MIRA INFORM REPORT

Report Date :

13.05.2013

IDENTIFICATION DETAILS

Name :	KIRBY BUILDING SYSTEMS INDIA (UTTARANCHAL) PRIVATE LIMITED
Registered Office :	Plot No.2, Sector 11, Integrated Industrial Estates, Sidcul, Haridwar – 249403, Uttarakhand
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	02.02.2005
Com. Reg. No.:	20-029472
Capital Investment / Paid-up Capital :	Rs. 192.599 Millions
CIN No.: [Company Identification No.]	U45200UR2005PTC029472
PAN No.: [Permanent Account No.]	AACCK5926G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and construction of Pre-Engineered Building Systems.
No. of Employees :	Not Available

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 5000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. Financially company seems to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating: A
Rating Explanation	Adequate degree of safety and moderate credit risk.
Date	October 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 :	Plot No.2, Sector 11, Integrated Industrial Estates, Sidcul, Haridwar – 249403, Uttarakhand, India
Tel. No.:	91-1334-235317/ 235318/ 235319
Fax No.:	91-1334-235314/ 235397
E-Mail :	ppandey@kirby-india.com kirbyharidwar@alghanim.com

DIRECTORS

As on: 30.06.2012

Name :

Mr. Samir Mamdouh Kasem

Designation :

Director

Address :

Anjaf, Block 13, Building 14, Unit 19, Post Box 223, Safat, Kuwait

Date of Birth/Age :

19.08.1958

Date of Appointment :

30.06.2010

DIN No.:

02332484

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	U74120HR2007PTC038827	YAAS WHOLESALE INDIA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	11/05/2009	Active	NO
2	U45200UR2005PTC029472	KIRBY BUILDING SYSTEMS INDIA (UTTARANCHAL) PRIVATE LIMITED	Director	30/06/2010	24/03/2010	-	Active	NO
3	U13209AP1987PLC007360	ROCK WOOL (INDIA) LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

Name :

Aselia Kupueva

Designation :

Director

Address :

Building No. 27, Plot No. 63, Street No. 5, Block 3, Salmya, Kuwait.

Date of Birth/Age :

16.12.1976

Date of Appointment :

30.06.2011

DIN No.:

03100602

Name :

Mr. Swinder Pal Singh

Designation :

Director

Address :

Plot No. 2, Sector 11, Sidcum, Haridwar – 249403, Uttarakhand, India

Date of Birth/Age :

12.11.1968

Date of Appointment :

16.01.2011

DIN No.:

03372287

KEY EXECUTIVES

Name :	Mr. Praveen Kumar Pandey
Designation :	Secretary
Address :	Village Vishunpura, P.O Dolchhapara, Deoria – 274509, Uttar Pradesh, India
Date of Birth/Age :	08.10.1975
Date of Appointment :	12.12.2011
PAN No.:	BAVPP2264B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2012

Names of Shareholders	No. of Shares
Alghanim Industries (Mauritius) Limited, Kuwait	18729780
Kirby Building Systems, Kuwait	100
Total	18729880

Equity Share Break up (Percentage of Total Equity)

As on: 30.06.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and construction of Pre-Engineered Building Systems.

PRODUCTION STATUS (As on 31.12.2011)

Particulars	Installed Capacity**	Actual Production
Pre Engineered Buildings	100000	57218

** As certified by the Management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Ranipur, Haridwar – 249407, Uttaranchal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2011	As on 31.12.2010
Rupee term loans banks secured	16.594	42.450
Working capital loans banks secured	17.763	0.000
Other debt secured	0.000	16.686
Total	34.357	59.136

Banking Relations :	--
Financial Institution :	3I Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	S .R. Batliboi and Associates Chartered Accountant
Address :	Madhapur, Hyderabad, Andhra Pradesh, India
PAN.:	AABFS3421N
Ultimate Holding company :	Almana Industries SAK
Intermediate Holding Company :	Kuwait Insulating Material Manufacturing Company S.A.K Alghanim Industries (Mauritius) Limited
Fellow subsidiary:	Rockwool India Limited Kirby Building Systems India Limited
Enterprise over which Major shareholder of reporting enterprise exercise Significant influence :	Kirby Building Systems Kuwait S.A.K. Kirby Building Systems - (UAE) L.L.C Yusuf A. Alghanim and Sons W.L.L Kirby South East Asia Kirby Construction Company Private Limited Kirby International PTE Limited

CAPITAL STRUCTURE

As on: 30.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18729880	Equity Shares	Rs.10/- each	Rs. 187.299 Millions

As on: 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19259880	Equity Shares	Rs.10/- each	Rs. 192.599 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		192.599	192.599	192.599
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1070.871	621.345	325.762
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1263.470	813.944	518.361
LOAN FUNDS
1] Secured Loans		34.357	59.136	223.025
2] Unsecured Loans		0.000	0.000	81.817
TOTAL BORROWING		34.357	59.136	304.842
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1297.827	873.080	823.203
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		400.203	463.513	541.186
Capital work-in-progress		73.496	0.316	1.463
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		38.815	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	828.980	635.821	506.006
	Sundry Debtors	307.966	225.623	107.105
	Cash & Bank Balances	359.303	107.103	71.351
	Other Current Assets	505.523	481.276	375.439
	Loans & Advances	623.096	238.415	119.353
Total Current Assets		2624.868	1688.238	1179.254
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	608.227	301.459	207.037
	Other Current Liabilities	1139.493	932.250	582.895
	Provisions	91.835	45.278	108.768
Total Current Liabilities		1839.555	1278.987	898.700
Net Current Assets		785.313	409.251	280.554
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1297.827	873.080	823.203

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	NA	4337.687	2895.123
		Other Income	NA	52.084	57.196
		TOTAL	NA	4389.771	2952.319
Less	EXPENSES
		Raw Material Consumed		3035.204	2057.866
		Accessories Consumed		250.399	182.306
		(Increase)/ Decrease in inventories		-49.853	18.573
		Personnel Expenses		115.773	101.922
		Manufacturing, Administration and other Expenses	NA	425.366	296.362
		Selling and Distribution Expenses		175.361	79.547
		Miscellaneous Expenditure Written Off		0.000	0.501
		TOTAL	NA	3952.250	2737.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	437.521	215.242
Less	FINANCIAL EXPENSES		NA	55.487	72.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	382.034	143.171
Less/ Add	DEPRECIATION/ AMORTISATION		NA	80.182	94.421
	PROFIT BEFORE TAX		NA	301.852	48.750
Less	TAX		NA	3.829	0.236
	PROFIT AFTER TAX		452.196	298.023	48.514
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		587.532	289.279	324.451
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	4.851
		Dividend	NA	0.000	67.409
		Tax on Dividend	NA	(0.230)	11.426
	BALANCE CARRIED TO THE B/S		NA	587.532	289.279
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	4.252	5.800
	TOTAL EARNINGS		0.000	4.252	5.800
	IMPORTS
		Raw Materials	42.799	42.107	0.000
		Stores & Spares	21.478	19.156	0.000
		Accessories	34.925	24.383	0.000
	TOTAL IMPORTS		99.202	85.646	0.000
	Earnings Per Share (Rs.)		23.48	15.47	2.52

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	NA	6.79	1.64
Net Profit Margin (PBT/Sales)	(%)	NA	6.96	1.68
Return on Total Assets (PBT/Total Assets}	(%)	NA	14.03	2.83
Return on Investment (ROI) (PBT/Networth)		NA	0.37	0.09
Debt Equity Ratio (Total Debt /Networth)		0.03	0.07	0.59
Current Ratio (Current Asset/Current Liability)		1.43	1.32	1.31

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
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

NATURE OF OPERATIONS:

Subject is engaged in the business of manufacture and construction of Pre-Engineered Building Systems.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45200UR2005PTC029472
Name of the company	KIRBY BUILDING SYSTEMS INDIA (UTTARANCHAL) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.2 Sector 11, Integrated Industrial Estates, Sidcul, Haridwar – 249403, Uttarakhand, India ppandey@kirby-india.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10128884
Type of charge	Immovable property
Particular of charge holder	3I Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India boorugu.srinivas@3i-itsl.com
Nature of instrument creating charge	Memorandum of Entry Extended by Standard Chartered Bank Dated: 13.03.2013
Date of instrument Creating the charge	13.03.2013
Amount secured by the charge	Rs. 1190.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: Shall be 3.75%P.A. below the sum of I-BAR and the Cash Credit Risk Premium prevailing on each day. The applicable interest rate as on date is 14% P.A. Terms of Repayment 12 Months Extent and Operation of the charge Pari Passu Second Charge on All that piece and parcel of Land known as Plot No.2 Sector 11 in the Pant Nagar Industrial Area, bearing Khasra No. within the Village limits of Jwalapur, Rewli Mehmood Salempur, Tehsil, Haridwar and within/outside the limits of Municipal Council of Haridwar, Udham Singh Nagar Dist, State of Uttaranchal, admeasuring 101224.63 Sq. Mts.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari Passu Second Charge on All that piece and parcel of Land known as Plot No.2 Sector 11 in the Pant Nagar Industrial Area, bearing Khasra No. within the Village limits of Jwalapur, Rewli Mehmood Salempur, Tehsil, Haridwar and within/outside the limits of Municipal Council of Haridwar, Udham Singh Nagar District, State of Uttaranchal, admeasuring 101224.63 Sq. Mts.
Date of instrument modifying the charge	05.11.2008
Particulars of the present modification	Earlier Charge was created by way Deed of Hypothecation by way of First Charge on Current Assets and Second Charge on Movable Fixed Assets of the Company for the Facility amount of Rs.1280.000 Millions. Now added additional Security by way of Extended MOE issued by Standard Chartered Bank by way of Second Charge of Immovable Property of the Company, the Facility Amount has been reduced to Rs.1190.000 Millions. The other terms and Conditions remain unchanged.

CONTINGENT LIABILITIES NOT PROVIDED FOR :

(Rs in Millions)

Particular	31.12.2011	31.12.2010
Differential amount of custom duty (including interest) payable by the Company in case of non-fulfillment of export obligation including interest thereon against the import of capital goods made at concessional rate of duty. Based on future sales plans, management is quite hopeful to meet out export obligation by executing the required volume of exports in the future.	101.091	84.505
Credit of Value Added Tax taken by the Company up to March 31, 2007 disallowed by the Sales tax department.	0.585	2.452
Deposits given to sales tax department pending disposal of appeal against demands made by sales tax department.	1.307	0.894
Customers bills discounted	0.000	30.304
Guarantees issued by bankers on behalf of the Company toward performance obligations	292.935	129.988
Claims against the Company not acknowledged as debts	11.553	11.775
Income Tax for assessment year 2008-09	0.000	7.103
Income Tax for assessment year 2009-10	4.459	0.000

FIXED ASSETS

• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Computer
• Vehicles
• Softwares

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. 54.54
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.11

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	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		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.