MIRA INFORM REPORT

Report Date :

29.03.2013

IDENTIFICATION DETAILS

Name :	AJNI INDUSTRIES PRIVATE LIMITED [w.e.f. 02.06.2011]
Formerly Known As :	AJNI CLEAN ROOMS PRIVATE LIMITED
Registered Office :	Plot No. 20 to 26, Gujarat Industrial Estate, Behind Roses Nursery, Chhani Road, Navayard, Vadodara-390002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.02.2005
Com. Reg. No.:	04-045523
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U36100GJ2005PTC045523
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Aluminium of GI Doors and Windows.
No. of Employees :	70 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 386000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appear some dip in the sales and profits during 2012. However, trade relations are fair. Business is active. Payment terms are usually correct and as per commitments. The company can be considered 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.

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 [GENERAL DETAILS]

Name :	Mr. Pannalal Bhairavlal Sharma
Designation :	Director
Contact No.:	91-9825011375
Date :	28.03.2013

LOCATIONS

Registered Office/ Factory :	Plot No. 20 to 26, Gujarat Industrial Estate, Behind Roses Nursery, Chhani Road, Navayard, Vadodara-390002, Gujarat, India
Tel. No.:	91-265-2774855/2761515
Mobile No.:	91-9825011375 [Mr. Pannalal Bhairavlal Sharma]
Fax No.:	91-265-2762424
E-Mail :	ajnicr@yahoo.com mail@ajnicr.com
Website :	http://www.ajni.co.in
Location :	Owned

DIRECTORS

AS ON 20.09.2012

Name :	Mr. Pannalal Bhairavlal Sharma
Designation :	Director
Address :	C/90, Tashkand Society, Nizampura, Vadodara-390002, Gujarat, India
Date of Birth/Age :	15.10.1974
Date of Appointment :	18.02.2005
Din No.:	00292286
Name :	Dipu Bhairavlal Sharma
Designation :	Director
Address :	C/90, Tashkand Society, Nizampura, Vadodara-390002, Gujarat, India
Date of Birth/Age :	13.08.1976
Date of Appointment :	18.02.2005
Din No.:	00292405

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2012

Names of Shareholders	No. of Shares
Pannalal Bhairavlal Sharma	275000
Dipu Bhairavlal Sharma	275000
Dularam B. Mistry	200000
TOTAL	750000

AS ON 20.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Aluminium of GI Doors and Windows.
Exports :
Products :	Finished Goods
Countries :	Middle East North America Europe
Imports :
Products :	Raw Materials
Countries :	China Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

• Pfizer Limited
• Huber Chemicals India Private Limited

No. of Employees :

70 [Approximately]

Bankers :

Union Bank of India, Nizampura Branch, Near Ghelani Petrol Pump, Nizampura, Vadodara-390002, Gujarat, India

Facilities :

LONG TERM BORROWINGS	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loans From Banks
Car Loans	4.100	3.190
Machine Loans	10.876	6.117
TOTAL	14.976	9.307
SHORT TERM BORROWINGS	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings	10.990	10.431
TOTAL	10.990	10.431

Banking Relations :	--
Auditors :
Name :	Ruparel and Associates Chartered Accountants
Address :	FF 10, Avishkar Complex, Old Padra Road, Baroda-390015, Gujarat, India
PAN No:	AAYPR0065L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		89.101	75.475	45.389
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		96.601	82.975	52.889
LOAN FUNDS
1] Long Term Borrowings		14.976	9.307	23.773
2] Short Term Borrowings		10.990	10.431	0.000
TOTAL BORROWING		25.966	19.738	23.773
DEFERRED TAX LIABILITIES		9.393	7.111	6.225
TOTAL		131.960	109.824	82.887
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.185	68.857	59.692
Capital work-in-progress		6.341	0.000	0.447
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.489	10.958	9.370
	Sundry Debtors	54.220	50.791	54.831
	Cash & Bank Balances	2.689	12.764	1.390
	Other Current Assets	0.000	0.025	0.000
	Loans & Advances	3.702	1.858	1.873
Total Current Assets		82.100	76.396	67.464
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.849	21.363
	Other Current Liabilities	9.696	7.441	40.924
	Provisions	0.121	6.625	3.792
Total Current Liabilities		60.666	35.429	44.716
Net Current Assets		21.434	40.967	22.748
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		131.960	109.824	82.887

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	250.000 [Approximately]	200.000 [Approximately]	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		26.890	49.100	31.318
Less/ Add	DEPRECIATION/ AMORTISATION		5.137	3.780	2.918
	PROFIT / (LOSS) BEFORE TAX		21.753	45.320	28.400
Less	TAX		8.126	15.235	9.654
	PROFIT / (LOSS) AFTER TAX		13.627	30.085	18.746
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		75.474	45.389	NA
	BALANCE CARRIED TO THE B/S		89.101	75.474	NA
	Earnings / (Loss) Per Share (Rs.)		18.17	40.11	24.99

Expected Sales (2012-13) : Rs.280.000 Millions.

The above information has been parted by Mr. Pannalal Bhairavlal Sharma.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	11.67	31.20	22.33
Return on Investment (ROI) (PBT/Networth)		0.23	0.55	0.54
Debt Equity Ratio (Total Debt/Networth)		0.27	0.23	0.45
Current Ratio (Current Asset/Current Liability)		1.35	2.15	1.51

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	50.849	21.363	NA

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 two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 20, 21 and 40 to 43, Gujarat Industrial Estate, B/H Amin Ford, Chhani Road, Navayard, Vadodara-390002, Gujarat, India to the present address w.e.f.01.05.2011.

FINANCIAL AND WORKING RESULTS:

There is stiff competition with increased number of players in the market. There is also slow down in the economy as a whole in India as well as in international markets. Costs of various inputs have gone up. Industrial activity is at a very low level. There is also shortage of skilled labour required for efficient manufacturing operation. There is fall in sales volume and sales realization. All these factors have caused strain on company’s financial health with increase in manufacturing costs and decline in sales revenue during the year under report. Company is making all out efforts to achieve improved revenues and performance in the coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U36100GJ2005PTC045523
Name of the company	AJNI INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 20 to 26, Gujarat Industrial Estate, Behind Roses Nursery, Chhani Road, Navayard, Vadodara-390002, Gujarat, India
Type of charge	Others
Particular of charge holder	Union Bank of India, Nizampura Branch, Near Ghelani Petrol Pump, Nizampura, Vadodara-390002, Gujarat, India Email: cbsnizampura@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of vehicles agreement (SD-10)
Date of instrument Creating the charge	31.07.2012
Amount secured by the charge	Rs.1.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest A Fixed Interest of 11.50% p.a. at monthly rests. Terms of Repayment 60 monthly installments of Rs.0.026 million commencing from September - 2012. Margin Usual Extent and Operation of the charge Hypothecation of Motor Car of TOYOTA FORTUNER FD (4*2 AT)
Short particulars of the property charged	Hypothecation of Motor Car of TOYOTA FORTUNER FD (4*2 AT)

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer
• Dies and Moulds
• Computer Software

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.