MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	NATRAJ FABRICATORS PVT LTD
Registered Office :	1037, Gali Chabuk Sawar Lal Kuan, New Delhi – 110006
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.2003
Com. Reg. No.:	55-119079
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U29299DL2003PTC119079
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Food Processing Machinery, Soap Making Machinery, Candle Making Machinery, Sugar Cane Making Machinery, all types of Juice Making Machinery, Noodles Making Machinery etc.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a successor of Jagmag Chemicals a partnership concern started in the 1986. It is a small company in its field. There appears some dip in the turnover of the company. Also there appears accumulated losses recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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. Shivam
Designation :	Senior Manager
Contact No.:	91-9899199571
Date :	17.04.2012

LOCATIONS

Registered Office :	1037, Gali Chabuk Sawar Lal Kuan, New Delhi – 110006, India
Tel. No.:	Not Available
Mobile No.:	91-9136137934/ 9899199571 (Mr. Shivam)
Fax No.:	Not Available
E-Mail :	pramodmanojca@yahoo.co.in shivam@natrajfabricators.com
Website :	http://www.natrajfabricators.com
Location :	Owned
Corporate Office/ Factory :	S-66, Site – 4, Road No.27, Sahibabad – 201010, Uttar Pradesh, India
Location :	Rented

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Vijay Kumar Bhalla
Designation :	Director
Address :	1037, Gali Chabuk Sawar, Lal Kuan, Delhi – 110006, India
Date of Birth/Age :	09.04.1963
Qualification :	B. Com
Date of Appointment :	21.02.2003
DIN No.:	00631779
Name :	Mrs. Kavita Rani
Designation :	Director
Address :	1037, Gali Chabuk Sawar, Lal Kuan, Delhi – 110006, India
Date of Birth/Age :	05.06.1966
Qualification :	BA
Date of Appointment :	18.06.2007
DIN No.:	01881978

KEY EXECUTIVES

Name :	Mr. Shivam
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Vijay Kumar Bhalla	10000
Kavita Rani	10000
Total	20000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Food Processing Machinery, Soap Making Machinery, Candle Making Machinery, Sugar Cane Making Machinery, all types of Juice Making Machinery, Noodles Making Machinery etc.
Products :	· Soap and Detergent Making Machine · Tomato Ketchup Making Machine · Candle Making Machine · Mixer and Grinder · Chalk Making Machine With Oven · Pasta and Jawa Making Machine · Sugar Cane Crusher · Ice Crusher · Potato Chips Plant · Sewian Making Machine · Bakery Machine · Juice Machine · Chinese Noodle Making Plant · Gravy Machine · Jam Making Plant · Packaging Machine · Kurkure Making Machine · Pulverizer Machine
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production/ Sales
Machines	Qty.	NA	NA	181
Machinery Parts	Qty.	NA	NA	25

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Manufacturer

· NSIC

· Apollo International Limited

No. of Employees :

18 (Approximately)

Bankers :

· Bank of India

Sahibabad, Uttar Pradesh, India

· ICICI Bank Limited

Facilities :

Overdraft = Rs.0.100 Million

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank of India (Against Hypothecation of Stock and Receivables)	0.058	0.016
ICICI Bank Limited (Against Hypothecation of Car)	0.109	0.205
Total	0.167	0.221
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors
Mr. Vijay Kumar	0.045	0.000
Mrs. Kavita Rani	0.063	0.064
From Directors Relatives
Ruchi Bhalla	0.011	0.000
Ashok Kumar Bhalla	0.022	0.000
Gaurav Bhalla	0.095	0.000
Mrs. Leelawati	0.055	0.055
Ms. Jyoti Bhalla	0.030	0.030
T. R. Bhalla	0.013	0.013
Total	0.334	0.162

Banking Relations :	--
Auditors :
Name :	Pramod Manoj and Company Chartered Accountant
Address :	37, IInd Floor, Roopal Palace, Navyug Market, Ghaziabad – 201001, Uttar Pradesh, India
PAN No.:	AAOPB2029E
Sister Concern :	· Vijay Industries 1787, Lal Kaun, Delhi – 110006, India

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued & Subscribed Capital:

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs.0.400 Million

Paid-up Capital:

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 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		0.200	0.200	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.328)	(0.326)	(0.420)
NETWORTH		(0.128)	(0.126)	(0.220)
LOAN FUNDS
1] Secured Loans		0.167	0.221	0.341
2] Unsecured Loans		0.334	0.162	0.595
TOTAL BORROWING		0.501	0.383	0.936
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Share Forfieture		0.075	0.075	0.075
TOTAL		0.448	0.332	0.791
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.383	0.419	0.507
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.028	0.034	0.081
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.315	0.088	0.676
	Sundry Debtors	0.018	0.197	0.097
	Cash & Bank Balances	0.112	0.306	0.103
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.092	0.056	0.051
Total Current Assets		0.537	0.647	0.927
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.219	0.142	0.294
	Other Current Liabilities	0.284	0.631	0.437
	Provisions
Total Current Liabilities		0.503	0.773	0.731
Net Current Assets		0.034	(0.126)	0.196
MISCELLANEOUS EXPENSES		0.003	0.005	0.007
TOTAL		0.448	0.332	0.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2.339	7.700	3.305
		Other Income	0.002	0.010	0.019
		TOTAL	2.341	7.710	3.324
Less	EXPENSES
		TOTAL	2.295	7.446	3.180
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.046	0.264	0.144
Less/ Add	DEPRECIATION/ AMORTISATION		0.039	0.098	0.119
	PROFIT BEFORE TAX		0.007	0.166	0.025
Less	TAX		0.009	0.072	(0.057)
	PROFIT AFTER TAX		(0.002)	0.094	0.082
	Earnings Per Share (Rs.)		(0.10)	4.68	4.08

Particulars	31.03.2012
Sales Turnover (Approximately)	2.200

Expected Sales (2012-13): Rs.4.500 Millions

The above information has been parted by Mr. Shivam.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.09)	1.22	2.47
Net Profit Margin (PBT/Sales)	(%)	0.30	2.16	0.76
Return on Total Assets (PBT/Total Assets}	(%)	0.76	15.57	1.74
Return on Investment (ROI) (PBT/Networth)		(0.05)	(1.32)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		(7.84)	(9.17)	(7.58)
Current Ratio (Current Asset/Current Liability)		1.07	0.84	1.27

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from 16-17/3, Patpar GanjRoad, Shiv Puri, New Delhi – 110051, India, to the present address.

FINANCIAL RESULTS

During the F.Y. 2010-11 the total turnover of the company was Rs.2.339 Millions (last year Rs.7.700 Millions) and had incurred net profit before tax Rs.0.007 Million (Last Year Rs.0.166 Million) after providing depreciation Rs.0.039 Million (Last year Rs.0.098 Millions), however all efforts are being made to bring good results in future.

FIXED ASSETS:

· Land and Building

· Generator

· Car

· Plant and Machinery

· Office Equipment

· Air Conditioner

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

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		13

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.