MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED
Registered Office :	3/39, Roop Nagar, Delhi – 110 007
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.07.1961
Com. Reg. No.:	55-003498
Capital Investment / Paid-up Capital :	Rs.48.388 Millions
CIN No.: [Company Identification No.]	U74899DL1961PTC003498
TAN No.: [Tax Deduction & Collection Account No.]	DELH03763E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering and Sheet Metal Components and Assemblies Auto parts for Cars, Motorcycles and Trucks and Machine Tools etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 354000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic fall in its profitability and sales during 2012. The external borrowing seems to be increasing over years. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight 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	Cash Credit: BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	November, 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 :	3/39, Roop Nagar, Delhi – 110 007, India
Tel. No.:	91-11-23270216
Fax No.:	Not Available
E-Mail :	horizon11@vsnl.com horizon@del2.vsnl.net ashokvermafcs@gmail.com ashokvermafcs@rediffmail.com
Website :	http://www.indiansources.com/horizon.htm http://www.bluepeterindia.com
Corporate Office::	80, Darya Ganj, New Delhi – 110 002, India
Tel. No.:	91-11-23270216/ 23270266/ 23283076/ 23276711
Fax No.:	91-11-23283076/ 23276711
E-Mail :	horizon11@vsnl.com
Factory 1 :	B-4, Badli Industrial Estate, Delhi – 110 042, India
Tel. No.:	91-11-23270216 / 23270266
Fax No.:	91-11-23283076
Factory 2 :	Plot 45, Sector-3, IMT Manesar, Gurgaon, Haryana, India

DIRECTORS

As on 16.06.2012

Name :

Mrs. Prabha Wati Kaul

Designation :

Director

Address :

3/39, Roop Nagar, Delhi – 110 007, India

Date of Birth/Age :

27.11.1910

Date of Appointment :

23.12.1963

DIN No.:

00558280

Name :

Ms. Kamal Sharma

Designation :

Director

Address :

SD-409, Tower Apartment Pitampura, Delhi – 110 034, India

Date of Birth/Age :

03.08.1947

Date of Appointment :

15.02.2002

DIN No.:

00558363

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	U74899DL1974PTC007302	BRUK ELECTRICALS PRIVATE LIMITED	Director	01/05/1984	01/05/1984	-	Active	NO
2	U74999DL2000PTC105542	ITA INTEGRATED SERVICES PRIVATE LIMITED (TAMILNADU TO DELHI)	Director	03/05/2000	03/05/2000	31/07/2006	Active	NO
3	U74899DL1961PTC003498	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
4	U74100DL1998PTC092773	QUALITY PLUS SERVICES PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
5	U35990HR2011FTC043115	DAIICHI N HORIZON AUTOCOMP PRIVATE LIMITED	Director	03/06/2011	03/06/2011	05/03/2013	Active	NO

Name :

Dr. Alka Kaul

Designation :

Director

Address :

3/39, Roop Nagar, Delhi – 110 007, India

Date of Birth/Age :

29.12.1968

Date of Appointment :

06.09.1993

DIN No.:

00558501

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	U74899DL1961PTC003498	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
2	U74899DL1974PTC007302	BRUK ELECTRICALS PRIVATE LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
3	U74899DL1987PTC027339	PRECISION AGENCIES PRIVATE LIMITED	Director	27/07/1999	27/07/1999	-	Active	NO
4	U74100DL1998PTC092773	QUALITY PLUS SERVICES PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
5	U35990HR2011FTC043115	DAIICHI N HORIZON AUTOCOMP PRIVATE LIMITED	Director	03/06/2011	03/06/2011	-	Active	NO

Name :

Mr. Avtar Krishan Kaul

Designation :

Director

Address :

3/39, Roop Nagar, Delhi – 110 007, India

Date of Birth/Age :

18.01.1942

Date of Appointment :

01.08.1997

DIN No.:

00756938

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	U74899DL1974PTC007398	EUROTECH AUTOMATION PRIVATE LIMITED	Managing director	21/08/1979	21/08/1979	-	Active	NO
2	U74899DL1987PTC027339	PRECISION AGENCIES PRIVATE LIMITED	Director	31/07/1997	31/07/1997	-	Active	NO
3	U74899DL1961PTC003498	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
4	U74899DL1974PTC007302	BRUK ELECTRICALS PRIVATE LIMITED	Managing director	01/08/1997	01/08/1997	-	Active	NO
5	U74100DL1998PTC092773	QUALITY PLUS SERVICES PRIVATE LIMITED	Director	17/03/1998	17/03/1998	-	Active	NO
6	U74999DL2000PTC105542	ITA INTEGRATED SERVICES PRIVATE LIMITED (TAMILNADU TO DELHI)	Director	29/02/2000	29/02/2000	31/07/2006	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.06.2012

Names of Shareholders	No. of Shares
A.K. Kaul	154970
P.W. Kaul	5
C.L. Wazir	3600
Alka Kaul	43500
Amita Kaul	43500
Precision Agencies Private Limited, India	178500
Kamal Sharma	18000
A.K. Kaul (HUF)	22500
Namrita Wazir	7800
Natasha Wazir	5500
Neerja Dutta	5000

As on 16.06.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	36.88
Directors or relatives of directors	63.12
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Engineering and Sheet Metal Components and Assemblies Auto parts for Cars, Motorcycles and Trucks and Machine Tools etc.
Products :	Sheet Metal Components/ Parts Other Engineering Products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, SME Branch, Chandni Chowk, Delhi – 110 006, India
• State Bank of India, Kriti Nagar Branch
• State Bank of India, Noida Branch
• State Bank of India, Manesar Branch
• State Bank of Bikaner and Jaipur, Badli Branch

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Banks
Term Loan	136.015	47.509
SHORT TERM BORROWINGS
From Banks	27.826	82.407
Total	163.841	129.916

Notes:

Secured Term Loan from Banks carries interest @ 14.00% p.a.

The loan is secured by hypothecation of all material including goods in transit and present and future receivables/ fixed assets of the company, first charge on all the fixed assets of the company present or future.

Maturity Profile of Term Loan from Bank is as set out below:

	Maturity Profile (In Millions)
	1-2 Years	2-3 Years	3-4 Years	Beyond 4 Years
Term Loan from Banks @ 14.00%	10.488	2.032	1.200	21.789

These Loans are secured against hypothecation of specific assets.

The company has Cash Credit Limit of Rs.100.000 millions from Banks which is secured against Stock and Debtors.

Banking Relations :	--
Auditors :
Name :	Kishan C. Jain and Company Chartered Accountants
Address :	D-162, Prashant Vihar, Sector – XIV, Rohini, Delhi – 110 085, India
Tel No:	91-11-23255335
PAN No.:	AAEPJ7697D
Enterprises over which Key Management Personnel are able to exercise significant influence :	· Bruk Electricals Private Limited · Eurotech Automation Private Limited · Quality Plus

CAPITAL STRUCTURE

As on 16.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
483875	Equity Shares	Rs.100/- each	Rs.48.388 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010 (Consolidated)
SHAREHOLDERS FUNDS
1] Share Capital		48.388	35.750	35.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.026	36.632	36.375
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.414	72.382	72.125
LOAN FUNDS
1] Secured Loans		163.841	129.916	109.181
2] Unsecured Loans		6.700	6.150	0.000
TOTAL BORROWING		170.541	136.066	109.181
DEFERRED TAX LIABILITIES		1.060	0.000	0.000
TOTAL		260.015	208.448	181.306
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		194.003	175.985	108.163
Capital work-in-progress		48.167	50.678	0.000
INVESTMENT		12.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.137	56.960	0.000
	Sundry Debtors	104.656	68.346	48.484
	Cash & Bank Balances	21.846	23.754	11.325
	Other Current Assets	3.557	1.657	114.816
	Loans & Advances	14.085	12.112	42.630
Total Current Assets		209.281	162.829	217.255
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.993	154.510	132.995
	Other Current Liabilities	8.457	5.298
	Provisions	16.986	21.236	12.323
Total Current Liabilities		203.436	181.044	145.318
Net Current Assets		5.845	(18.215)	71.937
MISCELLANEOUS EXPENSES		0.000	0.000	0.649
Project Expenses		0.000	0.000	0.557
TOTAL		260.015	208.448	181.306

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	514.727	574.582	501.919
		Other Income	16.707	1.780	3.553
		TOTAL	531.434	576.362	505.472
Less	EXPENSES
		Office Expenses	496.712	538.034	474.257
		Administrative Expenses
		Advertising Expenses
		TOTAL	496.712	538.034	474.257
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		34.722	38.328	31.215
	DEPRECIATION/ AMORTISATION		24.207	22.467	20.532
	PROFIT BEFORE TAX		10.515	15.861	10.683
	TAX		4.063	5.863	3.985
	PROFIT AFTER TAX		6.452	10.031	6.698
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.957	35.703	37.844
Less	APPROPRIATIONS
		Proposed Dividend	0.000	7.150	7.150
		Tax on Proposed Dividend	0.000	1.188	1.188
		Transfer to General Reserves	0.000	1.003	0.670
		Tax and Adjustments for earlier years	1.998	1.436	(0.169)
	BALANCE CARRIED TO THE B/S		39.411	34.957	35.703
	EARNINGS IN FOREIGN CURRENCY		15.730	18.633	19.081
	Earnings Per Share (Rs.)		13.33	28.05	1.87

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.21	1.74	1.33
Net Profit Margin (PBT/Sales)	(%)	2.04	2.76	2.13
Return on Total Assets (PBT/Total Assets}	(%)	2.61	4.68	3.28
Return on Investment (ROI) (PBT/Networth)		0.12	0.22	0.15
Debt Equity Ratio (Total Debt/Networth)		1.93	1.88	1.51
Current Ratio (Current Asset/Current Liability)		1.03	0.90	1.50

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Others
Loan from Other	6.700	6.150
Total	6.700	6.150

Notes:

Unsecured loan includes loan from director and other related party.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1961PTC003498
Name of the company	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3/39, Roop Nagar, Delhi – 110 007, India E-Mail: ashokvermafcs@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	80007979
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, SME Branch, Chandni Chowk, Delhi – 110 006, India E-Mail: delhiroc@jksco.in
Nature of description of the instrument creating or modifying the charge	Letter evidencing confirmation of Equitable Mortgage of immovable property by deposit of title Deeds
Date of instrument Creating the charge	09.02.2013
Amount secured by the charge	Rs.315.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per sanction terms Terms of Repayment: As per sanction terms Margin: As per sanction terms Extent and Operation of the charge: The company's immovable property as mentioned hereunder are mortgaged to collaterally secure following credit facilities aggregate to Rs.315.000 millions granted by bank to borrower Sl Particulars Amount (Rs in millions) 1. CC 130.000 2. EPC (7.500) 3. FBP (2.500) 4. Open TL O/s 0.600 5. TL I O/s 5.600 6. TL II O/s 38.600 7. Fresh TL 130.000 8. Auto Loans 0.200 9. LC 5.000 10. BG 5.000 Total 315.000
Short particulars of the property charged	Equitable mortgage of company immovable property being factory land and building over property No. B-150, EPIP, situated at Neemrana Area, Alwar, Rajasthan.
Particulars of the present modification	The credit facilities aggregating to Rs.315.000 millions shall now also be collaterally secure by equitable mortgage by deposit of title deeds of company's immovable property being factory land and building over property No. B-150, EPIP, situated at Neemrana Area, Alwar, Rajasthan.

FIXED ASSETS

· Goodwill

· Land

· Building

· Furniture and Fixture

· Electricity and Fitting

· Plant and Machinery

· Generator

· Fire Fighting Equipment

· Fan

· Computer

· Computer Software

· UPS

· Air conditioner

· Water Pump

· Water Cooler

· Water Purifier

· Office Equipment

· Factory Equipments

· Refrigerator

· Television

· Cellular Phone

· Car

· Cooler

· Testing Equipment

· Temporary Structure

· Tools and Implements

· Dies and Blocks

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.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.52

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.