MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	HARI DARSHAN SEVASHRAM PRIVATE LIMITED
Registered Office :	519, Patpargaj Industrial Area, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.1993
Com. Reg. No.:	55-53811
Capital Investment / Paid-up Capital :	Rs.12.400 Millions
CIN No.: [Company Identification No.]	U74999DL1993PTC053811
TAN No.: [Tax Deduction & Collection Account No.]	DELH03946F
PAN No.: [Permanent Account No.]	AAACH5523Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Exporter of the incense Products, Spiritual Accessories Ayurvedic Products etc.
No. of Employees :	Not Divulged

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 350000
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 – 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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Goldy
Designation :	Director
Contact No.:	91-9891097000
Date :	17.04.2012

LOCATIONS

Registered Office :	519, Patpargaj Industrial Area, Delhi-110092, India
Tel. No.:	91-11-22151999/ 22152999/ 221/ 22146444
Mobile No.:	91-9891097000 (Mr. Goldy) 91-9899289000 (Mrs. Pooja)
Fax No.:	91-11-22146444/ 22151999
E-Mail :	ajc.india@rediffmail.com info@hdspl.com admin@hdspl.com
Website :	http://www.haridarshan.com
Location :	Owned
Factory :	1215, Main 20, Block 5. Rajaji Nagar. Chord Road, Bangalore – 560010, Karnataka, India
Tel. No.:	91-80-23104010
Fax No.:	91-80-23104051
E-Mail :	info@hdspl.com

DIRECTORS

(AS ON 30.09.2011)

Name :	Ms. Pooja Nagdev
Designation :	Director
Address :	A-68, Nirman Vihar, Delhi-110092, India
Date of Appointment :	01.04.2000
DIN No.:	00200214
Name :	Mr. Jethanand Nagdev
Designation :	Director
Address :	A-68, Nirman Vihar, Delhi-110092, India
Date of Appointment :	01.04.1996
DIN No.:	00237517
Name :	Ms. Goldy Nagdev
Designation :	Director
Address :	A-68, Nirman Vihar, Delhi-110092, India
Date of Appointment :	01.02.1996
DIN No.:	00257717
Name :	Mr. Pankaj Nagdev
Designation :	Director
Address :	A-68, Nirman Vihar, Delhi-110092, India
Date of Appointment :	01.04.2000
DIN No.:	00264638
Name :	Ms. Deepa Magdev
Designation :	Director
Address :	A-68, Nirman Vihar, Delhi-110092, India
Date of Appointment :	27.05.1993
DIN No.:	00257783

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Jethanand Nagdev	58000
Goldy Nagdev	11000
Pankaj Magdev	11000
Deepa Magdev	37000
Pooja Nagdev	7000
Total	124000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Exporter of the incense Products, Spiritual Accessories Ayurvedic Products etc.
Exports :
Products :	The Incense Products, Spiritual Accessories Ayurvedic Products etc.
Countries :	· Dubai · Sri Lanka
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :

Wholesalers and Manufacturer

No. of Employees :

Not Divulged

Bankers :

· Standard Chartered Bank

10, Parliament Street, New Delhi – 1100014, India

· Standard Chartered Bank

Sansad Marg, New Delhi – 110001, India

· Kotak Mahindra Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks
Kotak Mahindra Prime Limited, Car Loan A/C (Secured Against hypothecation of car)	0.060	0.723
Kotak Mahindra Bank Limited, Home Loan A/Cs (Secured against hypothecation of Properties and personal Guarantee given by directors)	50.163	0.000
HDFC Bank Car Loan A./c’s (Secured against hypothecation of car)	0.000	0.022
Greater Noida Indstrial Development Authority (Secured against hypothecation of Industrial Plot and personal guarantee given by directors)	4.025	5.635
Standard Chartered Bank, Cash Credit A/c (Secured against Hypothecation of Stock, Books Debts, Fixed Assets excluding Land and Building, and personal Guarantee given by Directors)	3.316	3.089
Total	57.564	9.469
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	77.900	57.200
From Others	6.300	19.292
Total	84.200	76.492

Banking Relations :	--
Auditors :
Name :	Praveen Sunil Gupta and Company Chartered Accountant
Address :	F-11/32, Krishna Nagar, New Delhi-110051, India
Tel. No.:	91-11-22091096/ 22093550
Mobile No.:	91-9811094334
PAN No.:	AAHPG5203H

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs. 100/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124000	Equity Shares	Rs. 100/- each	Rs.12.400 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		12.400	12.400	12.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		76.135	66.439	57.111
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.535	78.839	69.511
LOAN FUNDS
1] Secured Loans		57.564	9.469	9.378
2] Unsecured Loans		84.200	76.492	81.778
TOTAL BORROWING		141.764	85.961	91.156
DEFERRED TAX LIABILITIES		0.000	0.000	0.171
TOTAL		230.299	164.800	160.838
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		88.702	69.619	70.884
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.174	0.159	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.121	31.123	50.025
	Sundry Debtors	61.449	43.421	40.595
	Cash & Bank Balances	2.504	12.009	15.917
	Other Current Assets	0.000	0.000	0.552
	Loans & Advances	93.099	28.090	12.536
Total Current Assets		187.173	114.643	119.625
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	43.237	17.406	28.994
	Other Current Liabilities	1.986	1.864
	Provisions	0.527	0.351	0.677
Total Current Liabilities		45.750	19.621	29.671
Net Current Assets		141.423	95.022	89.954
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		230.299	164.800	160.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	440.353	425.402	417.627
Less	EXPENSES
		TOTAL	420.998	6.433	400.296
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		19.355	18.969	17.331
Less/ Add	DEPRECIATION/ AMORTISATION		4.098	4.304	3.729
	PROFIT BEFORE TAX		15.257	14.665	13.602
Less	TAX		5.562	5.336	5.241
	PROFIT AFTER TAX		9.695	9.329	8.361
	EARNINGS IN FOREIGN CURRENCY		19.099	10.822	6.002
	Earnings Per Share (Rs.)		78.19	75.23	67.43

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.20	2.19	2.00
Return on Total Assets (PBT/Total Assets}	(%)	5.53	7.96	7.14
Return on Investment (ROI) (PBT/Networth)		0.17	0.19	0.20
Debt Equity Ratio (Total Liability/Networth)		2.12	1.34	1.74
Current Ratio (Current Asset/Current Liability)		4.09	5.84	4.03

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Register officer of the company has been shifted from 419, Patparganj Industrial Area, Delhi-110092, India to the present address w.e.f. 04.02.2009.

FINANCIAL RESULTS:

During the year the company has earn a profit before taxes of Rs.15.257 Millions before tax as compare to Rs. 14.665 Millions in last year.

OUTLOOK:

The directors are looking for good improvement in the coming financial year.

CONTINGENT LIABILITIES (AS ON 31.03.2011)

Contingent Liabilities for Bank Guarantee given by Bank is Rs.20.000 Millions (Previous year Rs.11.500 Millions)

FORM 8:

Corporate identity number of the company	U74999DL1993PTC053811
Name of the company	HARI DARSHAN SEVASHRAM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	519, Patparganj Industrial Area, Delhi – 110092, India admin@hdspl.com
This form is for	Modification of Charge
Charge identification number of the modified	10175071
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank 10, Parliament Street, New Delhi-110001, India sme.form8@sc.com
Nature of instrument creating charge	Memorandum of Entry – Supplemental
Date of instrument Creating the charge	17.11.2011
Amount secured by the charge	Rs.52.400 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment As per agreement Margin As per agreement Extent and Operation of the charge Extent and Operation – 100%
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over all present and future current assets of the company stores or to be stores at the company’s godowns or premises or wherever else the same may be.
Particulars of the present modification	Revised Credit Facilities of Rs.52.400 Millions already secured by first and exclusive charge over all present and future current assets of the company shall also be secured by equitable mortgage over company's immovable property i.e. Industrial Property Bearing No. 519, Block-7, Patparganj, Delhi together with all buildings and structures thereon or to be thereon.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipments

· Vehicles

· Furniture and Fixture

· Motor Lorries

· Computers

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

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.