MIRA INFORM REPORT

Report Date :

23.06.2012

IDENTIFICATION DETAILS

Name :	VARDHMAN ROOFING PRIVATE LIMITED
Registered Office :	A-I/196-197, Rohini Sector -6, Delhi - 110085
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.06.2009
Com. Reg. No.:	55-191463
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74999DL2009PTC191463
TAN No.: [Tax Deduction & Collection Account No.]	DELV09498G
PAN No.: [Permanent Account No.]	AADCV0277G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of cements sheets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has failed to file its financial with the government department after the year 2010. From the past records, it is evident that the company was expecting to starts its business activities by the end of the year 2010. Initially, the company can be considered for small business dealings on a safe and secured 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 :	A-I/196-197, Rohini Sector -6, Delhi – 110085, India
Tel. No.:	91-11-27933056
Fax No.:	Not Available
E-Mail :	amitsehgalcs@gmail.com ncjain@vardhmanroofing.in nipunjain.ca@gmail.com bharara_92@yahoo.co.in info@vardhmanroofing.in
Website :	http://www.vardhmanroofing.in
Marketing Office :	North India (India)
Tel. No.:	91-180-264-0231/ 2647531/ 2640583/ 2639729
Fax No.:	91-180-2630119
E-Mail :	info@vardhmanroofing.in
Factory.1 :	Kala-Amb-173030 Himachal Pradesh, India
Tel. No.:	91-1702-238048
Factory.2.	Village Kheri P.O Trilokur, Tehsil Nahan District, Sirmour Himachal Pradesh, India

DIRECTORS

As on 27.09.2010

Name :

Mr. Sushil Kumar Jain

Designation :

Director

Address :

H. No. 1117-B, Bishan Sarup Colony, Panipat – 132 103, Haryana, India

Date of Appointment :

22.06.2009

DIN No.:

00535889

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27203HR1997PTC033711	VARDHMAN TRADING COMPANY PRIVATE LIMITED	Director	17/09/1997	17/09/1997	-	Active	NO
2	U74999DL2009PTC191463	VARDHMAN ROOFING PRIVATE LIMITED	Director	22/06/2009	22/06/2009	-	Active	NO

Name :

Mr. Nem Chand Jain

Designation :

Director

Address :

H. No. 1117-B, Bishan Sarup Colony, Panipat – 132 103, Haryana, India

Date of Appointment :

22.06.2009

DIN No.:

02667351

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999DL2009PTC191463	VARDHMAN ROOFING PRIVATE LIMITED	Director	22/06/2009	22/06/2009	-	Active	NO
2	U24100HR2011PTC044258	SANDEN CHEM (INDIA) PRIVATE LIMITED	Director	8/11/2011	8/11/2011	1/6/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Sushil Kumar Jain	5000
Nem Chand Jain	5000
Total	10000

List of Allottees (As on 31.05.2011)

Names of Allottees	No. of Shares
Abhishek Jain	100000
Anita Jain	150000
Anshul Jain	100000
Lakhmi Chand Jain	1000000
Lakhmi Jain and Sons (HUF)	200000
Mamta Jain	150000
N.C. Jain and Sons (HUF)	200000
Nem Chand Jain	250000
Panno Devi	150000
Sanjay Jain	1000000
Sanjay Jain and Sons (HUF)	150000
Savita Jain	150000
Sushil Jain and Sons (HUF)	200000
Sushil Kumar Jain	200000
Total	4000000

As on 27.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of cement sheets.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India, Panipat Mid Corporate Branch, 1st Floor, Anand Plaza, Near Hotel Gold, G. T. Road,, Panipat - 132103, Haryana, India

· KARUR Vysya Bank

· Union Bank of India

Facilities :

UNSECURED LOAN	As on 31.03.2010 (Rs. In Millions)
From Director	0.000
From Share holder	55.965
Total	55.965

Banking Relations :	--
Auditors :
Name :	D N J and Company Chartered Accountant
Address :	15, S. D. College Market, Panipat – 132103, Haryana, India
PAN.:	AAEFD6294K

CAPITAL STRUCTURE

After As on 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4010000	Equity Shares	Rs.10/- each	Rs.40.100 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.200
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.300
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		55.965
TOTAL BORROWING		55.965
DEFERRED TAX LIABILITIES		0.000
TOTAL		56.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.266
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.316
	Other Current Assets	0.000
	Loans & Advances	44.847
Total Current Assets		45.163
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.398
	Other Current Liabilities	0.332
	Provisions	0.000
Total Current Liabilities		4.730
Net Current Assets		40.433
MISCELLANEOUS EXPENSES		0.208
OTHER (PLEASE SPECIFY)		3.358
TOTAL		56.265

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	202.32
Current Ratio (Current Asset/Current Liability)	9.55

LOCAL AGENCY FURTHER INFORMATION

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

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999DL2009PTC191463
Name of the company	VARDHMAN ROOFING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-I/196-197, Rohini Sector -6, Delhi – 110085, India bharara_92@yahoo.co.in
This form is for	Creation of charge
Type of charge	· Immovable property · Movable property (not being pledge) · (Others)-Hypothecation of Plant And Machinery
Particular of charge holder	Bank of India, Panipat Mid Corporate Branch, 1st Floor, Anand Plaza, Near Hotel Gold, G. T. Road,, Panipat - 132103, Haryana, India panipatmidcorp.chandigarh@bankofindia.co.in
Nature of instrument creating charge	Hypothecation Cum Loan Agreement. (Plant and Machinery, Stocks And Book Debts) and Equitable Mortgage Of Property (IFD-010).
Date of instrument Creating the charge	08.04.2011
Amount secured by the charge	Rs.110.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest @ 2.75% Above Base Rate With A Minimum 12.25% Per Annum With Monthly Rests or At Such Other Rates As May Be Notified To Them By The Bank From Time To Time. Terms of Repayment Repayment In 78 Monthly Installments Of Rs.1.410 millions Commencing After Six Months Of First Disbursement. Margin 34.64%. Extent and Operation of the charge Availed fresh term loan of Rs.110.000 millions Others Penal Interest @2%per annum.
Short particulars of the property charged	Hypothecation of plant and machinery. 1) equitable mortgage of property land and building comprised in Khewat no.143 min. Khatauni no. 152 bearing khasara No.532/285/168 (1-5) vide sale deed no.751 dated 11.10.2010registered with the office of sub-registrar, nahan and mutation no. 805 sanctioned no 28.10.2010 admeasuring 1 bigha 5 biswas and 2) equitable mortgage of property land and building comprised in khewat no. 50 min. Khatauni no. 52 bearing khasara no. 305/103(4-19), khewat no. 138, khatauni no. 146 bearing khasara no.197/110(11-10) vide sale deed no. 759 dated 12.10.10 registered with the office of sub-registrar, nahan and mutation no. 807 sanctioned on 28.10.10 admeasuring 16 bigha 9 biswas and 3) equitable mortgage of property land and building comprised in Khewat no. 57 min. Khatauni no. 59 bearing Khasara no. 190/104(8-17), Khewat no. 151, Khatauni no. 160 bearing Khasara no 198/110(4-12) vide sale deed no. 752 dated 11.10.10 registered with the office of sub-registrar, nahan and mutation no. 806 sanctioned on 28.10.10 admeasuring 13 bigha 9 biswas and 4) equitable mortgage of property land and building comprised in Khewat no. 43 min. Khatauni no. 45 bearing Khasara no. 304/103(10-0) vide sale deed no.771 dated 18.10.10 registered with the office of sub-registrar, nahan and mutation no. 808 sanctioned on 28.10.2010 admeasuring 10 bigha 0 biswas . Registered with the office of sub-registrar, nahan and mutation no. 808 sanctioned on 28.10.2010 admeasuring 10 bigha 0 biswas.

FIXED ASSETS

· Building

· Computer

· Machinery

AS PER WEBSITES DETAILS:

PROFILE:

Subject has recently established a most modern and state-of-art fully automatic plant with latest technology for manufacturing Asbestos cement Corrugated Roofing Sheets and allied products.

The asbestos cement corrugated sheets are produced in the plant with finest quality of raw material and undergo stringent quality control measures of various stage during manufacturing under constant supervision by highly experienced quality conscious professionals.

They assure of producing the best quality of A.C.Sheets and Accessories to meet the requirements of various industries in the market (with the reputed brand name of Vardhman A.C. sheets). They intend to penetrate in deep up to the remote areas of rural and urban region with their commitment for Quality, Strength and Economy.

Vardhman A.C. Corrugated Roofing Sheets are made from fibre, Portland cement and binder. The fibre in sheets acts as a strong reinforcement in the same way as steel in RCC.

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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	1
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.