MIRA INFORM REPORT

Report No. :	328000
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	BHULESHWAR SUGAR WORKS LIMITED
Registered Office :	E-12/4 , MIDC, A/P : Jejuri, Taluka - Purandar, District Pune - 412303, Maharashtra
Mobile No.:	91-9850276644 (Mr. Pratik Hanumant Bhagat)
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.02.2011
Com. Reg. No.:	138634
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U15425PN2011PLC138634
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 :	Manufacturing of White Crystal Sugar.
No. of Employees :	Information declined by the management.

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 :	Yet to commence its business operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated in the year 2011, but it is yet to commence its business operation. Management has failed to file its financial record with government department for the year 2014. Mr. Hanumant Bhagat the director has denied disclosing any information about the company. As per available financial reports of the year 2013, the company has not yet started its commercial activities and its operating results are nil. As per registrar of companies business shown is active. Payments are unknown. In the view of no operational activities, the company can be considered for business activities on fully safe and secured 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Pratik Hanumant Bhagat
Designation :	Director
Contact No.:	91-9850276644
Date :	18.06.2015

LOCATIONS

Registered Office / Factory:	E-12/4 , MIDC, A/P : Jejuri, Taluka - Purandar, District Pune - 412303, Maharashtra, India
Tel. No.:	91-20-41207249
Mobile No.:	91-9850276644 (Mr. Pratik Hanumant Bhagat)
Fax No.:	Not Available
E-Mail :	akagarwal@finnovaadvisory.com

DIRECTORS

AS ON 28.09.2013

Name :	Vandana Bhagat
Designation :	Director
Address :	33/2, Ward No - 1, At Post - Jejuri, Taluka - Purandar, Pune - 412303, Maharashtra, India
Date of Birth/Age :	18.08.1966
Date of Appointment :	22.02.2011
DIN No.:	03414461
Name :	Hanumant Dnyanoba Bhagat
Designation :	Director
Address :	E- 12/4 MIDC A/P- Jejuri, Taluka – Purandhar, Pune - 412303, Maharashtra, India
Date of Birth/Age :	01.06.1966
Date of Appointment :	25.02.2011
DIN No.:	03430886
Name :	Pratik Hanumant Bhagat
Designation :	Director
Address :	Plot No. E 12/3/ MIDC, Jejuri, Pune - 412301, Maharashtra, India
Date of Appointment :	08.02.2013
DIN No.:	06471098
Name :	Dattatraya Mohan Taware
Designation :	Director
Address :	A/P - Yelpane Pisore, Taluka - Shrigonda, Ahmednagar - 414703, Maharashtra, INDIA
Date of Appointment :	20.04.2013
DIN No.:	06492149
Name :	Manik Jagtap
Designation :	Director
Address :	440/2 Medad, Malshiras, Pandharpur, Solapur - 413304, Maharashtra, India
Date of Birth/Age :	01.06.1951
Date of Appointment :	20.04.2013
DIN No.:	06492227

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares	%age holding
Hanumant Dnyanoba Bhagat	3,500	70.00
Vandana Bhagat	1,000	20.00
Dhananjay Dnyaneshwar Bhoite	100	2.00
Vinayak Sahebrao Kapare	100	2.00
Subhash Sitaram Khedkar	100	2.00
Suresh Arjun Ubale	100	2.00
Gajendra Javansingh Jamadar	100	2.00
Total	5,000	100.00

AS ON 28.09.2013

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 :	Manufacturing of White Crystal Sugar.
Products :	White Crystal Sugar
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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 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

Auditors :
Name :	Agrawal Sonigara and Company Chartered Accountants
Address :	A-204, Kalpataru Plaza, 224, Bhawani Peth, Pune – 411042, Maharashtra, India
Mobile No.:	91-9028600116
E-Mail :	akagarwal@finnovaadvisory.com
PAN No.:	AAVFA2540E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs.100/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	0.000	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	28.435	3.940
Total Shareholders’ Funds (1) + (2)	28.935	4.440
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	2.325	3.369
(d) Short-term provisions	0.050	0.045
Total Current Liabilities (4)	2.375	3.414
TOTAL	31.310	7.854
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	5.900	5.407
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	21.281	0.339
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	27.181	5.746
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	2.839	0.363
(e) Short-term loans and advances	1.290	1.745
(f) Other current assets	0.000	0.000
Total Current Assets	4.129	2.108
TOTAL	31.310	7.854

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	0.000	0.000
	Other Income	0.000	0.000
	TOTAL (A)	0.000	0.000
Less	EXPENSES
	Employees benefits expense	0.000	0.000
	Other expenses	0.000	0.000
	TOTAL (B)	0.000	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.000	0.000
Less	FINANCIAL EXPENSES (D)	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.000	0.000
Less	TAX (H)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	0.00	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA
Cash generated from operations	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.74	0.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	3.940	28.435
Net worth	4.440	28.935
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The company was incorporated on 22.02.2011 under the Indian Companies Act, 1956 as BHULESHWAR SUGAR WORKS LIMITED. The company commence s its operation on the same date. The company is primarily a manufacturing entity: it is in the stage of establishment. It is in the process of setting up of integrated sugar and cogen plant. During the year under audit company has not started commercial production.

OPERATING RESULTS

Commercial operations have not started yet, so operating results are nil.

INDEX OF CHARGES

No Charges Exist for Company.

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.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	TRS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--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.