MIRA INFORM REPORT

Report Date :

03.09.2011

IDENTIFICATION DETAILS

Name :	VENUS SAFETY AND HEALTH PRIVATE LIMITED
Registered Office :	Plot No. L-17, Taloja MIDC Industrial Area, Village Tondare, Taluka Panvel, District Raigad, Thane – 410 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.07.2007
Com. Reg. No.:	11-172380
Capital Investment / Paid-up Capital :	Rs.15.368 millions
CIN No.: [Company Identification No.]	U85100MH2007PTC172380
TAN No.: [Tax Deduction & Collection Account No.]	MUMV14972G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Apparels/ Articles of Non-Woven Textile Viz. Caps, Masks, Suits, Aprons, Safety Goggles, Ear Plugs etc.
No. of Employees :	Not Available

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 150000
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 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/Factory :	Plot No. L-17, Taloja MIDC Industrial Area, Village Tondare, Taluka Panvel, District Raigad, Thane – 410 208, Maharashtra, India
Tel. No.:	91-22-27411652
E-Mail :	mahesh@venusohs.com mahesh@venusmasks.com
Website :	http://www.venusohs.com/
Head Office :	Plot No. W 284, MIDC Rabale, Navi Mumbai – 400 701, Maharashtra, India
Tel. No.:	91-22-27692646 / 27602583
Fax No. :	91-22-2769 0126
E-Mail :	info@venusohs.com

DIRECTORS

As on 30.09.2010

Name :	Sushi Mahesh Kudav
Designation :	Director
Address :	Flat No. 1201, Asha Nagar, Trimurthy Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	09.05.1966
Date of Appointment :	16.07.2007
DIN No.:	00680462
Name :	Mr. Mahesh Pandurang Kudav
Designation :	Director
Address :	B-93, Twin Towers, V S Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	21.08.1965
Date of Appointment :	16.07.2007
DIN No.:	01317692

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sushi Mahesh Kudav	5073
Mahesh Pandurang Kudav	148610
Total	153683

List of Allotment (28.06.2011)

Names of Allottees	No. of Shares
Emany Consulting DBA	13784
Total	13784

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Apparels/ Articles of Non-Woven Textile Viz. Caps, Masks, Suits, Aprons, Safety Goggles, Ear Plugs etc.
Products :	· Respiratory Protective Equipment viz : Particulate Filtering masks, Half masks, Full Face mask, Chemical Filters, PAPR and Airline apparatus. · Hearing Protective Equipments viz : Ear Plug and Ear-Muffs · Eye and Face Protective Equipment : Spectacles, Goggles and Shield

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Thane Janata Sahakari Bank Limited

Main Branch, Madhumalti, V S Path, Jambhli Naka, Thane – 400 601, Maharashtra, India

· HDFC Bank

· State Bank of India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Cash Credit with Thane Janata Sahakari Bank Limited (Secured against hypothecation of Stock, book debts and also secured against personal guarantee of Directors)	2.615	9.716
Total	2.615	9.716

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Vehicle Loans	0.935	1.012
Loan from Directors	1.590	0.847
Loan from others	0.102	0.102
Total	2.627	1.961

Banking Relations :	--
Auditors :
Name :	Hasmukh Shah and Company Chartered Accountant
Address :	409-410, Dalamal Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-43436565
Fax No.:	91-22-43436466
E-Mail :	hs@hsconsulting.in

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs.20.000 millions

Issued, Subscribed & Paid-up Capital : Rs.15.506 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
153683	Equity Shares	Rs.100/- each	Rs.15.368 millions

(Of the above 152683 shares have been issued for a consideration other than cash)

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		15.368	15.368	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.612	7.840	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.980	23.208	0.100
LOAN FUNDS
1] Secured Loans		2.615	9.716	0.000
2] Unsecured Loans		2.627	1.961	15.246
TOTAL BORROWING		5.242	11.677	15.246
DEFERRED TAX LIABILITIES		0.133	0.301	0.000
TOTAL		43.355	35.186	15.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.973	35.635	0.000
Capital work-in-progress		0.000	0.000	14.245
INVESTMENT		0.115	0.094	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.231	4.050	0.000
	Sundry Debtors	22.250	30.142	0.000
	Cash & Bank Balances	14.782	6.399	0.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.651	9.253	0.000
Total Current Assets		58.914	49.844	0.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.005	43.830	0.006
	Other Current Liabilities	8.305	3.641	0.000
	Provisions	9.534	3.179	0.000
Total Current Liabilities		67.844	50.650	0.006
Net Current Assets		(8.930)	(0.806)	0.494
MISCELLANEOUS EXPENSES		0.197	0.263	0.607
TOTAL		43.355	35.186	15.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales and Operating Income	236.625	155.261
		TOTAL (A)	230.625	155.261
Less	EXPENSES
		Cost of Material Consumed	204.595	90.341
		Manufacturing Expenses		22.245
		Selling and Administrative Expenses		26.850
		Remuneration to Director		2.394
		Preliminary Expenses		0.066
		Increase / (decrease) in Stock		(1.026)
		TOTAL (B)	204.595	140.870
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Interest and financial charges)	14.391
Less	INTEREST AND FINANCIAL CHARGES (D)			0.998
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.030	13.393
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.890	3.319
	PROFIT BEFORE TAX (E-F) (G)		21.140	10.074
Less	TAX (H)		6.368	3.480
	PROFIT AFTER TAX (G-H) (I)		14.772	6.594
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.594	0.000
	BALANCE CARRIED TO THE B/S		21.366	6.594
	EARNINGS IN FOREIGN CURRENCY		105.334	57.497
	Earnings Per Share (Rs.)		96.12	33.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.41	4.25	NA
Net Profit Margin (PBT/Sales)	(%)	8.93	6.49	NA
Return on Total Assets (PBT/Total Assets}	(%)	19.06	11.79	NA
Return on Investment (ROI) (PBT/Networth)		0.56	0.43	NA
Debt Equity Ratio (Total Liability/Networth)		1.92	2.69	152.52
Current Ratio (Current Asset/Current Liability)		0.87	0.98	83.33

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

Subejct was incorporated on July 16, 2007 mainly to carry on business as to buy, import, develop, manufacture, market, export, promote and carry on business and dealing in Safety and Healthcare material, product and services for consumer, industrial, medical, and technical market in India and elsewhere.

BUSINESS OPERATRIONS

The company is in the business of Manufacturing and Trading of Apparels/ Articles of Non-Woven Textile Viz. Caps, Masks, Suits, Aprons, Safety Goggles, Ear Plugs etc.

The global economic downturn and recession, especially in foreign countries during previous year, the company has been able to weather the storm comparatively well, considering this being only second operating year of the company into the business. While many of their competitors have significantly downsized and some have even gone out of business they continue to have a strong relationship with their primary customers to ensure better future of company.

FORM 8

Corporate identity number of the company	U85100MH2007PTC172380
Name of the company	VENUS SAFETY AND HEALTH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. L-17, Taloja MIDC Industrial Area, Village Tondare, Taluka Panvel, District Raigad, Thane – 410 208, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Thane Janata Sahakari Bank Limited Main Branch, Madhumalti, V S Path, Jambhli Naka, Thane – 400 601, Maharashtra, India
Nature of instrument creating charge	Hypothecation Agreement (for - Vehicle Advance)
Date of instrument Creating the charge	29.09.2010
Amount secured by the charge	Rs.1.225 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.50% (Floating i. e. 3.50% below PLR) Terms of Repayment 60 EMI of Rs.0.026 million each Margin Nil Extent and Operation of the charge The Charge is created to cover the Vehicle Loan of Rs.1.225 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Toyota Innova VX-DCD/STR KEY NO.: 61672 ENGINE NO.: 2KD6625324

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixture

· Computer

· Lab Equipments

· Motor Car

WEB DETAILS

Subject is an progressive manufacturer of Personal Protective equipments (P.P.E) located in Navi Mumbai, India. As an organization they are dedicated to provide quality products and services since 1983, with 100% Indian capital and technology. The competitive products and services are well accepted in the National and International markets.

The reputation confirms to an experienced team of professionals for development of new products in (P.P.E). A continuous urge to improve the performance of existing products has always been a passion for the team, who look forward to technological advancements.

The product range caters to the applications for following industries such as:

Automobile, Construction, Mines, Power, Engineering, Pharma, Chemicals, Ports and Shipyards, Textiles, Refineries and Others.

Profile

The company team of over 55 direct employees backed by over 80 trained workers, strive determined and dedicated to providing you with products and services, not only of the best quality, but also those that are highly comfortable and thus conducive to everyday use. The back bone of subject is a team of professionals backed by expertise, and of new products in respiratory protection. They share a passion, an unrelenting urge, to improve the performance of existing products, with every technological advancement made.

The use of modern machines is efficient and conducive to exemplary production. Factories having mass production with automatic machines give high quality output in various styles.

The company range of products is validated for fit and size aiming for optimum comfort. All tests carried out here are overseen by qualified staff, who only after thorough inspection, release the products for shipment.

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.45.90
UK Pound	1	Rs.74.31
Euro	1	Rs.65.41

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	YES
--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
-	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.