MIRA INFORM REPORT

Report Date :

15.04.2013

IDENTIFICATION DETAILS

Name :	RAJHANS PRESSINGS PRIVATE LIMITED
Registered Office :	SSI, Plot No. 5, NH-2, NIT, Faridabad – 121001, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.1999
Com. Reg. No.:	05-034303
Capital Investment / Paid-up Capital :	Rs.4.950 Millions
CIN No.: [Company Identification No.]	U34300HR1999PTC034303
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile, Electronics, White Goods and Construction Machinery Sectors.
No. of Employees :	180 (Approximately) (In Office 30) (In factory 150)

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 190000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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 commitment. 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 PARTED BY

Name :	Mr. Hans Raj
Designation :	Director
Contact No.:	91-9810003457
Date :	26.03.2013

LOCATIONS

Registered Office/ Factory :	SSI, Plot No. 5, NH-2, NIT, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-2420959/ 2420961
Mobile No.:	91-9810003457
Fax No.:	91-129-2420958
E-Mail :	sushil@rajhanspressings.com hansraj@rajhanspressing.com
Website :	http://www.rajhanspressing.com
Area :	800 Sq yard
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Sushil Kumar Mendiratta
Designation :	Director
Address :	HN-4, Ward-4, Block-2K, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	09.08.1958
Date of Appointment :	04.08.1999
DIN No.:	00157444
Name :	Mr. Hans Raj Mehndiratta
Designation :	Director
Address :	H. No. 3D-55, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	10.04.1955
Date of Appointment :	16.03.2000
DIN No.:	00157130
Name :	Mr. Kesar Das Mendiratta
Designation :	Director
Address :	HN-4, Ward-4, Block-2K, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	16.09.1956
Date of Appointment :	04.08.1999
DIN No.:	00157274
Name :	Ms. Geeta Mehndirata
Designation :	Director
Address :	H. No. 3D-55, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	10.11.1960
Date of Appointment :	04.08.1999
DIN No.:	00157167
Name :	Ms. Sumitra Rani
Designation :	Director
Address :	HN-4, Ward-4, Block-2K, NIT, Faridabad – 121001, Haryana, India
Date of Birth/Age :	08.06.1949
Date of Appointment :	04.08.1999
DIN No.:	01427292

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Sushil Kumar Mehndiratta	80000
Sumitra Rani	57500
Kesar Das Mehndiratta	31000
Geeta Mehndirata	70000
Padma Rani Wadhwa	10000
Tarun Mendiratta	5000
Jyoti	4000
Saroj Bala	2500
Hans Raj Mendiratta	50000
P.N. Wadhwa	2190
Santosh Mendiratta	7130
Chesta Mendiratta	4363
Jitender Kumar Mendiratta	75000
Kapil Kumar Mendiratta	75000
Rohit Mendiratta	4960
Rudawall Capital Trust Limited, India	8400
Masterlook Trading and Investment Private Limited, India	2200
AKS International Limited, India	1800
Evan Advisory Private Limited, India	4000
Total	495043

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	3.31
Directors or relatives of directors	58.29
Other top fifty shareholders	38.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automobile, Electronics, White Goods and Construction Machinery Sectors.
Exports :
Products :	Finished Goods
Countries :	· Italy · USA
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	31.03.2011
Licensed Capacity	NA
Installed Capacity	NA
Actual Production	34820057

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

180 (Approximately) (In Office 30) (In factory 150)

Bankers :

· ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· State Bank of Patiala, Commercial Branch, Sector-24, Faridabad - 121001, Haryana, India

· ICICI Bank Limited, 21 Sector, Faridabad - 121001, Haryana, India

Tel. No.: 91-129-4045600

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
ICICI MTL	4.120	0.000
HDFC Bank LAP	4.507	6.237
Auto Loan	1.663	0.000
SIDBI	45.100	32.965
Cash Credit Limit-State Bank of Patiala (Secured against Hypothecation of Stock and debtors and personal guarantee of directors)	0.000	35.049
Cash Credit Limit- ICICI Bank [Secured against Hypothecation of Stock and debtors and personal guarantee of directors]	34.294	0.000
Total	89.684	74.251
Notes: I. Secured against the machinery at Rudrapur II. Secured against the residential property of Directors III. Secured against the hypothecation of Vehicles IV. Secured against the Land at Plot No 166 Sec-24 and Machinery

Banking Relations :	--
Auditors :
Name :	Kumar Vijay Gupta and Company Chartered Accountants
Address :	304, SSR Corporate Park, 13/6, Mathura Road, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-2254007-11
Fax No.:	91-129-2254006
Website :	www.kvg.co.in
PAN No.:	AABFV2413K
Memberships :	· Small Scale Industries (SSI), Faridabad · Federation of Indian Exports Organization (FIEO)  · Automotive Component Manufacturers Association of India (ACMA)
Sister Concern :	Name: Rajhans Industries Address: 2K 45, NIT, Faridabad, Haryana, India Line of Business: Manufacturer and Exporter of Automobile, Electronics, White Goods and Construction Machinery Sectors.

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
495043	Equity Shares	Rs.10/- each	Rs.4.950 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		4.950	4.950	4.737
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.928	39.117	25.045
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47.878	44.067	29.782
LOAN FUNDS
1] Secured Loans		89.684	74.251	40.563
2] Unsecured Loans		22.893	18.415	10.141
TOTAL BORROWING		112.577	92.666	50.704
DEFERRED TAX LIABILITIES		2.949	2.178	1.374
TOTAL		163.404	138.911	81.860
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134.437	118.104	52.812
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	2.176
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.565	30.871	17.586
	Sundry Debtors	61.826	44.808	32.143
	Cash & Bank Balances	0.860	0.000	1.358
	Other Current Assets	6.362	6.520	0.000
	Loans & Advances	7.092	8.264	17.731
Total Current Assets		126.705	90.463	68.818
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.775	44.025	30.630
	Other Current Liabilities	31.180	23.808	10.625
	Provisions	1.783	1.823	0.691
Total Current Liabilities		97.738	69.656	41.946
Net Current Assets		28.967	20.807	26.872
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		163.404	138.911	81.860

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income/ Turnover	381.801	311.277	186.130
		Other Income	0.189	0.132	NA
		TOTAL (A)	381.990	311.409	NA
Less	EXPENSES
		Cost of Raw Material Consumed	278.617	228.668
		Changes in inventories of finished goods and work in progress	(7.584)	(6.922)
		Employee Benefit Expenses	19.265	17.349
		Other Expenses	62.522	51.129
		TOTAL (B)	352.820	290.224	184.411
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.170	21.185
Less	FINANCIAL EXPENSES (D)		12.866	10.042	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.304	11.143
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.677	5.661
	PROFIT BEFORE TAX (E-F) (G)		5.627	5.482	NA
Less	TAX (H)		1.816	1.876	NA
	PROFIT AFTER TAX (G-H) (I)		3.811	3.606	1.649
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	2.846
	TOTAL EARNINGS		NA	NA	2.846
	Earnings Per Share (Rs.)		7.70	7.60	3.48

Particulars	31.03.2013
Sales Turnover (Approximately)	600.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.00	1.16	NA
Net Profit Margin (PBT/Sales)	(%)	1.47	1.76	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.15	2.63	NA
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	NA
Debt Equity Ratio (Total Debt/Networth)		2.35	2.10	1.70
Current Ratio (Current Asset/Current Liability)		1.30	1.30	1.64

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	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 four 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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No
34]	External Agency Rating, if available	No

OPERATION

The income during current year financial year has been enhanced. The directors are looking towards the future prospects of the company and are sure that the results in future will be much better.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from Related Parties	22.893	18.415
Total	22.893	18.415

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U34300HR1999PTC034303
Name of the company	RAJHANS PRESSINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	SSI, Plot No. 5, NH-2, NIT, Faridabad – 121001, Haryana, India E-mail: sushil@rajhanspressings.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10337466
Type of charge	Immovable property
Particular of charge holder	ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India E-mail: vikas.ar@icicibank.com
Nature of instrument creating charge	Deed of Mortgage Declaration dated 09.06.2012
Date of instrument Creating the charge	09.06.2012
Amount secured by the charge	Rs.46.350 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For CC limit : I-Base+ 3% p.a currently I-Base 9.75%, For Term Loan : I-Base+ 3% p.a currently I-Base 9.75%, For LC : Commission 0.25% Terms of Repayment For Term Loan: 36 monthly installments commencing from the date of first disbursement. Margin For CC limit: 25% against all components of inventory For Term loan: Nil For Inland LC: 10% Extent and Operation of the charge Exclusive charge on the industrial property situated at 78-79, Sector 7, Industrial area, Pant Nagar, Uttaranchal
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Industrial property situated at 78-79, Sector 7, Industrial area, Pant Nagar, Uttaranchal
Particulars of the present modification	Mortgage of the Industrial Property situated at 78,79 Sector-7, Industrial Area, Pant Nagar, Uttaranchal together with all the buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Tools and Dies

· Electric Installation

· Furniture and Fixture

· Motor Cars

· Commercial Vehicles

· Office Equipment

· Fire Extinguisher

· 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 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.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	VRN

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.