MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	HAQ ENTERPRISES PRIVATE LIMITED
Registered Office :	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakhiyal, Ahmedabad – 380023, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.07.2008
Com. Reg. No.:	04-054437
Capital Investment / Paid-up Capital :	Rs. 26.601 Millions
CIN No.: [Company Identification No.]	U27100GJ2008PTC054437
TAN No.: [Tax Deduction & Collection Account No.]	AHMH02847F
PAN No.: [Permanent Account No.]	AACCH0669K
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Pig Iron, Scrap, Metal and other related items.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 185600
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Iraki Group. It is an established company having a moderate track record. The company has reported a better growth in its sales turnover but has seen a dip in its net profitability during 2012. External borrowings appear to be increasing over previous years. However, trade relations are fair. Business is active. Payment terms are slow but correct. In view of experienced promoters and a strong market position of the subject in Ahmedabad and Rajkot, the company can be considered normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term ratings : BB
Rating Explanation	Moderate risk of default.
Date	February 22, 2013

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 [GENERAL DETAILS]

Name :	Mr. Abdulhaq Shamsulhaq Iraki
Designation :	Director
Contact No.:	91-9824044553
Date :	29.07.2013

LOCATIONS

Registered Office :	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakhiyal, Ahmedabad – 380023, Gujarat, India
Tel. No.:	91-79-22910090/ 22911290
Mobile No.:	91-9824044553 [Mr. Abdulhaq]
Fax No.:	91-79-22910507
E-Mail :	Iraki_iron@yahoo.com haq_iron@ymail.com
Website :	http://www.irakigroup.com
Location :	Owned

DIRECTORS

AS ON 26.05.2012

Name :

Mr. Inamulhaq Samsulhaq Iraki

Designation :

Director

Address :

Heena House, Old Mayur Soap Factory, Behind Police Commissioner Office , Tawdipura, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

02.12.1968

Date of Appointment :

09.07.2008

DIN No.:

00292588

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	Company/ LLP Status	Defaulting status
1	U27100MH2004PTC144073	SHREE RANISATI INGOTS PRIVATE LIMITED	Director	19/01/2004	19/01/2004	Active	NO
2	U27100GJ2008PTC054437	HAQ ENTERPRISES PRIVATE LIMITED	Director	09/07/2008	09/07/2008	Active	NO
3	U55101GJ2008PTC054527	AIT HOTELS PRIVATE LIMITED	Director	21/07/2008	21/07/2008	Active	NO
4	U55101GJ1998PLC034283	GANADHYAKSHA HOSPITALITIES LIMITED	Managing director	01/04/2010	06/12/2008	Active	NO
5	U15311GJ1971PTC001846	VIRAMGAM REROLLING MILLS PRIVATE LIMITED	Additional director	01/02/2013	01/02/2013	Active	NO
6	U28999GJ2013PTC073571	HAQ STEELS PRIVATE LIMITED	Director	15/02/2013	15/02/2013	Active	NO

Name :

Mr. Abdulhaq Shamsulhaq Iraki

Designation :

Director

Address :

Heena House, Old Mayur Soap Factory, Behind Police Commissioner Office , Tawdipura, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

08.11.1970

Date of Appointment :

09.07.2008

DIN No.:

02188266

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	Company/ LLP Status	Defaulting status
1	U27100GJ2008PTC054437	HAQ ENTERPRISES PRIVATE LIMITED	Director	09/07/2008	09/07/2008	Active	NO
2	U55101GJ2008PTC054527	AIT HOTELS PRIVATE LIMITED	Director	21/07/2008	21/07/2008	Active	NO
3	U55101GJ1998PLC034283	GANADHYAKSHA HOSPITALITIES LIMITED	Managing director	01/04/2010	06/12/2008	Active	NO
4	U27100MH2004PTC144073	SHREE RANISATI INGOTS PRIVATE LIMITED	Director	25/05/2009	25/05/2009	Active	NO
5	U27109GJ2009PTC057669	SUNSTAR ENTERPRISES PRIVATE LIMITED	Director	30/07/2009	30/07/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.05.2012

Names of Shareholders	No. of Shares
Abdul Haq Samshulhaq Iraki	616000
Inamulhaq Samshulhaq Iraki	245000
Kamleshbhai L. Patel HUF	2100
Chandrikaben K. Patel	3500
Sevantilal P Shah	700
Sureshbhai S. Shah HUF	700
Kunal Bharatbhai Thakkar	3500
Tyagraj B. Thakkar	3500
Dinesh Sevantilal Shah	700
Nirav Laljibhai Patel	3500
Samshulhaq Mohmad Iraki	924000
Taherakha Toon Shamshulhaq Iraki	490000
Mahelkakhatoon Inamulhaq Iraki	140000
Afsha Abdulhaq Iraki	140000
Bhailalbhai Khodidas Patel HUF	2100
Patel Rasikbhai Khodidas	2100
Patel Bhailalbhai Khodidas	2100
Patel Rakesh Bhai Ramdas	2100
Vimlaben Rasikial Patel	3500
Muzammil Iftekharahmed Iraki	25000
Sarfraj Ahmed Mohmmed Mustufa	12000
Zafaralam Nafisalam	10500
Nasirali M. Lari	12500
Heenakausar Inamulhaq Iraki	7500
Ziyaulhaq Abdulhaq Iraki	7500
Total	2660100

AS ON 26.05.2012

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

BUSINESS DETAILS

Line of Business :	Trading of Pig Iron, Scrap, Metal and other related items.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

30 (Approximately)

Bankers :

State Bank of India, Opposite Gujarat Bottling, Ahmedabad - 380023, Gujarat, India

Corporation Bank, Neelkanth Plaza Complex, Opposite Police Commissioner Office, Ahmedabad - 380004, Gujarat, India

HDFC Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks
State Bank of India CC	54.017	32.607
Total	54.017	32.607

Banking Relations :	--
Auditors :
Name :	KPSJ and Associates Chartered Accountants
Address :	708 , Samruddhi , Opposite Sakar III , Near Income Tax, P.O. Navjeevan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-30022545/ 40092023
Mobile No.:	91-9426011185
Fax No.:	91-79-30022545
E-Mail :	kpsj_ca@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AAGFK2924D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,750,000	Equity Shares	Rs. 10/- each	Rs. 27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,660,100	Equity Shares	Rs. 10/- each	Rs. 26.601 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26.601	3.693
(b) Reserves & Surplus	19.794	25.324
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	46.395	29.017
(3) Non-Current Liabilities
(a) long-term borrowings	115.059	11.600
(b) Deferred tax liabilities (Net)	0.148	0.133
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	115.207	11.733
(4) Current Liabilities
(a) Short term borrowings	54.017	32.607
(b) Trade payables	54.128	55.281
(c) Other current liabilities	6.479	0.884
(d) Short-term provisions	1.189	1.710
Total Current Liabilities (4)	115.813	90.482
TOTAL	277.415	131.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.720	11.702
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.987
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.700	9.700
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.060	0.060
(e) Other Non-current assets	9.636	0.059
Total Non-Current Assets	34.116	22.508
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.241	17.786
(c) Trade receivables	202.374	73.316
(d) Cash and cash equivalents	0.306	0.456
(e) Short-term loans and advances	2.215	1.190
(f) Other current assets	23.163	15.976
Total Current Assets	243.299	108.724
TOTAL	277.415	131.232

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.693
2] Share Application Money		0.000
3] Reserves & Surplus		21.892
4] (Accumulated Losses)		0.000
NETWORTH		25.585
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		13.300
TOTAL BORROWING		13.300
DEFERRED TAX LIABILITIES		0.000
TOTAL		38.885
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.237
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.099
	Sundry Debtors	98.799
	Cash & Bank Balances	5.076
	Other Current Assets	0.000
	Loans & Advances	3.127
Total Current Assets		132.101
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.498
	Other Current Liabilities	3.402
	Provisions	0.641
Total Current Liabilities		102.541
Net Current Assets		29.560
MISCELLANEOUS EXPENSES		0.088
TOTAL		38.885

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	619.936	252.158	253.840
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	616.125	246.974	251.774
	PROFIT BEFORE TAX		3.811	5.184	2.066
Less	TAX		1.183	1.753	0.641
	PROFIT AFTER TAX		2.628	3.431	1.425
	IMPORTS
		Goods [High Seas Purchased]	7.833	0.000	0.000
	Earnings Per Share (Rs.)		0.99	14.04	5.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.42	1.36	0.56
Return on Total Assets (PBT/Total Assets}	(%)	1.42	4.30	1.46
Return on Investment (ROI) (PBT/Networth)		0.08	0.18	0.08
Debt Equity Ratio (Total Debt/Networth)		3.64	1.52	0.52
Current Ratio (Current Asset/Current Liability)		2.10	1.20	1.29

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)	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10238909	06/03/2013 *	200,000,000.00	STATE BANK OF INDIA	OPPOSITE GUJARAT BOTTLING, AHMEDABAD - 380023, GUJARAT, INDIA	B72075906
2	10229357	19/12/2012 *	165,000,000.00	CORPORATION BANK	NEELKANTH PLAZA COMPLEX, OPPOSITE POLICE COMMISSIONER OFFICE, AHMEDABAD - 380004, GUJARAT, INDIA	B74676750
3	10229358	19/12/2012 *	165,000,000.00	CORPORATION BANK	NEELKANTH PLAZA COMPLEX, OPPOSITE POLICE COMMISSIONER OFFICE, AHMEDABAD - 380004, GUJARAT, INDIA	B74676156

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Inter corporate Deposit	109.926	2.600
From Members	5.133	9.000
Total	115.059	11.600

FIXED ASSETS:

Building at Rakhiyal

Godown at Kadi

Plant and Machinery

Printer

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] 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. 59.83
UK Pound	1	Rs. 91.76
Euro	1	Rs. 79.33

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.