MIRA INFORM REPORT

Report No. :	309118
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	BENGAL TOOLS LIMITED (w.e.f. 18.02.2008)
Formerly Known As :	SHRACHI LEATHER TEX LIMITED SHRACHI LEATHER TEX PRIVATE LIMITED
Registered Office :	2, Jessore Road, Dum Dum, Kolkata - 700028, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.02.1992
Com. Reg. No.:	21-05541
Capital Investment / Paid-up Capital :	Rs. 112.817 Millions
CIN No.: [Company Identification No.]	U51216WB1992PLC054541
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Agricultural machines and equipment, power tillers.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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

Rating Agency Name	CARE
Rating	Long term bank facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	March 14, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	March 14, 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.

INFORMATION DENIED BY

Name :	Mr. Rahul Agarwal
Designation :	Finance Manager
Contact No.:	91-8043052099
Date :	29.10.2014

LOCATIONS

Registered Office/ Factory :	2, Jessore Road, Dum Dum, Kolkata - 700028, West Bengal, India
Tel. No.:	91-33-25502487/25298433
Mobile No.:	91-8043052099 (Mr. Rahul Agarwal)
Fax No.:	91-33-25295487
E-Mail :	anirbangoswami@shrachi.com rahulrungta@sharchi.com
Website :	www.shrachi.com
Branch office 1:	4-9-270, Samala Krishna Reddy Complex, Church Road, Supervisor’s Colony,  Hayathnagar, Hyderabad,  A.P.
Tel. No.:	91 40-32400320
Branch office 2 :	C/o.Techno Commercial Lal Ganesh, Udal Bakra Road Opposite Kali Mandir, Guwahati-781034
Branch office 3:	Balaji Complex, No. 14, 1st floor, 10th Main, HAL 3rd Stage, Jeevan Bhimnagar Main Road, Bangalore - 560075
Branch office 4:	C/o. Orissa Automobiles Gopalpur Cuttack-11, India
Tel No.:	91-671-2586031

DIRECTORS

As on 30.09.2013

Name :

Ravi Todi

Designation :

Managing Director

Address :

22/B, Sarat Bose Raod, Kolkata- 700020, West Bengal, India

Date of Birth/Age :

01.05.1969

Date of Appointment :

01.05.2008

DIN No.:

00080388

Voter ID No.:

ABUPT6599G

Name :

Amitava Guin

Designation :

Whole Time Director

Address :

55/10, East Sinnthee Road, Kolkata- 700030 ,24 Pargans North, West Bengal, India

Date of Birth/Age :

01.12.1956

Date of Appointment :

30.09.2008

DIN No.:

00200237

Voter ID No.:

ADYPG6802D

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	L28932WB1958PLC023718	BENGAL TOOLS LTD	Director	24/01/1997	24/01/1997	-	Amalgamated	NO
2	U65191WB1995PLC068680	SHRACHI FISCAL SERVICES LTD	Director	01/09/1997	01/09/1997	-	Active	NO
3	U65921WB1990PTC048903	ANCHOR APARTMENTS PVT LTD	Director	09/02/1998	09/02/1998	11/12/2012	Active	NO
4	U27109WB1986PTC041466	BENGAL CYLINDER & CONTAINERS PVT LTD	Director	15/02/1999	15/02/1999	-	Amalgamated	NO
5	U70101WB1974PLC029539	CHINAR BUILDERS & CONTRACTORS LTD.	Director	30/09/2008	30/09/2007	-	Active	NO
6	U28991WB1977PLC031188	CALCUTTA BECON ENGINEERING CO LIMITED	Director	30/09/2008	30/09/2007	-	Converted to LLP and dissolved	NO
7	U51216WB1992PLC054541	BENGAL TOOLS LIMITED	Director	30/09/2008	15/02/2008	-	Active	NO
8	U70101WB2005PTC105255	BETWA TRADCON PRIVATE LIMITED	Director	12/04/2011	12/04/2011	-	Active	NO
9	U26939WB1977PTC030970	AMALGAMATED SYNTHETIC MOULDERS PVT LTD	Director	11/07/2011	11/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Anirban Gosami
Designation :	Company secretary
PAN No.:	AVIPG0637L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Shareholder details File Attached

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	7.00
Directors or relatives of Directors	61.00
Other top fifty shareholders	32.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agricultural machines and equipment, power tillers.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Countries :	China
Terms :
Selling :	Cash, Advance Payment
Purchasing :	Cash, Advance Payment

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers, Wholesalers and End Users

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

No. of Employees :

500 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch Address :	Commercial Branch, Kolkata 24, Park Street, Kolkata-700016, West Bengal, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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)	Rs.718.200 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupees loans from Banks	3.056	0.570
Term loan from others	0.323	1.925
Short Term Borrowing
Term loans	714.914	675.304
Total	718.293	677.799

Auditors :
Name :	Singhi and company Chartered Accountant
Address :	Emrelld House (4^th Floor), 1- B Old Post Office Street, Kolkata, West Bengal ,India
PAN No.:	AASFS9578D
Memberships :	Not Available
Collaborators :	Not Available
Enterprises Over Which KMP Have Significant Influence :	Accent Industries Limited Ajanta Offset and Packaging Limited Amalgamated Synthetic Moulders Private Limited * AMRI Hospitals Limited Bengal Shrachi Housing Development Limited Bhaskar Sharchi Alloys Limited Brijlaxmi Paper Products Private Limited GNB Logistics LLP Juhi Investments Private Limited * Nadia Pulp and Board Limited Shrachi Developers Private Limited Shrachi Fiscal Services Limited South City Projects (Kolkata) Limited Sunflower Engineering Industries Private Limited Anchor Apartments Private Limited * Supreme Shrachi Infrastructure Private Limited Nadia Securities Printing and Stationery Company Limited *
Subsidiary Companies :	Rean Watertech Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25450000	Equity Shares	Rs.10/- each	Rs.254.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11281676	Equity Shares	Rs.10/- each	Rs.112.817

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	112.817	112.817	105.317
(b) Reserves & Surplus	633.444	581.435	537.174
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	7.499
Total Shareholders’ Funds (1) + (2)	746.261	694.252	649.990
(3) Non-Current Liabilities
(a) long-term borrowings	47.378	46.495	36.142
(b) Deferred tax liabilities (Net)	16.109	17.755	13.143
(c) Other long term liabilities	6.007	32.859	72.020
(d) long-term provisions	5.755	7.453	5.668
Total Non-current Liabilities (3)	75.249	104.562	126.973
(4) Current Liabilities
(a) Short term borrowings	769.049	716.461	565.719
(b) Trade payables	336.562	412.012	458.750
(c) Other current liabilities	159.907	110.417	164.110
(d) Short-term provisions	14.976	12.408	13.015
Total Current Liabilities (4)	1280.494	1251.298	1201.594
TOTAL	2102.004	2050.112	1978.557
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	208.405	204.163	197.374
(ii) Intangible Assets	9.044	12.759	13.468
(iii) Capital work-in-progress	0.000	1.448	1.447
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.927	7.209	19.151
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.431	16.845	21.610
(e) Other Non-current assets	39.224	42.578	130.542
Total Non-Current Assets	293.031	285.002	383.592
(2) Current assets
(a) Current investments	117.611	105.694	107.850
(b) Inventories	285.894	252.859	287.485
(c) Trade receivables	1166.678	1106.682	977.455
(d) Cash and cash equivalents	60.078	102.346	55.227
(e) Short-term loans and advances	146.495	170.449	140.799
(f) Other current assets	32.217	27.080	26.149
Total Current Assets	1808.973	1765.110	1594.965
TOTAL	2102.004	2050.112	1978.557

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1755.646	1771.124	2533.300
		Other Income	44.383	21.684	124.098
		TOTAL (A)	1800.029	1792.808	2657.398
Less	EXPENSES
		Cost of Materials Consumed	429.507	456.785	555.884
		Purchases of Stock-in-Trade	671.004	561.174	1229.925
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(24.227)	49.214	(73.177)
		Employees benefits expense	164.756	174.664	155.465
		Other expenses	364.744	370.791	440.040
		TOTAL (B)	1605.784	1612.628	2308.137
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		194.245	180.180	349.261
Less	FINANCIAL EXPENSES (D)		106.701	92.554	81.058
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		87.544	87.626	268.203
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.681	20.171	15.000
	PROFIT BEFORE TAX (E-F) (G)		68.863	67.455	253.203
Less	TAX (H)		16.854	23.194	60.348
	PROFIT AFTER TAX (G-H) (I)		52.009	44.261	192.855
	Earnings Per Share (Rs.)		4.61	3.92	18.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.96	2.50	7.61
Operating Profit Margin (PBDIT/Sales)	(%)	11.06	10.17	13.79
Return on Total Assets (PBT/Total Assets}	(%)	3.29	3.30	12.93
Return on Investment (ROI) (PBT/Networth)		0.09	0.10	0.39
Debt Equity Ratio (Total Debt /Networth)		1.09	1.10	0.93
Current Ratio (Current Asset/Current Liability)		1.41	1.41	1.33

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	105.317	112.817	112.817
Reserves & Surplus	537.174	581.435	633.444
Net worth	642.491	694.252	746.261
long-term borrowings	36.142	46.495	47.378
Short term borrowings	565.719	716.461	769.049
Total borrowings	601.861	762.956	816.427
Debt/Equity ratio	0.937	1.099	1.094

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	2533.300	1771.124	1755.646
		(30.086)	(0.874)

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	2533.300	1771.124	1755.646
Profit	192.855	44.261	52.009
	7.61%	2.50%	2.96%

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Long Term Borrowing
Terms loan from others	44.000	44.000
Short Term Borrowing
Loan repayable on demand from others	54.134	41.157
Total	98.134	85.157

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10240555	28/03/2013 *	1,705,000,000.00	STATE BANK OF INDIA	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	B74834847
2	10189336	10/10/2012 *	770,000,000.00	IDBI Bank Limited	Kolkata Main Branch (CBG), IDBI House, 44 Shakespeare Sarani, KOLKATA, West Bengal - 700017, INDIA	B60519709
3	10189061	28/03/2013 *	935,000,000.00	STATE BANK OF INDIA	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	B74371410
4	80054993	28/06/2000	2,100,000.00	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LTD	5, COUNCIL HOUSE STREET, KOLKATA, West Bengal - 700001, INDIA	-
5	80054994	14/03/2000	3,500,000.00	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LTD	5, COUNCIL HOUSE STREET, KOLKATA, West Bengal - 70  0001, INDIA	-
6	90251927	02/08/1999	611,000.00	THE HONGKONG AND SHANGHAI BANKIING CORPN. LTD.	8; NETAJI SUBHAS ROAD, CALCUTTA, West Bengal - 700  001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Furniture and fixture
• Land and building
• Vehicles
• Computer Equipment
• Telephone Equipment

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.62.25
UK Pound	1	Rs.96.00
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	JYTK

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
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.