.402	176.118	169.687
(4) Current Liabilities
(a) Short term borrowings	23.366	54.893	46.959
(b) Trade payables	0.292	0.392	0.256
(c) Other current liabilities	2.711	2.156	56.454
(d) Short-term provisions	23.706	10.456	12.352
Total Current Liabilities (4)	50.075	67.897	116.021
TOTAL	343.144	333.923	354.771
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	142.753	171.785	216.578
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.759	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)	5.276	1.029	0.000
(d) Long-term Loan and Advances	8.365	8.297	4.079
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	167.153	181.111	220.657
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.936	22.387	7.008
(c) Trade receivables	131.005	114.916	118.392
(d) Cash and cash equivalents	0.272	0.382	0.364
(e) Short-term loans and advances	26.778	15.127	8.350
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	175.991	152.812	134.114
TOTAL	343.144	333.923	354.771

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	759.776	699.696	658.576
		Other Income	NA	NA	NA
		TOTAL (A)	759.776	699.696	658.576
Less	EXPENSES
		TOTAL (B)	727.424	594.750	524.254
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	104.946	134.322
Less	FINANCIAL EXPENSES (D)			34.763	36.850
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			70.183	97.472
Less/ Add	DEPRECIATION/ AMORTISATION (F)			55.359	71.646
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		32.352	14.824	25.826
Less	TAX (H)		10.593	(6.020)	(9.720)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		21.759	20.844	35.546
	IMPORTS
		Raw Materials	41.187	31.473	35.443
	Earnings Per Share (Rs.)		173.41	166.12	283.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	0.000	55.116
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from Operating Activities	NA	(10.828)	83.511

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	9.89	4.45	7.28
Return on Investment (ROI) (PBT/Networth)		0.29	0.16	0.37
Debt Equity Ratio (Total Liability/Networth)		1.83	2.57	3.83
Current Ratio (Current Asset/Current Liability)		3.51	2.25	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.548	12.548	12.548
Reserves & Surplus	56.515	77.360	99.119
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	69.063	89.908	111.667
Long-term borrowings	162.640	176.118	181.402
Short term borrowings	46.959	54.893	23.366
Total borrowings	209.599	231.011	204.768
Debt/Equity ratio	3.035	2.569	1.834

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)
Total Income	658.576	699.696	759.776
		6.244	8.587

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	658.576	699.696	759.776
Profit	35.546	20.844	21.759
	5.40%	2.98%	2.86%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10153795	17/01/2015 *	100,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, EXPRESS BUILDING, 2ND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE - 560001, KARNATAKA, INDIA	C42821926

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Related Parties
From Directors	50.467	15.250
From Relatives	55.216	41.358
Corporates	75.719	119.510
Total	181.402	176.118

FIXED ASSETS:

· Mobile

· Phone Instruments

· Printers and accessories

· UPS

· Plant and Machinery

· Electrical Fitting

· Compressor

· Electrical Fitting and Equipment’s

· Electrical Motor

· Metering Cubical Panel

· Power Transformer

· Finishing House Equipment’s

· Electronic Weighing Machine

· Vehicle

· Air Conditioner

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.63.81
UK Pound	1	Rs.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Information Gathered by :	NYN
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.