MIRA INFORM REPORT

Report Date :

25.04.2013

IDENTIFICATION DETAILS

Name :	TRUSTWORTHY PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No. A-2, Sector - 57, Noida – 201301, Uttar Pardesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.10.2001
Com. Reg. No.:	20-112745
Capital Investment / Paid-up Capital :	Rs. 3.817 Millions
CIN No.: [Company Identification No.]	U27109DL2001PTC112745
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporters of Builder’s Hardware and other related products.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financial with the government department for the year 2012. As per previous year’s financials, the profitability appeared to be low. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

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

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. Rajesh Sharma
Designation :	Director
Contact No.:	91-9810021903
Date :	20.04.2013

LOCATIONS

Registered Office / Factory :	Plot No. A-2, Sector - 57, Noida – 201301, Uttar Pardesh, India
Tel. No.:	91-120-4258805/4346940
Mobile No.:	91-9810021903 (Rajesh Sharma) 91-9810043379 (Raman Sharma)
Fax No.:	91-120-4327316
E-Mail :	roc.gra1@gmail.com contact@graca.in
Website :	http://www.trustworthyproduct.tradeindia.com
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :	Mr. Raman Sharma
Designation :	Director
Address :	J-187,Golf Links, Sector – 41, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	25.01.1974
Date of Appointment :	09.10.2001
DIN No.:	00168598
Name :	Mr. Rajesh Sharma
Designation :	Director
Address :	J-187,Golf Links, Sector – 41, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	22.05.1972
Date of Appointment :	01.07.2010
DIN No.:	00169030
Name :	Mr. Sunil Gupta
Designation :	Director
Address :	B-52, Lohia Nagar, Ghaziabad - 201001, Uttar Pradesh, India
Date of Birth/Age :	10.08.1965
Date of Appointment :	01.02.2013
DIN No.:	03025947
Name :	Mr. Anil Gupta
Designation :	Director
Address :	B-52, Lohia Nagar, Ghaziabad - 201001, Uttar Pradesh, India
Date of Birth/Age :	21.08.1971
Date of Appointment :	01.02.2013
DIN No.:	06493614

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Raman Sharma	28125
Rajesh Sharma	320125
D.K. Sharma	33490
Total	381740

As on: 30.03.2012

Names of Allotte	No. of Shares
Raman Sharma (HUF)	20000
Rajesh Sharma (HUF)	20000
D.K. Sharma (HUF)	10000
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Exporters of Builder’s Hardware and other related products.

Products :

Product Description	ITC Code
Builders Hardware	830241

Products :

· Hinges

· Ironmongery Latches & Bolts

· Field Gate Fittings

· Fencing Fitting

· Brass Hardware

· Architectural & Antique

Exports :

Products :

Finished Goods

Countries :

Europe

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

40 (Approximately)

Bankers :

Union Bank of India, Overseas Branch, 26/28-D,Connaught Place, New Delhi – 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bill Discounting Facility from	7.820	3.039
Union Bank Of India – CC A/C	3.034	4.024
Union Bank Of India – C/A	0.814	--
Parking Credit Facility From	11.981	--
Union Bank Of India	--	8.973
Reliance Capital	--	1.165
Total	23.649	17.201
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Dues to Directors & Shareholder’s	0.865
HC Vig	2.168	--
True Value Product Private Limited	4.387	--
ICICI Bank Loan a/c	0.605	--
Marvel Exim Private Limited	--	1.000
Raman Sharma	--	0.015
Rajesh Sharma (HUF)	--	0.150
Vishal Vig	--	0.050
Total	8.025	1.215

Banking Relations :	--
Auditors :
Name :	GRA And Associates Chartered Accountants
Address :	A-9/1, FF Phase-I, Naraina Industrial Area, New Delhi – 110028
Tel. No.:	91-120-25893455/41412144/45768080
Fax No.:	91-120-25893456
E-Mail :	contact@graca.in
PAN No.:	AADFG2859A

CAPITAL STRUCTURE

After As on: 30.09.2011

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
431740	Equity Shares	Rs.10/- each	Rs. 4.317 Millions

As on: 31.03.2011

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
381740	Equity Shares	Rs.10/- each	Rs. 3.817 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		3.817	0.362	0.362
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.687	3.505	3.440
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.504	3.867	3.802
LOAN FUNDS
1] Secured Loans		23.649	17.201	14.871
2] Unsecured Loans		8.025	1.215	0.215
TOTAL BORROWING		31.674	18.416	15.086
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		40.178	22.283	18.888
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.336	1.800	2.281
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.027	0.027
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.270	18.831	10.615
	Sundry Debtors	13.431	5.409	4.898
	Cash & Bank Balances	0.774	1.412	0.880
	Other Current Assets	10.632	8.377	6.620
	Loans & Advances	0.300	2.831	5.953
Total Current Assets		67.407	36.860	28.966
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.313	14.886	10.785
	Other Current Liabilities	2.321	1.412	1.375
	Provisions	0.000	0.106	0.226
Total Current Liabilities		29.634	16.404	12.386
Net Current Assets		37.773	20.456	16.580
MISCELLANEOUS EXPENSES		0.069	0.000	0.000
TOTAL		40.178	22.283	18.888

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	58.336	56.028	71.248
		Other Income	3.977	NA	NA
		TOTAL	62.313	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	62.032	NA	NA
	PROFIT BEFORE TAX		0.281	0.177	0.500
Less	TAX		0.000	0.106	0.148
	PROFIT AFTER TAX		0.281	0.066	0.272
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	29.919	32.036	22.872
	TOTAL EARNINGS		29.919	32.036	22.872
	Earnings Per Share (Rs.)		0.74	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	60.000

Above Information Parted Mr. Rajesh Sharma

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.40	0.46	1.60
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.13
Debt Equity Ratio (Total Debt/Networth)		3.72	4.76	3.97
Current Ratio (Current Asset/Current Liability)		2.27	2.24	2.33

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

The Registered Office Of the company has been shifted from A-9/1, Ist Floor, Naraina Industrial Area, Delhi – 110028, India.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U27109DL2001PTC112745
Name of the company	TRUSTWORTHY PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A-2, Sector - 57, Noida – 201301, Uttar Pardesh, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10112291
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Union Bank Of India, Overseas Branch, 26/28-D, Connaught Place, New Delhi – 110001, India
Nature of instrument creating charge	Composite Hypothecation Deed (Sd-20)
Date of instrument Creating the charge	14.08.2012
Amount secured by the charge	Rs. 29,500,000
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As per sanction order dt.13-8-2012 and other existing sanction orders and bank norms from time to time Terms of Repayment - As per sanction order dt.13-8-2012 and other existing sanction orders and bank norms from time to time Margin - As per sanction order dt.13-8-2012 and other existing sanction orders and bank norms from time to time Extent and Operation of the charge - First Charge On Assets Mentioned In Col. 15 Is To Secure The Following Credit Facility Sanction By Bank To The Company 1.Pcl(Lc/Order) Rs.13.000 Millions 2.Fdbp/Fudbp(Lc/Order) Rs.10.000 L Millions 3.Cc(Hyp) Stocks And Book Debts Rs. 2.000 Millions 4.Adhoc Pc(Lc/Order) Rs. 4.500 Millions Total Rs.29.500 Millions Others - all other terms and conditions As per sanction order dt.13-8-2012 and other existing sanction orders and bank norms from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) First Charge On Stocks,Book Debts,And Other Current And Fixed Assets Present And Future Lying At A-2,Sector 57,Noida,Dist.Gb Nagar,U.P.Or At Any Other Places (Ii) E.M.Of Residential Property At J-187,Sector 41,Noida In The Name Of Mr.Rajesh Sharma,Mr.Raman Sharma And Mrs Rakhi Sharma W/O Mr.Rajesh Sharma (Iii) Em Of Residential Flat No.214,Ii Floor, Mahagun Manor, Sector 50 Noida In The Name Of Mr.Rajesh Sharma,Mr.Raman Sharma And Mrs.Anubha Sharma W/O Raman Sharma
Date of instrument modifying the charge	14.05.2012
Particulars of the present modification	Amount Secured Is Modified To Rs.295.00 Millions To Secure The 1.Pcl(Lc/Order) Rs.13.000 Millions 2.Fdbp/Fudbp(Lc/Order) Rs.10.000 Millions 3.Cc(Hyp) Stocks And Book Debts Rs. 2.000 Millions 4. Adhoc Pc (Lc/Order) Rs.4.500 Millions Security: Other Terms And Conditions Remain Same.

Fixed Assets

· Car

· Furniture and Fixtures

· Plant and Machinery

· 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. 54.30
UK Pound	1	Rs. 82.88
Euro	1	Rs. 70.80

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.