MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED
Registered Office :	Chopra House, 42, Vivekananda Road, Ground Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.2008
Com. Reg. No.:	21-128908
Capital Investment / Paid-up Capital :	Rs.21.266 Millions
CIN No.: [Company Identification No.]	U29300WB2008PTC128908
TAN No.: [Tax Deduction & Collection Account No.]	CALS21509F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Stainless Steel Utensils
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 313000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of M/s. Shiva Industries erstwhile a proprietory concern. It is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 :	Chopra House, 42, Vivekananda Road, Ground Floor, Kolkata – 700007, West Bengal
Tel. No.:	91-33-22247110
Fax No.:	91-33-22249507
E-Mail :	guptapawankr@yahoo.co.in
Head Office :	C-91/1, NR Marry Makers Banquet Hall, Wazirpur Industrial Area, Delhi - 110052
Tel. No.:	91-11-27374322, 27374323, 42475800
Fax No.:	91-11-46074450
E-Mail :	shivautensils@gmail.com
Branch office :	105, Mukesh Apartment, 1^st Floor, Navghar Road, Bhayandar (East), Mumbai, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Pawan Kumar Gupta

Designation :

Director

Address :

20, Maharshi Derendra Road, 3^rd Floor, Kolkata – 700007, west Bengal, India

Date of Birth/Age :

27.06.1961

Date of Appointment :

28.08.2008

DIN No.:

00230504

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC058024	SCORPIAN IRON AND STEELS PRIVATE LIMITED	Director	28-12-95	28-12-95	Active	NO
2	U74940WB2000PTC091995	P.B. HOLOTECH INDIA PRIVATE LIMITED	Director	14-06-00	14-06-00	Active	NO
3	U36999WB1990PTC048412	MKK ZIP INDUSTRIES PRIVATE LIMITED	Director	29-06-06	29-06-06	Active	NO
4	U51909WB1996PTC079361	PAYAL DEALERS PRIVATE LIMITED	Director	10-11-06	10-11-06	Active	NO
5	U74899DL1987PTC028187	SHIVAM STEELS PRIVATE LIMITED	Director	24-02-07	24-02-07	Active	NO
6	U74899DL1989PTC035310	AZAD GLASS AND CHEMICALS PRIVATE LIMITED	Director	01-01-08	01-01-08	Active	NO
7	U29300WB2008PTC128908	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED	Director	28-08-08	28-08-08	Active	NO
8	U27100WB2008PLC130749	MAHASATI ROLLING MILLS LIMITED	Director	21-11-08	21-11-08	Active	NO
9	U27109WB2004PTC100185	JVS ISPAT PRIVATE LIMITED	Director	12-11-09	12-11-09	Active	NO

Name :

Mr. Shiv Kumar Gupta

Designation :

Director

Address :

BT – 43, Shalimar Bagh, Delhi – 110082, India

Date of Birth/Age :

22.11.1958

Date of Appointment :

28.08.2008

DIN No.:

00944044

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28996DL1998PTC091636	SILVERLINE UTENCILS PRIVATE LIMITED	Director	13-01-98	13-01-98	Active	NO
2	U74899DL1987PTC028187	SHIVAM STEELS PRIVATE LIMITED	Director	24-02-07	24-02-07	Active	NO
3	U74899DL1989PTC035310	AZAD GLASS AND CHEMICALS PRIVATE LIMITED	Director	01-01-08	01-01-08	Active	NO
4	U74120DL2008PTC181687	UDDHAV AUTO STEELS PRIVATE LIMITED	Director	04-08-08	04-08-08	Active	NO
5	U29300WB2008PTC128908	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED	Director	28-08-08	28-08-08	Active	NO
6	U27100WB2008PLC130749	MAHASATI ROLLING MILLS LIMITED	Director	07-03-09	07-03-09	Active	NO

Name :

Mr. Hemant Kumar Gupta

Designation :

Director

Address :

BT – 43, Shalimar Bagh, Delhi – 110082, India

Date of Birth/Age :

23.06.1982

Date of Appointment :

28.08.2008

DIN No.:

00883884

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC058024	SCORPIAN IRON AND STEELS PRIVATE LIMITED	Director	29-03-03	29-03-03	Active	NO
2	U74899DL1989PTC035310	AZAD GLASS AND CHEMICALS PVT LTD	Director	01-01-08	01-01-08	Active	NO
3	U67120WB1995PTC075088	PIRJI COMMERCE AND OMPANY PRIVATE LIMITED	Director	17-01-08	17-01-08	Active	NO
4	U74120DL2008PTC181687	UDDHAV AUTO STEELS PRIVATE LIMITED	Director	04-08-08	04-08-08	Active	NO
5	U29300WB2008PTC128908	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED	Director	28-08-08	28-08-08	Active	NO

Name :

Mr. Nitin Goel

Designation :

Director

Address :

H-3/70, Sector 18, Rohini, Delhi – 110085, India

Date of Birth/Age :

13.05.1974

Date of Appointment :

03.08.2009

DIN No.:

00946520

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC058024	SCORPIAN IRON AND STEELS PRIVATE LIMITED	Director	29-03-03	29-03-03	Active	NO
2	U29300WB2008PTC128908	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO

Name :

Mr. Neeraj Goel

Designation :

Director

Address :

H-3/70, Sector 18, Rohini, Delhi – 110085, India

Date of Birth/Age :

24.08.1972

Date of Appointment :

03.08.2009

DIN No.:

00824470

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28996DL1998PTC091636	SILVERLINE UTENCILS PRIVATE LIMITED	Director	13-01-98	13-01-98	Active	NO
2	U29300WB2008PTC128908	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shiv Kumar Gupta	1086700
Pawan Kumar Gupta	28198
Hemant Gupta	23900
S.K Gupta and Sons HUF	19500
Aparna Gupta	10000
Pawan Kumar Gupta HUF	22500
Gita Devi Gupta	31500
Scorpion Iron and Steel Private Limited	54200
Payal Dealers Private Limited	292000
Priti Commerce and Trading Company Private Limited	359500
Neeraj Goel and Sons HUF	8000
Virendra Kumar and Sons HUf	7000
Ashish Goel	7000
Nitin Goel	9000
Anita Gupta	25000
Neelam Gupta	22000
Rameswar Deyal Gupta	20000
R.D. Gupta and Sons HUF	16500
Suchi Gupta	16000
Shikha Gupta	3000
Silverline Utensils Private Limited	65000
Hemant Gupta and Sons HUF	100
TOTAL	2126598

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	36.25
Directors or relatives of Directors	63.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Stainless Steel Utensils
Products :	Steel Utensils

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Canara Bank, Wazirpur, Ashok Vihar, Delhi – 110052, India

Banking Relations :	--
Auditors :
Name :	B.D. Gupta and Associates Chartered Accountant
Address :	3618/X/1, N S Road, Daryaganj, New Delhi- 110002, India
Tel. No.:	91-11-22720236
E-Mail :	bdguptaassociates@rediffmail.com bdguptaandassociates@hotmail.com
PAN.:	AADFB7892G

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital of Rs.60.000 Millions

Issued, Subscribed and Paid Up Capital of Rs.42.532 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2126598	Equity Shares	Rs.10/- each	Rs.21.266 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		21.266	21.266	8.477
2] Share Application Money		0.000	0.625	0.150
3] Reserves & Surplus		57.038	52.519	33.308
4] (Accumulated Losses)		0.000	0.000	(0.022)
NETWORTH		78.304	74.410	41.935
LOAN FUNDS
1] Secured Loans		142.638	89.438	0.000
2] Unsecured Loans		13.603	11.068	0.000
TOTAL BORROWING		156.241	100.506	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		234.545	174.916	41.913
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.482	5.094	0.000
Capital work-in-progress		1.510	0.419	0.000
INVESTMENT		6.506	9.240	41.520
DEFERREX TAX ASSETS		0.199	0.095	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.067	47.858	0.000
	Sundry Debtors	200.914	109.517	0.000
	Cash & Bank Balances	1.127	1.803	0.203
	Other Current Assets	46.773	148.786	0.000
	Loans & Advances	0.293	0.168	0.000
Total Current Assets		327.174	308.132	0.203
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	116.526	147.464	0.053
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.946	0.794	0.000
Total Current Liabilities		119.472	148.258	0.053
Net Current Assets		207.702	159.874	0.150
MISCELLANEOUS EXPENSES		0.146	0.194	0.243
TOTAL		234.545	174.916	41.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	702.434	476.270	0.000
		Other Income	87.423	66.142	0.000
		TOTAL (A)	789.857	542.412	0.000
Less	EXPENSES
		Decrease In Stock	6.041	14.101	0.000
		Raw Material Consumed	625.612	437.691	0.000
		Stores and Spares Part Consumed	29.121	31.551	0.000
		Manufacturing Expenses	11.093	23.008	0.000
		Administration Expenses	85.590	14.856	0.022
		Personnel Expenses	13.677	9.992	0.000
		Prior Period Expenses	0.001	0.056	0.000
		TOTAL (B)	771.135	531.255	0.022
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.722	11.157	(0.022)
Less	FINANCIAL EXPENSES (D)		10.629	7.953	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.093	3.204	(0.022)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.525	1.019	0.000
	PROFIT BEFORE TAX (E-F) (G)		6.568	2.185	(0.022)
Less	TAX (H)		2.049	0.699	0.000
	PROFIT AFTER TAX (G-H) (I)		4.518	1.486	(0.022)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.464	(0.022)	0.000
	BALANCE CARRIED TO THE B/S		5.982	1.464	(0.022)
	Earnings Per Share (Rs.)		2.12	0.73	(0.01)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.57	0.27	0.00
Net Profit Margin (PBT/Sales)	(%)	0.94	0.40	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.90	0.70	(10.84)
Return on Investment (ROI) (PBT/Networth)		0.08	0.03	0.00
Debt Equity Ratio (Total Liability/Networth)		3.52	3.34	0.00
Current Ratio (Current Asset/Current Liability)		2.74	2.08	3.83

LOCAL AGENCY FURTHER INFORMATION

Financial Result

During the year ended on 31^st March 2011 the company has earned a net profit of Rs.6.568 millions before providing provision for income of Rs.2.150 and deferred tax assets for Rs.0.104 millions and balance earned to balance sheet

Form 8

Corporate identity number of the company	U29300WB2008PTC128908
Name of the company	SHIVA UTENSILS INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Chopra House, 42, Vivekananda Road, Ground Floor, Kolkata – 700007, West Bengal, India Email : guptapawankr@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10180969
Type of charge	Book Debts Movable Property (not being pledge) Floating charge
Particular of charge holder	Canara Bank, Wazirpur, Ashok Vihar, Delhi – 110052, India Email: ca_rcg@yahoo.co.in
Nature of instrument creating charge	Supplemental Agreement dated 18.11.2011, Supplemental Collateral Security Agreement dated 18.11.2011 and Hypothecation Agreement for Packing Credit Advances dated 18.11.2011 for Rs. 65.000 millions
Date of instrument Creating the charge	18.11.2011
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per Extant Guidelines presently @ 11.25% p.a. at monthly rest. Terms of Repayment: Payable on demand. Margin: 25% for PC and NIL for Bills. Extent and operation of charge: 100% Others: To secure all amounts payable under enhanced PC/FDB/FBE(O/PBLC/NPBLC) limit of Rs.200.000 millions with a cap on PC limit of Rs65.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock of all goods and commodities belonging to the borrower now lying or hereafter stored at Company's premises at C-91/1, Wazirpur Indl. Area, Delhi or at any other place(s) including those in transit and all book-debts, outstandings, monies receivables, claims and bills etc. - both present and future. Collaterally secured by all plant, machinery, motor vehicles, tools and accessories already purchased as described in Schedule `A' of the Agreement as also the machinery etc. to be purchased hereafter particulars whereof will be furnished later erected/to be erected/kept/to be kept or in transit for being erected at the premises of the borrower situated at C-91/1, Wazirpur Indl. Area, Delhi or wheresoever it may be.
Date of instrument modifying the charge	11.10.2010
Particulars of the present modification	The charge on stock of all goods and book-debts of the Company - both present and future as prime security and all plant and machinery, motor, vehicles and tools and accessories and all other moveable fixed assets of the Company - both present and future as collateral security stands enhanced from Rs. 140.000 millions to Rs. 200.000 millions

Fixed Assets

• Furniture and Fixture
• Plant and Machinery
• Vehicle
• Office Equipment
• Land

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.50.24
UK Pound	1	Rs.78.13
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		28

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.