MIRA INFORM REPORT

Report No. :	354122.2
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	BASUDEO ENTERPRISES PRIVATE LIMITED
Registered Office :	No. 37/12-1, Archana Complex, 4^th Cross, lalbagh Road, Bangalore – 560027, Karnataka
Tel. No.:	91-40-66494900
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.1999
Com. Reg. No.:	08-024996
Capital Investment / Paid-up Capital :	Rs.19.960 Million
CIN No.: [Company Identification No.]	U05190KA1999PTC024996
IEC No.:	0710016085
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCB4956G
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer of Plastic Raw Material (Registered Activity and also Confirmed by management)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1999. It has moderate track. As per the registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financials are not available from any sources. For the financial year ended 2014, the company has improved it operational activity and registered with satisfactory top line growth of 11.1%. Rating is constrained on account of company’s thin profitability margin marked by moderate financial base along with high debt levels. Business is active. Payment are 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Renu Lalit
Designation :	Account Executive
Contact No.:	91-40-66494900
Date :	07.12.2015

LOCATIONS

Registered Office :	No. 37/12-1, Archana Complex, 4^th Cross, lalbagh Road, Bangalore – 560027, Karnataka, India
Tel. No.:	91-40-66494900 / 27847521
Mobile No.:	91-9248033377 (Ms. Renu)
Fax No.:	91-40-27721360
E-Mail :	accounts@basudeo.in kathotia.efiling@gmail.com sales@basudeo.in
Website :	http://www.basudeo.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Puranmal Tulsyan

Designation :

Director

Address :

# 14, 13th Main, Behind Vijaynagar Police Station, Vijaynagar, Bangalore - 560040, Karnataka, India

Date of Birth/Age :

26.04.1972

Date of Appointment :

30.09.2015

DIN No.:

00181570

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	U17114KA2006PTC038802	AMBIKA COTFAB BANGALORE PRIVATE LIMITED	Director	22/03/2006	22/03/2006	04/02/2008	Active	NO
2	U25209KA2007PTC043786	INDICA POLYMERS PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Active	NO
3	U25200KA2007PTC043788	TULSYAN POLY PRODUCTS PRIVATE LIMITED	Director	05/09/2007	05/09/2007	-	Active	NO
4	U51495KA1999PTC025605	SEVEN SEAS POLYMERS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	01/06/2013	Active	NO
5	U51909WB2008PTC131043	BLUESKY DEALERS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	15/03/2015	Active	NO
6	U45201WB1996PLC082079	VANDANA GRIHA NIRMAN LIMITED	Director	01/10/2011	01/10/2011	-	Active	NO
7	U24139KA2007PTC043045	TULSYAN VYAPAR (INDIA) PRIVATE LIMITED	Additional director	02/01/2012	02/01/2012	14/03/2015	Active	NO
8	U70103KA2006PTC038812	SHREE PLA PRIVATE LIMITED	Director	01/04/2012	01/04/2012	-	Active	NO
9	U25200KA2011PTC061005	MAHAMAYO POLYMERS PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO
10	U05190KA1999PTC024996	BASUDEO ENTERPRISES PRIVATE LIMITED	Director	30/09/2015	25/05/2013	-	Active	NO

Name :

Mr. Dilip Kumar Surana

Designation :

Director

Address :

Thanapara, Moula-Baliadanga (Part), Jl-72, Kaliachak, Malda - 732201, West Bengal, India

Date of Birth/Age :

05.09.1982

Date of Appointment :

02.09.2011

DIN No.:

02849536

KEY EXECUTIVES

Name :	Ms. Renu Lalit
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Naveen Kumar Tulsyan	12100
Ambika Petrochem Private Limited, Bangalore	29200
Shyam Synthetics Private Limited, Bangalore	31100
Naveen Kumar Tulsyan (HUF)	100
Sunil Saraf	100
Shiv Kumar Ramsisaria (HUF)	3000
Sunita Ramsisaria	7000
Neeraj Ramsisaria	7000
Lalit Ramsisaria	2500
Karan Ramsisaria	2500
Nupur Ramsisaria	2500
Vivek Ramsisaria	7500
Dinesh Verma	2500
Suresh Kumar Ramsisaria	7500
Atmaram Saraf	2500
Varun Ramsisaria	7500
Pushpa Devi Tiberiwal	15000
Shyam Godavari Steels Private Limited, Bangalore	20000
Bimala Devi Ramsisaria	10000
Manju Ramsisaria	10000
Payal Ramsisaria	5000
Sunita Singhania	5000
Preeti Singhania	5000
Khogendranath Bhanja	2500
Manoj Kumar Singh	2500
Total	199600

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	36.00
Directors or relatives of Directors	40.00
Other top fifty shareholders	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer of Plastic Raw Material (Registered Activity and also Confirmed by management)
Products :	Plastic Raw Material
Brand Names :	Not Divulged
Agencies Held :	Mangalore Refinery and Petrochemicals Limited Dhunseri Petrochem Limited
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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:	Not Divulged

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:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Standard Chartered Bank
Branch	Door No.: 8-2-293/82/A/646A, Ground floor, Adityaram Square, Road No. 36, Hills, Hyderabad – 500003, Telangana, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	74.817	0.000
Total	74.817	0.000

Auditors :
Name :	Kathotia and Company Chartered Accountants
Address :	4 - 1 - 1 1 9, Mahankali Street Sree Chandra Complex, Room No. 2, 1st Floor Secunderabad – 500003, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFK2833F
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Bluesky Dealers Private Limited, India U51909WB2008PTC131043 Amrapali Marketing Private Limited, India U51909WB2008PTC126604 Meenakshi Finvest Limited, India U67120WB1995PLC072427 Welset Polypack Private Limited, India U27203TG2007PTC054681 Yashman Vyapaar Limited, India U51909WB1994PLC064184 Tulsyan Polymers (India) Private Limited, India U24139KA2007PTC043045 Tulsyan Poly Products Private Limited, India U25200KA2007PTC043788 Indica Polymers Private Limited, India U25209KA2007PTC043786
Associate Company :	Indpark Msme (Pramukh) Private Limited, India U74120TG2012PTC079023

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199600	Equity Shares	Rs.100/- each	Rs.19.960 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	19.960	19.960	19.960
(b) Reserves & Surplus	23.774	17.715	12.422
(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)	43.734	37.675	32.382
(3) Non-Current Liabilities
(a) long-term borrowings	93.452	85.140	180.315
(b) Deferred tax liabilities (Net)	0.181	0.171	0.155
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.001
Total Non-current Liabilities (3)	93.633	85.311	180.471
(4) Current Liabilities
(a) Short term borrowings	152.931	151.043	124.014
(b) Trade payables	89.170	60.086	18.779
(c) Other current liabilities	8.328	8.362	7.019
(d) Short-term provisions	5.139	2.403	1.784
Total Current Liabilities (4)	255.568	221.894	151.596
TOTAL	392.935	344.880	364.449
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.822	4.117	4.515
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.750	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.200	5.200	5.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.893	0.775	0.791
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.665	10.092	10.506
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.857	56.097	112.544
(c) Trade receivables	242.721	187.890	209.137
(d) Cash and cash equivalents	2.326	8.472	7.579
(e) Short-term loans and advances	73.852	80.017	23.671
(f) Other current assets	3.514	2.312	1.012
Total Current Assets	381.270	334.788	353.943
TOTAL	392.935	344.880	364.449

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL TURNOVER	1301.700	1172.200	206.400
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F)	NA	NA	NA
Less	TAX (H)	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	6.059	5.292	2.649
	Earnings / (Loss) Per Share (Rs.)	30.35	26.51	13.27

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	22.962	55.849	(127.167)
Net cash flow from operating activity	22.962	54.065	(127.977)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.47	0.45	1.28
Debt Equity Ratio (Total Debt /Networth)		5.63	6.27	9.40
Current Ratio (Current Asset/Current Liability)		1.49	1.51	2.33

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	19.960	19.960	19.960
Reserves & Surplus	12.422	17.715	23.774
Net worth	32.382	37.675	43.734
long-term borrowings	180.315	85.140	93.452
Short term borrowings	124.014	151.043	152.931
Total borrowings	304.329	236.183	246.383
Debt/Equity ratio	9.398	6.269	5.634

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 Turnover	206.400	1172.200	1301.700
		467.926	11.048

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 Turnover	206.400	1172.200	1301.700
Profit	2.649	5.292	6.059
	1.28%	0.45%	0.47%

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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE

During the year, the company has achieved turnover of Rs.1301.700 Million as against Rs. 1172.200 Million in immediately preceding year, registering 11.05% growth. The directors are confident of moderate growth in the volumes in coming year. Further, they are consignment stockiest for Dhunseri Petrochem and Tea Limited's PET division - 'ASPET

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Intercorporate borrowings	93.452	85.140
Short-term borrowings
Working capital loans from banks	23.665	22.510
Intercorporate borrowings	54.449	128.533
Total	171.566	236.183

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454169	27/09/2013	80,000,000.00	Standard Chartered Bank	Door no. 8-2-293/82/A/646A, Gr Floor, Adityaram Square, Road no. 36, Jubilee Hills, Hyderabad, Andhra Pradesh - 500003, INDIA	B87146544
2	10453623	25/09/2013	200,000,000.00	STATE BANK OF INDIA	SECUNDERABAD BRANCH, PATNY CETRE, SECUNDERABAD, Andhra Pradesh - 500003, INDIA	B86930997

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	0.000	0.000
Guarantees	137.576	78.315
Other money for which company is contingently liable	0.000	0.000

FIXED ASSETS

• Buildings
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer 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 records 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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	TRI
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.