MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	HARDROCK FABRICATION PRIVATE LIMITED	Principal Name 1	Mr. Dharmaveer Singh
Status	Moderate	Principal Name 2	Mrs. Jagjeet Kaur
		Registration #	21-65256
Street Address	1, British Indian Street, Old Block, Room No. -27, First Floor, Kolkata-700069, West Bengal, India
Established Date	22.09.1994	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	http://www.hardrock.net.in	Product Name 1	Non-ferrous ,
# of employees	Not Available	Product Name 2	Metals, Alloys Steel
Paid up capital	Rs.56,200,000/-	Product Name 3	Ferrous-alloys
Shareholders	Bodies Corporate – 53.38 %, Directors or relatives of directors – 46.62 %	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	17 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (35)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	125,240,000	Current Liabilities	95,929,000
Inventories	93,907,000	Long-term Liabilities	175,406,000
Fixed Assets	140,623,000	Other Liabilities	9,414,000
Deferred Assets	0,000	Total Liabilities	280,749,000
Invest& other Assets	32,511,000	Retained Earnings	31,532,000
		Net Worth	111,532,000
Total Assets	392,281,000	Total Liab. & Equity	392,281,000
Total Assets (Previous Year)	281,797,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	669,635,000	Net Profit	11,580,000
Sales(Previous yr)	667,940,000	Net Profit(Prev.yr)	3,708,000

MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	HARDROCK FABRICATION PRIVATE LIMITED

Formerly Known As :	MODEL HEAVY FABRICATIONS PRIVATE LIMITED

Registered Office :	1, British Indian Street, Old Block, Room No. -27, First Floor, Kolkata-700069, West Bengal

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	22.09.1994

Com. Reg. No.:	21-65256

Capital Investment / Paid-up Capital :	Rs.56.200 Millions

CIN No.: [Company Identification No.]	U27106WB19994PTC065256

TAN No.: [Tax Deduction & Collection Account No.]	CALH03488C

PAN No.: [Permanent Account No.]	AABCM4537C

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Ferrous and non-ferrous metals, Alloys Steel, Ferrous-alloys, Pig iron, Wrought iron, Steel converter, Rolled steel Makers, Miners, Smelters, Engineers, Iron and Steel Foundries.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 446000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	1, British Indian Street, Old Block, Room No. -27, First Floor, Kolkata-700069, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ashok_ca@sify.com pkcarticles@yahoo.com business@hardrock.net.in dharamveer@hardrock.net.in mahajan@hardrock.net.in
Website :	http://www.hardrock.net.in

Factory :	Hardrock Fabrication Private Limited, Plot No. A-33, 34 (P), Phase VI, Gamharia, Jamshedpur-823108, Jharkhand, India
Tel. No.:	91-657-2203495/ 92/ 94
Fax No.:	91-657-2203493
E-Mail :	finance@hardrock.net.in

DIRECTORS

As on 25.09.2010

Name :

Mr. Dharmaveer Singh

Designation :

Director

Address :

4, Inner Circle Road, C.H. Area, Jamshedpur-831001, Jharkhand, India

Date of Birth/Age :

02.03.1978

Date of Appointment :

15.10.2010

DIN No.:

00586852

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	U27106WB1994PTC065256	Hardrock Fabrication Private Limited	Whole-time director	22-09-94	22-09-94	-	Active	NO
2	U50103WB2005PTC105006	Noddy Motors Private Limited	Director	29-08-05	29-08-05	-	Active	NO
3	U34103WB2006PTC111831	Noddy Cars Private Limited	Director	16-11-06	16-11-06	-	Active	NO
4	U01403JH2007PTC012674	Noddy Foods Private Limited	Director	05-01-07	05-01-07	-	Active	NO
5	U63040JH2007PTC012683	Mountain Movers Trainers Private Limited	Director	12-01-07	12-01-07	-	Active	NO
6	U50300WB2005PTC105321	Noddy Auto Private Limited	Managing director	30-04-07	30-04-07	-	Active	NO
7	U50103JH2008PTC013126	Hardrock Attachments Private Limited	Director	08-04-08	08-04-08	-	Active	NO
8	U35119KA2008PTC046303	Noddy Equipments Private Limited	Director	05-05-08	05-05-08	-	Active	NO
9	U28996KA2008PTC047662	Noddy Fabrications Private Limited	Director	02-09-08	02-09-08	-	Active	NO
10	U29295JH2009PTC013630	Hardrock Steel Private Limited	Director	22-06-09	22-06-09	-	Active	NO
11	U50200JH2009PTC013759	Hardrock Auto Private Limited	Director	11-09-09	11-09-09	-	Active	NO
12	U34300WB2006PTC110765	Hardrock Equipments Company Private Limited	Director	01-11-09	01-11-09	-	Active	NO
13	U34100JH2010PTC014134	Hardrock Automobile Industries Private Limited	Director	01-05-10	01-05-10	-	Active	NO
14	U34100TN1980PLC008389	Automotive Coaches and Components Limited	Managing director	30-09-11	20-04-11	-	Active	NO

Name :

Mrs. Jagjeet Kaur

Designation :

Director

Address :

HIG B/14, Madav Baug Colony, Mango, East Singhbhum, Jamshedpur – 831012, Jharkhand, India

Date of Birth/Age :

10.11.1980

Date of Appointment :

02.05.2006

DIN No.:

00586893

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	U50103WB2005PTC105006	Noddy Motors Private Limited	Director	20-10-05	20-10-05	-	Active	NO
2	U27106WB1994PTC065256	Hardrock Fabrication Private Limited	Director	02-05-06	02-05-06	-	Active	NO
3	U34103WB2006PTC111831	Noddy Cars Private Limited	Director	16-11-06	16-11-06	-	Active	NO
4	U01403JH2007PTC012674	Noddy Foods Private Limited	Director	05-01-07	05-01-07	-	Active	NO
5	U50300WB2005PTC105321	Noddy Auto Private Limited	Director	30-04-07	30-04-07	-	Active	NO
6	U50103JH2008PTC013126	Hardrock Attachments Private Limited	Director	08-04-08	08-04-08	-	Active	NO
7	U35119KA2008PTC046303	Noddy Equipments Private Limited	Director	05-05-08	05-05-08	-	Active	NO
8	U63040JH2007PTC012683	Mountain Movers Trainers Private Limited	Director	13-07-08	13-07-08	-	Active	NO
9	U28996KA2008PTC047662	Noddy Fabrications Private Limited	Director	02-09-08	02-09-08	-	Active	NO
10	U29295JH2009PTC013630	Hardrock Steel Private Limited	Director	22-06-09	22-06-09	-	Active	NO
11	U50200JH2009PTC013759	Hardrock Auto Private Limited	Director	11-09-09	11-09-09	-	Active	NO
12	U34300WB2006PTC110765	Hardrock Equipments Company Private Limited	Director	01-11-09	01-11-09	-	Active	NO
13	U34100JH2010PTC014134	Hardrock Automobile Industries Private Limited	Director	01-05-10	01-05-10	-	Active	NO

Name :

Mr. Ramesh Chandra Mahajan

Designation :

Director

Address :

4E, Adarsh Nagar, Sonari, Jamshedpur-831011, Jharkhand, India

Date of Birth/Age :

16.04.1937

Date of Appointment :

02.08.2005

DIN No.:

00591402

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	U27106WB1994PTC065256	Hardrock Fabrication Private Limited	Whole-time director	02-08-05	02-08-05	-	Active	NO
2	U63040JH2007PTC012683	Mountain Movers Trainers Private Limited	Director	24-04-09	24-04-09	27-09-10	Active	NO
3	U34100TN1980PLC008389	Automotive Coaches and Components Limited	Director	30-09-11	20-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders		No. of Shares
Ajit Singh		14100
Dharamveer Singh		1836400
Jagjeet Kaur		720000
Joginder Singh		5000
Pritpal Singh		5000
I.N. Chandoo		9000
S.N. Mishra		10500
Ramesh Chandra Mahajan		20000
Noddy Equipments Private Limited, India		700000
Noddy Cars Private Limited, India		2300000
TOTAL		5620000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2010

Category	Percentage
Bodies corporate	53.38
Directors or relatives of Directors	46.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ferrous and non-ferrous metals, Alloys Steel, Ferrous-alloys, Pig iron, Wrought iron, Steel converter, Rolled steel Makers, Miners, Smelters, Engineers, Iron and Steel Foundries.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank Houses Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Small Industries Development Bank of India, Sahntiniketan Building, 1^st Floor, Bistupur, Jamshedpur-831001, Jharkhand, India
Bank of Baroda
Canara Bank
HDFC Bank Limited
ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
For Working Capital Loan
Canara Bank CC A/C	100.024	102.399
Term Loan
Canara Bank	61.280	33.564
SIDBI	8.440	6.742
Tata Capital Limited, Vehicle Loan	0.970	0.000
Magma Sharchi Finance Limited	3.475	0.343
ICICI Bank, Bistupur (Vehicle Loan)	0.782	1.511
HDFC Bank (Vehicle Loan)	0.435	0.807
Loan under Deferred Payment Scheme	0.000	0.278
Total	175.406	145.644

Banking Relations :	--

Financial Institution :	Tata Capital Limited Magma Sharchi Finance Limited

Auditors :
Name :	Ashok K Kedia and Associates Chartered Accountant
Address :	Room No. 10, 1^st Floor, Tiwary Bechar Complex, Main Road, Bistupur, Jamshedpur-831001, Jharkhand, India
Tel. No.:	91-657-2421552/ 2435304
E-Mail :	ashok_ca@sify.com
PAN.:	AAGFA6928D

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5620000	Equity Shares	Rs.10/- each	Rs.56.200 Millions
	Share Application Money (Pending Allotment)		Rs.23.800 Millions
	TOTAL		Rs.80.000 Millions

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		56.200	33.000	33.000
2] Share Application Money		23.800	32.000	7.700
3] Reserves & Surplus		31.532	19.952	16.245
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.532	84.952	56.945
LOAN FUNDS
1] Secured Loans		175.406	145.644	134.573
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		175.406	145.644	134.573
DEFERRED TAX LIABILITIES		7.045	3.134	1.596

TOTAL		293.983	233.730	193.114

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		140.623	89.583	75.449
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		32.312	17.376	7.412
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.907	72.663	56.486
	Sundry Debtors	65.914	59.792	52.836
	Cash & Bank Balances	11.981	4.496	2.781
	Other Current Assets	11.936	6.238	5.428
	Loans & Advances	35.409	31.453	19.910
Total Current Assets		219.147	174.642	137.441
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.799	43.943	19.205
	Other Current Liabilities	6.130	2.919	5.322
	Provisions	2.369	1.205	2.789
Total Current Liabilities		98.298	48.067	27.316
Net Current Assets		120.849	126.575	110.125

MISCELLANEOUS EXPENSES		0.199	0.196	0.128

TOTAL		293.983	233.730	193.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Gross Turnover	669.635	667.940	670.701
		Other Income	0.628	0.409	0.182
		TOTAL (A)	670.263	668.349	670.883

Less	EXPENSES
		Raw Material Consumed	490.290	484.540	487.617
		Manufacturing Expenses	99.737	129.949	27.865
		Administrative Expenses	30.502	26.387	128.864
			620.529	640.876	644.346
		Increase/(Decrease) in Finished Goods	(1.496)	(10.681)	(9.129)
		TOTAL (B)	619.033	630.195	635.217

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.230	38.154	35.666

Less	FINANCIAL EXPENSES (D)		17.945	18.334	16.686

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.285	19.820	18.980

Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.196	13.371	7.406

	PROFIT BEFORE TAX (E-F) (G)		17.089	6.449	11.574

Less	TAX (H)		5.509	2.741	3.768

	PROFIT AFTER TAX (G-H) (I)		11.580	3.708	7.806

	BALANCE CARRIED TO THE B/S		11.580	3.708	7.806

	Earnings Per Share (Rs.)		2.06	0.66	1.39

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.73	0.55	1.16

Net Profit Margin (PBT/Sales)	(%)	2.55	0.97	1.72

Return on Total Assets (PBT/Total Assets}	(%)	4.75	2.44	5.44

Return on Investment (ROI) (PBT/Networth)		0.15	0.08	0.20

Debt Equity Ratio (Total Liability/Networth)		2.45	2.28	2.84

Current Ratio (Current Asset/Current Liability)		2.23	3.63	5.03

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U27106WB19994PTC065256
Name of the company	HARDROCK FABRICATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, British Indian Street, Old Block, Room No. -27, First Floor, Kolkata-700069, West Bengal, India Email :
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank Houses Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email :
Nature of instrument creating charge	Memorandum recording past transaction of creation of mortgage by delivery of title deeds
Date of instrument Creating the charge	09.06.2011
Amount secured by the charge	Rs.311.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest at the rate as may be communicated by the bank from time to time. Terms of Repayment: Demand Margin: As may be stipulated by the bank from time to time Extent and operation of the charge: The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item no.15 as security for the due repayment of Rs.311.300 millions granted by bank including principal amount of the facilities, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property being situated at industrial property located at Plot No.A-33, 6^th Phase, Adityapur Industrial Area, Adityapur Village, Baagamhair, Khasra No-66

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.51.65
UK Pound	1	Rs.79.10
Euro	1	Rs.65.32

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	NO
--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.

MIRA INFORM REPORT

93.907

65.914

11.981

11.936

35.409

219.147

89.799

6.130

2.369

98.298

120.849

1.73

1.16

2.55

1.72

4.75

5.44

0.15

0.20

2.45

2.84

2.23

5.03

Unit