MIRA INFORM REPORT

Report No. :	342662
Report Date :	28.09.2015

IDENTIFICATION DETAILS

Name :	BIKANER PORCELAIN PRIVATE LIMITED
Registered Office :	E-179 and 180, Bichwal Industrial Area, Bikaner – 334006, Rajasthan
Tel. No. :	91-151-3295688/ 2252825
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.05.1990
Com. Reg. No.:	17-005406
Capital Investment / Paid-up Capital :	Rs. 3.996 Million
CIN No.: [Company Identification No.]	U26914RJ1990PTC005406
TAN No.: [Tax Deduction & Collection Account No.]	JDHB02041E
PAN No.: [Permanent Account No.]	AAACB6691B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Insulators and Insulation Materials, Transformer Bushings, Disc Insulators, Guy Insulators, etc.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1990 engaged in the manufacturer of insulators and disic insulates, guy insulate etc. For the financial year ended 2014, company has reported 13.41% growth in its revenue profile but it has failed to maintained profitability margins and reported low margins at 0.80% during the year under a review. Rating takes into account of company’s established track record of business operations marked by above average financial base and moderate debt protection metrics of the company. Trade relations are reported as fair. Payment terms are reported to be slow but 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 – 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 PARTED BY

Name :	Mr. Dev Mathaur
Designation :	Marketing Manager
Contact No.:	91-9352993772
Date :	25.09.2015

LOCATIONS

Registered Office/ Factory :	E-179 and 180, Bichwal Industrial Area, Bikaner – 334006, Rajasthan, India
Tel. No. :	91-151-3295688/ 2252825
Mob. No.:	91-9352993772 (Mr. Dev Mathur)
Fax No. :	91-151-2251288
E-Mail :	csreena7@gmail.com info@bikanerporcelain.in
Website :	www.bikanerporcelain.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Giri Raj Sadani

Designation :

Director

Address :

Jhawaron Ka Chowk, Bikaner - 334001, Rajasthan, India

Date of Appointment :

28.04.2004

DIN No. :

00169801

Name :

Shashi Mohandas Mundhra

Designation :

Director

Address :

126, Bhatelai, Ward No. 20, Shree Bhawan, Outside Nathusar Gate, Bikaner - 334003, Rajasthan, India

Date of Birth/Age :

10.07.1960

Date of Appointment :

01.11.2011

DIN No. :

00169950

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	U26911RJ2004PTC019056	BIKANER ELECTROPORCELAIN PRIVATE LIMITED	Director	03-03-2004	03-03-2004	-	Active	NO
2	U65993RJ1965PTC001205	RAJASTHAN VINIYOG PRIVATE LIMITED	Director	01-05-2004	01-05-2004	-	Active	NO
3	U26933RJ2005PTC020870	BIKANER PORCELAIN (INDIA) PRIVATE LIMITED	Director	30-03-2010	03-06-2005	05-11-2011	Active	NO
4	U24232WB2006PTC112085	WILLOWOOD CHEMICALS PRIVATE LIMITED	Director	12-12-2006	12-12-2006	22-06-2009	Active	NO
5	U26914RJ1990PTC005406	BIKANER PORCELAIN PRIVATE LIMITED	Director	01-11-2011	01-11-2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dev Mathur
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Shashimohan Mundhra	210400
Yashwardhan Mundhra	100000
Renu Mundhra	29700
Chem Crown Traders Private Limited, India	47500
G.K. Sadani	1000
Laxmi Devi Chandak	2500
Bimla Devi Chandak	2500
R.K. Chandak	2500
Manju Devi Chandak	1500
Mohini Devi Chandak	1000
Anupama Mundhra	500
S.M. Mundhra (HUF)	500
Total	399600

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	12.00
Directors or relatives of Directors	85.40
Other top fifty shareholders	2.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Insulators and Insulation Materials, Transformer Bushings, Disc Insulators, Guy Insulators, etc.
Products :	v Electrical Insulators · Disc Insulators · Pin Insulators · Guy Insulators · Post Insulators · LT Insulators v Porcelain Transformer Bushings · 1.1 KV Transformer Bushing · 12-17.5 KV Transformer Bushing · 24 KV Transformer Bushing · 36 KV Transformer Bushing · Cable Box Bushing
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Manufacturer and End Users

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

· Central Power Distribution Company Limited of A.P.

· Southern Power Distribution Company Limited of A.P.

· Northern Power Distribution Company Limited of A.P.

· Eastern Power Distribution Company Limited of A.P.

· Jaipur Vidyut Vitran Nigam Limited

· Jodhpur Vidyut Vitran Nigam Limited

· Ajmer Vidyut Vitran Nigam Limited

· Maharashtra State Electricity Distribution Company Limited

· Gujarat Urja Vikas Nigam Limited

· U.P. Power Corporation Limited

· MPSEB, Indore

· MPSEB, Jabalpur

· Kalpataru Power Transmission Limited, Gandhi Nagar

· Accurate Transformers Limited, New Delhi.

· Larsen and Toubro Limited

· Sintex Industries Limited, Kalol

· Dusad Electrical, Jaipur

· Oswal Cables, Jaipur

· Navdurga Electro Construction, Jaipur.

· Nagarjuna Construction Company Limited, Hyderabad.

· Ramsarup Industries Limited, Kolkata.

· Purbanchal Udyog, Kolkata

· Everest Engineering, Kolkata

· KEC International Limited, Gurgaon

· KLG Systel Limited, Gurgaon

· Subhash Projects and Marketing Limited

· RPG Transmission Limited

· Kirloskar Brothers

· Yamuna Gases and Chemicals Limited

· Shyam Power (India) Private Limited

· A.B.B. Limited

· ICSA (India) Limited, Hyderabad

· Win Power Marketing Private Limited, Jaipur

· A2Z Maintenance and Engineering Services Private Limited

· Lanco Infratech Limited, Hyderabad

· Sterling and Wilson Limited

· Godrej Private Limited Boyce Manufacturing Company Limited

· Fedders Lloyd Corporation Limited

No. of Employees :

40 (Approximately)

Bankers :

Bank Name:	Bank of Maharashtra
Branch:	Kem Road Branch, Bikaner - 334001, Rajasthan, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand - Cash Credits/ Working Capital Borrowings from Bank
Bank of Maharashtra	18.684	17.628
Punjab National Bank (K E M Road)	(0.005)	2.298
Total	18.679	19.926

NOTE

Loans from banks for working capital are secured against hypothecation of Plant and Machinery and Equipments and equitable mortgage of Land and Building bearing plot no. 179 & 180, Bichhawal Industrial Area, Bikaner owned by the company. The company has also given primary security of 15% in the form of CDR and counter guarantee. The loan is also secured by personal guarantee of Directors.

Banking Relations :	--
Auditors :
Name :	Daga and Company Chartered Accountants
Address :	Gangashahar Road, Bikaner – 334001, Rajasthan, India
Tel. No. :	91-151-2205797/ 2206797
E-Mail :	taxpert797@gmail.com
Income-tax PAN of auditor or auditor's firm :	AACFD3616M
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs.10/- each	Rs. 4.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
399,600	Equity Shares	Rs.10/- each	Rs. 3.996 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	3.996	3.996	3.996
(b) Reserves & Surplus	26.882	26.522	26.427
(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)	30.878	30.518	30.423
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.251	0.261	0.274
(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)	0.251	0.261	0.274
(4) Current Liabilities
(a) Short term borrowings	25.679	24.926	22.205
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.192	0.156	0.211
(d) Short-term provisions	0.182	0.191	0.150
Total Current Liabilities (4)	26.053	25.273	22.566
TOTAL	57.182	56.052	53.263
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.446	7.334	6.780
(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	0.013	0.013	0.013
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.516	1.425	1.402
Total Non-Current Assets	7.975	8.772	8.195
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.601	10.771	13.316
(c) Trade receivables	32.441	32.063	28.290
(d) Cash and cash equivalents	2.893	2.817	2.507
(e) Short-term loans and advances	2.239	1.501	0.872
(f) Other current assets	0.033	0.128	0.083
Total Current Assets	49.207	47.280	45.068
TOTAL	57.182	56.052	53.263

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	93.557	82.303	NA
Less	EXPENSES
		TOTAL	93.102	82.067	NA
	PROFIT/ (LOSS) BEFORE TAX		0.455	0.236	(0.833)
Less	TAX		0.076	0.033	0.004
	PROFIT/ (LOSS) AFTER TAX		0.379	0.203	(0.837)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.465	2.370	3.207
Less	EARLIER YEAR TAXES		0.020	0.108	--
	BALANCE CARRIED TO THE B/S		2.824	2.465	2.370
	Earnings / (Loss) Per Share (Rs.)		0.95	0.51	(2.09)

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 flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.80	0.42	(1.56)
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	(0.03)
Debt Equity Ratio (Total Debt/Networth)		0.83	0.82	0.73
Current Ratio (Current Asset/Current Liability)		1.89	1.87	2.00

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	3.996	3.996	3.996
Reserves & Surplus	26.427	26.522	26.882
Net worth	30.423	30.518	30.878
long-term borrowings	0.000	0.000	0.000
Short term borrowings	22.205	24.926	25.679
Total borrowings	22.205	24.926	25.679
Debt/Equity ratio	0.730	0.817	0.832

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	82.303	93.557
		13.674

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	82.303	93.557
Profit	0.203	0.379
	0.25%	0.41%

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	Yes
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90075625	28/10/2014 *	36,000,000.00	BANK OF MAHARASHTRA	BIKANER BRANCH, OPPOSITE SARDUL STATUE K.E.M. ROAD, BIKANER, RAJASTHAN - 334001, INDIA	C34251637

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and Advances
- From Shareholders and Others	7.000	5.000
Total	7.000	5.000

CONTINGENT LIABILITIES (AS ON 31.03.2014)

In respect of Bank Guarantee outstanding at the end of the year is Rs. 11.208 Million (Previous Year Rs. 10.502 Million).

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· D G Set

· Computer

· Vehicles

· Office Equipment

· Furniture and Fittings

· Laboratory 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.66.09
UK Pound	1	Rs.100.88
Euro	1	Rs.73.95

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
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		0
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		42

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.