MIRA INFORM REPORT

Report No. :	300902
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	BADDI FOILS PRIVATE LIMITED
Registered Office :	S-86, Okhla Industrial Area, Phase – II, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.02.2005
Com. Reg. No.:	55-132573
Capital Investment / Paid-up Capital :	Rs. 11.104 Millions
CIN No.: [Company Identification No.]	U27203DL2005PTC132573
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELB08361D
PAN No.: [Permanent Account No.]	AACCB5492J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Aluminium Foils.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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 company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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.

LOCATIONS

Registered Office :	S-86, Okhla Industrial Area, Phase – II, New Delhi – 110 020, India
Tel. No.:	91-11-26386969/ 26386495/ 41610579/ 26916495
Fax No.:	91-11-26383201
E-Mail :	akapoorca@hotmail.com manpreet_malhotraca@yahoo.com
Factory :	Village Theda, Baddi – Nalagarh Road, Tehsil – Nalagarh, District Solan, Himachal Pradesh, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjay Khurana

Designation :

Director

Address :

54, Sukhdev Vihar, New Delhi - 110 025, India

Date of Birth/Age :

05.07.1967

Date of Appointment :

02.02.2005

DIN No.:

01055040

Name :

Mr. Aseem Khullar

Designation :

Director/ Chief Executive Officer

Address :

A-15/26, Vasant Vihar, New Delhi – 110 025, India

Date of Birth/Age :

45 Years

Date of Appointment :

04.04.2011

DIN No.:

00160658

Name :

Mrs. Geeta Khullar

Designation :

Director

Address :

A-15/26, Vasant Vihar, New Delhi – 110 025, India

Date of Birth/Age :

17.11.1971

Date of Appointment :

14.08.2012

DIN No.:

01055223

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	U74899DL1990PTC039901	CLASSIC CLOSURES PRIVATE LIMITED	Director	19/04/1990	19/04/1990	-	Under Process of Striking off	NO
2	U74899DL2000PLC103732	G & S VINYL LIMITED	Director	11/02/2000	11/02/2000	-	Active	NO
3	U27203DL2005PTC132573	BADDI FOILS PRIVATE LIMITED	Director	14/08/2012	02/02/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Sanjay Khurana	100
Geeta Khullar	239840
Om Khullar HUF	10000
Aseem Khullar HUF	25010
Veena Malhotra	10
Manju Khullar	10
Meenakshi Bhalla	10
P.K. Khullar	10
Reetika Khurana	10
Aseem Khullar	365400
Total	640400

Names of Preference Shareholders	No. of Shares
G and S Vinyl Limited	18800

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	42.32
Directors or relatives of Directors	57.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Aluminium Foils.
Products :	Aluminium Foils Pharma Capsule
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 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 :

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 :

Not Available

Bankers :

Banker Name :	Union Bank Of India
Branch Address :	9 Shopping Centre-II, Poorvi Marg, D Block, Vasant Vihar, New Delhi - 110057,Delhi, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

--

Auditors :
Name :	Ajay Kapoor and Company Chartered Accountant
Address :	S-2B Ansal Utility Commercial Complex, Paschim Vihar, New Delhi – 110063, India
PAN No.:	AAEPK4633K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14700000	Equity Shares	Rs.10/- each	Rs.14.700 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
640400	Equity Shares	Rs.10/- each	Rs.6.404 millions
18800	Preference shares	Rs.250	Rs.4.700 millions
	Total		Rs.11.104 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	11.104	6.404	6.404
(b) Reserves & Surplus	107.269	99.628	90.834
(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)	118.373	106.032	97.238
(3) Non-Current Liabilities
(a) long-term borrowings	97.534	72.189	40.812
(b) Deferred tax liabilities (Net)	8.285	0.101	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.122	2.158	2.281
Total Non-current Liabilities (3)	108.941	74.448	43.093
(4) Current Liabilities
(a) Short term borrowings	137.140	109.208	70.345
(b) Trade payables	76.794	77.083	23.392
(c) Other current liabilities	2.672	1.711	22.625
(d) Short-term provisions	6.130	5.436	4.780
Total Current Liabilities (4)	222.736	193.438	121.142
TOTAL	450.050	373.918	261.473
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	142.995	136.741	89.992
(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
(c) Deferred tax assets (net)	0.000	5.074	1.704
(d) Long-term Loan and Advances	1.492	1.149	7.365
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	144.487	142.964	99.061
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.289	38.973	26.159
(c) Trade receivables	207.968	164.496	115.645
(d) Cash and cash equivalents	7.332	1.566	0.386
(e) Short-term loans and advances	38.226	25.122	19.529
(f) Other current assets	10.748	0.797	0.693
Total Current Assets	305.563	230.954	162.412
TOTAL	450.050	373.918	261.473

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	686.429	503.406
		Other Income	2.392	2.473
		TOTAL (A)	688.821	505.879	445.576
Less	EXPENSES
		Cost of Materials Consumed	579.442	431.817
		Purchases of Stock-in-Trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.347)	(13.875)
		Employees benefits expense	30.407	25.432
		Other expenses	34.498	30.889
		TOTAL (B)	635.000	474.263	420.290
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.821	31.616	25.286
Less	FINANCIAL EXPENSES (D)		30.483	19.856	12.207
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.338	11.760	13.079
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.294	4.934	2.590
	PROFIT BEFORE TAX (E-F) (G)		17.044	6.826	10.489
Less	TAX (H)		4.089	(1.968)	2.107
	PROFIT AFTER TAX (G-H) (I)		12.955	8.794	8.382
	Earnings Per Share (Rs.)		11.93	13.73	---

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.89	1.75	1.88
Operating Profit Margin (PBDIT/Sales)	(%)	7.84	6.28	5.67
Return on Total Assets (PBT/Total Assets}	(%)	3.79	1.85	4.04
Return on Investment (ROI) (PBT/Networth)		0.14	0.06	0.11
Debt Equity Ratio (Total Debt /Networth)		1.98	1.71	1.14
Current Ratio (Current Asset/Current Liability)		1.37	1.19	1.34

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	6.404	6.404	11.104
Reserves & Surplus	90.834	99.628	107.269
Net worth	97.238	106.032	118.373
long-term borrowings	40.812	72.189	97.534
Short term borrowings	70.345	109.208	137.140
Total borrowings	111.157	181.397	234.674
Debt/Equity ratio	1.143	1.711	1.982

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)
Total Income	445.576	505.879	688.821
		13.534	36.163

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	445.576	505.879	688.821
Profit	8.382	8.794	12.955
	1.88%	1.74%	1.88%

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	No
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520111	28/08/2014	5,265,281.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C20783452
2	10185123	12/11/2009	1,180,000.00	Dy. Director of Industries Govt of Himachal Prades  h	Single Window Clearence Agency, Department of Industries, Baddi, Baddi, Himachal Pradesh - 173205, INDIA	A73062200
3	90330445	07/08/2014 *	271,700,000.00	UNION BANK OF INDIA	9 SHOPPING CENTRE-II,POORVI MARG, D BLOCK,VASANT  VIHAR, NEW DELHI, Delhi - 110057, INDIA	C16385247

* Date of charge modification

FIXED ASSETS

• Land
• Building – Factory
• Plant and Machinery
• Computer
• Furniture and Fixture
• Electrical Fittings
• A.H.U.
• Air Curtain
• Exhaust Fan
• Fire Extinguisher
• Generator
• Motor Cycle
• Car
• Pallets
• Trolley
• Refrigerator
• Air Conditioner
• Water Purifier
• Weighting Machine
• Office Equipment
• Printer
• Mobile

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.63.44
UK Pound	1	Rs.95.98
Euro	1	Rs.75.27

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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		48

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.