MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	VEENITA ENTERPRISE PRIVATE LIMITED
Registered Office :	Plot No.512/10, Road No.14, Phase – II, G.I.D.C. Kathwada, Odhav, Ahmedabad - 382430, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.04.2006
Com. Reg. No.:	04-048121
Capital Investment / Paid-up Capital :	Rs. 3.060 Millions
CIN No.: [Company Identification No.]	U51100GJ2006PTC048121
TAN No.: [Tax Deduction & Collection Account No.]	AHMV02659G
PAN No.: [Permanent Account No.]	AACCV2331G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Aluminium Wire Rod, Shots, Ingots, Cubes, Powder etc.
No. of Employees :	25 (Approximately)

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 170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.

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 PARTED BY

Name :	Mr. Vishal Shah
Designation :	Accounts Manager
Contact No.:	91-9909011981
Date :	22.09.2012

LOCATIONS

Registered Office/ Factory :	Plot No.512/10, Road No.14, Phase – II, G.I.D.C. Kathwada, Odhav, Ahmedabad -382 430, Gujarat, India
Tel. No.:	91-79-22901118 / 22890106
Mobile No.:	91-9913603606 (Mr. Rahul Kalya)
Fax No.:	91-79-22890859
E-Mail :	rinkesh_1983@yahoo.ao.in mahen@bmj.co.in mahen_raj@hotmail.com rinkesh_1983@yahoo.co.in rskalya@yahoo.o.in mahenpurohit@hotmail.com veenitaenterprises@yahoo.co.in
Website :	http://www.bmj.co.in
Area :	4750 sq. mtr.
Location :	Rented

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Mahendra Raj Purohit
Designation :	Director
Address :	3, Subhas Society, Navrangpura, Ahmedabad – 380 016, Gujarat, India
Date of Birth/Age :	19.07.1973
Qualification :	MBA
Date of Appointment :	12.04.2006
DIN No.:	00042543
Voter ID :	DDV7213838
Name :	Mr. Kailash Chandra Kalya
Designation :	Director
Address :	A-1, Shyam Tenament, Chhotalalni Chawl, Ahmedabad – 382 410, Gujarat, India
Date of Birth/Age :	15.07.1957
Qualification :	Graduate
Date of Appointment :	12.04.2006
DIN No.:	00042550
Voter ID :	MCS3894922

KEY EXECUTIVES

Name :	Mr. Vishal Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mahendra Raj Purohit	22600
Kailash Chandra Kalya	22200

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	85.00
Others	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Aluminium Wire Rod, Shots, Ingots, Cubes, Powder etc.
Products :	· Aluminium Wire Rod · Shots · Ingots · Cubes · Powder · Copper Scrap
Imports :
Products :	Raw Material
Countries :	Dubai France Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

• B.R. Copper

No. of Employees :

25 (Approximately)

Bankers :

· State Bank of India, SPL Commercial Branch, Gandhigram, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India

· Axis Bank Limited

1. Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India

2. Corporate Banking Branch, 2^nd Floor, 3^rd Eye One, C G Road, Ahmedabad – 380 009, Gujarat, India

3. Mani Nagar Branch, India

Facilities :

CC – Rs. 130.000 Millions [Axis Bank Limited]

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
State Bank of India - CC A/c		(5.922)
Axis Bank Limited - CC A/c (Secured By hypothecation of stock and Debtors)		36.816
State Bank of India –LC A/c		0.838
HDFC Car Loan (Secured against hypothecation of Motor Car)		0.580
Cholamandlam Investment and Finance Company Limited (Secured against hypothecation of Eicher Tempo)		0.000
Total	62.216	32.312
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Inter Corporate Deposit		0.000
Loans from Others		13.695
Total	7.862	13.695

Banking Relations :	--
Auditors :
Name :	Raman Jain and Company Chartered Accountants
Address :	B-31, Ghanshyam Avenue, Opposite C. U. Shah Collage, Navjivan Press Road, Ahmedabad – 380014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ACUPJ1785D
Sister Concern :	Ramdev Enterprises Vidya Industrial Estate, Ambika Nagar, Ahmedabad, Gujarat, India Line of Business : Importer of Alumimium Scrap

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital : Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 3.716 Millions

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs.12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
305970	Equity Shares	Rs.10/- each	Rs.3.060 Millions

As on 30.09.2010

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
305970	Equity Shares	Rs.10/- each	Rs.3.060 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		3.060	3.060	2.610
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.618	31.938	25.895
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.678	34.998	28.505
LOAN FUNDS
1] Secured Loans		62.216	32.312	21.783
2] Unsecured Loans		7.862	13.695	20.836
TOTAL BORROWING		70.078	46.007	42.619
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		112.756	81.005	71.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.779	1.927	0.919
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.724	12.138	7.350
	Sundry Debtors	74.166	59.134	63.674
	Cash & Bank Balances	0.668	12.917	1.379
	Other Current Assets	1.253	0.000	0.000
	Loans & Advances	1.718	26.210	30.840
Total Current Assets		119.529	110.399	103.243
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.790	29.604	28.795
	Others Liabilities	(5.078)	0.639	2.889
	Provisions	0.084	1.358	1.671
Total Current Liabilities		11.796	31.601	33.355
Net Current Assets		107.733	78.798	69.888
MISCELLANEOUS EXPENSES		0.244	0.280	0.317
TOTAL		112.756	81.005	71.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Sales	485.798
		Direct Income	1.044
		Indirect Income	0.155
		TOTAL	486.997
Less	EXPENSES
		Cost of goods sold	462.781
		Direct Expenses
		Add. Tax Expenses (Vat)	0.700
		Bhatti Labour Salery	1.676
		Cutting Labour Salary	1.371
		Electricbill Expenses	0.311
		ESIC Contribution	0.069
		Excise Duty Expenses	0.001
		Freight Inward	0.596
		P F Contribution	0.020
		Rate Diff. Sales	0.056
		Water Charges	0.049
		Indirect Expenses
		Association Fees	0.002
		Audit Fees	0.038
		Bank Charges	0.037
		Bank Charges (LC)	0.016
		Bank Interest Paid	7.473
		Computer Repering Expenses	0.002
		Director Salary	0.360
		Excise Expenses	0.070
		Factory Rent	0.240
		Freight Outward	0.590
		GIDC Expenses	0.139
		Income Tax Expenses	0.023
		Insurance Expenses	0.113
		Interest Paid Car Loan	0.147
		L C Discounting Charges and Interest	0.215
		Legal and Professional Fees	0.082
		Loan Processing Fees	0.147
		Misc. Expenses	0.007
		Municipal Tax	0.067
		Office Expenses	0.004
		Preliminary Expenses Written Off	0.037
		Printing and Stationary Expenses	0.003
		Professional Tax Expenses	0.009
		Professional Tax Interest	0.007
		ROC Charges	0.002
		Service Tax Expenses	0.030
		Staff Salary	0.696
		TDS/TCS Interest Expenses	0.004
		Telephone Expenses	0.019
		Travelling Expenses	0.104
		Vat Ass. Expenses	0.050
		Vat/Cst Interest	0.001
		Vehicle and Petrol Expenses	0.070
		Vehicle Repairing Expenses	0.018
		TOTAL	478.452
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.545
Less/ Add	DEPRECIATION/ AMORTISATION		0.865
	NET PROFIT		7.680

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	223.313	197.615
		Other Income	0.823	0.016
		TOTAL (A)	224.136	197.631
Less	EXPENSES
		Purchases and Direct Expenses	215.578	189.076
		Employee Cost	0.804	0.360
		Administrative and Other Expenses	0.558	0.341
		Selling and Distribution Expenses	0.860	1.246
		Miscellaneous Expenditure Written Off	0.036	0.036
		Increase/(Decrease) in stock	(4.788)	0.734
		TOTAL (B)	213.048	191.793
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.088	5.838
Less	FINANCE CHARGES (D)		7.830	3.896
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.258	1.942
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.318	0.185
	PROFIT BEFORE TAX (E-F) (G)		2.940	1.757
Less	TAX (H)		0.947	0.586
	PROFIT AFTER TAX (G-H) (I)		1.993	1.171
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.399	2.228
	BALANCE CARRIED TO THE B/S		5.392	3.399
	Earnings Per Share (Rs.)		6.51	--

Particulars	31.03.2012
Sales Turnover (Approximately)	670.600

Expected Sales (2012-2013) : Rs. 800.000 Millions

The above information has been parted by Mr. Vishal Shah (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.58	0.89	0.59
Net Profit Margin (PBT/Sales)	(%)	1.58	1.32	0.89
Return on Total Assets (PBT/Total Assets}	(%)	6.18	2.62	1.69
Return on Investment (ROI) (PBT/Networth)		0.18	0.08	0.06
Debt Equity Ratio (Total Liability/Networth)		1.92	2.22	2.67
Current Ratio (Current Asset/Current Liability)		10.13	3.49	3.10

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors For Goods		29.464	28.171
Sundry Creditors For Expenses		0.140	0.624
	16.790	29.604	28.795

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
34]	External Agency Rating, if available	No

TRADE REFERENCES:

• B.R. Copper

FIXED ASSETS

· Computers

· Eicher Tempo

· Mobile Instrument

· Plant and Machinery

· Two Wheelers

· Factory Building

· Computer Printer

· Motor Car I20

· Weighing Scale

· Furnace (Bhatthi)

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. 53.91
UK Pound	1	Rs. 87.60
Euro	1	Rs. 70.01

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	YES
--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

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.