MIRA INFORM REPORT

Report Date :

26.03.2012

IDENTIFICATION DETAILS

Name :	VAUTID SHAH HARDFACE PRIVATE LIMITED
Registered Office :	R-728, T. T. C. Industrial Area, Rabale, Thane Belapur Road, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.11.1999
Com. Reg. No.:	11-122518
Capital Investment / Paid-up Capital :	Rs.18.381 Millions
CIN No.: [Company Identification No.]	U28920MH1999PTC122518
TAN No.: [Tax Deduction & Collection Account No.]	MUMV06874A
PAN No.: [Permanent Account No.]	AAACV9024A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hand facing Materials, Wear Plate, Protected Centrifugal Fan.
No. of Employees :	50 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 310000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be 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

INFORMATION PARTED BY

Name :	Paraful Sawant
Designation :	Assistant Manager
Contact No.:	91-22-27642431
Date :	22.03.2012

LOCATIONS

Registered Office / Factory :	R-728, T. T. C. Industrial Area, Rabale, Thane Belapur Road, Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-27781562 / 27642431 / 27642433 / 34 / 35
Fax No.:	91-22-27642437
E-Mail :	accounts@vautid-shah.com p.sawant@vautid-shah.com info@vautid-shah.com
Website :	http://www.vautid-shah.com
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Rohit Mansukhlal Shah
Designation :	Managing director
Address :	A-201, Eden-4, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Appointment :	03.11.1999
DIN No.:	00464765

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	U28920MH1999PTC122518	VAUTID SHAH HARDFACE PRIVATE LIMITED	Managing director	07-04-10	03-11-99	-	Active	NO
2	U74999MH2004PLC149181	VINCI TECHNOLOGIES LIMITED	Director	20-10-04	20-10-04	-	Active	NO

Name :	Mr. Amit Rohit Shah
Designation :	Director
Address :	A-201, Eden-4, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Appointment :	01.04.2008
DIN No.:	01861878

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	U74999MH2004PLC149181	VINCI TECHNOLOGIES LIMITED	Director	20-10-04	20-10-04	-	Active	NO
2	U28920MH1999PTC122518	VAUTID SHAH HARDFACE PRIVATE LIMITED	Director	18-09-08	01-04-08	-	Active	NO

Name :	Mr. Hans Elmar Kessler
Designation :	Additional director
Address :	Wiemerhofstrasse 18, Ennepetal, 58256, Germany
Date of Appointment :	26.06.2010
DIN No.:	03062928

KEY EXECUTIVES

Name :	Paraful Sawant
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rohit Mansukhlal Shah	709023
Jyoti Rohit Shah	200000
Jimit Rohit Shah	80000
Vautid GmbH, Germany	689103
Amit Rohit Shah	80000
Rishi Rohit Shah	80000
Total	1838126

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	37.49
Directors or relatives of Directors	62.51
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Hand facing Materials, Wear Plate, Protected Centrifugal Fan.
Exports :
Products :	· Hand facing Materials · Wear Plate · Protected Centrifugal Fan
Countries :	· UAE
Imports :
Products :	Raw Materials
Countries :	Europe
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Manufacturers

No. of Employees :

50 (Approximately) (In Office + In Factory)

Bankers :

· CITI Bank, Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai -400051,Maharashtra, India

· Abhodaya Co-Operative Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from Bank of Baroda (Secured against Car - Honda Civic and Honda City)	0.000	0.310
Term Loans from Bank Baroda (Secured against machinery)	0.000	2.114
Working Capital Loan from Bank Baroda (Equitable Mortgagee of Hypothecation of Stock, book Debts, Plant and Machinery and Personal guarantee of directors)	7.910	7.353
Total	7.910	9.777
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rohit Shah	1.900	9.061
Vautid GmbH, Germany	3.225	9.424
Jyoti Rohit Shah	0.300	0.300
Total	5.425	18.785

Banking Relations :	--
Auditors :
Name :	Bharat Patil and Associates Chartered Accountants
Address :	ROOM NO. 80, DIVAGAON B/ H MATOSHRI BLDG, SECTOR-9, AIROLI, NAVI MUMBAI – 400708, Maharashtra, India
Mobile No.:	91-9892303262 / 9757030057
E-Mail :	cabbaral.aca@gmail.com
PAN.:	ARZPP3232F

CAPITAL STRUCTURE

As on 31.03.2011

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
1838126	Equity Shares	Rs.10/- each	Rs.18.381 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		18.381	15.530	15.530
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		59.669	26.464	18.670
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		78.050	41.994	34.200
LOAN FUNDS
1] Secured Loans		7.910	9.777	16.812
2] Unsecured Loans		5.425	18.785	4.641
TOTAL BORROWING		13.335	28.562	21.453
DEFERRED TAX LIABILITIES		0.000	0.000	0.612
TOTAL		91.385	70.556	56.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.452	28.362	23.038
Capital work-in-progress		3.483	2.414	1.863
INVESTMENT		3.239	2.358	2.358
DEFERREX TAX ASSETS		0.183	(0.277)	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.277	22.485	26.036
	Sundry Debtors	47.555	17.811	14.215
	Cash & Bank Balances	7.263	6.284	1.474
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.735	13.069	10.570
Total Current Assets		95.830	59.649	52.295
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.959	9.992	17.294
	Other Current Liabilities	4.739	2.181	0.304
	Provisions	16.104	9.777	5.691
Total Current Liabilities		36.802	21.950	23.289
Net Current Assets		59.028	37.699	29.006
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		91.385	70.556	56.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	153.882	97.563	96.343
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	124.265	80.419	88.562 (Including Financial Expenses and Depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.617	17.144
Less	FINANCIAL EXPENSES (D)		0.830	1.712
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.787	15.432
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.800	3.703
	PROFIT BEFORE TAX (E-F) (G)		24.987	11.729	7.781
Less	TAX (H)		8.695	3.987	2.626
	PROFIT AFTER TAX (G-H) (I)		16.291	7.742	5.155
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.530	17.737	12.588
Less	APPROPRIATIONS FOR INCREASE IN AUTHORIZED CAPITAL		0.043	0.000	0.000
Add	EXCESS PROVISION FOR TAX		0.000	0.051	(0.006)
	BALANCE CARRIED TO THE B/S		41.778	25.530	17.737
	TOTAL EARNINGS		5.774	0.532	0.224
	Earnings Per Share (Rs.)		8.86

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.59	7.94	5.35
Return on Total Assets (PBT/Total Assets}	(%)	20.60	13.33	10.33
Return on Investment (ROI) (PBT/Networth)		0.32	0.30	0.23
Debt Equity Ratio (Total Liability/Networth)		0.64	1.20	1.31
Current Ratio (Current Asset/Current Liability)		2.60	2.72	2.25

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Financial Performance:

The company is mainly engaged in manufacturing of Wear Plates and Trading of Electrodes. The audited Statements of accounts for the year ended 31.03.2011 along with the auditor report thereon are enclosed. The financial results of the company for 2010-2011 are reflected in the following figures.

Turnover:

The company has achieved a Gross turnover of Rs.153.415 Millions in its 12^th year of operations.

This year company turnover is increased by 57% as compared to previous year. The company products are well received in the market with many satisfied customers placing repeat orders. VAUTID® brand image is, now, well established in the cement, construction and steel plants

Profit / Loss:

The company has earned a profit of Rs.24.987 Millions Before making any provision for tax

Bankers Charges Report as per Registry

Corporate identity number of the company	U28920MH1999PTC122518
Name of the company	VAUTID SHAH HARDFACE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	R-728, T. T. C. Industrial Area, Rabale, Thane Belapur Road, Navi Mumbai – 400701, Maharashtra, India E-mail : accounts@vautid-shah.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	CITI Bank, Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai -400051,Maharashtra, India E-mail : vlaxman@vsnl.com
Nature of instrument creating charge	Goods Security Agreement.
Date of instrument Creating the charge	30.05.2011
Amount secured by the charge	Rs.40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on principal amount of the aforesaid fund based facilities advanced and outstanding from time to time @ 12.5% (exclusive of applicable interest tax). Terms of Repayment On Demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First charge on Assets of the Company, shall remain as security to the Bank for the due repayment of Rs.40.000 Millions to the Bank together with interest, costs, charges and expenses and other monies payable by the Company AND also for due payment and discharge of all indebtedness/liability of the Company to the Bank Others The Company expressly recognises and accepts that the Bank shall be absolutely entitled and have full power/authority to sell, assign or transfer in any manner and on such terms as the Bank may decide any or all outstanding dues of the Company to any third party of the Bank's choice without any further reference or intimation to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of the borrower's present and future, stocks of raw materials, goods in process of manufacture, semi-finished goods and all finished and manufactured goods All of the borrower's present and future book debts, outstanding Monies, receivables, claims, bills, investments, securities, rights to or on moveable properties and assets

Fixed Assets:

· Leasehold Land

· Factory

· Computer

· Furniture and Fixtures

· Motor Car

· Plant and Machinery

· Office Equipments

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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		49

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.