MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	HARIT PLOYTECH PRIVATE LIMITED
Registered Office :	G – 79, Riico Industrial Area, Bagru Extension, Tehsil Sanganer, Bagru – 303007, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.07.2006
Com. Reg. No.:	17 – 022783
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U25209RJ2006PTC022783
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Wire Rods
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Bupesh Garg
Designation :	Senior Accountant
Contact No.:	Not available
Date :	28.08.2014

LOCATIONS

Registered Office/ Factory :	G – 79, Riico Industrial Area, Bagru Extension, Tehsil Sanganer, Bagru – 303007, Rajasthan, India
Tel. No.:	91-141-5194165
Fax No.:	91-141-5194165
E-Mail :	haripolytechpvtltd@gmail.com cajpgupta@gmail.com
Area :	1100 sq ft
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Vijay Kumar Gupta

Designation :

Director

Address :

A – 20, Vivek Vihar, Delhi – 110095, India

Date of Appointment :

01.04.2009

DIN No.:

00360874

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	U74899DL1994PTC060540	PUSHPANJALI ENTERPRISES PRIVATE LIMITED	Director	20/10/1999	20/10/1999	-	Active	NO
2	U28113DL2009PTC188824	SELECTION ALUMINIUM WIRES PRIVATE LIMITED	Director	25/03/2009	25/03/2009	10/02/2011	Active	NO
3	U25209RJ2006PTC022783	HARIT POLYTECH PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO

Name :

Mr. Ajay Kumar Gupta

Designation :

Director

Address :

A – 20, Vivek Vihar, Delhi – 110095, India

Date of Appointment :

01.04.2009

DIN No.:

00395773

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	U74899DL1994PTC060540	PUSHPANJALI ENTERPRISES PRIVATE LIMITED	Director	29/07/1994	29/07/1994	-	Active	NO
2	U74899DL1994PTC063586	BALI TOWERS PRIVATE LIMITED	Director	02/05/1995	02/05/1995	-	Active	NO
3	U28113DL2009PTC188824	SELECTION ALUMINIUM WIRES PRIVATE LIMITED	Director	25/03/2009	25/03/2009	10/02/2011	Active	NO
4	U25209RJ2006PTC022783	HARIT POLYTECH PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
5	U70100DL2001PTC110683	COZY DEVELOPERS PRIVATE LIMITED	Director	23/03/2013	23/03/2013	-	Active	NO
6	U45400DL2013PTC251318	MASTERS EARTH INDIA PRIVATE LIMITED	Director	01/05/2013	01/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bupesh Garg
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Ajay Kumar Gupta	749980
Vijay Kumar Gupta	750000
Arpana Gupta	1
Chandra Prakash Gupta	1
Nidhi Gupta	1
Shweta Gupta	1
Arham Commercial Corporation	2
Arihant Enterprises	2
Prabhakar Gupta And Company	2
Deepak Kumar Hirawat	2
Hanuman Mal Barana HUF	1
Maruti Enterprises	1
PMB Capitals	1
Rishabh Enterprises	1
Shri Siddhi Enterprises	1
Vimal Enterprises	1
Harish Chandra Hemlata	1
Vikas Sethia	1
Total	1500000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Wire Rods
Products :	EC Wire Rods CG Wire Rods Alloy Wire Rods Flipped Wire Rods
Imports :
Products :	Scrap
Countries :	· South Africa · Dubai
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days), Advance

GENERAL INFORMATION

Suppliers :

Hindalco Industries, Mumbai - 400 030, Maharashtra, India

Customers :

· Venkateswari Wires Private Limited, Jaipur, Rajasthan, India

· Wholesalers

· Retailers

No. of Employees :

150 (Approximately)

Bankers :

· ICICI Bank, Connaught Place, Delhi, India

· Central Bank Of India, 124 -128 Jayna Building, Railway Road, Shahdra, Delhi – 110032, Delhi, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loans from banks	1.279	0.822
SHORT TERM BORROWINGS:
Rupee term loans from banks	1.042	0.000
Loans repayable on demand from banks	132.315	95.317
Total	134.636	96.139

Banking Relations :	--
Auditors :
Name :	SC Bapana and Company Chartered Accountants
Address :	C – 45, Greater Kailash Colony, Jaipur, Rajasthan, India
PAN No.:	AADFS4500J

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000	15.000
(b) Reserves & Surplus	30.090	15.057	11.961
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	45.090	30.057	26.961
(3) Non-Current Liabilities
(a) long-term borrowings	333.595	256.120	175.985
(b) Deferred tax liabilities (Net)	0.376	0.434	1.372
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	333.971	256.554	177.357
(4) Current Liabilities
(a) Short term borrowings	162.725	129.379	89.587
(b) Trade payables	135.185	123.961	30.629
(c) Other current liabilities	137.045	28.898	37.963
(d) Short-term provisions	7.485	0.000	0.557
Total Current Liabilities (4)	442.440	282.238	158.736
TOTAL	821.501	568.849	363.054
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.161	53.204	33.542
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	3.395	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.769	2.372	3.070
(e) Other Non-current assets	47.752	19.230	6.958
Total Non-Current Assets	120.682	78.201	43.570
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	196.185	95.900	155.630
(c) Trade receivables	419.984	324.629	119.625
(d) Cash and cash equivalents	75.797	44.314	27.960
(e) Short-term loans and advances	7.962	25.275	16.046
(f) Other current assets	0.891	0.530	0.223
Total Current Assets	700.819	490.648	319.484
TOTAL	821.501	568.849	363.054

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2362.831	1605.971	1178.177
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.851	7.461	19.856
Less/ Add	DEPRECIATION/ AMORTISATION		6.231	4.222	4.586
	PROFIT BEFORE TAX		22.620	3.239	15.270
Less	TAX		7.587	0.143	6.190
	PROFIT AFTER TAX		15.033	3.096	9.080
	Earnings Per Share (Rs.)		10.02	2.06	6.05

Particulars	31.03.2014
Sales Turnover (Approximately)	2750.000

The above information has been parted by Mr. Bupesh Garg.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.96	0.20	1.30
Return on Total Assets (PBT/Total Assets}	(%)	2.75	0.57	4.21
Return on Investment (ROI) (PBT/Networth)		0.50	0.11	0.57
Debt Equity Ratio (Total Debt/Networth)		11.01	12.83	9.85
Current Ratio (Current Asset/Current Liability)		1.58	1.74	2.01

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.000	15.000	15.000
Reserves & Surplus	11.961	15.057	30.090
Net worth	26.961	30.057	45.090
long-term borrowings	175.985	256.120	333.595
Short term borrowings	89.587	129.379	162.725
Total borrowings	265.572	385.499	496.320
Debt/Equity ratio	9.850	12.826	11.007

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1178.177	1605.971	2362.831
		36.310	47.128

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1178.177	1605.971	2362.831
Profit	9.080	3.096	15.033
	0.77%	0.19%	0.64%

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	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 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	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	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	No

Note: The Registered Office of the company has been shifted from 39, Shiv Path, Surajnnagar (West), Civil Lines, Jaipur – 303010, Rajasthan, India to the present address w.e.f. 30.04.2009.

UNSECURED LOAN

	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from related parties	332.316	255.298
SHORT TERM BORROWINGS:
Working capital loans from banks	29.368	34.062
Total	361.684	289.360

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450769	30/08/2013	1,035,000.00	CENTRAL BANK OF INDIA	124-128 JAYNA BUILDING,, RAILWAY ROAD, SHAHDRA, DELHI - 110032, DELHI, INDIA	B85485720
2	10408384	08/04/2014	233,600,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C11824794

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 judgment 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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.