MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	SHREE VAISHNAV ALLOYS PRIVATE LIMITED (w.e.f. 05.11.2003)
Formerly Known As :	RABALE STEEL PRIVATE LIMITED
Registered Office :	503, Vyapar Bhavan 49, P D’Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.07.1996
Com. Reg. No.:	11-100963
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U27100MH1996PTC100963
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42154A
PAN No.: [Permanent Account No.]	AABCR8012K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is Engaged in the Manufacture of Structural Bars in various Shapes and Sizes.
No. of Employees:	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 762000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. It has achieved better growth in its sales turnover during 2012. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB [Cash Credit and Term Loan]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	09.11.2012

Rating Agency Name	ICRA
Rating	A3+ [Bank Guarantee]
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	09.11.2012

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.

INFORMATION PARTED BY

Name :	Mr. Dinesh Agarwal
Designation :	Chief Executive Officer
Contact No.:	91-9820122319
Date :	08.05.2013

LOCATIONS

Registered Office :	503, Vyapar Bhavan 49, P D’Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel No.:	91-22-66334044
Mobile No.:	91-9820122319 (Mr. Dinesh Agarwal)
Fax No.:	91-22-23484044
E-Mail :	sales@vaishnavtmt.com dsagarwal@yahoo.com mail@vaishnavgroup.com
Website :	http://www.vaishnavgroup.com
Area :	1500 sq. ft.
Location :	Owned
Factory :	Gut No. 8 and 78, Off Bharat Fertilizer Road, Kharewali, Taluka Wada, District Thane, Mumbai, Maharashtra, India
Tel. No.:	91-2526-220892
Administrative Office :	519, Vyapar Bhavan 49, P.D. Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23724044 /45 /46
Fax No.:	91-22-23724031
Sales Office :	104, Shiv-Ashish Complex, 19^th Road, Chembur (East), Mumbai-400071, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :	Mrs. Rajrani Shersingh Agarwal
Designation :	Director
Address :	Vaishnav Sadan Bunglow, No.2, Vikas Classiqe, CHS, Behind Basant Cinema, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	10.07.1950
Date of Appointment :	01.10.2002
Din No.:	00636455
Name :	Mr. Vipin Shersingh Agarwal
Designation :	Director
Address :	Vaishnav Sadan Bunglow, No.2, Vikas Classiqe, CHS, Behind Basant Cinema, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	16.11.1977
Date of Appointment :	01.10.2002
Din No.:	00636502
Name :	Mr. Shersingh Omprakash Agarwal
Designation :	Director
Address :	Vaishnav Sadan Bunglow, No.2, Vikas Classiqe, CHS, Behind Basant Cinema, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	10.07.1951
Date of Appointment :	12.01.2004
Din No.:	00636417

KEY EXECUTIVES

Name :	Mr. Dinesh Agarwal
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Vipin Agarwal	66000
Rajrani S, Agarwal	264000
Sher Singh Agarwal	445000
Dipesh Shersingh Agarwal	227500
S. S. Agarwal (HUF)	212500
Preeta Agarwal	260000
Dinesh Agarwal HUF	25000
TOTAL	1500000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Subject is Engaged in the Manufacture of Structural Bars in various Shapes and Sizes.
Exports :
Products :	TMT Tempcore Bars
Countries :	Shi Lanka Dubai
Imports :
Products :	Raw Materials
Countries :	Dubai
Terms :	Cash and Credit
Selling :
	Cash and Credit
Purchasing :

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Installed Capacity	Actual Production
Structural Steel	60000	55731

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Wagle Industrial Estate Branch, District Thane, Thane-400604, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term loans from banks	15.287	20.477
Term loans from others	10.871	16.042
Loans repayable on demand from banks	109.127	22.706
Foreign currency term loans from banks	0.000	99.524
TOTAL	135.285	158.749

Banking Relations :	--
Auditors :
Name :	M B Agarwal and Company Chartered Accountant
Address :	204, Mhatre Pen Building, Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
PAN No:	AABFM5230D
Associates :	Shree Vaishnav Industries Private Limited Shree Vaishnav Ispat Private Limited Shree Vaishnav Udyog Private Limited Shree Vaishnav Castings Private Limited Shree Vaishnav Finance (Partnership concern) Shree Vaishnav Metal and Power Private Limited Shree Vaishnav Wire and Rod Private Limited Sunbeam Suppliers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		175.581	148.051	121.270
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		190.581	163.051	136.270
LOAN FUNDS
1] Secured Loans		135.285	158.749	130.853
2] Unsecured Loans		42.770	25.243	10.991
TOTAL BORROWING		178.055	183.992	141.844
DEFERRED TAX LIABILITIES		15.862	12.374	8.904
TOTAL		384.498	359.417	287.018
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.540	140.860	75.850
Capital work-in-progress		0.000	0.000	1.258
INVESTMENT		25.450	37.331	3.908
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	267.477	226.645	157.207
	Sundry Debtors	70.902	44.607	135.676
	Cash & Bank Balances	34.058	36.000	38.823
	Other Current Assets	14.034	15.917	0.000
	Loans & Advances	56.847	34.077	42.933
Total Current Assets		443.318	357.246	374.639
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	181.298	147.312	154.359
	Other Current Liabilities	31.985	16.911	1.897
	Provisions	11.527	11.797	12.382
Total Current Liabilities		224.810	176.020	168.637
Net Current Assets		218.508	181.226	206.002
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		384.498	359.417	287.018

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2060.000 [Approximately]	1670.000 [Approximately]	1467.841
		Other Income	NA	NA	5.486
		TOTAL (A)	NA	NA	1473.327
Less	EXPENSES
		Raw material and Stores Consumed			1320.481
		Manufacturing and Operating Expenses			31.021
		Personnel Expenses	NA	NA	25.034
		Selling and Administrative Expenses			6.924
		Increase / Decrease in stock			17.780
		TOTAL (B)	NA	NA	1401.240
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	72.087
Less	FINANCIAL EXPENSES (D)		NA	NA	25.648
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	46.439
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	4.944
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		43.082	42.749	41.495
Less	TAX (H)		10.775	11.478	14.135
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		32.307	31.271	27.360
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	86.410
	BALANCE CARRIED TO THE B/S		NA	NA	113.770
	Earnings / (Loss) Per Share (Rs.)		21.54	20.85	18.24

Particulars	31.03.2013
Sales Turnover [Approximately]	1870.000 [due to market down]

Expected Sales (2013-14 ) : Above Rs.2000.000 Millions.

The above information has been parted by Mr. Dinesh Agarwal.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.85
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.82
Return on Total Assets (PBT/Total Assets}	(%)	7.37	8.58	9.21
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.30
Debt Equity Ratio (Total Debt/Networth)		0.93	1.13	1.04
Current Ratio (Current Asset/Current Liability)		1.97	2.03	2.22

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	181.298	147.312	154.359

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	Yes
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 four 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	Yes
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	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	Yes

NOTE:

The Registered office address of the company has been shifted from 519, Vyapar Bhavan NTS49 P D’Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India to Present address w.e.f. 01.01.2010.

FINANCIAL RESULTS:

During the financial year, the company earned a Net Profit before tax of Rs. 43.082 Millions (Previous year Rs.42.749 Millions). The Provision for Taxation made Rs. 10.775 Millions (Previous year Rs.11.478 Millions).

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans repayable on demand	42.178	24.838
Loans and advances from related parties	0.592	0.405
TOTAL	42.770	25.243

FIXED ASSETS:

• Freehold Land
• Factory Building
• Office Premises and others
• Plant and Machinery
• Electrical Installation
• Crane
• Furniture and Fixture
• Computers
• Workshop Machines
• Branding Machines
• Rolls
• Vehicles
• Coal Based Gasified
• Weight bridge
• Office Equipments

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 records 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] 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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
--RBI	YES/NO	NA
--EPF	YES/NO	NA
TOTAL		49

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.