MIRA INFORM REPORT

Report No. :	304233
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	BUDGE BUDGE FLOORCOVERING LIMITED
Registered Office :	9/1, R.N. Mukherjee Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.01.1996
Com. Reg. No.:	21-076677
Capital Investment / Paid-up Capital :	Rs. 40.000 Millions
CIN No.: [Company Identification No.]	U36994WB1996PLC076677
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of linoleum products, floor coverings and wall coverings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As mentioned in the director report of the company for the year 2014, that operations of company at Birlapur plant remained under “Suspension” since 29^th October 2003. However, the company is in process of filing writ petition against the aforesaid order. As per registrar of companies the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealings on secured 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

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.

LOCATIONS

Registered Office :	9/1, R.N. Mukherjee Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-66166738
Fax No.:	Not Available
E-Mail :	gsharma@birlacorp.com

DIRECTORS

AS ON 22.09.2014

Name :

Nahar Raj Bachh

Designation :

Director

Address :

Flat No.-2A, 2^nd Floor, Shakespeare Sharani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

14.06.1951

Date of Appointment :

16.03.2004

PAN No.:

ADAPN8162B

DIN No.:

00049895

Voter ID No.:

XYR0993535

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	U74900WB1979PTC136648	BRN COMMODITIES AND TRADING COMPANY PRIVATE LIMITED	Additional director	30/11/2012	11/10/1979	-	Active	NO
2	U74140MH1987PTC042137	MILI CONSULTANTS AND INVESTMENT PVT LTD	Director	07/01/1987	07/01/1987	-	Active	NO
3	U65990MH1979PTC021771	MILI CAPITAL MANAGEMENT PRIVATE LIMITED	Director	01/09/1992	01/09/1992	-	Active	NO
4	U26959WB1997PTC082661	BIRLA READYMIX PRIVATE LIMITED	Director	18/06/2003	18/06/2003	-	Active	NO
5	U17232WB1989PTC046562	BIRLA ODESSA INDUSTRIES PRIVATE LIMITED	Director	04/07/2003	04/07/2003	-	Active	NO
6	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LTD	Director	16/03/2004	16/03/2004	-	Active	NO
7	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	27/10/2004	27/10/2004	11/05/2009	Active	NO
8	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Managing director	03/08/2014	03/08/2006	-	Active	NO
9	U72900WB1995PLC099355	TALAVADI CEMENTS LIMITED	Director	08/12/2006	08/12/2006	-	Active	NO
10	U26940AS2008PLC008652	BIRLA CEMENT (ASSAM) LIMITED	Director	16/04/2008	16/04/2008	-	Active	NO
11	U26941AS2008PLC008653	BIRLA NORTH EAST CEMENT LIMITED	Director	16/04/2008	16/04/2008	-	Dissolved	NO
12	U26940TN2008PLC067382	THIRUVAIYARU INDUSTRIES LIMITED	Director	17/04/2008	17/04/2008	-	Under liquidation	NO
13	U26943WB2008PLC125473	NEW-AGE CEMENT LIMITED	Director	07/05/2008	07/05/2008	-	Dissolved	NO
14	U26922MH1995PLC085677	LOK CEMENT LIMITED	Additional director	05/07/2012	05/07/2012	-	Active	NO
15	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	12/08/2014	19/05/2014	-	Active	NO

Name :

Jayaraman Govind

Designation :

Director

Address :

Flat No. 4B, Suryalok 12A, Mandeville, Gardens, Kolkata – 700018, West Bengal, India

Date of Birth/Age :

05.08.1939

Date of Appointment :

29.08.2006

PAN No.:

ACUPJ3004D

DIN No.:

00929802

Voter ID No.:

LWN2770410

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	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LTD	Director	29/08/2006	29/08/2006	-	Active	NO
2	U01113WB1950PLC093522	BIRLA JUTE SUPPLY COMPANY LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
3	U72900WB1995PLC099355	TALAVADI CEMENTS LIMITED	Director	08/12/2006	08/12/2006	-	Active	NO
4	U26922MH1995PLC085677	LOK CEMENT LIMITED	Director	13/12/2006	13/12/2006	-	Active	NO
5	U26940AS2008PLC008652	BIRLA CEMENT (ASSAM) LIMITED	Director	16/04/2008	16/04/2008	-	Active	NO
6	U26941AS2008PLC008653	BIRLA NORTH EAST CEMENT LIMITED	Director	16/04/2008	16/04/2008	-	Dissolved	NO
7	U26940TN2008PLC067382	THIRUVAIYARU INDUSTRIES LIMITED	Director	17/04/2008	17/04/2008	-	Under liquidation	NO
8	U26943WB2008PLC125473	NEW-AGE CEMENT LIMITED	Director	07/05/2008	07/05/2008	-	Dissolved	NO
9	U26959WB1997PTC082661	BIRLA READYMIX PRIVATE LIMITED	Director	08/09/2014	22/03/2014	-	Active	NO

Name :

Girish Sharma

Designation :

Director

Address :

64, Parvati Ghosh Lane, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

17.11.1958

Date of Appointment :

29.08.2006

PAN No.:

ALDPS1290A

Passport No.:

01192625

Voter ID No.:

WB/21/142/207038

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	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LTD	Director	29/08/2006	29/08/2006	-	Active	NO
2	U01113WB1950PLC093522	BIRLA JUTE SUPPLY COMPANY LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
3	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	30/08/2012	29/06/2012	-	Active	NO
4	U93000WB2014NPL199537	PARIBARTAN ELECTORAL TRUST	Director	16/01/2014	16/01/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares
Birla Corporation Limited and Nahar Bachh	50
Birla Coporation Limited and Jayaram Govind	100
Birla Coporation Limited	3999700
Birla Coporation Limited and Sarogi Aditya	50
Birla Corporation Limited and Sharma Girish	50
Birla Corporation Limited and Mehta Kumar Manoj	50
Total	4000000

AS ON 22.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of linoleum products, floor coverings and wall coverings.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Not Available

Auditors :
Name :	A L P S and Company Chartered Accountants
Address :	Kolkata, West Bengal, India
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	Birla Corporation Limited

CAPITAL STRUCTURE

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 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	40.000	40.000	40.000
(b) Reserves & Surplus	(19.928)	(18.996)	(17.960)
€ 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)	20.072	21.004	22.040
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.511	2.609	3.135
€ Other long term liabilities	0.064	0.064	0.064
(d) long-term provisions	0.071	0.077	0.087
Total Non-current Liabilities (3)	2.646	2.750	3.286
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.018	0.076	0.022
€ Other current liabilities	0.020	0.030	0.023
(d) Short-term provisions	0.023	0.017	0.013
Total Current Liabilities (4)	0.061	0.123	0.058
TOTAL	22.779	23.877	25.384
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.929	14.128	15.818
(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
€ Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.461	2.095	1.943
€ Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.390	16.223	17.761
(2) Current assets
(a) Current investments	1.147	1.147	1.349
(b) Inventories	4.939	5.557	6.174
€ Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.455	0.103	0.031
€ Short-term loans and advances	0.848	0.847	0.069
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7.389	7.654	7.623
TOTAL	22.779	23.877	25.384

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.864	0.864
		Other Income	0.281	0.167
		TOTAL	1.145	1.031	0.166
Less	EXPENSES
		Cost of material consumed	0.592	0.592	0.000
		Other expenses	0.384	0.313
		TOTAL	0.976	0.905	0.201
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.169	0.126	(0.035)
Less/ Add	DEPRECIATION/ AMORTISATION		1.198	1.689	2.473
	PROFIT/ (LOSS) BEFORE TAX		(1.029)	(1.563)	(2.508)
Less	TAX		(0.097)	(0.527)	(0.536)
	PROFIT/ (LOSS) AFTER TAX		(0.932)	(1.036)	(1.972)
	Earnings / (Loss) Per Share (Rs.)		(0.23)	(0.26)	(0.49)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(107.87)	(119.91)	(1187.95)
Return on Total Assets (PBT/Total Assets}	(%)	(4.52)	(6.55)	(9.88)
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.07)	(0.11)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		121.13	62.23	131.43

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	40.000	40.000	40.000
Reserves & Surplus	(17.960)	(18.996)	(19.928)
Net worth	22.040	21.004	20.072
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Sales	0.166	0.864	0.864
		420.482	0.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.166	0.864	0.864
Profit	(1.972)	(1.036)	(0.932)_
	(1187.95%)	(119.91%	(107.87%)

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

GENERAL REVIEW

Operations at Companys Birlapur plant remained under Suspension since 29th October, 2003.

During the year, Industrial Tribunal, Government of West Bengal has passed a order holding suspension of work declared by the Management is unjustified and the charter of demands placed by the is justified. The Company is in the process of filing writ petition against the aforesaid order.

Meanwhile, the strength of workmen as on 31st March, 2014 is 56.

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS

• Building
• Plant and Equipments
• Factory Equipments
• Furniture and Fixture
• Vehicles
• Office 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. 61.68
UK Pound	1	Rs. 93.53
Euro	1	Rs. 70.75

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.