MIRA INFORM REPORT

Report Date :

10.01.2014

IDENTIFICATION DETAILS

Name :	PES STAINLESS EQUIPMENTS PRIVATE LIMITED
Registered Office :	C-2/11, Rajouri Garden, New Delhi – 110027
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.05.2011
Com. Reg. No.:	55-219682
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U28113DL2011PTC219682
Legal Form :	Private Limited Liability Company
Line of Business :	Distributors of Stainless Steel Equipment.
No. of Employees :	Not Available

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 5000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. Reserves of the company appears to be low. However, trade relation are improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 DENIED BY

Name :	Mr. Bhupendra Yadav
Designation :	Sales Manger
Contact No.:	91-9540943090
Date :	09.01.2014

LOCATIONS

Registered Office :	C-2/11, Rajouri Garden, New Delhi – 110027, India
Tel. No.:	91-11-25458641
Mobile No.:	91-9540943090 (Mr. Bhupendra Yadav)
Fax No.:	91-11-25916829
E-Mail :	vrandcomca@gmail.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Subhash Chandra Sharma

Designation :

Director

Address :

FA-357, Mansarover Garden, New Delhi – 110015, India

Date of Birth/Age :

15.10.1943

Date of Appointment :

23.05.2011

DIN No.:

00254050

Other Directorship :

.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	U74899DL1989PTC036092	E N PROJECT AND ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	02/05/1989	02/05/1989	-	Active	NO
2	U55101DL1997PTC087841	HAVELI FARMS AND RESORTS PRIVATE LIMITED	Director	10/06/1997	10/06/1997	-	Active	NO
3	U25200DL2008PTC183594	JULISON PACKAGING INDIA PRIVATE LIMITED	Director	23/09/2008	23/09/2008	22/11/2010	Active	NO
4	U28113DL2011PTC219682	PES STAINLESS EQUIPMENTS PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
5	U15500DL2013PTC255032	VATSON FOOD AND BEVERAGES PRIVATE LIMITED	Director	08/07/2013	08/07/2013	-	Active	NO

Name :

Mr. Naresh Chandra Sharma

Designation :

Whole time director

Address :

C-3/3, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

30.12.1958

Date of Appointment :

23.05.2011

DIN No.:

00108399

Other Directorship :

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	U55101DL1997PTC087841	HAVELI FARMS AND RESORTS PRIVATE LIMITED	Director	10/06/1997	10/06/1997	-	Active	NO
2	U45201DL2004PTC126049	GREEN APPLE PROPERTIES PRIVATE LIMITED	Director	26/04/2004	26/04/2004	-	Active	NO
3	U70101DL2005PTC133591	GREEN BANANA PROPERTIES PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
4	U45209DL2007PTC158945	COLLEM GARDEN FARMS AND RESORTS PRIVATE LIMITED	Whole-time director	07/02/2007	07/02/2007	-	Active	NO
5	U74899DL1989PTC036092	E N PROJECT AND ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO
6	U25200DL2008PTC183594	JULISON PACKAGING INDIA PRIVATE LIMITED	Director	23/09/2008	23/09/2008	22/11/2010	Active	NO
7	U28113DL2011PTC219682	PES STAINLESS EQUIPMENTS PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
8	U15500DL2013PTC255032	VATSON FOOD AND BEVERAGES PRIVATE LIMITED	Director	08/07/2013	08/07/2013	-	Active	NO

Name :

Mr. Suresh Kumar Sharma

Designation :

Whole time director

Address :

C-3/3, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

01.01.1952

Date of Appointment :

23.05.2011

DIN No.:

02276414

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	U15490AS2009PTC008933	PESA FOOD PRODUCTS PRIVATE LIMITED	Director	04/02/2009	04/02/2009	-	Under Process of Striking off	NO
2	U25200DL2008PTC183594	JULISON PACKAGING INDIA PRIVATE LIMITED	Additional director	13/05/2009	13/05/2009	22/11/2010	Active	NO
3	U28113DL2011PTC219682	PES STAINLESS EQUIPMENTS PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
4	U15500DL2013PTC255032	VATSON FOOD AND BEVERAGES PRIVATE LIMITED	Director	08/07/2013	08/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bhupendra Yadav
Designation :	Sales Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Subhash Chandra Sharma	34000
Naresh Chandra Sharma	33000
Suresh Kumar Sharma	33000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total

BUSINESS DETAILS

Line of Business :

Distributors of Stainless Steel Equipment.

GENERAL INFORMATION

Suppliers :	· Alfa Level (India Limited) · Kaniska Enterprises
Customers :	· Alfa Level India Limited · Alpha Sterling Corporation · Atlas Cycles Haryana Limited · Cadbury India Limited · Carlsberg India Private Limited · Dabon International Private Limited · Hector Beverages Limited · Herbal Concepts Healthcare Private Limited · Pan Foods Limited
No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	V Rawal and Company Chartered Accountants
Address :	309, Vishal Tower, District Centre, Janak Puri, New Delhi – 110058, India
Tel. No.:	91-11-25594958 / 25544958
E-Mail :	cavinodrawal@gmail.com
PAN No.:	AAJFV1730H

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	0.476	0.235
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.476	1.235
(3) Non-Current Liabilities
(a) long-term borrowings	3.141	3.141
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3.141	3.141
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	2.612	8.374
(c) Other current liabilities	4.150	2.979
(d) Short-term provisions	1.155	0.584
Total Current Liabilities (4)	7.917	11.937
TOTAL	12.534	16.313
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.196	0.187
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.039	0.052
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.235	0.239
(2) Current assets
(a) Current investments	0.080	0.000
(b) Inventories	8.051	10.404
(c) Trade receivables	2.305	1.886
(d) Cash and cash equivalents	0.702	1.744
(e) Short-term loans and advances	1.161	2.040
(f) Other current assets	0.000	0.000
Total Current Assets	12.299	16.074
TOTAL	12.534	16.313

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	21.233	15.332
		Other Income	0.032	0.000
		TOTAL (A)	21.265	15.332
Less	EXPENSES
		Cost of materials consumed	2.514	24.570
		Purchase of stock in trade	13.038	0.000
		Changes in inventories of finished goods, work in progress and stock in trade	2.352	(10.404)
		Employee benefit expenses	2.195	0.437
		Other expenses	0.691	0.319
		TOTAL (B)	20.790	14.922
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.475	0.410
Less	FINANCIAL EXPENSES (D)		0.013	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.462	0.410
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.102	0.070
	PROFIT BEFORE TAX (E-F) (G)		0.360	0.340
Less	TAX (H)		0.111	0.105
	PROFIT AFTER TAX (G-H) (I)		0.249	0.235
	Earnings Per Share (Rs.)		2.49	2.35

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	1.18	1.53
Net Profit Margin (PBT/Sales)	(%)	1.70	2.21
Return on Total Assets (PBT/Total Assets}	(%)	2.87	2.08
Return on Investment (ROI) (PBT/Networth)		0.24	0.28
Debt Equity Ratio (Total Debt/Networth)		2.21	2.54
Current Ratio (Current Asset/Current Liability)		1.55	1.35

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	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Loans and advance from related parties	3.141	3.141
Total	3.141	3.141

PERFORMANCE OF THE COMPANY AND ITS OPERATION

During the year the company has achieved total sales of Rs. 21.234 Millions. Their company has made a net profit before tax Rs. 0.360 Million which is considered reasonable on seeing the market conditions. The directors are hopeful to do good business in the coming year. The directors do not recommend declaration of dividend during the period under consideration.

Note: No Charges Exist for Company

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. 62.18
UK Pound	1	Rs. 102.31
Euro	1	Rs. 84.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.