MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	HIMAL SUPPLY (INDIA) PRIVATE LIMITED.
Registered Office :	168, Raja Garden, New Delhi-110015.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2000
Com. Reg. No.:	55-104906
Capital Investment / Paid-up Capital :	Rs.1.995 Millions
CIN No.: [Company Identification No.]	U13201DL2000PTC104906
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Insulators Insulation Materials
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 39000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relation are reported as fair. Business is active. Payment are reported to be usually correct and as per commitments. The company can be considered for small to mediocre 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 :	168, Raja Garden, New Delhi-110015, India.
Tel. No.:	91-11-25438602/ 25448602/ 25935923
Fax No.:	91-11-25932701
Email :	Pka2010india@gmail.com rastogifcs@gmail.com
Corporate Office :	603, Ansal Majestic Tower, G-17, Community Center, Vikas Puri, New Delhi-110018, India.
Tel. No.:	91-11-2854 2988/ 2854 2989/ 2854 2990
Fax No.:	91-11-2854 2994
E-Mail :	dli@himalsupply.com
Web Site :	www.himalsupply.com

DIRECTORS

As on 28.09.2011

Name :

Mr. Vinod Luthra

Designation :

Whole-time director

Address :

H-280, Vikaspuri, New Delhi-110018.

Date of Birth/Age :

01.02.1955

Date of Appointment :

31.03.2000

DIN No.:

00459245

Other Directorship :

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	U13201DL2000PTC104906	HIMAL SUPPLY (INDIA) PRIVATE LIMITED.	Whole-time director	31-03-00	31-03-00	-	Active	NO
2	U55101UR2012PTC000088	HIMAL HOTELS PRIVATE LIMITED	Director	19-01-12	19-01-12	-	Active	NO

Name :

Ms. Asha Luthra

Designation :

Whole-time director

Address :

F-141, Mansarover Garden, New Delhi-110015

Date of Birth/Age :

05.08.1948

Date of Appointment :

31.03.2000

DIN No.:

00459227

Name :

Mr. Parmod Luthra

Designation :

Whole-time director

Address :

H-280, Vikaspuri, New Delhi-110018.

Date of Birth/Age :

04.10.1957

Date of Appointment :

01.04.2000

DIN No.:

00458955

Name :

Mr. Anil Luthra

Designation :

Whole-time director

Address :

F-141, Mansarover Garden, New Delhi-110015

Date of Birth/Age :

03.03.1968

Date of Appointment :

01.04.2000

DIN No.:

00458918

Other Directorship :

.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	U13201DL2000PTC104906	HIMAL SUPPLY (INDIA) PRIVATE LIMITED.	Whole-time director	01-04-00	01-04-00	-	Active	NO
2	U55101UR2012PTC000088	HIMAL HOTELS PRIVATE LIMITED	Director	19-01-12	19-01-12	-	Active	NO

Name :

Ms. Kiran Luthra

Designation :

Whole-time director

Address :

H-280, Vikaspuri, New Delhi-110018.

Date of Birth/Age :

28.04.1960

Date of Appointment :

01.04.2000

DIN No.:

00459278

Name :

Ms. Renu Luthra

Designation :

Whole-time director

Address :

H-280, Vikaspuri, New Delhi-110018.

Date of Birth/Age :

23.03.1963

Date of Appointment :

01.04.2000

DIN No.:

00459081

Name :

Mr. Rajesh Luthra

Designation :

Whole-time director

Address :

H-280, Vikaspuri, New Delhi-110018.

Date of Birth/Age :

25.06.1962

Date of Appointment :

20.03.2001

DIN No.:

00459187

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Vinod Luthra	79105
Asha Luthra	70591
Parmod Luthra	49874
Kamlesh Aneja	1
Sonika Enterprises	1
Luthra Trading Co.	1
Manohar Lal Anand	1
Swaran Kanta Grover	1
Jatinder Kaur Virdi	1
Parmod Luthra & sons Huf	1
Kiran Luthra	1
Renu Luthra	1
Anil Luthra	1
Janender Luthra	1
Neena Luthra	1
Neeta Luthra	1
Anil Luthra & Sons Huf	1
Deshaj Aneja	1
Ram Dass Luthra & Sons Huf	1
Rajesh Luthra	1
Total	199588

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	0.01
Directors or relatives of Directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Insulators Insulation Materials
Products :	· Thermal, acoustic, · Water proofing, · Anti Corrosive Tapes, · Gyp Board, · Systems and Ceilings

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank 16/27, Tilak Nagar-110018, Delhi, India.

· ICICI Bank Limited

· HDFC Bank.

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank Limited (Against. Hypothecation of Honda City-MG)	0.539	0.000
HDFC Bank Limited (Against. Hypothecation of Maruti Suzuki- Wagon R)	0.000	0.057
HDFC Bank Limited (Against. Hypothecation of Honda City- MG)	0.118	0.337
ICICI Bank Limited (Against. Hypothecation of Honda City-AG)	0.616	0.000
Total	1.273	0.394

Banking Relations :	--
Auditors :
Name :	Asha Gulati and Company Chartered Accountant
Address :	Block No.-7, House No-111, Geeta Colony, Delhi-110031, India.
Tel. No.:	91-11-2246 3528
PAN.:	AAEPG5776C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199588	Equity Shares	Rs.10/- each	Rs. 1.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	21.11.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.996	1.996	1.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.852	6.561	5.308
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.848	8.557	7.303
LOAN FUNDS
1] Secured Loans		1.274	0.395	4.883
2] Unsecured Loans		39.355	34.653	22.626
TOTAL BORROWING		40.629	35.048	27.509
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.477	43.605	34.812
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.567	2.316	2.810
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.127	10.645	5.346
DEFERREX TAX ASSETS		0.111	0.069	0.023
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.107	22.422	23.782
	Sundry Debtors	33.942	32.676	28.033
	Cash & Bank Balances	10.803	3.489	4.734
	Other Current Assets	0.000	3.096	2.371
	Loans & Advances	1.111	0.008	0.043
Total Current Assets		74.963	61.691	58.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	28.291	28.590	30.484
	Provisions	0.000	2.526	1.846
Total Current Liabilities		28.291	31.116	32.330
Net Current Assets		46.672	30.575	26.633
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.477	43.605	34.812

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Gross Profit	17.568	16.252
		Other Income	3.370	3.114
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		2.958	2.509
	Less- DEPRECIATION/ AMORTISATION		0.838	0.643
	PROFIT BEFORE TAX		2.120	1.886
Less	TAX		0.828	0.633
	PROFIT AFTER TAX		1.292	1.253
	Earnings Per Share (Rs.)		6.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	21.11.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.82	3.05	NA
Return on Investment (ROI) (PBT/Networth)		0.21	0.22	NA
Debt Equity Ratio (Total Liability/Networth)		2.87	3.63	4.42
Current Ratio (Current Asset/Current Liability)		2.64	1.98	1.82

LOCAL AGENCY FURTHER INFORMATION

Form 8 :

This form is for	Modification of charge
Charge identification number of the modified	90331927
Corporate identity number of the company	U13201DL2000PTC104906
Name of the company	HIMAL SUPPLY (INDIA) PRIVATE LIMITED.
Address of the registered office or of the principal place of business in India of the company	168, RAJA GARDEN, NEW DELHI-110015, INDIA
Type of charge	Movable Property
Particular of charge holder	ALLAHABAD BANK, 16/27, TILAK NAGAR, Delhi-110018, India. Email- ca.gsanand@gmail.com
Nature of description of the instrument creating or modifying the charge	Renewal-cum-enhancement of overdraft limit of Rs.3.000 Millions and Foreign lc limit of Rs. 2.000 Millions to Rs.3.000 Millions and Rs.10.000 Millions respectively against exclusive hypothecation of entire movable asset of company both present and future along with personal guarantee of directors.
Date of instrument Creating the charge	29/12/2007
Amount secured by the charge	Rs. 13.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Overdraft limit at PLR and Foreign LC as per circularized guidelines of banks head office. Terms of Repayment On Demand Margin 25% Extent and Operation of the charge One Year.
Short particulars of the property charged	Movable asset of the company both present & future
Particulars of the present modification	Renewal-cum-enhancement of overdraft limit of Rs.3.000 Millions and Foreign lc limit of Rs. 2.000 Millions to Rs.3.000 Millions and Rs.10.000 Millions respectively against exclusive hypothecation of entire movable asset of company both present and future along with personal guarantee of directors.

Fixed Assets :

· Printer

· Computer

· Scooter

· Car

· Furniture

· Air Conditioner

· Generator

· Fire Extinguisher

· EAPBX

· Electric motor

· Telephone

· Colour Television

· Photocopier Machine

· Fax Machine

· Mobile

· Air Purifier

· UPS System

· Fan

· Water Purifier

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.49.25
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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		44

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.