MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	VASUNDHRA SINTERED PRIVATE LIMITED
Registered Office :	S-90, Badli Industrial Estate, Delhi – 110042, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.06.1999
Com. Reg. No.:	100139
Capital Investment / Paid-up Capital :	Rs.3.399 Millions
CIN No.: [Company Identification No.]	U74999DL1999PTC100139
TAN No.: [Tax Deduction & Collection Account No.]	DELV05046G
PAN No.: [Permanent Account No.]	AAACV8778K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Distributor, Exporter, Supplier and Trader of Various Ferrous and Non Ferrous
No. of Employees :	Not Divulged

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 23148
Status :	Small Company
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

INFORMATION PARTED BY

Name :	Mr. Vikas Gupta
Designation :	Director
Contact No.:	91-9811118588
Date :	27.02.2012

LOCATIONS

Registered Office/Factory :	S-90, Badli Industrial Estate, Delhi – 110042, Delhi, India
Tel No.:	91-11-27853260/27857501
Mobile No.:	91-9313373421 (Mr. Nitin Gupta)
E-Mail :	vasundra@vsnl.com

DIRECTORS

AS ON 24.09.2011

Name :	Mr. Satish Kumar Gupta
Designation :	Director
Address :	A-1/77, Sector 8, Rohini, Delhi – 110085, Delhi, India
Date of Birth/Age :	27.03.1950
Date of Appointment :	14.07.1999

Other Directorship:

Top of Form

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	U74899DL1989PTC036357	ALIPUR PIPE AND STEEL TUBING INDUSTRIES PRIVATE LIMITED	Director	07/06/1991	07/06/1991	-	Active	NO
2	U27101RJ1991PTC006167	IMPEX METAL PRIVATE LIMITED	Director	03/09/1991	03/09/1991	-	Active	NO
3	U74999DL1999PTC100139	VASUNDHRA SINTERED PRIVATE LIMITED	Director	14/07/1999	14/07/1999	-	Active	NO

Bottom of Form

Name :	Mr. Ashok Kumar Gupta
Designation :	Director
Address :	BQ-62, Shalimar Bagh, Delhi – 110088, Delhi, India
Date of Birth/Age :	25.11.1947
Date of Appointment :	18.06.1999

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	U74899DL1989PTC036357	ALIPUR PIPE AND STEEL TUBING INDUSTRIES PRIVATE LIMITED	Director	23/05/1989	23/05/1989	-	Active	NO
2	U27101RJ1991PTC006167	IMPEX METAL PRIVATE LIMITED	Director	03/09/1991	03/09/1991	-	Active	NO
3	U74999DL1999PTC100139	VASUNDHRA SINTERED PRIVATE LIMITED	Director	08/06/1999	08/06/1999	-	Active	NO

Name :	Mr. Vikas Gupta
Designation :	Director
Address :	-1/77, Sector 8, Rohini, Delhi – 110085, Delhi, India
Date of Birth/Age :	13.01.1976
Date of Appointment :	18.06.1999

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	U74999DL1999PTC100139	VASUNDHRA SINTERED PRIVATE LIMITED	Director	18/06/1999	18/06/1999	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2011

Names of Shareholders	No. of Shares
Ashok Kumar Gupta	67500
Vikas Kumar Gupta	46600
Satish Kumar Gupta	93300
Krishan Kumar Gupta	35000
Sarita Gupta	20000
Vipin Kumar Gupta	60000
Anil Kumar Gupta	17500
Total	339900

AS ON 24.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Distributor, Exporter, Supplier and Trader of Various Ferrous and Non Ferrous

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Punjab National Bank, Kamla Nagar, Delhi - 110007, Delhi, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Punjab National Bank Cash Credit (1^st Charge on stocks, Book Debts Bill to Collection by way of hypothecation and 2^nd charge on fixed / block assets of the company and personal guarantee of directors)	0.506	0.102
TOTAL	0.506	0.102
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Directors	1.266	1.266
Share Holders	0.128	0.115
TOTAL	1.394	1.381

Banking Relations :	--
Auditors :
Name :	Abhey Dadu Chartered Accountant
Address :	O. P. Dadu and Co., 24/4834, Ansari Road, Darya Ganj, Delhi – 110002, Delhi, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
339900	Equity Shares	Rs.10/- each	Rs.3.399 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		3.399	3.399	3.399
2] Share Application Money		0.000	0.00	0.000
3] Reserves & Surplus		2.388	1.636	0.793
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.787	5.035	4.192
LOAN FUNDS
1] Secured Loans		0.506	0.102	0.769
2] Unsecured Loans		1.394	1.381	3.667
TOTAL BORROWING		1.900	1.483	4.436
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.687	6.518	8.628
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.169	5.436	5.806
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	0.958	0.974	2.287
	Sundry Debtors	1.507	0.649	0.598
	Cash & Bank Balances	0.019	0.041	0.146
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.798	0.240	0.371
Total Current Assets		3.282	1.904	3.402
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.199	0.118	0.306
	Other Current Liabilities	0.223	0.459	0.138
	Provisions	0.342	0.245	0.136
Total Current Liabilities		0.764	0.822	0.580
Net Current Assets		2.518	1.082	2.822
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.687	6.518	8.628

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9.091	8.502	5.840
		Other Income	0.077	0.030	0.146
		TOTAL (A)	9.168	8.532	5.986
Less	EXPENSES
		Cost of Goods Sold	5.305	4.865	2.779
		Manufacturing Expenses	1.622	1.443	1.456
		Administrative Expenses	0.880	0.800	0.612
		TOTAL (B)	7.807	7.108	4.847
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.361	1.424	1.139
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.361	1.424	1.139
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.422	0.420	0.417
	PROFIT BEFORE TAX (E-F) (G)		0.939	1.004	0.722
Less	TAX (I)		0.187	0.160	0.088
	PROFIT AFTER TAX (G-I) (J)		0.752	0.844	0.634
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.636	0.792	0.158
	BALANCE CARRIED TO THE B/S		2.388	1.636	0.792

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.20	9.89	10.59
Net Profit Margin (PBT/Sales)	(%)	10.32	11.81	12.36
Return on Total Assets (PBT/Total Assets}	(%)	11.11	13.68	7.84
Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.17
Debt Equity Ratio (Total Liability/Networth)		0.46	0.46	1.20
Current Ratio (Current Asset/Current Liability)		4.29	2.32	5.86

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U74999DL1999PTC100139
Name of the company	VASUNDHRA SINTERED PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S - 90, Badli Industrial Estate, Delhi – 110042, Delhi, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	PUNJAB NATIONAL BANK
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods And Book Debts To Secure Cash Credit Fcility. Agreement of Hypothecation of Current Assets.
Date of instrument Creating the charge	02/05/2009
Amount secured by the charge	Rs.1.440 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR with monthly rests. Terms of Repayment On Demand Margin Stock 25% And Book Debts 40%. Extent and Operation of the charge The bank shall have First charge of Rs.14.40 Lac and interest and charges thereon. Others Cc Stocks Rs.0.960 Million Cc Book Debts Rs.0.480 Million
Short particulars of the property charged	First Charge for Rs. 14.40 Lac on all Present and Future Current Assets including stocks and book debts and other Assets situated at S-90, Badli Industrial Estate, Delhi or any where in India.

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 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.50.31
UK Pound	1	Rs.70.04
Euro	1	Rs.65.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
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	NO
--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.