MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	VENTURE STEELS PRIVATE LIMITED
Registered Office :	C- 57, MIDC, Baramati, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.2004
Com. Reg. No.:	25-19286
Capital Investment / Paid-up Capital :	Rs.5.360 Millions
CIN No.: [Company Identification No.]	U27109PN2004PTC019286
TAN No.: [Tax Deduction & Collection Account No.]	PNEV05051E
PAN No.: [Permanent Account No.]	AABCV8556A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Bulk Milk Cooler and Diary Equipment.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 86000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Babasaheb Shende
Designation :	Director
Contact No.:	91-94422342277
Date :	15.12.2011

LOCATIONS

Registered Office/ Factory 1 :	C- 57, MIDC, Baramati, Pune – 411007, Maharashtra, India
Tel. No.:	91-2112-244515/ 243686/ 560677
Mobile No.:	91-9422342297 (Mr. Babasaheb Shende)
Fax No.:	91-2112-244515/ 244274
E-Mail :	venturespl@rediffmail.com venturespl@sancharnet.in venture.accounts09@gmail.com venturespl@gmail.com
Website :	http://www.venturesled.com
Area :	14000 sq. ft.
Location :	Leased
Factory 2:	C-56, 58,69,70,71, MIDC, Baramati, Pune, Maharashtra, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Babasaheb Shende

Designation :

Director

Address :

Flat No.R-21, MIDC Resident Zone, Tal Baramati, District Pune, Baramati – 413102, Maharashtra, India

Date of Birth/Age :

01.06.1972

Qualification :

BE Mechanical

Date of Appointment :

18.05.2004

DIN No.:

00238331

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109PN2004PTC019286	VENTURE STEELS PRIVATE LIMITED	Director	18/05/2004	18/05/2004	Active	NO
2	U15520PN2006PTC021848	NIRA VALLEY GRAPE WINES PRIVATE LIMITED	Director	13/01/2006	13/01/2006	Active	NO

Name :

Mr. Sambhaji Bhagwan Nikam

Designation :

Director

Address :

AT Post Shendewadi Pandharpur, Solapur – 413304, Maharashtra, India

Date of Birth/Age :

01.06.1968

Date of Appointment :

01.10.2006

DIN No.:

00992695

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109PN2004PTC019286	VENTURE STEELS PRIVATE LIMITED	Director	29/09/2007	1/10/2006	Active	NO

Name :

Mrs. Chhaya Babasaheb Shende

Designation :

Director

Address :

Flat No.R-21, MIDC Resident Zone, Tal Baramati, District Pune, Baramati – 413102, Maharashtra, India

Date of Birth/Age :

16.04.1981

Date of Appointment :

30.09.2010

DIN No.:

02954860

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109PN2004PTC019286	VENTURE STEELS PRIVATE LIMITED	Director	30/09/2010	17/02/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Babasaheb R. Shende	97500
Balasaheb R. Shende	52500
Uttar Ramchandra Shende	12500
Navnath Bhagwan Nikam	82500
Sunil Raosaheb Jagtap	12500
Chandrabhaga Shende	43000
Chhaya Babasaheb Shende	130500
Dadasaheb R. Shende	15000
Sambhaji Bhagwan Nikam	30000
Tanaji Shende	20000
Dattatryan Shende	20000
Dyaneshwar Nikam	20000
Total	536000

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Bulk Milk Cooler and Diary Equipment.
Exports :
Products :	Dairy Equipment
Countries :	African Countries
Imports :
Products :	Raw Materials
Countries :	European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Jindal Steel Limited

Customers :

Wholesalers and Retailers

· Sawraj India Industries Limited

· Aavin (Tamilnadu Milk Union)

· Anik Industries

· Bangalore Dairy

· Belgam Dairy

· Calicut Dairy

· Dwarka Dairy

· Encon Engineers

· Godavari Dairy

· Govind Milk

· Good Day

· Gulbarga Dairy

· Hutatma Dairy

· Indore Dairy

· Indapur Dairy (Sonai Milk)

· Mahakali Milk

· Mangalore Dairy and many more

No. of Employees :

130 (Approximately)

Bankers :

· Bank of Maharashtra,

Tal- Baramati, District Pune, Baramati – 413133, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan – Bank of Maharashtra A/c No.9884	2.295	3.622
Term Loan – Bank of Maharashtra A/c No.9771	2.394	3.581
Term Loan – Bank of Maharashtra A/c No.2992	6.441	0.000
Cash Credit Bank of Maharashtra	14.552	5.158
Total	25.682	12.361

Banking Relations :	--
Auditors :
Name :	Ambekar and Associates Chartered Accountant
Address :	“Indradhanu”, S. No.52, Plot No.18, Mangaldhan Society, Near Eklavya Collage, Kothrud, Pune – 411038, Maharashtra, India
PAN No.:	AAZPA4628F

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
536000	Equity Share	Rs.10/- each	Rs.5.360 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.200	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.360	5.360	1.405
2] Share Application Money		1.868	0.000	2.414
3] Reserves & Surplus		14.331	11.550	8.428
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.559	16.910	12.247
LOAN FUNDS
1] Secured Loans		25.682	12.361	13.287
2] Unsecured Loans		0.000	0.000	0.458
TOTAL BORROWING		25.682	12.361	13.745
DEFERRED TAX LIABILITIES		2.190	1.859	0.000
TOTAL		49.431	31.130	25.992
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.783	20.432	18.369
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.812	20.151	21.682
	Sundry Debtors	16.300	18.948	11.955
	Cash & Bank Balances	1.276	1.942	0.381
	Other Current Assets	10.496	5.744	4.823
	Loans & Advances	1.086	2.094	0.000
Total Current Assets		56.970	48.879	38.841
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	24.636	31.373	28.061
	Other Current Liabilities	9.691	6.813	3.162
	Provisions	0.000	0.000	0.000
Total Current Liabilities		34.327	38.186	31.223
Net Current Assets		22.643	10.693	7.618
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.431	31.130	25.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.200	31.03.2009
	SALES
		TOTAL INCOME (A)	144.048	101.552	58.131
Less	EXPENSES
		TOTAL (B)	138.936	94.926	51.473
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.112	6.626	6.658
Less	FINANCIAL EXPENSES (D)		0.000	1.836	2.040
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.112	4.790	4.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.021	0.844	0.591
	PROFIT BEFORE TAX (E-F) (G)		4.091	3.946	4.027
Less	TAX (H)		1.310	2.824	0.611
	PROFIT AFTER TAX (G-H) (I)		2.781	1.122	3.416
	Earnings Per Share (Rs.)		5.19	2.09	--

Expected Sales (2011-12): Rs.180.000 Millions

The above information has been parted by Mr. B. Shende.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.200	31.03.2009
PAT / Total Income	(%)	1.93	1.10	5.88
Return on Total Assets (PBT/Total Assets}	(%)	4.88	5.69	7.04
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.33
Debt Equity Ratio (Total Liability/Networth)		2.78	2.99	3.67
Current Ratio (Current Asset/Current Liability)		1.66	1.28	1.24

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	--------
Reasons for variation <> 20%	--------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	--------
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

OPERATIONS AND FUTURE PROSPECTS

The company has reported the net profit of Rs.2.781 Millions for the financial year ended 31^st March 2011 as against profit of Rs.1.122 Millions. The directors expect that the company is having good prospects during the coming financial year.

TRADE REFERENCE:

· Sawraj India Industries Limited

· Jindal Steel Limited

FORM 8:

Corporate identity number of the company	U27109PN2004PTC019286
Name of the company	VENTURE STEELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-57, MIDC, Baramati District Pune, Baramati – 413133, Maharashtra, India venturespl@sancharnet.in
This form is for	Modification of charge
Charge identification number of the modified	10267350
Type of charge	Immovable Property Movable Property (Not being Pledge)
Particular of charge holder	Bank of Maharashtra, Tal – Baramati, District Pune, Baramati – 413133, Maharashtra, India brmgr1150@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite Deed of additional simple mortgage to secure all the facilities (Other than for agricultural purpose)
Date of instrument Creating the charge	02.07.2011
Amount secured by the charge	Rs.36.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 5.50% i.e. 14.50% p.a. subject to CRR and Bank's policies from time to time, with condition that account to be reviewed every year. Terms of Repayment On Demand Margin 25% in Bank's Favour Extent and Operation of the charge The charge on the assets of the Company will remain continuing security upto the repayment and discharge of credit facility availed from the Lender with interest accumulated thereon.
Short particulars of the property charged	All that piece and parcel of land Plot No. C-56, M.I.D.C. Baramati situate being and lying at Village Tandulwadi, Tal- Baramati, District- Pune, in registration District Pune, Sub-District Baramati. All that piece and parcel of land Plot No. C-57, M.I.D.C. Baramati situate being and lying at Village Tandulwadi, Tal- Baramati, District- Pune, in registration District Pune, Sub-District Baramati. All that piece and parcel of land Plot No. C-58, M.I.D.C. Baramati situate being and lying at Village Tandulwadi, Tal-Baramati, District -Pune, in registration District Pune, Sub-District Baramati. All that piece and parcel of land Plot No. C-69, M.I.D.C. Baramati situate being and lying at Village Tandulwadi, Tal-Baramati, District Pune, in registration District Pune, Sub-District Baramati. All that piece and parcel of land Plot No. C-70, M.I.D.C. Baramati situate being and lying at Village Tandulwadi, Tal-Baramati, District Pune, in registration District Pune, Sub-District Baramati. All that piece and parcel of land Plot No. C-71, M.I.D.C. Baramati situate being and lying at Village Tandulwadi, Tal-Baramati, District -Pune, in registration District Pune, Sub-District Baramati. All that piece and parcel of property in Plot No.R-21(Part),which is within the village limits of RUI, Point No. G is registered in the name of Babasaheb Shende. First and exclusive charge and security by way of Mortgage Charge over the Borrower/Mortgagor's present and future plants, and/or machineries, articles, installations, equipments.
Particulars of the present modification	There is no change in the amount of the charge, only additional security is provided through present modification

FIXED ASSETS:

· Land

· Plot

· Factory Building

· New Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Motor Cycle

· Computers

· Electrical Installation

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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		44

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.