MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	VENUS STAMPINGS PRIVATE LIMITED
Registered Office :	Flat No.2, Second Floor, Ram Pratap House, 4, LSC Kalkaji, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.08.1985
Com. Reg. No.:	55-021646
Capital Investment / Paid-up Capital :	Rs.1.151 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC021646
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Stampings and Sheet Metal Components.
No. of Employees :	Not Available

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 185976
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 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

LOCATIONS

Registered Office :	Flat No.2, Second Floor, Ram Pratap House, 4, LSC Kalkaji, New Delhi – 110 019, India
E-Mail :	savita_trehan@yahoo.com
Factory :	Plot No.172 and 179, Sector - 24, Faridabad - 121 005, Haryana, India
Tel. No.:	91-129-2236479/ 4060479
Fax No.:	91-129-4060479

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Raimal Dass Kathuria
Designation :	Director
Address :	House No.530, Sector-14, Faridabad – 121 002, Haryana, India
Date of Birth/Age :	20.11.1943
Date of Appointment :	06.04.2001
DIN No.:	0021274

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC064390	VENUS INDUSTRIES PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
2	U74899DL1985PTC021646	VENUS STAMPINGS PRIVATE LIMITED	Director	06/04/2001	06/04/2001	-	Active	NO

Name :	Ms. Sangeeta Kathuria
Designation :	Director
Address :	House No.858, Sector-15, Faridabad – 121 002, Haryana, India
Date of Birth/Age :	24.07.1966
Date of Appointment :	01.08.1985
DIN No.:	0021325

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1985PTC021646	VENUS STAMPINGS PRIVATE LIMITED	Director	01/08/1985	01/08/1985	-	Active	NO

Name :	Mr. Sajeev Kathuria
Designation :	Director
Address :	House No.530, Sector-14, Faridabad – 121 002, Haryana, India
Date of Birth/Age :	19.02.1970
Date of Appointment :	01.04.1996
DIN No.:	00021355

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1985PTC021646	VENUS STAMPINGS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Krishan Lal Kathuria	9160
Sangeeta Kathuria	1940
Sajeev Kathuria	120
Twinkle Kathuria	20
Trisha Kathuria	20
Raj Gera	20
R.D. Kathuria	90
D.N. Kathuria	40
Sumeet Kathuria	20
Mukesh Kathuria	20
Anju Kathuria	20
Naresh Kathuria	40
Total	11510

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Stampings and Sheet Metal Components.

GENERAL INFORMATION

Bankers :

• Indian Overseas Bank, 1-C/47-48, N.I.T., Faridabad – 121 001, Haryana, India
• Kotak Mahindra Bank
• Standard Chartered Banks
• Barclays Bank

Facilities :

SECURED LOANS	31.03.2010 RS. IN MILLIONS	31.03.2010 RS. IN MILLIONS
Loans and advances from banks
- Cash Credit facilities from Indian Overseas Bank	61.962	69.309
- Car Loans	1854	0.083
Term loans
- Indian Overseas Bank (secured by hypothecation of machineries purchased out of loan funds and building constructed out of loan funds)	9.509	6.416
- Haryana Financial Corporation (secured by plant and machinery purchased out or loan funds)	3.577	5.621
- HSIDC (secured by plant and machinery purchased out or loan funds)	0.000	1.816
Total	76.901	83.245

UNSECURED LOANS	31.03.2011 RS. IN MILLIONS	31.03.2010 RS. IN MILLIONS
Loans from directors	5.540	5.240
Loans from shareholders	3.657	3.658
Loans from others
- Barclays Bank PLC	2.064	3.110
- Kotak Mahindra Bank	1.684	2.578
- Standard Chartered Banks	1.751	2.629
Interest accrued and due on loans	0.921	0.715
Total	15.619	17.930

Banking Relations :	--
Auditors :
Name :	Y.K. Joneja and Company Chartered Accountants
Address :	“Samadhan Chambers”, B-377-78, Nehru Ground, Faridabad – 121 001, Haryana, India
E-Mail :	ykjuneja@rediffmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11510	Equity Shares	Rs.100/- each	Rs.1.151 millions

(Of the above company has issued 5755 Bonus Shares of Rs.100/- each to its Equity Share Holders by Capitalisation of General Reserve)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.151	1.151	1.151
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		45.343	30.931	29.024
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.494	32.082	30.175
LOAN FUNDS
1] Secured Loans		76.901	83.245	87.423
2] Unsecured Loans		15.619	17.930	8.582
TOTAL BORROWING		92.520	101.175	96.005
DEFERRED TAX LIABILITIES		7.258	6.676	7.161
TOTAL		146.272	139.933	133.341
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		132.064	114.812	112.496
Capital work-in-progress		8.666	7.977	5.493
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.635	31.974	30.712
	Sundry Debtors	71.574	65.421	42.149
	Cash & Bank Balances	6.939	3.607	2.542
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.329	16.229	17.656
Total Current Assets		137.477	117.231	93.059
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	118.009	89.609	69.854
	Other Current Liabilities	7.050	6.573	5.812
	Provisions	6.886	3.915	2.051
Total Current Liabilities		131.945	100.097	77.717
Net Current Assets		5.532	17.134	15.342
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		146.272	139.933	133.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	504.964	328.556	400.642
		Increase/ Decrease in finished goods
		Other Income		1.939	1.989
		TOTAL (A)	504.964	330.495	402.631
Less	EXPENSES
		Cost of Materials Consumed		252.447	322.818
		Consumption of Packing Material		0.000	0.000
		Manufacturing Expenses		28.538	33.042
		Administrative Expenses		20.694	23.327
		Selling Expenses		7.836	8.097
		Other Expenses		0.000	0.000
		TOTAL (B)	490.495	309.515	387.284
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.469	20.980	15.347
Less	FINANCIAL EXPENSES (D)		NA	13.126	12.686
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.469	7.854	2.661
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	6.386	5.948
	PROFIT BEFORE TAX (E-F) (G)		14.469	1.468	(3.287)
Less	TAX (H)		NA	NA	NA
	PROFIT AFTER TAX (G-H) (I)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.37	0.63	(1.60)
Return on Investment (ROI) (PBT/Networth)		0.31	0.05	(0.11)
Debt Equity Ratio (Total Liability/Networth)		4.83	6.27	5.76
Current Ratio (Current Asset/Current Liability)		1.04	1.17	1.20

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U74899DL1985PTC021646
Name of the company	VENUS STAMPINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No-2 Second Floorram Pratap House, 4 Lsc Kalkaji, New Delhi – 110019, Delhi, India
This form is for	Modification of charge
Type of charge	Book Debts Immovable Property Movable Property Floating Charge
Particular of charge holder	Indian Overseas Bank
Nature of instrument creating charge	Letter of Hypothecation F 110 E and Confirmation Letters F 379 C.
Date of instrument Creating the charge	20/05/2011
Amount secured by the charge	Rs.135.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on CC and Term Loans @ Base rate + 3.50%, p.a. with monthly rests. Interest on Line of Credit @Base Rate+3.75%, p.a. with monthly rests. Terms of Repayment CC is repayable on Demand. T L of Rs. 14.500 Millions is repayable in 60 monthly installments of Rs. 241667/= each starting from 31.12.2010. T L of Rs.5.500 Millions is repayable in 60 monthly installments of Rs. 91667/= each starting from 01.03.2011. Last Installment will be of Rs. 91647/=. Line of Credit of Rs. 10.000 Millions by way of term loan is repayable in 60 monthly installments of Rs. 166667/= each starting from 01.03.2011. Last Installment will be of Rs. 166647/=. Interest to be serviced separately. Margin Margin @ 25%.
Short particulars of the property charged	Hypothecation of Machinery purchased out of Term Loan. Hypothecation of Stocks, Book Debts, Plant and Machinery, Furniture & Fixture and electrical installation and E M of properties situated at Plot Nos 172 and 179, Sector-24, Faridabad. Documents of Title to goods/ accepted hundies.
Date of instrument modifying the charge	03/02/2011
Particulars of the present modification	The Credit facilities granted to Company enhanced from Rs. 117.500 Millions to Rs. 135.000 Millions detailed as under: Enhanced (Rs in Millions) Cash Credit 70.000 Term Loan (existing) 14.500 Term Loan (Fresh) 5.500 Line of Credit 10.000 LC(I/F) for Import/pur of RM 35.000

Corporate identity number of the company

U74899DL1985PTC021646

Name of the company

VENUS STAMPINGS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Flat No.2, Second Floor, Ram Pratap House, 4, LSC Kalkaji, New Delhi – 110 019, India

E-Mail: savita_trehan@yahoo.com

This form is for

Modification of charge

Charge identification number of the modified

80000103

Type of charge

Immovable Property

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Indian Overseas Bank, 1-C/47-48, N.I.T., Faridabad – 121 001, Haryana, India

E-Mail: faridbr@chasco.iobnet.co.in

Nature of description of the instrument creating or modifying the charge

Term Loan Agreement F 110 C, Letter of Hypothecation F 110 E and Confirmation Letters F 379 C.

Date of instrument Creating the charge

22/11/2010

Amount secured by the charge

Rs.92.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Interest on CC @ BPLR with monthly rests. Interest on Term Loan @ Base rate + 3.50%, p.a. with monthly rests.

Terms of Repayment:

CC is repayable on Demand. Term Loan is repayable in 60 monthly installments of Rs.0.242 million each starting from 31.12.2010. Interest to be serviced separately.

Margin:

Margin @ 25%.

Extent and Operation of the charge:

As per Agreement.

Short particulars of the property charged

Hypothecation of Machinery purchased out of Term Loan.

Hypothecation of Stocks, Book Debts, Plant and Machinery, Furniture and Fixture and electrical installation and E M of properties situated at Plot Nos. 172 and 179, Sector-24, Faridabad.

Date of latest modification prior to the present modification

07/08/2008

Particulars of the present modification

The Credit facilities granted to Company enhanced from Rs.85.730 millions to Rs.92.000 millions detailed as under:

	EXISTING (Rs. in millions)	ENHANCED (Rs. in millions)
OCC	60.000	60.000
Term Loans (existing)	8.230	Nil
LC (I and F)	17.500	17.500
Term Loan (Fresh)	Nil	14.500

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.