MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	KALINGA FIXTURES PRIVATE LIMITED
Registered Office :	335 Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.03.1988
Com. Reg. No.:	046734
Capital Investment / Paid-up Capital :	Rs.6.000 millions
CIN No.: [Company Identification No.]	U31200MH1988PTC046734
TAN No.: [Tax Deduction & Collection Account No.]	MUMK04541F, MUMK11253E, MUMK07273A
PAN No.: [Permanent Account No.]	AAACK1754E
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier of Electrical Appliances including Lamps, Tubes, Fittings
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 203304
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Management Non Co Operative (Name Not Disclosed)

LOCATIONS

Registered Office :	335 Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai 400013, Maharashtra, India
Tel. No.:	91-22-40914300 / 66602711 / 24922259
Fax No.:	91-22-24934171
E-Mail :	cmd@konarkgroup.com
Factory :	338/1, Near Patel Cricket Ground, Kachigam, Daman 396210, Gujarat, India
Tel. No.:	91-260-2240450 / 3207116

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Rakesh Sajjan Gupta

Designation :

Director

Address:

11, Adarsh Navjivan Society, Nepeansea Road, Mumbai:400006, Maharashtra, India

Date of Birth/Age :

10.01.1963

Date of Appointment :

09.05.1997

DIN No.:

01827116

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31503MH1980PTC022860	SANGEETA APPLIANCES PRIVATE LIMITED	Director	18/09/1984	18/09/1984	15/09/2008	Active	NO
2	U99999MH1982PTC028742	UTKAL FANS PVT LTD	Director	01/07/1986	01/07/1986	-	Active	NO
3	U31901CT1987PTC003774	MUNDRA POLYPACK PRIVATE LIMITED	Managing director	29/01/1987	29/01/1987	26/02/2008	Active	YES
4	U31200MH1984PLC034175	KONARK FIXTURES LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
5	U31200MH1988PTC046733	UTKAL ELECTRICALS PVT LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
6	U31200MH1988PTC046734	KALINGA FIXTURES PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
7	U22220MH1979PTC021249	GRAPHARTS REPRO-PACKS PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO

Name :

Mr. Vedant Rakesh Gupta

Designation :

Director

Address:

11, Adarsh Navjivan Society, Nepeansea Road, Mumbai:400006, Maharashtra, India

Date of Birth/Age :

23.09.1991

Date of Appointment :

16.10.2010

DIN No.:

03319667

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1982PTC028742	UTKAL FANS PVT LTD	Director	16/10/2010	16/10/2010	-	Active	NO
2	U22220MH1979PTC021249	GRAPHARTS REPRO-PACKS PRIVATE LIMITED	Director	16/10/2010	16/10/2010	-	Active	NO
3	U31200MH1988PTC046734	KALINGA FIXTURES PRIVATE LIMITED	Director	16/10/2010	16/10/2010	-	Active	NO
4	U31200MH1984PLC034175	KONARK FIXTURES LIMITED	Director	16/10/2010	16/10/2010	-	Active	NO
5	U31200MH1988PTC046733	UTKAL ELECTRICALS PVT LIMITED	Director	16/10/2010	16/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sajjan K. Gupta	45950
Sajjan Gupta (HUF)	41050
Konark Fixtures Limites	10000
Ruchika P. Kedia (Through N. G. Pawan Kedia)	2000
Pratik P. Kedia (Through N. G. Pawan Kedia)	3000
Pawan Kumar Kedia	1000
Rajani P. Kedia	1000
N. K. Family Trust	56750
G. S. Family Trust	55000
Konark Enterprise	100
Konark Herbal and Health Care	3900
RR Enterprise	17000
Sajjan Gupta Family Trust	40000
Rakesh Gupta Family Trust	40000
Rakesh Gupta HUF	40000
M/s. Utkal Electricals Private Limited, Lower Parel, Mumbai, Maharashtra, India	20000
M/s. Utkal Fans Private Limited, Lower Parel, Mumbai, Maharashtra, India	20000
M/s. Grapharts Repro Packs Private Limited, Lower Parel, Mumbai, Maharashtra, India	20000
Vidyut Corporation, Lower Parel, Mumbai, Maharashtra, India	6500
Konark Products, Lower Parel, Mumbai, Maharashtra, India	2000
Rakesh S. Gupta Jr. Jyoti Gupta	41250
Aditi R. Gupta Jt. Rakesh S. Gupta Jt. Jyoti R. Gupta	40500
Vedant Gupta Jt. Rakesh S. Gupta Jt. Jyoti R. Gupta	27000
Jyoti Gupta Jt. Rakesh S. Gupta	28000
Gayatri S. Gupta Jt. Jyoti R. Gupta Jt. Rakesh S. Gupta	38000
Total	600000

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		12.00
Directors or relatives of directors		38.00
Other top fifty shareholders		50.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier of Electrical Appliances including Lamps, Tubes, Fittings

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· NKGSB Co Operative Bank Limited, Laxmi Sadan, 361, V p Road, Girgaum, Mumbai 400004, Maharashtra, India

· Bank of Maharashtra

· The Shamrao Vithal Co Op Bank Limited

· Dena Bank, Mumbai

· Dena Bank, Daman

· Bank of Baroda

· HDFC Bank, Mumbai

· HDFC Bank, Daman

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
NKGSB Co Operative Bank Limited - Cash Credit (secured against stock, book debts as primary security and collateral security of factory building)	18.861	0.000
TOTAL	18.861	0.000
UNSECURED LOAN
From Shareholders
Konark Enterprise	0.000	0.561
From Intercorporate
Kaypee Infocom Private Limited	2.123	0.000
Mukand Global Finance Limited	33.050	1.842
Hind Musafir Agency Private Limited	8.698	2.060
TOTAL	43.871	4.463

Banking Relations :	--
Auditors :
Name :	N N Shah and Company Chartered Accountant
Address :	5, Jasoda Mansion, Gazdar Street, Mumbai 400002, Maharashtra, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10 each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs. 10 each	Rs.6.000 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		6.000	6.000	5.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.826	40.679	34.189
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.826	46.679	39.939
LOAN FUNDS
1] Secured Loans		18.861	0.000	0.000
2] Unsecured Loans		43.871	4.463	9.160
TOTAL BORROWING		62.732	4.463	9.160
DEFERRED TAX LIABILITIES		1.645	1.889	1.840
TOTAL		115.203	53.031	50.939
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.942	13.912	12.878
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.896	0.795	0.194
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.569	12.794	13.960
	Sundry Debtors	106.145	45.858	122.143
	Cash & Bank Balances	13.936	14.368	2.200
	Other Current Assets	1.566	0.645	1.118
	Loans & Advances	92.672	53.717	26.384
Total Current Assets		246.888	127.382	165.805
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.607	67.606	52.095
	Other Current Liabilities	47.001	17.750	66.322
	Provisions	2.915	3.702	9.521
Total Current Liabilities		148.523	89.058	127.938
Net Current Assets		98.365	38.324	37.867
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		115.203	53.031	50.939

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	275.502	263.053	296.533
		Other Income	6.183	9.890	9.568
		TOTAL (A)	281.685	272.943	306.101
Less	EXPENSES
		Manufacturing Expenses	255.498	244.946	275.918
		Administrative Expenses	15.499	11.858	10.681
		TOTAL (B)	270.997	256.804	286.599
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.688	16.139	19.502
Less	FINANCIAL EXPENSES (D)		3.621	6.331	9.221
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.067	9.808	10.281
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.269	1.113	0.682
	PROFIT BEFORE TAX (E-F) (G)		5.798	8.695	9.599
Less	TAX (H)		1.651	2.206	3.388
	PROFIT AFTER TAX (G-H) (I)		4.147	6.489	6.211
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.429	24.190	20.978
Less	APPROPRIATIONS
		Transfer to General Reserve	2.750	7.250	3.000
	BALANCE CARRIED TO THE B/S		24.826	23.429	24.189
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.166	NA	NA
	IMPORTS
		Raw Materials	15.419	NA	NA
	Earnings Per Share (Rs.)		6.95	108.17	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.47	2.37	2.02
Net Profit Margin (PBT/Sales)	(%)	2.10	3.30	3.23
Return on Total Assets (PBT/Total Assets}	(%)	2.20	6.15	5.37
Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.24
Debt Equity Ratio (Total Liability/Networth)		4.18	2.04	3.43
Current Ratio (Current Asset/Current Liability)		1.66	1.43	1.30

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	98.607	67.606	52.095

Sr. No.	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 involved in	--------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

· Industrial Premises – Palghar

· Land

· Building

· Plant and Machinery

· Dies and Tools

· Fire Fighting Equipments

· Office Equipments

· Computer

· Motor Car

· Electrical Installation

· Electrical Testing Equipments

· Fax Machine

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31200MH1988PTC046734
Name of the company	KALINGA FIXTURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	335 Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai 400013, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	NKGSB Co Operative Bank Limited, Laxmi Sadan, 361, V p Road, Girgaum, Mumbai 400004, Maharashtra, India Email: m.g.kalelkar.associates@gmail.com
Nature of instrument creating charge	Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	14.09.2010
Amount secured by the charge	Rs. 35.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As may be decided, from time to time, by the bank. Margin As may be decided, from time to time, by the bank. Extent and operation of the charge To secure the due repayment of the following credit facilities aggregating of Rs.35.000 millions, together with interest and/or charges, expenses etc. thereon, granted by the Bank to Company. 1) Cash Credit facility of Rs.30.000 millions 2) Term Loan of Rs.5.000 millions
Short particulars of the property charged (Including location of the property)	Non Agricultural land bearing Survey No.338/1, adm.1117 sq.mts., situated at Village-Kachigam, Nani Daman, District-Daman.

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.51.162
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

MRI

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	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		46

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.