MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	SHREE VAISHNAV ALLOYS PRIVATE LIMITED (w.e.f. 05.11.2003)
Formerly Known As :	RABALE STEEL PRIVATE LIMITED
Registered Office :	503, Vyapar Bhavan 49, P D’Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.07.1996
Com. Reg. No.:	11-100963
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U27100MH1996PTC100963
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42154A
PAN No.: [Permanent Account No.]	AABCR8012K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of TMT Tempcore Bars.
No. of Employees:	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 652204
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

INFORMATION PARTED BY

Name :	Mr. Dinesh Agarwal
Designation :	Chief Executive Officer
Contact No.:	91-9820122319
Date :	01.06.2012

LOCATIONS

Registered Office :	503, Vyapar Bhavan 49, P D’Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel No.:	91-22-66334044
Mobile No.:	91-9820122319 (Mr. Dinesh Agarwal )
Fax No.:	91-22-23484044
E-Mail :	sales@vaishnavtmt.com dsagarwal@yahoo.com mail@vaishnavgroup.com
Website :	http://www.vaishnavgroup.com
Area :	1500 sq. ft.
Location :	Owned
Factory :	Gut No. 8 and 78, Off Bharat Fertilizer Road, Kharewali, Taluka Wada, District Thane, Mumbai, Maharashtra, India
Tel. No.:	91-2526-220892
Administrative Office :	519, Vyapar Bhavan 49, P.D. Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23724044 /45 /46
Fax No.:	91-22-23724031

DIRECTORS

AS ON 07.09.2010

Name :	Mrs. Rajrani S. Agarwal
Designation :	Director
Address :	Vaishnav Sadan Bunglow, No.2, Vikas Classiqe, CHS, Behind Basant Cinema, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	10.07.1950
Date of Appointment :	01.10.2002
Name :	Mr. Vipin S. Agarwal
Designation :	Director
Address :	Vaishnav Sadan Bunglow, No.2, Vikas Classiqe, CHS, Behind Basant Cinema, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	16.11.1977
Date of Appointment :	01.10.2002
Name :	Mr. Shersingh O. Agarwal
Designation :	Director
Address :	Vaishnav Sadan Bunglow, No.2, Vikas Classiqe, CHS, Behind Basant Cinema, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	10.07.1951
Date of Appointment :	12.01.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.09.2010

Names of Shareholders	No. of Shares
Vipin Agarwal	66000
Rajrani S, Agarwal	264000
Sher Singh Agarwal	445000
Dipesh Shersingh Agarwal	227500
S. S. Agarwal (HUF)	212500
Preeta Agarwal	260000
Dinesh Agarwal HUF	25000
Total	1500000

AS ON 07.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of TMT Tempcore Bars
Terms :
Selling :	Cash, Credit (30 days, 60 days, 90 days)
Purchasing :	Cash, Credit (30 days, 60 days, 90 days)

GENERAL INFORMATION

Suppliers:

Shree Vaishnav Casting Private Limited

Customers :

• End Users
• OEM’s
• Shree Gurudev Enterprises

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Wagle Industrial Estate Branch, District Thane, Thane - 400604, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks secured	23.477	0.000
Working capital loans banks secured	122.230	130.853
Loans taken for other fixed assets secured	16.042	0.000
Total	161.749	130.853
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors unsecured	0.405	4.863
Other debt unsecured	44.250	6.128
Total	44.655	10.991

Banking Relations :	--
Auditors :
Name :	M B Agarwal and Company Chartered Accountant
Address :	204, Mhatre Pen Building, Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
Associates :	· R.V. Steel (Partnership concern) · Shree Vaishnav Ispat Private Limited · Shree Vaishnav Industries Private Limited · Shree Vaishnav Udyog Private Limited · Shree Vaishnav Castings Private Limited · Shree Vaishnav Finance (Partnership concern) · Shree Vaishnav Metal and Power Private Limited · Shree Vaishnav Wire and Rod Private Limited · Sunbeam Suppliers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012
Sales Turnover (Approximately)	1800.000

Expected Sales (2012-2013) : Rs.1820.000 Millions

The above information has been parted by Mr. Dinesh (Chief Executive Officer)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		148.051	121.270	93.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		163.051	136.270	108.410
LOAN FUNDS
1] Secured Loans		161.749	130.853	143.056
2] Unsecured Loans		44.655	10.991	12.743
TOTAL BORROWING		206.404	141.844	155.799
DEFERRED TAX LIABILITIES		12.374	8.904	6.987
TOTAL		381.829	287.018	271.196
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.859	75.850	53.760
Capital work-in-progress		0.000	1.258	17.975
INVESTMENT		37.331	3.908	4.150
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.646	157.207	159.509
	Sundry Debtors	44.901	135.676	39.300
	Cash & Bank Balances	43.311	38.823	11.139
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	48.174	42.933	38.120
Total Current Assets		363.032	374.639	248.068
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.643	154.359	40.404
	Other Current Liabilities	0.271	1.897	0.204
	Provisions	11.479	12.382	12.149
Total Current Liabilities		159.393	168.637	52.757
Net Current Assets		203.639	206.002	195.311
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		381.829	287.018	271.196

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	1467.841	1529.522
		Other Income		5.486	3.378
		TOTAL (A)	NA	1473.327	1532.900
Less	EXPENSES
		Raw material and Stores Consumed		1320.481	1450.322
		Manufacturing and Operating Expenses		31.021	35.288
		Personnel Expenses	NA	25.034	24.728
		Selling and Administrative Expenses		6.924	5.767
		Increase / Decrease in stock		17.780	(44.932)
		TOTAL (B)	NA	1401.240	1471.173
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	72.087	61.727
Less	FINANCIAL EXPENSES (D)		NA	25.648	18.521
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	46.439	43.206
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	4.944	5.893
	PROFIT BEFORE TAX (E-F) (G)		42.750	41.495	37.313
Less	TAX (I)		11.479	14.135	13.439
	PROFIT AFTER TAX (G-I) (J)		NA	27.360	23.874
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	86.410	62.536
	BALANCE CARRIED TO THE B/S		NA	113.770	86.410
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	2.119
	TOTAL EARNINGS		NA	NA	2.119
	Earnings Per Share (Rs.)		NA	28	25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.85	1.55
Net Profit Margin (PBT/Sales)	(%)	NA	2.82	2.43
Return on Total Assets (PBT/Total Assets}	(%)	8.48	9.21	12.36
Return on Investment (ROI) (PBT/Networth)		0.26	0.30	0.34
Debt Equity Ratio (Total Liability/Networth)		2.24	2.27	1.92
Current Ratio (Current Asset/Current Liability)		2.28	2.22	4.70

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Sundry Creditors due small micro Enterprises	0.000	0.000
Sundry Creditors due others	147.643	154.359
Total	147.643	154.359

(Rs. In Millions)

Particulars	31.03.2009
Sundry Creditors for goods - Direct	34.587
Sundry Creditors for Goods	0.000
Sundry Creditors for consumable and Fixed Assets	2.374
Sundry Creditors for Expenses	3.443
Total	40.404

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

NOTE :

The Registered office address of the company has been shifted from 519, Vyapar Bhavan NTS49 P D’Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India to Present address w.e.f. 01.01.2010

Fixed Assets :

• Freehold Land
• Factory Building
• Office Premises and others
• Plant and Machinery
• Electrical Installation
• Crane
• Furniture and Fixture
• Computers
• Workshop Machines
• Branding Machines
• Rolls
• Vehicles
• Coal Based Gasified
• Weight bridge
• Office Equipments

FORM : 8

Corporate identity number of the company	U27100MH1996PTC100963
Name of the company	SHREE VAISHNAV ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	519 Vyapar Bhavan Nts49 P D'mello Road, Carnac Bunder, Mumbai, Maharashtra – 400009, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank Of India, Mid Corp Loan Admn. Unit, Rto Lane, Shri Hari Building, Versova, Andheri (W), Mumbai – 400053, Maharashtra, India
Nature of instrument creating charge	No Instrument. Memorandum For Recording Extension Of Mortgage By Deposit Of Title Deeds Covering Enhanced Limits And/Or Creation Of Equitable Mortgage On Additional Properties For Existing Limits And Enhanced Limits And Additional Facilities
Date of instrument Creating the charge	20/09/2010
Amount secured by the charge	Rs. 382.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : As Per Sanction Terms And Conditions Terms of repayment : As Per Sanction Terms And Conditions Margin : As Per Sanction Terms And Conditions Extent and operation of the charge : Not Applicable Other : Not Applicable
Short particulars of the property charged (Including location of the property)	All Present And Future Goods, Bookdebts And All Other Movable Assets of The Borrower Including Documents of Title To Goods, Outstanding Monies, Receivables, Claims, Bills, Invoices, Documents, Contracts, Engagements, Securities, Investments And Rights And The Present Machinery And All Future Machinery, Hypothecation of Stock, Bookdebts Other Current Assets of The Company.
Date of instrument modifying the charge	20/09/2010
Particulars of the present modification	Now By The Present Modfn. Dt.20.9.2010 The Company Offered An Additional Collateral Security By Way Of An Equitable Mortgage By Deposit Of Title Deeds Over The Immovable Properties To Secure Its Extended Limits Of Rs.382.000 Millions

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.55.91
UK Pound	1	Rs.86.03
Euro	1	Rs.69.12

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SDA

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.