MIRA INFORM REPORT

Report Date :

29.07.2011

IDENTIFICATION DETAILS

Name :	VINAYAK HARDWARE PRIVATE LIMITED
Registered Office :	F-14, Second Floor, Lajpat Nagar – II, New Delhi – 110 024
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.01.2003
Com. Reg. No.:	55-118307
Capital Investment/ Paid-up Capital:	Rs. 0.210 Million
CIN No.: [Company Identification No.]	U28939DL2003PTC118307
TAN No.: [Tax Deduction & Collection Account No.]	DELV03636D
PAN No.: [Permanent Account No.]	AABCV6082B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hardware Products and Sheet Metal Component.
No. of Employees:	Approximately 25

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears a huge 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 on a secured 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. Ajay Chauhan
Designation :	Accounts Manager
Date :	25.07.2011

LOCATIONS

Registered Office :	F-14, Second Floor, Lajpat Nagar – II, New Delhi – 110 024, India
E-Mail :	clients.gra@airtelbroadband.in contact@graca.in vinayakhardware@gmail.com
Website:	http://www.vinayakhardware.com
Location :	Rented
Factory :	B-24, Sector- 57 Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4256538 / 4356301/ 4320137
Fax No.:	91-120-4258805 / 2585017
E mail:	pallanrajesh@yahoo.co.in
Location :	Rented

Note: Factory address has been shifted from B-94, Sector 2, Noida-201301, Uttar Pradesh, India to present address.

DIRECTORS

As on 30.09.2010

Name :	Mr. Rajesh Sharma
Designation :	Director
Address :	J-187, Sector – 41, Noida, Uttar Pradesh, India
Date of Birth/Age :	26.05.1972
Date of Appointment :	03.01.2003
DIN No.:	00169030
Name :	Mrs. Mamta Sharma
Designation :	Director
Address :	C-168-A, Sector 20, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	03.07.1967
Date of Appointment :	03.01.2003
DIN No.:	00185161
Name :	Mr. Anubha Sharma
Designation :	Director
Address :	J-187, Sector – 41, Noida, Uttar Pradesh, India
Date of Birth/Age :	31.10.1978
Date of Appointment :	03.01.2003
DIN No.:	00173884
Name :	Mrs. Dimple Pathak
Designation :	Director
Address :	F No. 74, Nitupam Vatika, Sector – 62, Noida, Uttar Pradesh, India
Date of Birth/Age :	30.11.1965
Date of Appointment :	03.01.2003
DIN No.:	00498718
Name :	Mr. Vishal Vig
Designation :	Director
Address :	33, Shanti Vihar, Delhi – 110 092, India
Date of Birth/Age :	04.01.1973
Date of Appointment :	03.01.2003
Date of Ceasing:	01.04.2010
DIN No.:	00168854

KEY EXECUTIVES

Name :	Mr. Ajay Chauhan
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rajesh Sharma	4200
Rajesh Sharma HUF	3000
Anubha Sharma	6000
Mamta Sharma	3000
Dimple Pathak	1800
lRaman Sharma HUF	3000
Total	21000

Equity shares Breakup (percentage of total equity)

(As on 30.09.2010)

Category	Percentage
Directors or relatives of Director	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hardware Products and Sheet Metal Component..

Products :

· Sheet Metal Components

· Hardware Products

Product Description	ITC Code
830241	Builders Hardware

Terms :

Selling :

Credit (30-60 Days)

Purchasing :

Credit (30-60 Days)

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

Approximately 25

Bankers :

• State Bank of Bikaner and Jaipur, Sector – 18, Noida Branch, India
• Citi Bank
• HDFC Bank Limited
• ICICI Bank Limited
• American Express Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
a) Citi Bank Loan	0.069	0.310
b) HDFC Bank Limited	0.053	0.631
c) Amerian Express Bank Loan	0.023	0.023
d) ICICI car Loan	0.291	0.387
e) Cholamandalam DBS Loan	0.389	0.598
f) Reliance Capital Loan	0.243	0.400
g) ICICI Bank Card EMI (1000)	0.012	0.000
h) ICICI Card Platinum (EMI)	0.045	0.000
ICICI Bank Limited OD/ Account	1.420	1.420
Total	2.545	3.769
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
a) Others
Rajesh Sharma	0.012	0.015
Devendr Kumar Sharma	0.020	0.000
Unitech Hardware Private Limited	0.000	0.369
Total	0.032	0.384

Banking Relations :	-
Auditors :
Name :	GRA and Associates Chartered Accountants
Address :	A-9/1, FF, Phase – I, Naraina Industrial Area, Delhi – 110 028, India
Tel No.:	91-11-25893455/ 41412144/ 30522333/ 30522999
Telefax :	91-11-25893456
E mail:	contact@graca.in
PAN No.:	AADFG2859A

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21000	Equity Shares	Rs.10/- each	Rs. 0.210 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		0.210	0.210	0.210
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.994	0.999	1.009
4] (Accumulated Losses)		[2.041]	[2.099]	[0.254]
NETWORTH		[0.837]	[0.890]	0.965
LOAN FUNDS
1] Secured Loans		2.545	3.769	3.786
2] Unsecured Loans		0.032	0.384	0.772
TOTAL BORROWING		2.577	4.153	4.558
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.740	3.263	5.523
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.576	4.195	3.600
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	4.582	5.985	6.315
	Sundry Debtors	2.016	0.999	0.510
	Cash & Bank Balances	0.433	1.269	0.965
	Other Current Assets	0.407	0.101	0.368
	Loans & Advances	0.459	0.965	0.074
Total Current Assets		7.897	9.319	8.232
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.946	4.793	3.886
	Other Current Liabilities	3.787	5.427	2.400
	Provisions	0.000	0.031	0.023
Total Current Liabilities		9.733	10.251	6.309
Net Current Assets		[1.836]	[0.932]	1.923
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.740	3.263	5.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	22.386	18.242	14.189
	PROFIT BEFORE TAX		0.054	[1.823]	[0.788]
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.054	[1.823]	[0.788]
	Earnings Per Share (Rs.)		2.57	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	0.24	[9.99]	[5.55]
Return on Total Assets (PBT/Total Assets}	(%)	0.47	[13.49]	[6.66]
Return on Investment (ROI) (PBT/Networth)		[0.06]	[2.05]	[0.82]
Debt Equity Ratio (Total Liability/Networth)		[14.71]	[16.18]	11.26
Current Ratio (Current Asset/Current Liability)		0.81	0.91	1.30

LOCAL AGENCY FURTHER INFORMATION

Trade References:

• Trust Worthi Products International

Fixed Assets:

• Air Conditioner
• Batteries
• Mobile
• Plant and Machinery
• Computer
• CVT
• Cycle
• EPABX
• Fans
• Fire Extinguisher
• Television
• Furniture and Fixture
• Motor
• Generator
• Printer
• Water Filter
• Refrigerator
• Car- Zen
• Car- SX4
• Tools and Dies
• Weighing Scales.

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.44.13
UK Pound	1	Rs.72.05
Euro	1	Rs.63.33

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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
TOTAL		15

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.