MIRA INFORM REPORT

Report No. :	307746
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	BANMORE FOAM PRIVATE LIMITED
Registered Office :	105-106, Industrial Area, Banmore, Morena-476444, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.01.1986
Com. Reg. No.:	10-003277
Capital Investment / Paid-up Capital :	Rs. 5.951 Millions
CIN No.: [Company Identification No.]	U36104MP1986PTC003277
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, supplier and manufacturer of mattresses, pillows, cushions, bolsters, sofa, pu foam, memory foam, foams mattress etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 99000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported high gearing as a result of working capital intensive operations during FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of modest scale of operations, the company can be considered for business dealings with 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 – 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

Rating Agency Name	CRISIL
Rating	Long term rating “B”
Rating Explanation	Risk prone credit quality and high risk of default
Date	April 11, 2014

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 :	105-106, Industrial Area, Banmore, Morena-476444, Madhya Pradesh, India
Tel. No.:	91-7532-325999/329755/255166
Fax No.:	91-7532-255591
E-Mail :	info@jsaca.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Yogesh Chandra Mittal

Designation :

Director

Address :

7 Anupam Nagar, University Area, Thatipur, Gwalior-474011, Madhya Pradesh, India

Date of Birth/Age :

16.12.1939

Date of Appointment :

31.01.1986

DIN No.:

01113911

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	U36104MP1986PTC003277	BANMORE FOAM PVT LTD	Director	31/01/1986	31/01/1986	-	Active	NO
2	U45400HR2008PTC037663	V R PROPERTY HUB PRIVATE LIMITED	Director	30/09/2009	31/12/2008	-	Active	NO
3	U45201DL2005PTC138897	SILVERGLADES INFRASTRUCTURE PRIVATE LIMITED	Additional director	10/11/2014	10/11/2014	-	Active	NO

Name :

Mr. Atul jain

Designation :

Director

Address :

246 Sector 15 A Noida -201301, Uttar Pradesh, India

Date of Birth/Age :

01.01.1957

Date of Appointment :

31.01.1986

DIN No.:

00305247

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	U36104MP1986PTC003277	BANMORE FOAM PVT LTD	Director	31/01/1986	31/01/1986	-	Active	NO
2	U25202MP1995PTC009729	SHRI JAI JAGDAMBE PLASTIC INDUSTRIES PVT LTD	Director	15/11/2004	15/11/2004	-	Amalgamated	NO
3	U74899DL1993PTC054399	SILVER GLADES INVESTMENTS PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Amalgamated	NO
4	U74899DL1984PTC018423	CORONET HOTEL SERVICES AND SUPPLIES PRIVATE LIMITED	Director	25/04/2006	25/04/2006	31/07/2009	Active	NO
5	U74899DL1988PTC032765	SILVERLINE HOLDINGS PVT LTD	Director	25/04/2006	25/04/2006	-	Active	NO
6	U45201DL2005PTC136993	NEELKAMAL MARTS PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Amalgamated	NO
7	U45400HR2008PTC037663	V R PROPERTY HUB PRIVATE LIMITED	Director	30/09/2009	31/12/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr. Atul Jain	1011
Atul Jain and Sons HUF	500
Mrs. Anju Jain	600
Mr. Karan Jain	5428
Miss Sonal Jain	1301
Mr. K.C.Jain	5400
M/s K.C. Jain and Sons (HUF)	300
Mrs. Satya Jain	1300
Mr. Sharat Jain	4600
Mrs. Madhu Jain	500
Mr. Dhruv Jain	665
Mr. Vinayak Jain	1300
Mr. Ajit Prasad Jain	1225
Mr. Ajit Prasad Jain (HUF)	370
Mrs Saraswati Devi Jain	940
Mr. Amit Jain	250
Mr. Amit Jain (HUF)	515
Mrs. Alka Amit Jain	300
Mr. P.K.Jain	100
Mrs. Monika Jain	500
Mr. Nitin Jain	1500
Mrs. Anjali Jain	400
Miss Vaishali Jain	1600
Miss Vasundhra Jain	1000
Mrs. Veena Jain	500
Mr. Prem Prakash Agarwal	3300
Mrs. Tilka Agarwal	300
Mr. Pradeep Jain	14477
Mr. Anil K.Jain	1600
Mr. Sudarshan K. Jain	1600
Mr. Y.C.Mital	4300
Mrs. Achala Mital	1029
Mr. Amit Mital	801
Total	59512

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter, supplier and manufacturer of mattresses, pillows, cushions, bolsters, sofa, pu foam, memory foam, foams mattress etc.
Products :	High density bonded foam mattress Foam sofa Foam mattress Dusters and round sponge Industrial foam in peeling rolls Durable pillow
Brand Names :	Cozymate
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS 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 :

State Bank Of India, Relationship Manager (Me), Zonal office Premises, City Centre, Gwalior - 474011, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from banks
State bank of India (secured by hypothecation of a machinery- repayable in 48 installments commencing from 02.01.2012)	2.433	3.517
State bank of India (secured by hypothecation of a machinery- repayable in 48 installments commencing from 03.07.2010)	0.309	0.912
ICICI Bank (secured by hypothecation of a machinery- repayable in 48 installments commencing from 02.01.2012)	0.060	0.172
ICICI Bank (secured by hypothecation of a machinery- repayable)	0.000	0.145
ICICI Bank (secured by hypothecation of a machinery- repayable in 48 installments commencing from 15.03.2011)	0.000	0.318
State bank of India (secured by hypothecation of a machinery- repayable in 48 installments commencing from 15.11.2010)	0.000	0.263
Short Term Borrowing
From bank
Working capital loan	57.952	68.741
Total	60.754	74.068

Auditors :
Name :	Jain Sanjay and Associates Chartered Accountants
Address :	Udaygiri, Bhaskar Lane, Jayendraganj, Gwalior-474001, Madhya Pradesh, India
Tel. No.:	91-7501-4014100/300/400
E-Mail :	jain@isaca.in
Website :	www.jsaca.in
PAN No.:	AAIFJ7174Q
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	M/S. Swastik Roadline Private Limited M/S. Arahant Roadline Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59512	Equity Shares	Rs.100/- each	Rs.5.951 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	5.951	5.600	5.600
(b) Reserves & Surplus	28.608	23.754	21.219
(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)	34.559	29.354	26.819
(3) Non-Current Liabilities
(a) long-term borrowings	20.101	15.327	17.020
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	20.101	15.327	17.020
(4) Current Liabilities
(a) Short term borrowings	57.952	68.741	57.270
(b) Trade payables	22.552	29.423	17.517
(c) Other current liabilities	2.602	4.395	5.954
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	83.106	102.559	80.741
TOTAL	137.766	147.240	124.580
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.962	17.893	18.566
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.439
(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)	0.055	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.375	0.388	0.385
Total Non-Current Assets	16.392	18.281	19.390
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.812	52.123	40.906
(c) Trade receivables	62.072	58.291	46.155
(d) Cash and cash equivalents	3.054	2.899	2.473
(e) Short-term loans and advances	3.908	4.630	14.404
(f) Other current assets	10.528	11.016	1.252
Total Current Assets	121.374	128.959	105.190
TOTAL	137.766	147.240	124.580

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES TURNOVER	263.565	251.720	249.087
Less	EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT AFTER TAX	3.204	2.536	(7.073)
	Earnings Per Share (Rs.)	53.84	--	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales Turnover)	(%)	1.22	1.01	(2.84)
Debt Equity Ratio (Total Debt /Networth)		2.26	2.86	2.77
Current Ratio (Current Asset/Current Liability)		1.46	1.26	1.30

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	5.600	5.600	5.951
Reserves & Surplus	21.219	23.754	28.608
Net worth	26.819	29.354	34.559
long-term borrowings	17.020	15.327	20.101
Short term borrowings	57.270	68.741	57.952
Total borrowings	74.290	84.068	78.053
Debt/Equity ratio	2.770	2.864	2.259

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	249.087	251.720	263.565
		1.057	4.706

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	249.087	251.720	263.565
Profit	(7.073)	2.536	3.204
	(2.84%)	1.01%	1.22%

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	No
7]	Promoter's background	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans from related Parties	17.299	10.000
Total	17.299	10.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90205716	04/07/2007 *	55,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, CITY CENTRE, GWALIOR, Madhya Pradesh - 474002, INDIA	A21204201
2	90208919	17/12/2011 *	95,600,000.00	STATE BANK OF INDIA	RELATIONSHIP MANAGER (ME), ZONAL OFFICE PREMISES,  CITY CENTRE, GWALIOR, Madhya Pradesh - 474011, INDIA	B31609779
3	90205180	28/12/1996	12,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GWALIOR, Madhya Pradesh, INDIA	-
4	90207918	29/04/1998 *	12,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GWALIOR, Madhya Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS

• Plant and machinery
• Factory Equipment
• Furniture and fixture
• Mobile
• Office equipment
• Computers
• Vehicles
• Building

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 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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.