MIRA INFORM REPORT

Report No. :	345229
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	LAYBOND CONSTRUCTIONS PRIVATE LIMITED LAYB
Registered Office :	Room No. 146, Block No. 125, Near Lakha Singh Darbar, Hindustan Chowk, Mulund (West), Mumbai -400082, Maharashtra
Tel. No.:	91-22-25684708
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.03.1997
Com. Reg. No.:	11-106707
Capital Investment / Paid-up Capital :	Rs.0.990 Million
CIN No.: [Company Identification No.]	U45208MH1997PTC106707
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Building and Construction Activities.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It was incorporated in the year 1997, engaged in building and construction activities. As per financial of the year 2014, company has reported increase in net profit by 4.53% from its business operations. Further, rating also considers company’s acceptable financial profile supported by adequate net worth base, favourable liquidity position and low debt balance sheet profile of the company. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company 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 – 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Chinroop Bengani
Designation :	Director
Contact No.:	91-9833198247
Date :	14.10.2015

LOCATIONS

Registered Office :	Room No. 146, Block No. 125, Near Lakha Singh Darbar, Hindustan Chowk, Mulund (West), Mumbai -400082, Maharashtra, India
Tel. No.:	91-22-25684708
Fax No.:	Not Available
E-Mail :	ca_bmco@ymail.com

DIRECTORS

As on 30.09.2014

Name :	Mr. Chainroop Ganeshmal Bengani
Designation :	Managing Director
Address :	A-15/6, Anu Appt., Govardhan Nagar, L.B.S Marg, Mulund (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	05.09.1954
Date of Appointment :	19.03.1997
DIN No.:	00871037
Name :	Ms. Kusumlata Chainroop Bengani
Designation :	Director
Address :	Bldg. A/15-6, Govardhan Nagar, L.B.S Marg, Mulund (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	06.07.1958
Date of Appointment :	19.03.1997
DIN No.:	01168796

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Chainroop Ganeshmal Bengani	30300	30.61
Kusumlata Chainroop Bengani	30300	30.61
Deepak C. Bengani	19200	19.39
Lokendra Bengani	19200	19.39
Total	99000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Building and Construction Activities.
Products :	Not Divulged
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	Punjab National Bank
Branch	51, Bhagwandas Apartments, Zaver Road, Mulund West, Mumbai – 400064, 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 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Cash Credit from Punjab National Bank	12.138	7.250
Vehicle Loan	0.230	0.410
Total	12.368	7.660
Note : Long Term Borrowing Vehicle Loan from Mahindra and Mahindra Financial Services Limited. is secured by way of hypothecation of vehicle. The Term Loans carries interest @ 13.50% per annum. The loan is repayable in 36 monthly installments of Rs. 19,304/- each along with / inclusive of interest from the date of loan.

Auditors :
Name :	Bramhecha Modi and Company Chartered Accountants
Address :	603/604, Kushal Point, Road No. 4, Near Meghodoot Hotel, Ghatkopar West, Mumbai – 400086, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB2000P
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which Key Management Personnel and their relative exercise significant influence or control :	Laybond Inc.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs.10/- each	Rs.0.990 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	0.990	0.990	0.990
(b) Reserves & Surplus	11.426	9.953	8.544
(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)	12.416	10.943	9.534
(3) Non-Current Liabilities
(a) long-term borrowings	19.572	14.033	12.234
(b) Deferred tax liabilities (Net)	0.000	0.011	0.029
(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)	19.572	14.044	12.263
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.530	16.660	8.627
(c) Other current liabilities	0.877	1.068	1.467
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	16.407	17.728	10.094
TOTAL	48.395	42.715	31.891
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.885	2.000	1.458
(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	0.000	0.000
(d) Long-term Loan and Advances	4.370	4.383	0.130
(e) Other Non-current assets	1.184	1.088	0.005
Total Non-Current Assets	7.439	7.471	1.593
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.060	15.178	11.192
(c) Trade receivables	22.544	19.655	15.509
(d) Cash and cash equivalents	1.233	0.308	0.814
(e) Short-term loans and advances	0.111	0.103	2.783
(f) Other current assets	0.008	0.000	0.000
Total Current Assets	40.956	35.244	30.298
TOTAL	48.395	42.715	31.891

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	4.268	3.385
Less	FINANCIAL EXPENSES (D)	NA	1.822	1.468
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	2.446	1.917
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	0.407	0.245
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	NA	2.039	1.672
Less	TAX (H)	NA	0.630	0.517
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.473	1.409	1.155
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	4.113	2.844	2.169
Less	APPROPRIATIONS
	Transfer to General Reserve	0.140	0.140	0.480
	Total (M)	0.140	0.140	0.480
	Balance Carried to the B/S (J+K+L-M)	5.446	4.113	2.844
	Earnings / (Loss) Per Share (Rs.)	14.82	14.23	11.67

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.77	5.24
Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.18
Debt Equity Ratio (Total Debt /Networth)		1.58	1.28	1.28
Current Ratio (Current Asset/Current Liability)		2.50	1.99	3.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.990	0.990	0.990
Reserves & Surplus	8.544	9.953	11.426
Net worth	9.534	10.943	12.416
long-term borrowings	12.234	14.033	19.572
Short term borrowings	0.000	0.000	0.000
Total borrowings	12.234	14.033	19.572
Debt/Equity ratio	1.283	1.282	1.576

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	No
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

FINANCIAL RESULTS

The Profit and Loss Account of the company shows a Net Profit amounting to Rs. 1.467 Million

GENERAL REVIEW

The company’s performance was satisfactory during the year. The company was able to grow its turnover by 33% but profitability was reduced by 3% during the year. The Directors are hopeful that the company shall be able to achieve its target of Net Profit in the year to come. The future of the company seems to be bright.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from Directors	6.155	5.426
Loan from Shareholders	1.049	0.947
Total	7.204	6.373

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10213492	27/03/2012 *	12,500,000.00	Punjab National Bank.	51, Bhagwandas Apartments,, Zavar road, Mulund (West) Branch,, Mumbai, Maharashtra - 400080, INDIA	B40776338
2	10040759	31/01/2007	3,900,000.00	PUNJAB NATIONAL BANK	51 BHAGWANDAS APARTMENTS, ZAVER ROAD, MULUND (WES  T) BRANCH, MUMBAI, Maharashtra - 400080, INDIA	A11918950
3	10040761	09/05/2013 *	17,000,000.00	Punjab National Bank	51, Bhagwandas Apartments, Zaver Road,, Mulund West, Mumbai, Maharashtra - 400064, INDIA	B78492006
4	90148066	15/04/2004 *	2,400,000.00	PUNJAB NATIONAL BANK	MULUND BRANCH, MUMBAI, Maharashtra, INDIA	-

FIXED ASSETS

• Plant and Equipment
• Vehicles
• Office Equipment
• 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 records 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.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.75.50

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	HNA
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--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		47

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.