MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	VIPIN NAMAK FACTORY PRIVATE LIMITED
Registered Office :	440, Katra Maidgran, Khari Baoli, Delhi – 110006,
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.07.1999
Com. Reg. No.:	55-100788
Capital Investment / Paid-up Capital :	Rs. 2.204 Millions
CIN No.: [Company Identification No.]	U15495DL1999PTC100788
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kala Namak and Alguna Alum and Trader, Exporter and Importer of Rock Salt.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 6500
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration company moderate financial risk profile and low reserves position of the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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. Satish
Designation :	Director
Contact No.:	91-9319070066
Date :	29.11.2014

LOCATIONS

Registered Office :	440, Katra Maidgran, Khari Baoli, Delhi –110006, India
Tel. No.:	Not Available
Mobile No.:	91-9319070066 ( Mr. Satish)
Fax No.:	Not Available
E-Mail :	vknfpltd@yahoo.com
Website :	http://www.vipinkalanamak.com
Factory :	Santosh Hostel, GT Road, Kadrabad, Modinagar – 201204, Uttar Pradesh, India
Tel. No.:	91-1232-222206

DIRECTORS

As on 30.09.2014

Name :

Mr. Santosh Kumar Agarwal

Designation :

Director

Address :

B – 25, Govindpuri, Modi Nagar, Ghaziabad – 201201, Uttar Pradesh, India

Date of Birth/Age :

01.01.1942

Date of Appointment :

22.07.1999

DIN No.:

00716172

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	U15495DL1999PTC100788	VIPIN KALANAMAK FACTORY PVT LTD	Director	22-07-99	22-07-99	-	Active	NO
2	U15490UP2013PLC061582	PRAYAS FOODS LIMITED	Director	30-12-13	30-12-13	-	Active	NO

Name :

Mr. Satish Kumar Agarwal

Designation :

Director

Address :

B – 25, Govindpuri, Modi Nagar, Ghaziabad – 201201, Uttar Pradesh, India

Date of Birth/Age :

06.05.1976

Date of Appointment :

28.08.2000

DIN No.:

00713680

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	U15495DL1999PTC100788	VIPIN KALANAMAK FACTORY PVT LTD	Director	28-08-00	28-08-00	-	Active	NO
2	U51909DL2003PTC118750	ADIRAJ EXPORTS PRIVATE LIMITED	Director	31-01-03	31-01-03	17-01-11	Active	NO
3	U41112UP1994PTC016861	JAY PEE CHEMICALS PRIVATE LIMITED	Director	21-09-09	21-09-09	31-12-13	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Santosh Kumar Agarwal	46200
Ashok Kumar Agarwal	41100
Lokesh Kumar Agarwal	17000
Mithlesh Agarwal	7100
Archana Agarwal	23500
Satish Kumar Agarwal	39600
Mohan Lal Mittal	4000
Raj Kumar Mittal	2000
Ved Prakash Mittal	4000
Sanjay Mittal	1500
Pinki Goyal	5000
Poonam Nehra	5000
Ritu Agarwal	24400
Total	220400

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	95.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Kala Namak and Alguna Alum and Trader, Exporter and Importer of Rock Salt.
Products :	v Chat Masala v Ferric Alum v Rock Salt Product v Pooja Samigrai v Hawan Samigri v Season Masala v Digitic Black Salt v Pudina Masala v Terty Masala v Puff Masala
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Good
Countries :	v Japan v Nepal v Bangladesh
Imports :
Products :	Rock Salt
Countries :	v Pakistan
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

v Hindustan Salt, Rajasthan, India

Customers :

Wholesalers, Retailers

v Everest Masala, Mumbai, Maharashtra, India

No. of Employees :

20 (Approximately)

Bankers :

v Punjab National Bank, Main Branch, Near Bus Stand, Modinagar -201204, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Punjab National Bank Car Loan (Against Hypothecation of Car and Guaranteed by the Directors and Repayable in 5 Years from April 2011)	0.319	0.387
SHORT TERM BORROWING
Punjab National Bank Cash Credit	1.151	1.041
Punjab National Bank Over Draft	1.772	1.987
Total	3.242	3.415

Auditors :
Name :	Ajay Sanjeev and Associates Chartered Accountants
Address :	Anuj Complex, Near Amber Cinema, G. T. Road, Modinagar - 201201, Uttarakhand, India
PAN No.:	AAJFA4759K
Memberships :	Not Divulged
Collaborators :	Not Divulged
Sister Concern	v J.P. Chemical Private Limited, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220400	Equity Shares	Rs.10/- each	Rs. 2.204 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.204	2.204	2.204
(b) Reserves & Surplus	0.055	(0.193)	(0.375)
(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)	2.259	2.011	1.829
(3) Non-Current Liabilities
(a) long-term borrowings	1.784	1.851	2.171
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	1.784	1.851	2.171
(4) Current Liabilities
(a) Short term borrowings	2.923	3.028	3.210
(b) Trade payables	7.548	7.241	4.925
(c) Other current liabilities	0.000	0.000	0.035
(d) Short-term provisions	0.340	0.909	1.046
Total Current Liabilities (4)	10.811	11.178	9.216
TOTAL	14.854	15.040	13.216
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.001	1.127	1.312
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	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)	0.141	0.163	0.186
(d) Long-term Loan and Advances	0.062	0.062	0.062
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.204	1.352	1.560
(2) Current assets
(a) Current investments
(b) Inventories	5.776	6.676	4.958
(c) Trade receivables	7.245	5.884	6.021
(d) Cash and cash equivalents	0.530	0.700	0.431
(e) Short-term loans and advances	0.099	0.428	0.246
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	13.650	13.688	11.656
TOTAL	14.854	15.040	13.216

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	73.439	66.349	60.511
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.539	0.471	0.483
Less/ Add	DEPRECIATION/ AMORTISATION		0.165	0.198	0.236
	PROFIT BEFORE TAX		0.374	0.273	0.247
Less	TAX		0.126	0.091	0.082
	PROFIT AFTER TAX		0.248	0.182	0.165
	Earnings Per Share (Rs.)		1.13	0.83	0.75

Expected Sales (2014-15) : Rs.60.000 Millions

The above information has been parted by Mr. Satish

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.34	0.27	0.27
Operating Profit Margin (PBITD/Sales)	(%)	0.73	0.71	0.80
Return on Total Assets (PBT/Total Assets}	(%)	2.54	1.84	1.90
Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.14
Debt Equity Ratio (Total Debt /Networth)		2.08	2.43	2.94
Current Ratio (Current Asset/Current Liability)		1.26	1.22	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.204	2.204	2.204
Reserves & Surplus	(0.375)	(0.193)	0.055
Net worth	1.829	2.011	2.259
long-term borrowings	2.171	1.851	1.784
Short term borrowings	3.210	3.028	2.923
Total borrowings	5.381	4.879	4.707
Debt/Equity ratio	2.942	2.426	2.084

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	60.511	66.349	73.439
		9.648	10.686

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	60.511	66.349	73.439
Profit	0.165	0.182	0.248
	0.27%	0.27%	0.34%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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

(Rs. in Millions)

Unsecured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Sh. Santosh Kumar Agarwal	0.079	0.079
Sh. Santosh Kumar Agarwal and Sons (H.U.F)	0.150	0.150
Sh. Ashok Kumar Agarwal	0.745	0.745
Sh. Satish Kumar Agarwal	0.340	0.340
Sh. Lokesh Kumar Agarwal	0.055	0.055
Smt. Mithesh Agarwal	0.095	0.095
Total	1.465	1.465

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10036645	17/01/2007	1,500,000.00	PUNJAB NATIONAL BANK	PUNJAB NATIONAL BANK, MAIN BRANCH, NEAR BUS STAND, MODINAGAR, Uttar Pradesh - 201204, INDIA	A10288876
2	80011973	08/09/2003	2,000,000.00	PUNJAB NATIONAL BANK	MAIN BRANCH, MODI NAGAR, Uttar Pradesh- 201201, INDIA	-
3	80011975	17/01/2007 *	1,400,000.00	PUNJAB NATIONAL BANK	PUNJAB NATIONAL BANK, MAIN BRANCH, NEAR BUS STAND, MODINAGAR, Uttar Pradesh - 201204, INDIA	-

* Date of charge modification

FINANCIAL RESULTS:

During the financial year 2013-14 financial performance of the company was satisfactory. In spite of cut throat competition in black salt and rock salt industries sales is high in comparison to last year and it is a good achievement in these circumstances that your company is able to achieve profits and your company is moving ahead very fast to achieve more net profit in near future.

FIXED ASSETS

• Plant and Machinery
• Building
• Lorry
• Furnance
• Computer and Printer
• Furniture and Fixtures
• Mobile
• A. C.
• Electrical Fitting
• Car

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.61.97
UK Pound	1	Rs.97.36
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.