MIRA INFORM REPORT

Report Date :

20.04.2011

IDENTIFICATION DETAILS

Name :	HARYANA GLOBAL LIMITED
Registered Office :	A – 5/11, Sector-16, Rohini, New Delhi – 110085, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.09.1997
Com. Reg. No.:	55-089540
CIN No.: [Company Identification No.]	U27320DL1997PLC089540
TAN No.: [Tax Deduction & Collection Account No.]	DELH02598B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wooden Furniture and Electrical Cables Wires, Building Hardware Products.

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 391000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track.. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. B. K. Gupta
Designation :	Director
Contact No.:	91-9818577977
Date :	19.03.2011

LOCATIONS

Registered Office :	A – 5/11, Sector-16, Rohini, New Delhi – 110085, Delhi, India
Mobile No.:	91-9818577477 (Mr. B. K. Gupta)
E-Mail :	hglinpex@airtelmail.in tarunakalra@srsparivar.com
Area :	2500 Sq.ft. (Approximately)
Location :	Owned
Factory :	Plot No.5B, Northern India Campus, 20/3, Matura Road, Faridabad – 121005, Haryana, India
Tel. No.:	91-129-4063222
Fax No.:	91-129-4060333

DIRECTORS

As on 24.09.2010

Name :	Mr. Narendra Kunar Gupta
Designation :	Whole-time Director
Address :	H. No. 17, Sector-16, Faridabad – 121001, Haryana, India
Date of Birth/Age :	28.06.1958
Date of Appointment :	09.09.1997
DIN :	00242965
Name :	Mr. Brijesh Kunar Gupta
Designation :	Director
Address :	H. No. 74, Housing Board Colony, Sector-23, Faridabad – 121001, Haryana, India
Date of Birth/Age :	03.10.1958
Date of Appointment :	01.06.2005
DIN :	00242866
Name :	Mr. Hanuman Parshad Agarwal
Designation :	Whole-time Director
Address :	H. No. 1106, Sector-9, Faridabad – 121001, Haryana, India
Date of Birth/Age :	03.05.1958
Date of Appointment :	09.09.1997
DIN :	00243237
Name :	Mrs. Meena N. Gupta
Designation :	Director
Address :	H. No. 17, Sector-16, Faridabad – 121001, Haryana, India
Date of Birth/Age :	31.10.1965
Date of Appointment :	07.10.1997
DIN :	00242680
Name :	Mrs. Sheela H. Aggarwal
Designation :	Director
Address :	H. No. 1106, Sector-9, Faridabad – 121001, Haryana, India
Date of Birth/Age :	24.10.1965
Date of Appointment :	07.10.1997
DIN :	00046496
Name :	Mr. Gaurav Aggarwal
Designation :	Director
Address :	H. No. 1106, Sector-9, Faridabad – 121001, Haryana, India
Date of Birth/Age :	13.04.1984
Date of Appointment :	27.06.2006
DIN :	00424366

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2010

Names of Shareholders	No. of Shares
N.K. Gupta	257310
H.P.Agarwal	170530
P.L. Agarwal	10
Sheela Agarwal	83840
Santosh Aggarwal	10
Meena Gupta	58640
H. P. Aggarwal (HUF)	611710
Gaurav Aggarwal	98690
Khishboo Aggarwal	9370
Anita Bansal	28240
Dinesh Bansal	29100
R.K. Aggarwal	19800
Saurabh Aggarwal	6000
Narendra Kumar	28500
N. K.Gupta HUF	576310
P.L. Agarwal HUF	37000
Asha Devi	6000
Pawan Kumar	12700
Rachna Goyal	3590
Vinod Goyal	3120
Deesha Tieup Private Limited, India	25000
Kokila Exports Private Limited, India	15000
Madsan Agencies Private Limited, India	15000
Motorex Finance Private Limited, India	15000
Midnight Agencies Private Limited, India	15000
Total	2125470

As on 24.09.2010

Category	Percentage
Bodies corporate	4.00
Directors or relatives of Directors	92.06
Other top fifty shareholders	3.94
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wooden Furniture and Electrical Cables Wires, Building Hardware Products.
Products :	Ø Wood Connectors Ø Laches Ø Hinges Ø Log Holder Ø Parking Place Blocker Ø Wood Stand Ø Cycle Stands Ø Garden Gates Ø Fencing Poles Ø Wire Products Ø Plastic Coated Strips Ø Plastic Articles
Exports :
Products :	Ø Wooden Furniture Ø Electrical Cables Wires
Countries :	Ø Europe Ø Middle East Ø UK Ø Gulf Countries
Terms :
Selling :	Cash / Credit (30 / 60 / 90 Days)
Purchasing :	Cash / Credit (30 / 60 / 90 Days)

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

Ø State Bank of Hyderabad, 27, Neelam Bata Road, Nit Faridabad, Faridabad – 121001, Haryana, India

Ø HDFC Bank

Ø ICICI Bank

Facilities :

Cash Credit : Rs.30.000 million

Secured Loan (Rs.in millions)	31.03.2010	31.03.2009
State Bank of Hyderabad PCL	0.012	4.211
HDFC Bank (Secured by hypothecation of car)	0.118	0.562
Citi Corp Maruti Finance Limited (Secured by hypothecation of car)	0.024	0.177
Tata Capital Limited	1.196	1.992
State Bank of Hyderabad (CC Limit against the mortgage of haryana coating private limited. N.K. Gupta HUF, Aggarwal HUF and Agraj Marketing Private limited and personal guarantee of directors of the company)	5.826	0.000
Total	7.176	6.942

Banking Relations :	--
Auditors :
Name :	Khem Shiv and Associates Chartered Accountant
Address :	103, Adarsh Nagar, Ballabgarh, Faridabad – 121004, Haryana, India
PAN No. :	AFTPG8348H
Related Party :	Agraj Marketing Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2,200,000	Equity Shares	Rs.10/-each	Rs.22.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,125,470	Equity Shares	Rs.10/-each	Rs.21.255 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		21.255	20.405	16.405
2] Share Application Money		0.555	2.210	0.538
3] Reserves & Surplus		76.140	60.872	22.966
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.950	83.487	39.909
LOAN FUNDS
1] Secured Loans		7.176	6.942	37.776
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		7.176	6.942	37.776
DEFERRED TAX LIABILITIES		0.488	0.232	0.328
TOTAL		105.614	90.661	78.013
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.436	17.326	16.095
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		30.000	30.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.607	10.046	27.724
	Sundry Debtors	42.935	32.361	54.787
	Cash & Bank Balances	0.487	8.221	8.098
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.233	32.329	35.146
Total Current Assets		102.262	82.957	125.755
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.157	38.107
	Other Current Liabilities	1.007	0.791	62.952
	Provisions	3.920	0.724	0.885
Total Current Liabilities		57.084	39.622	63.837
Net Current Assets		45.178	43.335	61.918
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		105.614	90.661	78.013

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	209.098	261.107	311.889
		Other Income	14.195	1.569	0.000
		TOTAL (A)	223.293	262.676	311.889
Less	EXPENSES
		Cost of Material Consumed	174.700	223.250
		Direct Expenses	11.221	9.673
		Personnel Expenses	5.324	4.961
		Office and Administrative Expenses	4.189	6.005
		Selling and Distribution Expenses	11.189	10.810
		Other Expenses	0.228	0.212
		TOTAL (B)	206.851	254.911	306.046
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.442	7.765	5.843
Less	FINANCIAL EXPENSES (D)		1.142	2.036	0.123
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.300	5.729	5.720
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.195	3.195	2.493
	PROFIT BEFORE TAX (E-F) (G)		12.105	2.534	3.227
Less	TAX (I)		3.919	0.723	0.885
	PROFIT AFTER TAX (G-I) (J)		8.186	1.810	2.342
Add /less	Deferred tax Liability/Assets		0.256	0.096	0.216
	BALANCE CARRIED TO THE B/S		7.930	1.906	2.126
	EARNINGS IN FOREIGN CURRENCY		192.140	252.838	NA
	Earnings Per Share (Rs.)		3.85	--	--

Expected Sales ( 2010-2011) : Rs.250.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.67	0.69	0.75
Net Profit Margin (PBT/Sales)	(%)	5.79	0.97	1.03
Return on Total Assets (PBT/Total Assets}	(%)	9.12	2.53	2.27
Return on Investment (ROI) (PBT/Networth)		0.12	0.03	0.08
Debt Equity Ratio (Total Liability/Networth)		0.66	0.56	2.55
Current Ratio (Current Asset/Current Liability)		1.79	2.09	1.97

LOCAL AGENCY FURTHER INFORMATION

Operating Results :

During the year the Company registered a total profit of Rs.8.186 million.

Share Capital

During the year, the authorized share capital increased from Rs.21.000 million to Rs.22.000 million on 07.12.2009 and paid up equity share capital of the company increased from Rs.20.405 million as on 31.03.2009 to Rs.21.255 million as on 31.03.2010 by allotment of 85000 additional fully paid up equity shares of Rs.10/-each at premium of Rs. 90/-each on 09.12.2009.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10000249
Corporate identity number of the company	U27320DL1997PLC089540
Name of the company	HARYANA GLOBAL LIMITED
Address of the registered office or of the principal place of business in India of the company	A-5/11, Sector-16, Rohini, Delhi, India
Type of charge	Ø Book Debts Ø Movable Property Ø Others
Particular of charge holder	State Bank of Hyderabad, 27, Neelam Bata Road, Nit Faridabad, Faridabad – 121001, Haryana, India Email : faridabad@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	H. No. 1925 SME-1 - Letter of Arrangement dated 20.03.2009. H. No. 1927 SME-2 - Agreement of Loan-Cum Hypothecation dated 20.03.2009.
Date of instrument Creating the charge	20.03.2009
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - (a) Cash Credit (Hyp) : 0.50% above SBH BPLR(SBH BPLR = 13.00 % w.e.f. 31/12/2008) rising or falling therewith, on daily products with monthly rests. (b) Export Facility: Packing Credit : 2.75% below SBHPLR i.e. 10.25% FUBD : 2.75% below SBHPLR i.e. 10.25% Rate of interest is however, subject to change as per RBI directives/Bank guidelines from time to time as applicable to Exporters Gold Card. Terms of Repayment - Period of Sanction : Two years from date of present sanction Repayable on Demand. Margin - Indigenous Raw-materials, Semi finished goods, finished goods, Export packing Credit - 25% Domestic Receivables - 50% Extent and Operation of the charge - The charge is for aggregate limit of Rs. 30.000 millions and is to operate as continuing security for the ultimate balance or aggregate balance with interest thereon to become payable upon the said account or accounts. Others - 1. All expenses like valuer's fee, insurance premium, stamp duty, registration charges and other incidental charges like processing fee and equitable mortgage charges etc. in connection with limit are to be borne by the borrower. 2. Bank reserves the rights to cancel/withdraw the credit facilities without assigning any reason. 3. Commitment charges, as applicable, shall be payable in case of non-utilization of sanctioned limits.
Short particulars of the property charged	(A) PRIMARY: First Charge by way of Hypothecation on all current assets. (B)COLLATERAL: (i) Equitable mortgage of industrial property of Haryana Coating Private Limited at Plot No.5B, Sector-5 admeasuring to 1452.00 sq, yds and of Sri N. K. Gupta (HUF) at Plot No. 6/1, admeasuring 333.33 sq. yds both situated at Northern India Campus, 20/3, Mathura Road, Faridabad. (ii) First Charge on plant and machinery of the company present and future.
Date of latest modification prior to the present modification	20.07.2007
Particulars of the present modification	Renewal-cum-reduction of working capital limit to Rs. 30.000 millions from Rs. 50.000 Millions. i) Cash Credit (Hyp.) limit of Rs. 30.000 Millions ii) Details of sub-limits (with full interchangeability both ways) a) Sub Limit : Packing Credit : Rs. 15.000 Millions b) Sub Limit : FUBD : Rs. 15.000 Millions Release of Eq. Mortgage on Industrial Property of Agraj Marketing Private Limited at Plot No.6/6A and Plot No.6/5C, NIC,FBD and H. P. Aggarwal (HUF) at Plot No.6/9,NIC,FBD

FIXED ASSETS :

Ø Building

Ø Car

Ø Computer

Ø Cellular Phone

Ø Electrical Installation

Ø Furniture

Ø Generator

Ø Motor Cycle and Tempo

Ø Machinery

Ø Scooter

Ø Tools and Dies

Ø Water Cooler

Ø Fax

Ø Office 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 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.44.68
UK Pound	1	Rs.72.56
Euro	1	Rs.63.53

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
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.