MIRA INFORM REPORT

Report No. :	307631
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	BHIM POLYFAB INDUSTRIES
Registered Office :	406, Lotus House, IV Floor, 33-A, New Marine Line, Mumbai - 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2005
Capital Investment :	Rs. 693.099 Millions
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Exporter of Woven Sacks, PP Woven Sacks, PP Woven Fabrics, etc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern 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 PARTED BY

Name :	Mr. Narendra
Designation :	Accountant
Contact No.:	91-22-61185118
Date :	11.02.2015

LOCATIONS

Registered Office/ Factory 1 :	406, Lotus House, IV Floor, 33-A, New Marine Line, Mumbai - 400020, Maharashtra, India
Tel. No.:	91-22-66338751/ 52
Fax No.:	91-22-22072660
E-Mail :	info@damanpolyfabs.com damanpolyfabs@mtnl.net.in
Website :	http://www.wovensacksonline.com
Location :	Owned
Locality :	Commercial
Factory 2 :	Unit No. 3, S. No. 136/ 1/ 2 and 3, 137/1 and 138/1, Village Dabhel, Nani Daman – 396210, Daman and Diu [U.T.], India
Factory 3 :	337/1 B, Bharat Industrial Estate, Bhimpore, Daman – 396210, Daman and Diu [U.T.], India

PARTNERS

Name :	Mr. Niranjan Agrawal
Designation :	Partner
Name :	Mr. Pradeep Agarwal
Designation :	Partner
Name :	Mr. Rahul Agarwal
Designation :	Partner
Name :	Mr. Vijay Agarwal
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Narendra
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Woven Sacks, PP Woven Sacks, PP Woven Fabrics, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Israel · Europe
Imports :
Products :	Raw Material
Countries :	South Arabia
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference:	Reliance Industries Limited, Mumbai
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 :

Wholesalers and Retailers

Reference:	Rashtriya Chemicals and Fertilizers Limited, Mumbai
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 :

300 (Approximately)

Bankers :

Bank Name:	Citi Bank
Branch:	Fort Branch, Mumbai, Maharashtra, 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 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

Facilities :

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Secured Loans	106.724	48.496
Total	106.724	48.496

Banking Relations :	--
Auditors :
Name :	Lalit Mehta and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Associates/Subsidiaries :	· Kandoi Fabrics Private Limited Mumbai, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2014

PARTICULARS	RS. IN MILLIONS
Partners’ Capital Account	0.400
Partners’ Current Account	692.699
Total	693.099

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2014-2015) : Rs. 3500.000 Millions

The above information has been parted by Mr. Narendra [Accountant]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		693.099	472.370	232.881
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		693.099	472.370	232.881
LOAN FUNDS
1] Secured Loans		106.724	48.496	117.162
2] Unsecured Loans		0.000	10.299	0.000
TOTAL BORROWING		106.724	58.795	117.162
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		799.823	531.165	350.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		354.041	246.379	198.627
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	178.106	76.291	90.465
	Sundry Debtors	340.566	260.120	125.712
	Cash & Bank Balances	6.629	(3.754)	(11.672)
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	151.313	72.750	57.681
Total Current Assets		676.614	405.407	262.186
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	132.232	73.221	65.370
	Provisions	98.700	47.500	45.500
Total Current Liabilities		230.932	120.721	110.870
Net Current Assets		445.682	284.686	151.316
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		799.823	531.165	350.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	2565.665	1939.699	954.239
		Job charges	7.990	8.750	3.951
		Interest received	0.000	0.000	0.561
		Other Income	31.511	19.058	0.015
		TOTAL (A)	2605.166	1967.507	958.766
Less	EXPENSES
		Raw Material Consumption	1932.697	1394.866	681.557
		Manufacturing and Other Expenses	349.390	254.392	139.358
		Employee Remuneration and Benefit	102.984	70.434	47.529
		Increase in stock	(52.224)	9.760	(27.074)
		TOTAL (B)	2332.847	1729.452	841.370
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		272.319	238.055	117.396
Less	FINANCIAL EXPENSES (D)		61.190	42.417	2.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		211.129	195.638	114.696
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.537	41.971	40.983
	PROFIT BEFORE TAX (E-F) (G)		150.592	153.667	73.713
Less	TAX (H)		51.203	48.305	22.998
	PROFIT AFTER TAX (G-H) (I)		99.389	105.362	50.715

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.82	5.36	5.29
Operating Profit Margin (PBDIT/Sales)	(%)	10.61	12.27	12.30
Return on Total Assets (PBT/Total Assets}	(%)	14.61	23.58	16.00
Return on Investment (ROI) (PBT/Networth)		0.22	0.33	0.32
Debt Equity Ratio (Total Debt/Networth)		0.15	0.12	0.50
Current Ratio (Current Asset/Current Liability)		2.93	3.36	2.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Partner’s Capital	232.881	472.370	693.099
Profit and Loss Account	0.000	0.000	0.000
Net worth	232.881	472.370	693.099
Secured Loans	117.162	48.496	106.724
Unsecured Loans	0.000	10.299	0.000
Total borrowings	117.162	58.795	106.724
Debt/Equity ratio	1.006	0.205	0.308

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	954.239	1939.699	2565.665
		103.272	32.271

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	954.239	1939.699	2565.665
Profit	50.715	105.362	99.389
	5.31%	5.43%	3.87%

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	No
8]	No. of employees	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	No

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. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.