MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	VENUS STAMPINGS PRIVATE LIMITED
Registered Office :	Flat No.2, Second Floor, Ram Pratap House, 4, LSC Kalkaji, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.08.1985
Com. Reg. No.:	55-021646
Capital Investment / Paid-up Capital :	Rs. 1.151 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC021646
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Stampings and Sheet Metal Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. 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

EXTERNAL AGENCY RATING

Rating Agency Name	Care
Rating	Long term Bank facilities: BB
Rating Explanation	Moderate risk of default
Date	April 2012

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.

LOCATIONS

Registered Office :	Flat No.2, Second Floor, Ram Pratap House, 4, LSC Kalkaji, New Delhi – 110 019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@shivanilocks.com nla@venusind.com
Factory :	Plot No.172 and 179, Sector - 24, Faridabad - 121 005, Haryana, India
Tel. No.:	91-129-2236479/ 4060479
Fax No.:	91-129-4060479

DIRECTORS

As on : 29.09.2012

Name :

Mr. Raimal Dass Kathuria

Designation :

Director

Address :

House No.530, Sector-14, Faridabad – 121 002, Haryana, India

Date of Birth/Age :

20.11.1943

Date of Appointment :

06.04.2001

DIN No.:

00021274

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	U74899DL1995PTC064390	VENUS INDUSTRIES PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
2	U74899DL1985PTC021646	VENUS STAMPINGS PRIVATE LIMITED	Director	06/04/2001	06/04/2001	-	Active	NO

Name :

Ms. Sangeeta Kathuria

Designation :

Director

Address :

House No.858, Sector-15, Faridabad – 121 002, Haryana, India

Date of Birth/Age :

24.07.1966

Date of Appointment :

01.08.1985

DIN No.:

00021325

Name :

Mr. Sajeev Kathuria

Designation :

Director

Address :

House No.530, Sector-14, Faridabad – 121 002, Haryana, India

Date of Birth/Age :

19.02.1970

Date of Appointment :

01.04.1996

DIN No.:

00021355

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Krishan Lal Kathuria	9160
Sangeeta Kathuria	1940
Sajeev Kathuria	120
Twinkle Kathuria	20
Trisha Kathuria	20
Raj Gera	20
Raimal.Dass Kathuria	90
Dwarka Nath Kathuria	40
Sumeet Kathuria	20
Mukesh Kathuria	20
Anju Kathuria	20
Naresh Kathuria	40
Total	11510

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	99.83
Other top fifty shareholders	0.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Stampings and Sheet Metal Components.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Haryana Financial Corporation, Bays No. 17,18 and 19, Sector-17-A, Chandigarh-160017, India

· Indian Overseas Bank, 1-C/47-48, N.I.T., Faridabad – 121 001, Haryana, India

· Kotak Mahindra Bank

· Standard Chartered Banks

· Barclays Bank

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loans and advances from Bank:
Cash Credit facilities from Indian Overseas Bank (Secured by hypothecation of stocks and book debts)	59.327	61.962
Term loan:
Indian Overseas Bank (Secured by hypothecation of machineries purchased out of loan finds and building constructed out of loan funds)	18.746	3.011
Haryana financial corporation: (Secured by plant and machinery purchased out of loan funds)	-	1.533
Car Loans:	1.077	1.142
Total	79.152	67.649

Auditors :
Name :	Y. K. Joneja and Company Chartered Accountant
Address :	A-7/1, Nehru Ground, Main neelam Bata Road, Faridabad-121001, Haryana, India
PAN No.:	AABFY0993K

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/-each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11510	Equity Shares	Rs.100/-each	Rs. 1.151 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.151	1.151	1.151
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		61.935	45.343	30.931
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.086	46.494	32.082
LOAN FUNDS
1] Secured Loans		79.152	67.649	83.245
2] Unsecured Loans		12.697	11.235	17.930
TOTAL BORROWING		91.849	78.884	101.175
DEFERRED TAX LIABILITIES		9.637	7.257	6.676
TOTAL		164.572	132.635	139.933
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		153.630	132.063	114.812
Capital work-in-progress		13.517	8.666	7.977
INVESTMENT		0.009	0.009	0.010
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.792	37.635	31.974
	Sundry Debtors	85.769	71.573	65.421
	Cash & Bank Balances	7.980	6.939	3.607
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.535	21.327	16.229
Total Current Assets		169.076	137.474	117.231
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	145.468	118.058	89.609
	Other Current Liabilities	16.399	20.634	6.573
	Provisions	9.793	6.885	3.915
Total Current Liabilities		171.660	145.577	100.097
Net Current Assets		(2.584)	(8.103)	17.134
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		164.572	132.635	139.933

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	629.894	504.497	328.556
		Other Income	0.793	0.466	1.939
		TOTAL	630.687	504.963	330.495
Less	EXPENSES
		Cost of Raw material	488.331	396.257	252.447
		Manufacturing Expenses	0.000	0.000	28.538
		Increase in Inventories of Finished goods	0.704	(1.700)	0.000
		Employees benefits expenses	37.549	34.032	0.000
		Administrative Expenses	0.000	0.000	20.694
		Selling Expenses	0.000	0.000	7.836
		Other expenses	50.628	41.795	0.000
		TOTAL	577.212	470.384	309.515
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		53.473	34.579	20.980
Less	FINANCIAL EXPENSES		17.446	13.526	13.126
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		36.027	21.053	7.854
Less/ Add	DEPRECIATION/ AMORTISATION		10.758	6.584	6.386
Add	PRIOR PERIOD INCOME		0.000	0.772	1.468
	PROFIT BEFORE TAX		25.269	15.241	1.468
Less	TAX		8.678	0.829	NA
	PROFIT AFTER TAX		16.591	14.412	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.394	27.982	0.000
	BALANCE CARRIED TO THE B/S		58.985	42.394	0.000
	IMPORTS
		Components and Spares	2.325	1.022	0.000
		Capital Goods	13.664	11.545	0.000
	TOTAL IMPORTS		15.989	12.567	0.000
	Earnings Per Share (Rs.)		0.001	0.001	0.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.63	2.85	NA
Net Profit Margin (PBT/Sales)	(%)	4.00	3.02	0.44
Return on Total Assets (PBT/Total Assets}	(%)	7.83	5.65	0.63
Return on Investment (ROI) (PBT/Networth)		0.40	32.78	4.57
Debt Equity Ratio (Total Debt /Networth)		1.45	1.69	3.15
Current Ratio (Current Asset/Current Liability)		0.98	0.94	1.17

LOCAL AGENCY FURTHER INFORMATION

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	No
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	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loans from Directors	5.539	5.539
Loans from Shareholders	3.657	3.657
Loans from others:
-Barclays Bank PLC	--	0.825
Kotak Mahindra Bank	--	0.613
Standard Chartered Bank	--	0.598
FIC finance India Limited	3.500	--
Total	12.697	11.235

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U74899DL1985PTC021646
Name of the company	VENUS STAMPINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.2, Second Floor, Ram Pratap House, 4, LSC Kalkaji, New Delhi – 110 019, India E-Mail: nla@venusind.com
This form is for	Modification of charge
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Indian Overseas Bank, 1-C/47-48, N.I.T., Faridabad – 121 001, Haryana, India E-Mail: faridbr@chasco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation F 110 A, Hypothecation of Book Debts F107A and Confirmation Letters F 379 C for extension of equitable mortgage on 29.11.2012.
Date of instrument Creating the charge	29.11.2012
Amount secured by the charge	Rs. 12.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest @ 4.50% above base rate of Bank, present effective rate @ 15.00% p.a. with monthly rests. Terms of Repayment: Adhoc CC limit is sanctioned for a period of 90 days. Margin: As per existing terms of sanction . Extent and Operation of the charge: To secure adhoc CC limit of Rs. 12.5 Millions. Others: 2ONE
Short particulars of the property charged	Hyp. of Stocks, Book Debts and E M of properties situated at Plot Nos 172 and 179, Sector-24, Faridabad, Haryana, India

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer

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 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. 54.39
UK Pound	1	Rs. 82.05
Euro	1	Rs. 69.59

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.