MIRA INFORM REPORT

Report No. :	324577
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	BAGARIA ENTERPRISES PRIVATE LIMITED

Registered Office :	167, Netaji Subhas Road, Kolkata – 700007, West Bengal
Tel. No.:	91-33-22580042

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.08.1981

Com. Reg. No.:	21-033964

Capital Investment / Paid-up Capital :	Rs. 7.868 Million

CIN No.: [Company Identification No.]	U70200WB1981PTC033964

TAN No.: [Tax Deduction & Collection Account No.]	CALB0477PF

PAN No.: [Permanent Account No.]	AABCB0373R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Trader of Cement Poles.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 established company and is having satisfactory track record. From the financials 2014, the general position of the company seems to be sound. Rating takes into comfort on company’s established track record of promoters with more than 3 decades into this business. However, trade relation are fair. Business is active. Payments terms are reported to be usually correct. In view of sound business profile, company can be considered for the 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2014.

INFORMATION DENIED

Management non-cooperative (Tel. No.: 91-33-22580042)

LOCATIONS

Registered Office :	167, Netaji Subhas Road, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22580042
E-Mail :	bimal9876@yahoo.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Bagaria Bhagwan Shiv

Designation :

Director

Address :

10, Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

25.06.1993

Date of Appointment :

11.02.1999

DIN No.:

00484712

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	L17233WB1983PLC036948	R.K.WIRE PRODUCTS LTD	Director	25/08/1993	25/08/1993	14/08/2014	Active	NO
2	U24293WB1996PTC078239	BHARATI TEL UDYOG PVT LTD	Director	20/03/1996	20/03/1996	-	Active	NO
3	L31300TG1989PLC010761	BALAJI GALVANISING INDUSTRIES LTD	Director	26/11/1996	26/11/1996	-	Active	NO
4	U70200WB1981PTC033964	BAGARIA ENTERPRISES PVT LTD	Director	11/02/1999	11/02/1999	-	Active	NO

Name :

Bagaria Kumar Binod

Designation :

Director

Address :

10, Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

07.11.1953

Date of Appointment :

02.03.1994

DIN No.:

00484802

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	L27209WB1984PLC037758	R K MANUFACTURING CO LTD	Director	19/11/1992	19/11/1992	04/12/2007	Active	NO
2	U70200WB1981PTC033964	BAGARIA ENTERPRISES PVT LTD	Director	02/03/1994	02/03/1994	-	Active	NO
3	L17233WB1983PLC036948	R.K.WIRE PRODUCTS LTD	Managing director	14/08/2014	02/03/1994	-	Active	NO
4	U24293WB1996PTC078239	BHARATI TEL UDYOG PVT LTD	Director	20/03/1996	20/03/1996	-	Active	NO
5	U27201WB2005PTC102666	O C I COPPER PRIVATE LIMITED	Director	07/04/2005	07/04/2005	-	Active	NO

Name :

Bagaria Kumar Ajay

Designation :

Director

Address :

10, Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.11.1962

Date of Appointment :

15.01.1993

DIN No.:

02279537

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	L27209WB1984PLC037758	R K MANUFACTURING CO LTD	Director	26/07/1984	26/07/1984	04/12/2007	Active	NO
2	L17233WB1983PLC036948	R.K.WIRE PRODUCTS LTD	Director	09/01/1990	09/01/1990	-	Active	NO
3	U70200WB1981PTC033964	BAGARIA ENTERPRISES PVT LTD	Director	15/01/1993	15/01/1993	-	Active	NO

Name :

Bagaria Kumar Atul

Designation :

Director

Address :

10, Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

24.01.1983

Date of Appointment :

01.04.2009

DIN No.:

02361312

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	U70200WB1981PTC033964	BAGARIA ENTERPRISES PVT LTD	Director	01/04/2009	01/04/2009	-	Active	NO
2	U80222WB2010PTC153520	PinknBlue Wellness Services Private Limited	Director	10/02/2014	10/02/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2014

Category	Percentage
Bodies corporate	16.00
Directors or relatives of Directors	57.00
Other top fifty shareholders	27.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Cement Poles.

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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	Axis Bank Limited
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

Facilities :

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Axis Bank Car Loan	0.176	0.374
From related parties	9.655	5.383
From others	0.933	1.856

Total	10.764	7.612


Banking Relations :	--

Auditors :
Name :	Agarwal Maheshwari and Company Chartered Accountants
Address :	2B, Grant Lane, Room No – 88, 4^th Floor, Kolkata – 700012, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFA8690B

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

300000	Equity Shares	Rs.10/- each	Rs. 3.000 Million
7000	Equity Shares	Rs. 1000/- each	Rs. 7.000 Million
	Total		Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

219700	Equity Shares	Rs.10/- each	Rs. 2.197 Million
5671	Equity Shares	Rs. 1000/- each	Rs. 5.671 Million
	Total		Rs. 7.868 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	7.868	7.868	7.868
(b) Reserves & Surplus	9.059	7.157	6.464
(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)	16.927	15.025	14.332

(3) Non-Current Liabilities
(a) long-term borrowings	10.764	7.613	0.773
(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)	10.764	7.613	0.773

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	1.116
(b) Trade payables	12.947	11.685	17.973
(c) Other current liabilities	2.186	0.601	0.457
(d) Short-term provisions	0.994	0.951	0.778
Total Current Liabilities (4)	16.127	13.237	20.324

TOTAL	43.818	35.875	35.429

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.626	4.175	4.851
(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	4.814
(c) Deferred tax assets (net)	5.269	4.799	0.000
(d) Long-term Loan and Advances	0.373	0.352	1.725
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10.268	9.326	11.390

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.498	4.949	2.806
(c) Trade receivables	13.000	9.452	12.631
(d) Cash and cash equivalents	1.974	0.311	1.504
(e) Short-term loans and advances	13.064	11.837	7.098
(f) Other current assets	0.014	0.000	0.000
Total Current Assets	33.550	26.549	24.039

TOTAL	43.818	35.875	35.429

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX		2.722	0.865	NA

Less	TAX		0.821	0.172	NA

	PROFIT AFTER TAX		1.901	0.693	NA

	Earnings Per Share (Rs.)		8.43	3.07	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	7.06	2.78	NA

Return on Investment (ROI) (PBT/Networth)		0.16	0.06	NA

Debt Equity Ratio (Total Debt /Networth)		0.64	0.51	0.13

Current Ratio (Current Asset/Current Liability)		2.08	2.01	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.868	7.868	7.868
Reserves & Surplus	6.464	7.157	9.059
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	14.332	15.025	16.927

long-term borrowings	0.773	7.613	10.764
Short term borrowings	1.116	0.000	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	1.889	7.613	10.764
Debt/Equity ratio	0.132	0.507	0.636

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	Yes
21	Banking facility details	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three 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

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Axis Bank Car Loan	0.176	0.374
From related parties	9.655	5.383
From others	0.933	1.856

Total	10.764	7.613

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS

Factory Building
Factory Shed
Plant and Machinery
Air Conditioner
Mobile Phone
Computer

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. 63.85
UK Pound	1	Rs. 98.38
Euro	1	Rs. 69.64

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	KAS

Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.

MIRA INFORM REPORT

NA

INDEX OF CHARGES

Unit