MIRA INFORM REPORT

Report Date :

30.06.2012

IDENTIFICATION DETAILS

Name :	HIMSKAF SYSTEMS PRIVATE LIMITED

Registered Office :	35A/1, 2^nd Floor, Shahpur Jat, New Delhi – 110049

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.09.2001

Com. Reg. No.:	55-112574

Capital Investment / Paid-up Capital :	Rs.11.500 millions

CIN No.: [Company Identification No.]	U29299DL2001PTC112574

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of formwork system, Scaffolding Accessories, decking System etc.

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 74000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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

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

INFORMATION PARTED BY (General Information)

Name :	Mr. Vinod
Designation :	Sales Manager
Contact No.:	91-1493-225414
Date :	25.06.2012

LOCATIONS

Registered Office :	35A/1, 2^nd Floor, Shahpur Jat, New Delhi – 110049
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	himskaf@hotmail.com
Websites:	http://www.himskaf.com
Location :	Owned

Head Office.1:	C-71, 2^nd Floor Palam Vyapar, Palam Vihar, Gurgaon – 122017, Haryana, India
Tel. No.:	91-124-4376257
Fax No.:	91-124-4376259


Factory / Head Office.2 :	B – 815, RIICO Industrial Area, Phase - 2, (District Alwar) Bhiwadi – 301019, Rajasthan, India
Tel. No.:	91-1493-225414/ 225415
Fax No.:	91-1493-225410

DIRECTORS

As on 30.09.2011

Name :	Mr. Subhash Sharma
Designation :	Director
Address :	308 Blok 40, Heritage City Mehrauli Gurgaon Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	16.01.1952
Date of Appointment :	27.09.2011
DIN No.:	00378668

Name :	Mr. Shephalika Sharma
Designation :	Director
Address :	308 Blok 40, Heritage City Mehrauli Gurgaon Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	01.0.1960
Date of Appointment :	02.12.2002
DIN No.:	00378680

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Subhash Sharma		689390
Anirudh Raghuvanshi		202600
Monica Raghuvanshi		183000
Shephalika Sharma		75000
Vinod Mishra		10
Total		1150000

As on 30.09.2011

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 and Exporter of formwork system, Scaffolding Accessories, decking System etc.

Exports :
Products :	Form work System, Scaffolding Accessories, Decking System etc.
Countries :	Middle east

Terms :
Selling :	L/C / T.T

Purchasing :	L/C / T.T

GENERAL INFORMATION

Customers :

Wholesalers / Retailers

No. of Employees :

50 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra, India

· Punjab National Bank

Facilities :

SECURED LOAN

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Punjab National Bank.

(Guaranteed by both the Directors in their individual capacity) Working Capital

Secured by First Charge on entire Current Assets, present and future, including entire stock, book debts, loans & advances etc.,

Cash Credit Limit

Packing Credit Limit

27.012

0.000

14.008

10.000

Term Loan

a. Secured against First Charge by way of Hypothecation of Plant

and Machinery, Building and other Fixed Assets financed by the Bank (Amount Due within one year Rs.7,50,000)

2.162

1.453

b. Term Loan from Secured against Hypothecation of Vehicles Financed by the Bank

(Amount Due within one year Rs,1,82,308)

0.814

0.843

Total

29.988

26.304

UNSECURED LOAN

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Shareholders (Interest Free)

0.720

From Banks

HDFC Bank

2.103

0.757

(Due within one year Rs.0.773 millions) Kotak Mahindra Bank (Due within one year Rs.0.722 millions)

1.143

1.373

From Others

Loan From Tata Capital Limited ( Due within one year Rs.0.454 millions)

1.288

0.000

Total

5.254

2.850


Banking Relations :	--

Auditors :
Name :	Pruthi And Pruthi Associates Chartered Accountant
Address :	A-504, Somdutt Chambers -15, Bhika Ji Cama Place, New Delhi – 110066, India
Tel. No.:	91-26197830/ 26107362
Fax No.:	91-26107362
PAN.:	AAACH2303Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1150000	Equity Shares	Rs.10/- each	Rs.11.500 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		11.500	11.500	10.000
2] Share Application Money		0.200	0.200	0.000
3] Reserves & Surplus		6.857	6.435	6.214
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.557	18.135	16.214
LOAN FUNDS
1] Secured Loans		29.988	26.304	24.764
2] Unsecured Loans		5.254	2.850	6.236
TOTAL BORROWING		35.242	29.154	31.000
DEFERRED TAX LIABILITIES		0.123	0.079	0.169

TOTAL		53.922	47.368	47.383

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		16.366	15.168	15.212
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.856	33.451	19.328
	Sundry Debtors	15.068	18.358	18.720
	Cash & Bank Balances	5.089	0.657	5.009
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.293	1.805	5.480
Total Current Assets		67.306	54.271	48.537
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.007	20.992	15.389
	Other Current Liabilities	7.774	0.940	0.451
	Provisions	0.000	0.191	0.599
Total Current Liabilities		29.781	22.123	16.439
Net Current Assets		37.525	32.148	32.098

MISCELLANEOUS EXPENSES		0.031	0.052	0.073

TOTAL		53.922	47.368	47.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009

		TURNOVER	100.273	106.337	99.340
		Other Income	NA	NA	NA
		Total	NA	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.682	2.494	3.442

Less/ Add	DEPRECIATION/ AMORTISATION		2.072	2.167	1.987

	PROFIT BEFORE TAX		0.610	0.327	1.455

Less	TAX		0.189	0.106	0.497

	PROFIT AFTER TAX		0.421	0.221	0.958

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.435	6.214	5.256

	BALANCE CARRIED TO THE B/S		6.856	6.435	6.214

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.014	18.465	74.089

	Earnings Per Share (Rs.)		0.37	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.72	0.47	2.28

Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.09

Debt Equity Ratio (Total Liability/Networth)		3.50	2.82	2.93

Current Ratio (Current Asset/Current Liability)		1.25	2.45	2.95

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	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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	Yes
30) Major Shareholders, if available	Yes

NOTE:

The Registered Office of the company has been shifted from 6127/2, SEC-D Pocket 6, vasant Kunj, New Delhi – 110017, India to the present address w.e.f.11.07.2008

OPERATION REVIEW

The Company made a turnover of Rs. 100.273 Millions (including export turnover of Rs. 0.013 Millions) as against Rs. 106.337 millions (including export turnover of Rs. 18.465 Millions) in the previous year. The Company earned a net profit of Rs 0.611 millions before providing for taxation as against Rs 0.326 millions in the previous year .Out of Rs. 0.611 millions, Rs. 0.189 millions has been provided for taxation leaving a balance of Rs 0.422 millions in the Profit and Loss Account, which is carried over to the Balance Sheet.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299DL2001PTC112574
Name of the company	HIMSKAF SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	35A/1, 2^nd Floor, Shahpur Jat, New Delhi – 110049, India himskaf@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10285912
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	a] Supplementary Letter of Hypothecation b] Memorandum Recording Past Transaction of Creation of Mortgage by Delivery of Title Deeds. [Collectively constitute a single charge for Rs.47.769 millions].
Date of instrument Creating the charge	31.05.2012
Amount secured by the charge	Rs.47.769 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as stipulated in the Bank's Sanction Letter. Terms of Repayment Working capital facility shall be payable On Demand. Term Loan facility shall be repayable in suitable installments. Margin Margin as stipulated in the Bank's Sanction Letter. Extent and Operation of the charge (a)Hypothecation by way of First Charge on Stock, Book Debt, Plant and Machinery and Vehicles to secure as a continuing security as stated in Column No.15 below, (b) The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds(by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.47.769 millions together with principal, interest, liquidated damages, costs, charges and expenses. Others NIL
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights The movable plant and machinery and Vehicles which may now or at any time hereafter belong to the Borrower or come to the Borrower's disposal any of the Immovable property situated at B-815, Industrial Area, Phase - II, Bhiwadi.
Date of latest modification prior to the present modification	24.05.2011
Particulars of the present modification	The charge shall now stand increased from Rs.39.986 millions to Rs.47.769 in favour of the Bank against the security of stocks, book debts, Plant and Machinery and Vehicles and immovable properties being lying and situate at B-815, Industrial Area, Phase - II, Bhiwadi.

FIXED ASSETS

· Land

· Factory Building

· Furniture and fixture

· Electric Fitting

· Air conditioner

· Fire Extinguishers

· Generator

· Material Handling Equipment

· Office Equipment

· Plant and machinery

· Car

· Motor Vehicles

· Cycles

· Computer

Intangible Assets

· Computer Software

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.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Information Gathered by :	SBA

Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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		29

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.