MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	STANDARD ENAMEL WORKS PRIVATE LIMITED
Registered Office :	19, Bunglow Road, Delhi – 110007
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.1971
Com. Reg. No.:	55-005585
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U33119DL1971PTC005585
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Vitreous Enameled Ware.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Capability to overcome financial difficulties seems comparatively below average.		Small
	Maximum Credit Limit :			USD 19000
	Status :			Small Company
	Payment Behaviour :			Slow but correct
	Litigation :			Clear
	Comments :			Subject is an old and relatively small company in its filed. Its scale of activities is limited. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for small to mediocre 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
Off-credit	D

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 :	19, Bunglow Road, Delhi – 110007, India
Tel. No.:	91-11-27691558
Mobile No.:	91-9810073857 (Mr. Amilt Gupta)
Fax No.:	Not Available
E-Mail :	stanenemal@yahoo.co.in KASH_ITR@REDIFFMAIL.COM
Website :	www.stamdardenamel.net www.standardenamel.com
Location :	Owned
Factory :	D-40, S.M.A. Co-Op Industrial Estate, G.T. Karnal Road, Delhi -110033, India
Tel. No.:	91-11-47059155

DIRECTORS

As On 24.09.2012

Name :

Mr. Krishan Prakash Gupta

Designation :

Director

Address :

46A, Friends Colony, New Delhi, 110065, India

Date of Birth/Age :

14.12.1935

Date of Appointment :

07.04.1971

DIN No.:

00164420

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	U33119DL1971PTC005585	STANDARD ENAMEL WORKS PRIVATE LIMITED	Director	07/04/1971	07/04/1971	-	Active	NO
2	U74899DL1981PTC011843	VIRAT CHEMICALS AND PLASTICS PVT LTD	Director	10/01/2006	10/01/2006	-	Active	NO

Name :

Mr. Amit Gupta

Designation :

Director

Address :

19, Bungalow Road, Kamla Ngar, Delhi – 110007, India

Date of Birth/Age :

07.04.1971

Date of Appointment :

10.08.2005

DIN No.:

00484498

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	U72900DL2002PTC117806	VZBILITY SOLUTIONS PRIVATE LIMITED	Director	27/11/2002	27/11/2002	-	Strike off	NO
2	U72900DL2000PTC106488	SPACEAGE INFO SOLUTIONS PRIVATE LIMITED	Director	21/08/2004	21/08/2004	20/03/2008	Active	NO
3	U33119DL1971PTC005585	STANDARD ENAMEL WORKS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
4	U55201DL2004PTC127892	VALUE GRUBS PRIVATE LIMITED	Director	09/01/2006	09/01/2006	01/10/2007	Active	NO

Name :

Mr. Rohit Rggarwal

Designation :

Director

Address :

19, Bungalow Road, Kamla Ngar, Delhi – 110007, India

Date of Birth/Age :

07.11.1975

Date of Appointment :

11.12.2005

DIN No.:

00504422

Name :

Mr. Vijender Kumar Gupta

Designation :

Director

Address :

BF-61, Shalimr Bagh East, Delhi-110088, India

Date of Birth/Age :

04.02.1940

Date of Appointment :

11.12.2005

DIN No.:

00036210

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	L31300DL1964PLC004255	DELTON CABLES LIMITED	Managing director	01/07/2008	26/02/1967	-	Active	NO
2	U74100DL1972PLC006077	RAM KUMAR GUPTA AND SONS LIMITED	Director	25/04/1973	25/04/1973	-	Active	NO
3	U74899DL1973PLC006586	DELTON INTERNATIONAL LTD	Director	01/09/1994	01/09/1994	-	Active	NO
4	L74899DL1980PLC060079	SANEH INDUSTRIEAL INVESTMENT LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
5	L74899DL1980PLC011180	VISHRANTI TRADING ENTERPRISES LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
6	U65993DL1980PLC011184	B AND M TRADING AND INVESTMENT CO LTD	Director	30/09/1994	30/09/1994	-	Active	NO
7	U32106DL1998PTC093606	SENOR MICROWAVES PRIVATE LIMITED	Director	04/05/1998	04/05/1998	-	Strike off	NO
8	U33119DL1971PTC005585	STANDARD ENAMEL WORKS PRIVATE LIMITED	Director	11/12/2005	11/12/2005	-	Active	NO
9	U74899DL1971PTC005538	ABASKAR CONSTRUCTION PVT LTD	Director	30/01/2007	30/01/2007	-	Active	NO

MAJOR SHAREHOLDERS

As on 24.09.2012

Names of Shareholders	No. of Shares	% of Holding
S. P. Gupta	200	4%
Krishan Prakash Gupta	1225	31%
Vinod Prakash Gupta	1225	31%
Amit Gupta	1350	34%
Total	4000	100.00%

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Exporter of Vitreous Enameled Ware
Products :	Vitreous Enameled Hospital-Ware Trays   Pots Bucket Mugs Bowls Basins Vitreous Enameled Kitchenware Cook n Serve dishes Kadahi Pans Bowis Vitreous Enameled Outdoor Décor Fore-pits Murals Planters Vitreous Enameled Sign Boards Display Boards Number Plates Name Plates Danger Plates Phase Plates Vitreous Enameled Camping Gear Mug Plate Kettle
Exports :
Products :	Vitreous Enameled Ware
Countries :	UK Europe Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	L/C and Cash

GENERAL INFORMATION

Suppliers :	Ganguli Ceramics
Customers :	End Users, Traders and Suppliers Ral Sons India Limited
No. of Employees :	25 (Approximately)
Bankers :	HDFC Bank, New Delhi, India Kotak Mahindra Bank, New Delhi, India
Facilities :	-

Banking Relations :	--
Auditors :
Name :	Ashwini and Associates Charted Accountants
Address :	103, Prtap Bhawan, Bahadur Shah Zafar Marg, Delhi-110002, India
Pan No.:	AAFFA9616H

CAPITAL STRUCTURE

As On 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs.0.400 Million

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		0.400	0.400	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.399	4.059	4.016
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.799	4.459	4.416
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.279	0.252	0.227
TOTAL BORROWING		0.279	0.252	0.227
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.078	4.711	4.643
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.345	0.408	0.409
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.011	0.007	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.727	1.174	0.400
	Sundry Debtors	3.127	2.010	1.196
	Cash & Bank Balances	1.464	1.393	1.077
	Other Current Assets	0.071	0.000	0.024
	Loans & Advances	1.650	1.658	1.712
Total Current Assets		7.039	6.235	4.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.092	1.742	0.000
	Other Current Liabilities	0.225	0.197	0.175
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.317	1.939	0.175
Net Current Assets		4.722	4.296	4.234
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.078	4.711	4.643

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011
	SALES TURNOVER (APPROXIMATELY)	12.500	7.700
Less	EXPENSES	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	0.445	NA
Less/ Add	DEPRECIATION/ AMORTISATION	0.101	NA
	PROFIT BEFORE TAX	0.344	0.036
Less	TAX	0.004	NA
	PROFIT AFTER TAX	0.340	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.059	NA
	BALANCE CARRIED TO THE B/S	0.399	0.059
	Earnings Per Share (Rs.)	85	14.68

Particulars	31.03.2013
Sales Turnover (Approximately)	7.000
	(Due to Market Fluctuation )

Expected Sales (2013 - 2014): Rs. 10.000 Millions.

The above information has been parted by Mr. Amit Gupta (Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.66	0.54	NA
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	NA
Debt Equity Ratio (Total Liability/Networth)		0.06	0.06	0.05
Current Ratio (Current Asset/Current Liability)		3.04	3.22	25.19

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 two years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No 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

UNSECURED LOAN:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loan from Related Parties	0.279	0.252
Total	0.279	0.252

FIXED ASSETS:

• Furniture and Fixture
• Plant and Machinery
• Furnaces
• Weighing Scale
• Tools and Dies
• Motor Car
• Cycle
• Computer
• Generator
• Fax Machine
• Fire Equipment
• Electric Fitting
• Cell phone
• Fan

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. 56.49
UK Pound	1	Rs. 86.01
Euro	1	Rs. 73.68

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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

‘

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.