MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	SHREE YASH STAINLESS PRIVATE LIMITED
Formerly Known As :	PRAJ INFOTEK PRIVATE LIMITED
Registered Office :	3A, Trade Centre, 3^rd Floor, Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.09.1999
Com. Reg. No.:	04-036632
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U27100GJ1999PTC036632
TAN No.: [Tax Deduction & Collection Account No.]	AHMS09078G
PAN No.: [Permanent Account No.]	AACCP0417D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Stainless Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	1100
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. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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	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 :	3A, Trade Centre, 3^rd Floor, Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-31004757/26404459
Fax No.:	91-79-26404459
E-Mail :	pavancjain@yahoo.com
Branch Office :	14/1, Meher Behram Building, 7^th Khetwadi Lane, Mumbai – 400004, Maharashtra, India

DIRECTORS

As on 28.09.2011

Name :

Mr. Lalitkumar Parasmalji Mehta

Designation :

Director

Address :

7,Mangal Arcade, Chinchwad, Pune – 400019, Maharashtra, India

Date of Appointment :

01.05.2004

DIN No.:

01251850

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	U27100GJ1999PTC036632	SHREE YASH STAINLESS PRIVATE LIMITED	Director	01-05-04	01-05-04	-	Active	NO
2	U29299PN2007PTC129594	DGM TUBES PRIVATE LIMITED	Director	10-02-07	10-02-07	-	Active	NO
3	U27100PN2008PTC131683	ADARSH STAINLESS PRIVATE LIMITED	Director	26-03-08	26-03-08	-	Active	YES
4	U45201RJ2007PTC024148	OCEAN REALMART PRIVATE LIMITED	Director	06-09-11	06-09-11	-	Active	NO

Name :

Mr. Parasmal Devichand Mehta

Designation :

Director

Address :

Mangal Arcade, 1^st Floor, Shop No. 7, Chinchwad, Pune – 400019, Maharashtra, India

Date of Appointment :

01.04.2010

DIN No.:

02931375

Name :

Mr. Jabarmal Moolchand Jain

Designation :

Director

Address :

172 Dubhash Building, 4^th Floor, R No. 42, V P Road, Mumbai – 400004, Maharashtra, India

Date of Appointment :

01.04.2010

DIN No.:

03009020

Name :

Mr. Aashish Heeralal Chopraa

Designation :

Director

Address :

Building No. Q1, Flat No. 301, Empire Estate, Chinchwad, Pune – 400019, Maharashtra, India

Date of Appointment :

01.12.2009

DIN No.:

03564039

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Jabarmal M Jain	1200
Reshmi P Jain	500
Ashish H Chopra	100
Lalit P Mehta	100
Pavanraj C Jain Karta	100
Pavanraj C Jain Karta Chhaganlal M Jain HUF	100
Sheela L Mehta	1500
Pastaben C Mehta	1800
Sangita P Jain	100
Pavan M Jain	500
Lalit P Mehta	2000
Parasmal Mehta	2000
TOTAL	10000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Stainless Steel.

Products :

Product Description	Item Code No.
Metals	72.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited
• Yes Bank Limited

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Unsecured Loan	2.160	1.379
Total	2.160	1.379

Banking Relations :	---
Auditors :
Name :	P. Bora and Jain Chartered Accountant
Address :	215, 2^nd Floor, Gold Mohur Building, 174, Princess Street, Kalbadevi, Mumbai – 400002, Maharashtra, India
PAN.:	AADFP1748B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.171	0.030	0.010
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.271	0.130	0.110
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.160	1.379	5.345
TOTAL BORROWING		2.160	1.379	5.345
DEFERRED TAX LIABILITIES		0.001	0.000	0.000
TOTAL		2.432	1.509	5.455
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.012	0.000	0.029
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.033	0.046
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.301	0.919	0.850
	Sundry Debtors	0.720	0.106	6.438
	Cash & Bank Balances	0.157	0.000	0.193
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.533	2.312	0.332
Total Current Assets		2.711	3.337	7.813
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.266	1.860	2.343
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.025	0.001	0.091
Total Current Liabilities		0.291	1.861	2.434
Net Current Assets		2.420	1.476	5.379
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		2.432	1.509	5.455

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	11.328	1.227	23.699
		Other Income	0.000	0.002	0.000
		TOTAL (A)	11.328	1.229	23.699
Less	EXPENSES
		Cost of Goods Sold	10.089	0.850	22.442
		Administrative Expenses	0.591	0.048	0.579
		TOTAL (B)	10.680	0.898	23.021
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.648	0.331	0.678
Less	FINANCIAL EXPENSES (D)		0.444	0.296	0.820
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.204	0.035	(0.142)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.005	0.002	0.012
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.199	0.033	(0.154)
Less	TAX (H)		0.059	0.013	0.041
	PROFIT/(LOSS) AFTER TAX (G-H (I)		0.140	0.020	(0.113)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.030	0.010	0.123
	BALANCE CARRIED TO THE B/S		0.170	0.030	0.010
	Earnings/loss Per Share (Rs.)		14.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.24	1.63	(0.48)
Net Profit Margin (PBT/Sales)	(%)	1.76	2.69	(0.65)
Return on Total Assets (PBT/Total Assets}	(%)	7.31	0.99	(1.96)
Return on Investment (ROI) (PBT/Networth)		0.73	0.25	(1.40)
Debt Equity Ratio (Total Liability/Networth)		9.04	24.92	70.72
Current Ratio (Current Asset/Current Liability)		9.32	1.79	3.20

LOCAL AGENCY FURTHER INFORMATION

Financial Result

The profit and loss accounts of the company shows a net profit amounting to Rs.0.199 before tax.

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.50.54
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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		28

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.