MIRA INFORM REPORT

Report Date :

08.06.2012

IDENTIFICATION DETAILS

Name :	SHIVANI LOCKS PRIVATE LIMITED
Registered Office :	Flat No. -4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi-110019, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.03.1988
Com. Reg. No.:	55-31152
Capital Investment/ Paid-up Capital:	Rs.20.673 Millions
CIN No.: [Company Identification No.]	U74999DL1988PTC031152
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Locks
No. of Employees:	Not Available

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 470000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There is some dip in the profitability of the company. However, net worth appears to be sound. Trade relations are reported as fair. Payments are reported to b 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

LOCATIONS

Registered Office :	Flat No. -4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi-110019, Delhi, India
Tel. No.:	91-11-26486686/26415479
Fax No.:	Not Available
E-Mail :	account1@shivanilocks.com shivani@shivanilocks.com
Web site:	www.shivanilocks.com
Factory :	Plot No. 58, 59 and 60, Sector-27A, Faridabad-121003, Haryana, India
Tel. No.:	91-129-5045479/ 5044511/ 5047506
Fax No.:	91-129-2274727
E-Mail :	shivni1@shivanilocks.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Krishan Lal Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

15.06.1937

Date of Appointment :

30.03.1988

Din No.:

00021642

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	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	30/03/1988	30/03/1988	-	Active	NO
2	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	2/4/1996	2/4/1996	-	Active	NO

Name :

Mr. Naresh Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

02.05.1961

Date of Appointment :

01.04.1996

Din No.:

00021678

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	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Managing director	1/4/1996	1/4/1996	-	Active	NO
2	U28113DL2011PTC219067	Otsuka Venus Automotive India Private Limited	Director	12/5/2011	12/5/2011	-	Active	NO

Name :

Mr. Raj Kathuria

Designation :

Director

Address :

2408.1947

Date of Birth/Age :

H. No. 530, Sector -14, Faridabad – 121007, Haryana, India

Date of Appointment :

30.03.1988

Din No.:

00022375

Name :

Mr. Dwarka Nath Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Appointment :

28.05.1999

Din No.:

00022382

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	U29309HR1983PTC016906	VENUS APPLIANCES PVT LTD	Director	7/11/1983	7/11/1983	-	Strike off	NO
2	U74899DL1995PTC064390	VENUS INDUSTRIES PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
3	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	2/4/1996	2/4/1996	-	Active	NO
4	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	28/05/1999	28/05/1999	-	Active	NO
5	L19201HR1981PLC012903	LAKHANI INDIA LIMITED	Director	31/03/2002	31/03/2002	8/7/2006	Active	NO

KEY EXECUTIVES

Name :	Pooja Arora
Designation :	Secretary
Address :	H. No. 691, Sector -16, Faridabad – 121007, Haryana, India
Date of Birth/Age :	23.05.1984
Date of Appointment :	19.07.2010
Pan No.:	AIWPA6907C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Krishan Lal Kathuria	158400
Naresh Kathuria	964500
Raj Kathuria	286200
Dwarka Nath Kathuria	621600
Tanish Kathuria	36600
Total	2067300

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Locks

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, Credit Risk Controls, H-2, Cannaught Circus, New Delhi-110 001, Delhi, India

· Indian Overseas Bank, 1-C/47-48, NIT, Faridabad-121001, Haryana, India

· HDFC Bank

· ICICI Bank

· Deutsche Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.20111	31.03.2010
Working capital loans banks secured	164.452	122.436
Loans taken for fixed assets secured	223.674	174.219
Total	386.126	296.655
UNSECURED LOAN	31.03.20111	31.03.2010
Loans directors unsecured	20.150	20.150
Other debt unsecured	0.000	0.242
Total	20.150	20.292

Banking Relations :	--
Auditors :
Name :	Y K Joneja And Company Chartered Accountant
Address :	B-377-378, Nehru Ground, Faridabad-121001, Haryana, India
E-Mail :	ykjoneja@rediffmail.com
Pan No.:	AAVPJ9153G
Associates:	Venus Stampings Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Share	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2067300	Equity Share	Rs.10/- each	Rs.20.673 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.673	20.673	20.673
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.506	84.855	42.719
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		117.179	105.528	63.392
LOAN FUNDS
1] Secured Loans		386.126	296.655	335.243
2] Unsecured Loans		20.150	20.392	23.054
TOTAL BORROWING		406.276	317.047	358.297
DEFERRED TAX LIABILITIES		21.190	14.890	21.439
Deferred Payment Liabilities		3.377	3.377	6.754
TOTAL		548.022	440.842	449.882
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		423.098	387.169	388.282
Capital work-in-progress		79.552	77.501	68.992
INVESTMENT		0.168	0.168	0.168
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.881	112.117	81.319
	Sundry Debtors	190.632	138.763	121.133
	Cash & Bank Balances	17.119	7.252	10.630
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.993	25.029	20.908
Total Current Assets		422.625	283.161	233.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	318.189	251.475	206.046
	Other Current Liabilities	34.503	31.584	21.676
	Provisions	24.729	24.098	14.054
Total Current Liabilities		377.421	307.157	241.776
Net Current Assets		45.204	(23.996)	(7.786)
MISCELLANEOUS EXPENSES		0.000	0.000	0.226
TOTAL		548.022	440.842	449.882

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1315.569	947.169	690.195
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		23.367	34.344	(30.135)
Less	TAX		11.717	[7.792]	(5.807)
	PROFIT / (LOSS) AFTER TAX		11.650	42.136	(24.328)
	EARNINGS IN FOREIGN CURRENCY		35.651	25.091	28.061
	IMPORTS
		Raw Materials	NA	0.000	2.640
		Components	NA	4.621	5.909
	TOTAL IMPORTS		NA	4.621	8.549
	Earnings Per Share (Rs.)		5.64	20.38	1.14

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.78	3.63	[4.37]
Return on Total Assets (PBT/Total Assets}	(%)	2.76	5.12	[4.84]
Return on Investment (ROI) (PBT/Networth)		0.20	0.33	[0.48]
Debt Equity Ratio (Total Liability/Networth)		6.68	5.92	9.46
Current Ratio (Current Asset/Current Liability)		1.12	0.92	0.97

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
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
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 the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FINANCIAL RESULTS/ COMPANY PROGRESS

The company has achieved sales of Rs.1315.569 Millions in current year compared to Rs.947.169 Millions in the previous year.

Profit before tax is Rs.23.367 Millions as compared to profit before tax of Rs.34.344 Millions in previous year. After providing for income tax, profit after tax is Rs.11.650 Millions as compared to profit after tax of Rs.42.136 Millions in previous year.

Form : 8

Corporate identity number of the company	U74999DL1988PTC031152
Name of the company	SHIVANI LOCKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. -4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi-110019, India Email: account1@shivanilocks.com
This form is for	Creation of charge
Type of charge	Book debts Immovable Property Floating Charge
Particular of charge holder	Indian Overseas Bank, 1-C/47-48, NIT, Faridabad-121001, Haryana, India Email: faridbr@chasco.iobnet.co.in
Nature of instrument creating charge	Letter of Hypothecation F 110 E and Confirmation Letters F 379 C evidencing creation of Supplemental Mortgage.
Date of instrument Creating the charge	28.03.2012
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest on CC and fresh Term Loan @ Base Rate + 3.75%, present effective rate @ 12.75% p.a. Interest on existing TL @ BPLR +1.00%, present effective rate @ 13.50% p.a., all rates with monthly rests. Terms of repayment As per Agreement. Margin Margin @ 25%. Extent and operation of the charge 100%
Particulars of the present modification	Hypothecation of Stocks, Book Debts Equitable Mortgage of company's properties situated at 1) Prithla Village, Tehsil Palwal, Distt Faridabad, 2) Plot No. 58 and 60, Sector-27 A, Faridabad, 3) 14/6, (Front Portion) Mathura Road Faridabad and 4) 14/6, Mathura Road (Rear Portion), Faridabad and 5) . Mauza Tatarpur, Village Prithila, Tehsil Palwal, Haryana.

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicle

· 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.55.15
UK Pound	1	Rs.85.22
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

BYI

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.