MIRA INFORM REPORT

Report Date :

25.04.2011

IDENTIFICATION DETAILS

Name :	DHIRAJ CAN COMPANY PRIVATE LIMITED
Registered Office :	Plot No. 7901/1-2 B, GIDC Industrial Estate, Ankleshwar –393 002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.07.1980
Com. Reg. No.:	04-003835
CIN No.: [Company Identification No.]	u23999gj1980ptc003835
TAN No.: [Tax Deduction & Collection Account No.]	ahmd02526c
PAN No.: [Permanent Account No.]	aabcd0215g
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer And Exporter of Metal Container

RATING & COMMENTS

	MIRA’s Rating :			B ( 27 )
RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Capability to overcome financial difficulties seems comparatively below average.		Small

Maximum Credit Limit :	USD 19984
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. Deepak Shah
Designation :	Director
Date :	21.04.2011

LOCATIONS

Registered Office/ Factory :	Plot No. 7901/1-2 B, GIDC Industrial Estate, Ankleshwar –393 002, Gujarat
Tel. No.:	91-2646-251822/325456
Mobile No. :	91-9324924829 (Mr. Deepak)
Fax No.:	91-2646-251822
E-Mail :	dhirajcan@gmail.com palghar.dccpl@gmail.com
Location :	Owned
Factory :	Taloja – 400 208, Maharashtra

DIRECTORS

As On 29.09.2010

Name :	Mr. Deepak Shah
Designation :	Director
Date of Birth/Age :	03.11.1957
Qualification :	B.Com
Date of Appointment :	27.03.2004
Name :	Mrs. Beena Shah
Designation :	Director
Date of Birth/Age :	29.02.1960
Date of Appointment :	S.S.C
Date of Appointment :	27.03.2004

SHAREHOLDING PATTERN

As On : 29.09.2010

Names of Shareholders	No. of Shares
Deepak Devchand Shah	1601
Dina Deepak Shah	1600
Deepak Devchand Shah H.U.F	1487
Atul Devchand Shah	1690
Atul Devchand Shah H.U.F	1500
Darshana Atul Shah	1600
Bhavin Kailash Shah	825
Kalpana Kailash Shah	837
Devchand Shamji Shah	1660
Muktaben Devchand Shah	1600
Devchand Shamji Shah H.U.F	1600
Jakharia Trusteeship Co Private Limited	1500
Total	17500

AS ON: 29.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies Corporate		8.57
Directors or relatives of directors		91.43
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer And Exporter of Metal Container

Products :

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
7310	Metal Container

Exports :

Products :

Metal Container

Countries :

African Countries, Middle East

Imports :

Products :

Steel Plate

Countries :

UK

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS (As on : 31.03.2010 )

Particulars	Unit	Installed Capacity	Actual Production
Metal Printer	M/Tons	2168	4642667

GENERAL INFORMATION

Suppliers :

· End Users

· Abhishek Industries

· Dev Industries

· Patkar Extrusions Limited

· Vraj Scan

· Tata Steel Limited

· Hetal Steel

· Ekta Trading Company

· Cosmotape

Customers :

Industrialist

· Asian Paints Limited

· Shalimar Paints India Limited

· Ressol Chem

· Metal Food Cans

· Grand Metal Works

· Berger Paints India Limited

· Mahendra Enterprises

No. of Employees :

80

Bankers :

· Saraswat Co-operative Bank, SME Branch, Vikhroli, LBS Marg, Vikhroli (West), Mumbai , Maharashtra

· Syndicate Bank, Lamington Road Branch, Mumbai – 400 007, Maharashtra

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From A Bank Cash Credit Tem Loan SLPUB/46 Secured by hypothecation of raw materuials, Semi Finished goods, Finished goods, Stores and Spares diesel, forklift Truck and also pledge of Imported raw materials and guranteed by directors and charge on the immovable and movable properties of the company at 7901/1-2B, GIDC estate, Ankleshwar.	3.647	0.000
Saraswat Co-Op Bank Limited	14.145	0.000
Syndicate Bank O/D A/C	0.000	7.548
Total	17.792	7.548

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Fixed Deposits
From Director , Shareholders and Others	10.975	6.835
Total	10.975	6.835

Banking Relations :

---

Auditors :

Name :

Desai And Seksaria

Chartered Accountant

Address :

180-B, Ebrahim Siddick Mansion, Bhadkamkar Marg, Next To Minerva Cinema, Mumbai-400007, Maharashtra, India

Associates/Subsidiaries :

Rajdeep Cans Private Limited, Palghar

Activity : Manufacturer of Metal Container

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs. 100/- each	Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17500	Equity Shares	Rs. 100/- each	Rs. 1.750 millions

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		1.750	1.750	1.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.235	4.235	4.234
4] (Accumulated Losses)		(0.989)	(1.923)	(2.361)
NETWORTH		4.996	4.062	3.623
LOAN FUNDS
1] Secured Loans		17.792	7.548	8.162
2] Unsecured Loans		10.975	6.836	7.731
TOTAL BORROWING		28.767	14.384	15.893
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.763	18.446	19.516
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.090	2.595	2.450
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.580	10.775	6.242
	Sundry Debtors	15.265	9.723	12.410
	Cash & Bank Balances	1.117	1.067	1.060
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.843	2.687	2.835
Total Current Assets		40.805	22.252	22.547
Less : CURRENT LIABILITIES & PROVISIONS
		15.413	7.730	5.171
	Current Liabilities	1.607	0.293	0.225
	Provisions	1.112	0.378	0.085
Total Current Liabilities		18.132	8.401	5.481
Net Current Assets		22.673	13.851	17.066
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.763	18.446	19.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sale	79.398	76.294	36.788
		Other Income	24.466	44.100	3.291
		TOTAL (A)	103.864	120.394	40.079
Less	EXPENSES
		Salaries, Wages, Bonus, etc.	7.014	6.371	4.459
		Insurance Expenses	0.002	0.039	0.041
		Other Expenses	91.948	109.592	32.046
		TOTAL (B)	98.964	116.002	36.546
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.900	4.392	3.533
Less	FINANCIAL EXPENSES (D)		3.338	3.610	2.682
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.562	0.782	0.851
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.666	0.338	0.339
	NET PROFIT		0.896	0.444	0.512
	IMPORTS
		Raw Materials	29.979	33.355	7.515
	TOTAL IMPORTS		29.979	33.355	7.515
	Earnings Per Share (Rs.)		51.20	--	--

Expected Sales (2010-11) : Rs.90.000 Millions

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	9.38	5.61	5.89
Current Ratio (Current Asset/Current Liability)	2.25	2.89	4.11

LOCAL AGENCY FURTHER INFORMATION

Trade References:

• GPT Steel Limited
• Swarga India Limited

form 8:-

Corporate identity number of the company	u23999gj1980ptc003835
Name of the company	DHIRAJ CAN COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 7901/1-2 B, GIDC Industrial Estate, Ankleshwar –393 002, Gujarat
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Saraswat Co-operative Bank, SME Branch, Vikhroli, LBS Marg, Vikhroli (West), Mumbai , Maharashtra
Nature of instrument creating charge	Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	15.02.2011
Amount secured by the charge	Rs. 3.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 16.5%p .a or at such rate as maybe determined by the bank from time to time Terms of Repayment: 3 Months Margin: 30% in bank's favour Extent and Operation of the charge: This is short term cash credit facility Others NIL
Short particulars of the property charged (Including location of the property)	Hypothecation of stocks, debtors tangible movable property (both present and future) belonging to the borrower and lying and being at borrower place of business at Plot no 7901/1-2B, GIDC Ankleshwar Gujarat or where ever else the same maybe. Hypothecation of bookdebts, outstandings, monies, receivables,claims and bills

FIXED ASSETS:

· Land

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Air Cooler

· Factory Building

· Fax Machine

· Inverter

· Dies and Tools

· Luna Moped

· Lorry

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.44.30
UK Pound	1	Rs.73.92
Euro	1	Rs.64.69

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YEs
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		27

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.