MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	HAQ ENTERPRISES PRIVATE LIMITED
Registered Office :	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakiyal, Ahmedabad – 380023, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.07.2008
Com. Reg. No.:	04-054437
Capital Investment / Paid-up Capital :	Rs.3.693 Millions
CIN No.: [Company Identification No.]	U27100GJ2008PTC054437
TAN No.: [Tax Deduction & Collection Account No.]	AHMH02847F
PAN No.: [Permanent Account No.]	AACCH0669K
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Pig Iron, Scrap, Metal and other related items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported a 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 condition.

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 :	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakhiyal, Ahmedabad – 380023, Gujarat, India
Tel. No.:	91-79-22910090 / 22911290
Fax No.:	91-79-22910507
E-Mail :	Iraki_iron@yahoo.com haq_iron@ymail.com
Area :	20600 Sq. ft

DIRECTORS

As on 30.09.2011

Name :

Mr. Inamulhaq Shamshulhaq Iraki

Designation :

Director

Address :

Heena House, Old Mayur Soap Factory, Behind Police Commissioner Office , Tawdipura, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

02.12.1968

Date of Appointment :

09.07.2008

DIN No.:

00292588

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	U27100MH2004PTC144073	SHREE RANISATI INGOTS PRIVATE LIMITED	Director	19/01/2004	19/01/2004	-	Active	NO
2	U27100GJ2008PTC054437	HAQ ENTERPRISES PRIVATE LIMITED	Director	9/7/2008	9/7/2008	-	Active	NO
3	U55101GJ2008PTC054527	AIT HOTELS PRIVATE LIMITED	Director	21/07/2008	21/07/2008	-	Active	NO
4	U55101GJ1998PLC034283	GANADHYAKSHA HOSPITALITIES LIMITED	Managing director	1/4/2010	6/12/2008	-	Active	NO

Name :

Mr. Abdulhaq Shamshulhaq Iraki

Designation :

Director

Address :

Heena House, Old Mayur Soap Factory, Behind Police Commissioner Office , Tawdipura, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

08.11.1970

Date of Appointment :

09.07.2008

DIN No.:

02188266

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	U27100GJ2008PTC054437	HAQ ENTERPRISES PRIVATE LIMITED	Director	9/7/2008	9/7/2008	-	Active	NO
2	U55101GJ2008PTC054527	AIT HOTELS PRIVATE LIMITED	Director	21/07/2008	21/07/2008	-	Active	NO
3	U55101GJ1998PLC034283	GANADHYAKSHA HOSPITALITIES LIMITED	Managing director	1/4/2010	6/12/2008	-	Active	NO
4	U27100MH2004PTC144073	SHREE RANISATI INGOTS PRIVATE LIMITED	Director	25/05/2009	25/05/2009	-	Active	NO
5	U27109GJ2009PTC057669	SUNSTAR ENTERPRISES PRIVATE LIMITED	Director	30/07/2009	30/07/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Abdul Huq Samshulhaq Iraki	88000
Inamulhaq Samshulhaq Iraki	35000
Kamleshbhai L. Patel HUF	300
Chandrikaben K. Patel	500
Sevantilalp Shah	100
Sureshbhai S. Shah HUF	100
Kunal Bharatbhai Thakkar	500
Tyagraj B. Thakkar	500
Dinesh Sevantilal Shah	100
Nirav Laljibhai Patel	500
Samshulhaq Mohmad Iraki	132000
Taherakha Toon Shamshulhaq Iraki	70000
Mahelkakhatoon Inamulhaq Iraki	20000
Afsha Abdulhaq Iraki	20000
Bhailalbhai Khodidas Patel HUF	300
Patel Rasikbhai Khodidas	300
Patel Bhailalbhai Khodidas	300
Patel Rakesh Bhai Ramdas	300
Vimlaben Rasikial Patel	500
Total	369300

As on 12.03.2012

Names of Allottes	No. of Alloted
Abdul Huq Samshulhaq Iraki	528000
Inamulhaq Samshulhaq Iraki	210000
Kamleshbhail. Patel HUF	1800
Chandrikaben K. Patel	3000
Sevantilal P. Shah	600
Sureshbhai S, Shah HUF	600
Kunal Bharatbhai Thakkar	3000
Tyagraj B. Thakkar	3000
Dinesh Sevantilal Shah	600
Nirav Laljibhai Patel	3000
Samshulhaq Mohmad Iraki	792000
Taherakha Toon Shamshulhaq Iraki	420000
Mahelkakhatoon Inamulhaq Iraki	120000
Afsha Abdulhaq Iraki	120000
Bhailalbhai Khodidas Patel HUF	1800
Rasikbhai Khodidas Patel	1800
Rakesh Bhai Ram Das Patel	1800
Vimlaben Rasiklal Patel	3000
Others	1800
Total	2215800

As on 13.03.2012

Names of Allottes	No. of Alloted
Muzammil Iftekharahemad Iraki	25000
Sarfraj Ahemad Mohmmad Mustufa Iraki	12000
Zafaralam Nafisalam	10500
Nasirali M. Lari	12500
Heenakausar Inamulhaq iraki	7500
Ziyaulhaq Abdulhaq Iraki	7500
Total	75000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	98.84
Others	1.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Pig Iron, Scrap, Metal and other related items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Rakhial Branch, Near Chakudiya Mahadev, Rakhial, Ahmedabad - 380021, Gujarat, India
• HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Sate Bank of India – Cash Credit accounts	32.607	0.000
Total	32.607	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Inter Corporate Deposit	2.600	2.600
Loan form Members	9.000	10.700
Total	11.600	13.300

Banking Relations :	--
Auditors :
Name :	KPSJ and Associates Chartered Accountants
Address :	708, Samruddhi, Opposite Sakar – III, Income Tax Cicrcle, P.O. Navjivan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-30022545
Mobile No.:	91-9426011185
Fax No.:	91-79-30022545
E-Mail :	kpsj_ca@hotmail.com
PAN.:	AAGFK2924D

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2750000	Equity Shares	Rs.10/- each	Rs.27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2660100	Equity Shares	Rs.10/- each	Rs.26.601 Millions

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
369300	Equity Shares	Rs.10/- each	Rs.3.693 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		3.693	3.693	3.688
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.324	21.892	20.422
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.017	25.585	24.110
LOAN FUNDS
1] Secured Loans		32.607	0.000	0.000
2] Unsecured Loans		11.600	13.300	13.544
TOTAL BORROWING		44.207	13.300	13.544
DEFERRED TAX LIABILITIES		0.133	0.000	0.000
TOTAL		73.357	38.885	37.654
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.702	9.237	0.000
Capital work-in-progress		0.987	0.000	0.000
INVESTMENT		9.700	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.786	25.099	0.000
	Sundry Debtors	73.316	98.799	31.751
	Cash & Bank Balances	0.455	5.076	2.396
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.226	3.127	10.732
Total Current Assets		108.783	132.101	44.879
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.528	98.498	5.139
	Other Current Liabilities	50.661	3.403	1.876
	Provisions	1.684	0.641	0.328
Total Current Liabilities		57.873	102.542	7.343
Net Current Assets		50.910	29.559	37.536
MISCELLANEOUS EXPENSES		0.058	0.089	0.118
TOTAL		73.357	38.885	37.654

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	252.158	253.840	91.994
		Other Income
		TOTAL	252.158	253.840	91.994
Less	EXPENSES
		Office Expenses
		Administrative Expenses	246.974	251.774	90.936
		Advertising Expenses
		TOTAL	246.974	251.774	90.936
	PROFIT BEFORE TAX		5.184	2.066	1.058
Less	TAX		1.753	0.641	0.328
	PROFIT AFTER TAX		3.431	1.425	0.730
	Earnings Per Share (Rs.)		14.04	5.59	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.36	0.56	0.79
Return on Total Assets (PBT/Total Assets}	(%)	4.30	1.46	2.36
Return on Investment (ROI) (PBT/Networth)		0.18	0.08	0.04
Debt Equity Ratio (Total Liability/Networth)		3.52	4.53	0.87
Current Ratio (Current Asset/Current Liability)		1.88	1.29	6.11

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	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	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	Yes
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U27100GJ2008PTC054437
Name of the company	HAQ ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakhiyal, Ahmedabad – 380023, Gujarat, India Iraki_iron@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10238909
Type of charge	Book debts Others (stock and other current assets)
Particular of charge holder	State Bank of India, Rakhial Branch, Near Chakudiya Mahadev, Rakhial, Ahmedabad - 380021, Gujarat, India tushar_shah@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Loan Cum-Hypothecation Date 31.12.2011
Date of instrument Creating the charge	31.12.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate of interest as 3.50%+Base Rate present effectively rate: 13.50 Terms of Repayment Payable on Demand Margin [A] FUND BASED LIMITS : (a) Raw Materials : Imported - Nil (b) Raw Materials - Indigenous –Nil (c) Semi Finished Goods : -Nil (d) Finished Goods- 25% (e)Spares- Nil (f) Domestic -Receivables (cover 90 days)- 50% (g) Exports Packing Credit - Nil (h) Term Loan –Nil [B] NON-FUND BASED LIMITS: (a) Letter of Credit - 20% (b) Bank Guarantees-Nil Extent and Operation of the charge The Borrower's hereby agrees that all present and future stocks, raw material, godds, book-debts and vehicles and all other movable assets of the borrower's including receivables, documents, of title to goods, outstanding monies, bills, invoices documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present machinery listed in hereunder and all the future machinery belonging to or in the possession or contral.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks book-debts and other current assets of the company.
Particulars of the present modification	The Bank has agreed to enhance or enhanced the aforesaid aggregate limit by way additional facilities or increasing in the existing facilities Rs.100.000 Millions.

FIXED ASSETS

• Building at Rakhiyal
• Pant and machinery
• Hydraulic Press
• Crane

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.