MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	VESSER ENGINEERING SERVICES PRIVATE LIMITED
Registered Office :	108, New Civic Centre, Bhilai, District Durg, Bhilai – 490 006, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.09.1996
Com. Reg. No.:	10-011270
Capital Investment / Paid-up Capital :	Rs. 1.902 Millions
CIN No.: [Company Identification No.]	U74210MP1996PTC011270
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Mechanical Equipments and Steel Plant Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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 – 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

LOCATIONS

Registered Office :	108, New Civic Centre, Bhilai, District Durg, Bhilai – 490 006, Chhattisgarh, India
Tel. No.:	91-788-2261584, 4091024, 4032674
Fax No.:	91-788-2220165
E-Mail :	Vesser.engineering@live.com info@vesserengineering.com ves_ltd@hotmail.com
Website :	www.vesserengineering.com
Area :	3300 Sq. ft.
Location :	Owned (3 Storeyed)

DIRECTORS

As on 30.09.2010

Name :

Mr. Baljeet Singh Dhami

Designation :

Director

Address :

QR. No.1, Street No.1, Smriti Nagar, Bhilai, District Durg, Chhattisgarh, India

Date of Birth/Age :

29.10.1960

Qualification :

Graduate

Date of Appointment :

27.09.1996

DIN No.:

01557562

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	U74210CT1996PTC011270	VESSER ENGINEERING SERVICES PRIVATE LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
2	U04520CT2004PTC016881	BOOM ENGINEERING AND SPECIALITY PRIVATE LIMITED	Director	26/08/2004	26/08/2004	-	Active	NO

Name :

Mr. Sukhjeet Singh Dhami

Designation :

Director

Address :

QR. No.1, Street No.1, Smriti Nagar, Bhilai, District Durg, Chhattisgarh, India

Date of Birth/Age :

07.02.1965

Date of Appointment :

27.09.1996

DIN No.:

02901407

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	U74210CT1996PTC011270	VESSER ENGINEERING SERVICES PRIVATE LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
2	U04520CT2004PTC016881	BOOM ENGINEERING AND SPECIALITY PRIVATE LIMITED	Director	26/08/2004	26/08/2004	-	Active	NO

Name :

Mr. Manmeet Singh Dhami

Designation :

Director

Address :

QR. No.1, Street No.1, Smriti Nagar, Bhilai, District Durg, Chhattisgarh, India

Date of Birth/Age :

08.08.1989

Date of Appointment :

01.01.2009

DIN No.:

02760707

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Baljeet Singh Dhami	91100
Sukhjeet Singh Dhami	51100
Swapan Preet	18000
Total	160200

As on 15.11.2010

Names of Allotees	No. of Shares
Ritu Mercantile Private Limited, India	10000
Baljeet Singh Dhami	10000
Sukhjeet Singh Dhami	10000
Total	30000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Mechanical Equipments and Steel Plant Equipments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, ME Sales Hub, SME Branch, Sector – 1, Bhilai – 490 001, Chhattisgarh, India

· Axis Bank Limited

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Reliance Capital Limited (Against hypothecation of Toyota Car)	0.104	0.409
HDFC Bank Limited Against hypothecation of Skoda Car)	0.548	0.930
Axis Bank Limited Against hypothecation of Skoda Car)	0.489	0.736
State Bank of India, SME, Bhilai (Against Equitable Mortgage of Land and Building at Gurgaon, Haryana)	47.376	14.869
HDFC Bank Limited, Bhilai (Against hypothecation of Car)	1.113	0.000
HDFC Bank Limited, Bhilai (Against hypothecation of Car)	0.806	0.000
Others	0.000	0.683
Total	50.436	17.627
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Axis Bank, Bhilai (B.S. Dhami)	0.264	0.653
Axis Bank, Bhilai (B.S. Dhami)	0.322	0.797
Baljeet Singh Dhami, Bhilai	2.762	0.262
Baljeet Singh Dhami (HUF)	0.350	0.350
HDFC Bank Loan A/c 3299126	0.780	1.797
Kotak Mahindra Bank Limited	0.169	1.825
Magma Fincorp Limited (B.S. Dhami)	0.437	1.594
Sukhjeet Singh Dhami, Bhilai	1.010	0.075
Sukhjeet Singh Dhami (HUF)	0.35	0.35
Others	0.000	2.300
Total	6.444	10.003

Banking Relations :	--
Auditors :
Name :	Sanjay Manoj and Associates Chartered Accountants
Address :	211, Khicharia Complex, Nehru Nagar Sqaure, Bhilai – 490 020, Chhattisgarh, India
PAN.:	AAXFS0175K

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
190200	Equity Shares	Rs.10/- each	Rs.1.902 millions

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		1.902	1.602	1.602
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47.839	25.354	19.977
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.741	26.956	21.579
LOAN FUNDS
1] Secured Loans		50.436	17.627	0.873
2] Unsecured Loans		6.445	10.003	11.300
TOTAL BORROWING		56.881	27.630	12.173
DEFERRED TAX LIABILITIES		0.000	0.076	0.000
TOTAL		106.622	54.662	33.752
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.453	28.664	3.545
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.097	0.000	0.229
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.333	1.073	5.406
	Sundry Debtors	25.352	8.639	4.399
	Cash & Bank Balances	1.392	1.446	8.868
	Other Current Assets	1.168	0.578	0.211
	Loans & Advances	28.572	19.442	14.304
Total Current Assets		83.817	31.178	33.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.654	4.513	2.142
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.091	0.667	1.068
Total Current Liabilities		8.745	5.180	3.210
Net Current Assets		75.072	25.998	29.978
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		106.622	54.662	33.752

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	144.758	100.564	100.128
		Other Income	0.131	1.376	0.385
		TOTAL (A)	144.889	101.940	100.513
Less	EXPENSES
		Trading Purchases	68.695	37.203	49.541
		Direct Expenses	25.215	14.939	20.434
		Administrative Expenses	36.545	15.407	13.119
		Selling and Distribution Expenses	20.644	16.288	10.031
		Variation in Stock	(26.261)	4.333	(5.106)
		TOTAL (B)	124.838	88.170	88.019
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.051	13.770	12.494
Less	FINANCIAL EXPENSES (D)		4.615	3.283	2.044
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.436	10.487	10.450
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.299	1.449	0.922
	PROFIT BEFORE TAX (E-F) (G)		13.137	9.038	9.528
Less	TAX (I)		5.018	3.384	3.202
	PROFIT AFTER TAX (G-I) (J)		8.119	5.654	6.326
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.144	14.117	8.418
Less	APPROPRIATIONS
		Transfer to General Reserve	0.350	0.350	0.350
		Dividend	0.285	0.240	0.240
		Tax on Dividend	0.048	0.037	0.037
	BALANCE CARRIED TO THE B/S		26.580	19.144	14.117
	Earnings Per Share (Rs.)		42.68	35.29	602.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.60	5.55	6.29
Net Profit Margin (PBT/Sales)	(%)	9.07	8.99	9.52
Return on Total Assets (PBT/Total Assets}	(%)	15.67	15.10	25.94
Return on Investment (ROI) (PBT/Networth)		0.26	0.34	0.44
Debt Equity Ratio (Total Liability/Networth)		0.17	1.22	0.71
Current Ratio (Current Asset/Current Liability)		9.58	6.02	10.34

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Corporate identity number of the company	U74210CT1996PTC011270
Name of the company	VESSER ENGINEERING SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	108, New Civic Centre, Bhilai, District Durg, Bhilai – 490 006, Chhattisgarh, India Email: vesser.engineering@live.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10183753
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India, ME Sales Hub, SME Branch, Sector – 1, Bhilai – 490 001, Chhattisgarh, India E-Mail: m.p.oommen@sbi.co.in
Nature of instrument creating charge	1. SME-1 LETTER OF ARRANGEMENT DATED 08/01/2011 2. SME-3 Guarantee Agreement dated 19/01/2011 3. SME-4 Supplemental Agreement of loan cum hypothecation dated 19/01/2011 4. SME-7 Memorandum for recording extension of equitable mortgage
Date of instrument Creating the charge	19.01.2011
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 6.5% ABOVE BASE RATE i.e. 14.50% p.a. Terms of Repayment CASH CREDIT ON DEMAND Margin WORKING CAPITAL: Raw Material: N.A. Finished Goods: 25% Book Debts: 40% Advance to suppliers: 40% Extent and Operation of the charge 100 % Others C.C. (Hypothecation): Rs.50.000 millions (B/D Rs.20.000 millions and Advance to Suppliers Rs.30.000 millions)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	H.No.D-49 measuring 420 sq.mts. at Block-D, South City, Phase-1, Gurgaon in the name of Vesser Engineering Services Private Limited. Plot No.43, Block-F, admeasuring 420 sq.mtrs., situated at South City, Gurgaon, Haryana, Village Silokhra, Jharsa, Sukhrali, Tehsil and District Gurgaon in the name of Loveneet Builders Private Limited.
Date of instrument modifying the charge	23.09.2009
Particulars of the present modification	Total credit facilities have been enhanced from Rs.16.000 millions to Rs.50.000 millions.

FIXED ASSETS:

· Electrical Fittings

· Furniture and Fixtures

· Air Conditioner

· Office Equipment

· Vehicle Tow Wheeler

· Computer

· Vehicle Motor Car

· Office Renovation

· Mobile Set

· Color T.V.

· Car Honda City

· Car Skoda

· Land and Building

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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.