MIRA INFORM REPORT

Report Date :

06.05.2011

IDENTIFICATION DETAILS

Name :	VAAMAN ENGINEERS (INDIA) LIMITED
Registered Office :	Office 510, Sai Leela Commercial Complex, S. V. Road, Borivali (West), Mumbai-400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.01.2005
Com. Reg. No.:	11-150889
Paid-up Capital :	Rs. 9.088 millions
CIN No.: [Company Identification No.]	U28920MH2005PLC150889
TAN No.: [Tax Deduction & Collection Account No.]	MUMV11968F
Legal Form :	A Closely held public limited liability company.
Line of Business :	Manufacturer and Service Provider of Cement Base Products.
No. of Employees :	2500 (Include contract base worker) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 120000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	Ms. Kalpana
Designation :	Accountant
Date :	05.05.2011

LOCATIONS

Registered Office :	Office 510, Sai Leela Commercial Complex, S. V. Road, Borivali (West), Mumbai-400092, Maharashtra, India
Tel. No.:	91-22-22928528
Mobile No.:	91-9322124321 (Mr. Rane)
Fax No.:	91-22-28625400
E-Mail :	vaamanindia@gmail.com
Location :	Owned

DIRECTORS

As On : 30.09.2010

Name :	Mr. Surendrapratap Singh
Designation :	Chairman
Address :	D 42, Punarvasu, Sector-3, Mira Road, Thane-401104, Maharashtra, India
Date of Birth/Age :	01.06.1957
Date of Appointment :	31.01.2005
DIN No :	00267322
Name :	Ms. Vidya S. Singh
Designation :	Director
Address :	D 42, Punarvasu, Sector-3, Mira Road, Thane-401104, Maharashtra, India
Date of Birth/Age :	09.05.1959
Date of Appointment :	31.01.2005
DIN No :	00267416
Name :	Mr. Saurabh S. Singh
Designation :	Additional Director
Address :	D 42, Punarvasu, Sector-3, Mira Road, Thane-401104, Maharashtra, India
Date of Appointment :	22.06.2010
DIN No :	03083648

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On : 30.09.2010

Names of Shareholders	No. of Shares
Vidya Singh	227100
Surendra Pratap Singh	454200
Satyendra Singh	227100
Jagannath Singh	100
Mohan Kulkarni	100
Vinod Donde	100
Deepak Kumar Singh	100
Total	908800

BUSINESS DETAILS

Line of Business :	Manufacturer and Service Provider of Cement Base Products.
Products :	Industrial Business Process Outsourcing Solid Cement Interlocking Block.
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

2500 (Include contract base worker) (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Kotak Mahindra Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
GE Capital TFS 0233045	0.000	0.419
GE Capital TFS 349659	0.253	1.002
GE Capital TFS	0.000	0.163
HDFC Forklift Loan	0.000	0.097
HDFC Bank Limited	0.000	0.158
ICICI Bank Limited CC A/C	0.000	8.127
ICICI Bank Limited O/D	0.000	0.502
Indiabulls Credit Services Limited	0.000	0.406
Kotak Mahindra Bank Limited 2	0.437	0.672
Kotak Mahindra Bank Limited 3	0.238	0.366
Kotak Mahindra Bank Limited 4	0.399	0.602
Kotak Mahindra Bank Limited 5	0.399	0.602
Kotak Mahindra Bank Limited 6	0.441	0.652
Kotak Mahindra Bank Limited 7	0.370	0.546
Kotak Mahindra Bank Limited 171570	0.776	0.000
Standard Chartered – Business Loan	0.000	0.469
Tata Capital 1	0.000	0.347
Tata Capital 2	0.000	0.501
Tata Capital 3	0.000	0.366
Tata Capital 4	0.000	0.381
Tata Capital 5	0.000	0.381
Tata Capital 6	0.000	0.381
HDFC Bank Limited CC-14	13.400	0.000
GE TFS Capital Finance Limited	0.732	3.417
Kotak Mahindra Bank Limited	0.482	0.950
Total	17.927	21.507
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors, Friends and Relatives	0.000	0.400
Total	0.000	0.400

Banking Relations :
Auditors :
Name :	S. C. Mehra and Associates Chartered Accountant
Address :	42, 1^st Floor , Singh Industrial Estate No.3, Near Movie Star Cinema, Ram Mandir Road, Goregaon, Mumbai-400401, Maharashtra, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
908800	Equity Shares	Rs. 10/- each	Rs. 9.088 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		9.088	9.088	7.778
2] Share Application Money		2.428	0.000	0.000
3] Reserves & Surplus		19.913	12.590	7.057
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.429	21.678	14.835
LOAN FUNDS
1] Secured Loans		17.927	21.507	11.600
2] Unsecured Loans		0.000	0.400	0.400
TOTAL BORROWING		17.927	21.907	12.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		49.356	43.585	26.835
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.690	38.216	13.345
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	3.192	3.894	0.000
	Sundry Debtors	40.312	23.938	11.957
	Cash & Bank Balances	2.074	0.631	0.364
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.631	7.967	11.707
Total Current Assets		58.209	36.430	24.028
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.734	9.711	0.834
	Other Current Liabilities	0.000	0.000	0.311
	Provisions	30.985	22.832	9.534
Total Current Liabilities		49.719	32.543	10.679
Net Current Assets		8.490	3.887	13.349
MISCELLANEOUS EXPENSES		1.176	1.482	0.141
TOTAL		49.356	43.585	26.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	200.251	125.535	86.003
		Other Income	0.227	0.089	0.032
		TOTAL (A)	200.478	125.624	86.035
Less	EXPENSES
		Purchases and Direct Expenses	163.392	100.501	68.550
		Increase / Decrease Expenses	0.702	(3.894)	0.000
		Administrative and Other Expenses	14.664	11.816	7.485
		Remuneration to Director	1.800	1.800	0.564
		TOTAL (B)	180.558	110.223	76.599
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.920	15.401	9.436
Less	FINANCIAL EXPENSES (D)		2.786	2.854	2.039
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.134	12.547	7.397
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.291	4.298	1.749
	PROFIT BEFORE TAX (E-F) (G)		11.843	8.249	5.648
Less	TAX (I)		4.415	2.716	1.903
	PROFIT AFTER TAX (G-I) (J)		7.428	5.533	3.745
	Excess (Short) Provision of Income Tax / FBT		0.100	0.000	(0.011)
	Excess (Short) Provision of FBT Ay 2007-08		0.004	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1.500	1.000	1.000
	BALANCE CARRIED TO THE B/S		5.824	4.533	2.756
	Earnings Per Share (Rs.)		13.03	9.08	--

Particulars	31.03.2011
Sales Turnover	300.000

The above information has been parted by Ms. Kalpana.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.71	4.40	2.21
Net Profit Margin (PBT/Sales)	(%)	5.91	6.57	6.57
Return on Total Assets (PBT/Total Assets}	(%)	12.10	11.05	15.11
Return on Investment (ROI) (PBT/Networth)		0.38	0.38	0.38
Debt Equity Ratio (Total Liability/Networth)		2.15	2.51	1.53
Current Ratio (Current Asset/Current Liability)		1.17	1.12	2.25

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

This is the 6^th year of company and Company has performed well. Total income compared to last year of Rs. 129.518 millions and Rs. 200.478 millions. There is profit of 7.427 millions after providing tax.

FORM 8

Corporate identity number of the company	U28920MH2005PLC150889
Name of the company	VAAMAN ENGINEERS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Office 510, Sai Leela Commercial Complex, S. v. Raod, Borivali (West), Mumbai-400092, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Memorandum Recording Past Transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	26.02.2010
Amount secured by the charge	Rs. 16.000 millions.
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated in Item No.15 below, as security for repayment of Rs.16.000 millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	Immovable Properties lying and situated at 510, Sai Leela Commercial Complex, S. V. Road, Borivali (W).
Charge identification number of the charge to be modified	10199841
Particulars of the present modification	The mortgage/charge shall now stand increased from Rs.10.000 millions to Rs.16.000 millions (Comprising: OD of Rs.14.000 millions, BG of Rs.2.000 millions), in favour the Bank

FIXED ASSETS

· Land

· Computer and Laptop

· Printer

· Hydraulic Cranes

· Welding Machine

· Forklift Machines

· Machinery Spare Parts

· Dumper

· Grinder

· Motor Cycle

· Cycle

· Hero Honda

· Bus

· Truck

· Maruti

· Scorpio

· Mahindra Bolaro Plus

· Air Conditioner

· Mobile

· Television

· Water Filter

· Camera

· Cooler

· Electronic Vibrator

· Furniture and Fixtures

· Hammers

TRADE REFERENCE

· Vidhanta Aluminum Limited

· Sterlite Technology’s.

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.44.57
UK Pound	1	Rs.73.58
Euro	1	Rs.66.23

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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.