MIRA INFORM REPORT

Report Date :

21.10.2014

IDENTIFICATION DETAILS

Name :	VINOD ISPAT LIMITED
Registered Office :	305, Apollo Tower, 2 M G Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014 [Provisional]
Date of Incorporation :	22.02.1996
Com. Reg. No.:	10-010528
Capital Investment / Paid-up Capital :	Rs. 4.937 Millions
CIN No.: [Company Identification No.]	U27106MP1996PLC010528
TAN No.: [Tax Deduction & Collection Account No.]	BPLV00273A
PAN No.: [Permanent Account No.]	AABCV0920C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of G.I. Wire, Binding Wire, Barbed Wire, Chainlinks and all types of Steel Wire and Wire Rods.
No. of Employees :	30 (Approximately) (5 in Office, 12 in Factory and 13 in Branch Office)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 moderate track record. The rating reflects moderate financial risk profile marked by low profit margin, borrowings recorded by the company are huge and increasing. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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

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 willfully 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. Dinesh Dhanotia
Designation :	Whole-time director
Contact No.:	91-9827035151 [Mr. Dinesh Dhanotia]
Date :	18.10.2014

LOCATIONS

Registered Office :	305, Apollo Tower, 2 M G Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4011777/ 4011757
Mobile No.:	91-9827035151
Fax No.:	91-731-4011786
E-Mail :	d_danotia@rediffmail.com vinodispat@rediffmail.com
Area :	526 Sq. ft.
Location :	Owned
Factory :	23, T.T. Nagar, Near Metro Wholesale, Village Pipliya Kumhar, Dewas Naka, A.B. Road, Indore – 452010, Madhya Pradesh, India
Area :	5000 Sq. ft.
Location :	Owned
Branch Office 1 :	12, SKM House, 6^th Khetwadi, Mumbai – 400004, Maharashtra, India
Branch Office 2 :	22, T.T. Nagar, Near Metro Wholesale, Village Pipliya Kumhar, Dewas Naka, A.B. Road, Indore – 452010, Madhya Pradesh, India
Area :	5000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Dinesh Bansilal Dhanotia

Designation :

Whole-time director

Address :

RH-26, Scheme No. 54, Vijay Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

25.06.1966

Qualification :

Graduate

Experience :

25 Years

Date of Appointment :

25.03.2009

PAN No.:

ABWPD7030L

DIN No.:

00338272

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	U27106MP1993PTC007648	VINTECH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	29/04/1993	29/04/1993	-	Strike off	NO
2	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
3	U27106MP1996PLC010528	VINOD ISPAT LIMITED	Whole-time director	25/03/2009	22/02/1996	-	Active	NO
4	U67120MP1995PTC009627	VINOD MERCANTILE PRIVATE LIMITED	Director	10/09/1999	10/09/1999	-	Active	NO
5	U28999MP1995PTC009114	VIKAS FILLER METALS PRIVATE LIMITED	Director	04/12/2003	04/12/2003	-	Active	NO
6	U51220MP2008PTC020898	SHREENATH AGRICO PRIVATE LIMITED	Director	09/07/2008	09/07/2008	30/03/2012	Active	NO
7	U52100MP2007PTC019402	ANIKET COMMODITIES PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO
8	U70100MP2008PTC020178	SUNSTAR INFRATECH PRIVATE LIMITED	Director	25/03/2014	25/03/2014	-	Active	NO

Name :

Mr. Ramesh Chand Dhanotia

Designation :

Whole-time director

Address :

RH-26, Scheme No. 54, Vijay Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

08.10.1962

Qualification :

Graduate

Experience :

27 Years

Date of Appointment :

25.03.2009

PAN No.:

ABZPD4389D

DIN No.:

00332860

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	U51109MP1993PTC007838	PRONTO MARKETING SERVICES PRIVATE LIMITED	Director	24/08/1993	24/08/1993	03/10/2012	Active	NO
2	U27106MP1996PLC010528	VINOD ISPAT LIMITED	Whole-time director	25/03/2009	22/02/1996	-	Active	NO
3	U67120MP1995PTC009627	VINOD MERCANTILE PRIVATE LIMITED	Director	10/09/1999	10/09/1999	-	Active	NO
4	U28999MP1995PTC009114	VIKAS FILLER METALS PRIVATE LIMITED	Director	04/12/2003	04/12/2003	-	Active	NO
5	U45200MP2007PTC019444	MAHIMA INFRASTRUCTURES PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
6	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Director	26/05/2007	26/05/2007	-	Active	NO
7	U70100MP2008PTC020178	SUNSTAR INFRATECH PRIVATE LIMITED	Director	02/01/2008	02/01/2008	27/03/2014	Active	NO

Name :

Mr. Ram Dayal Farkiya

Designation :

Director

Address :

Farkiya, 55-B, Bhakhitawar Ram Nagar, Indore, Madhya Pradesh, India

Date of Birth/Age :

14.08.1962

Qualification :

P.G.

Date of Appointment :

01.03.2009

DIN No.:

00360394

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	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
2	U51220MP2008PTC020898	SHREENATH AGRICO PRIVATE LIMITED	Director	09/07/2008	09/07/2008	01/03/2012	Active	NO
3	U28999MP1995PTC009114	VIKAS FILLER METALS PRIVATE LIMITED	Director	20/11/2008	20/11/2008	-	Active	NO
4	U27106MP1996PLC010528	VINOD ISPAT LIMITED	Director	01/03/2009	01/03/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Amitabh Mandloi	127645
Divya Mandloi	14600
Sharda Mandloi	32000
Dinesh Dhanotia	88455
Ramesh Dhanotia	100725
Sharmila Dhanotia	34000
B.L. Dhanotia	15880
Ram K. Dhanotia	10900
Sunita Farkiya	26500
Anil Majawdia	22500
Meena Majawdia	1500
Hemankini Dhanotia	15350
Ramdayal Farkiya	3595
Total	493650

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer of G.I. Wire, Binding Wire, Barbed Wire, Chainlinks and all types of Steel Wire and Wire Rods.
Brand Names :	“TATA WIRON”
Agencies Held :	Distributor of Tata Steel Limited [Wire Indian Division]
Terms :
Selling :	Credit [60 Days – 90 Days]
Purchasing :	Cash

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Barbed Wire, Chainlink and Weldmesh	250 MT per month	250 MT per month

GENERAL INFORMATION

Suppliers :

· Tata Steel

· SKM Steels Limited

· SKM Enterprises

· Ara Polytrade

· Nishant Infin

· Gennext Abasan

· Parenteral Drugs

· Simtrade Overseas

· Virat Trade Corp

· Vora Wires

Customers :

Wholesalers, Retailers, End Users, OEMs and Others [Manufacturers]

· H D Wires Private Limited

· Saudagarmal

· Industrial Filter

· Ara Polytrade

· Kach Motors Private Limited

· Vora Wires

· Parenteral Drugs

· Simtrade Overseas

· Virat Trade Corp

· Agrawal Power

No. of Employees :

30 (Approximately) (5 in Office, 12 in Factory and 13 in Branch Office)

Bankers :

· State Bank of India

5, Y. N. Road, Indore – 452001, Madhya Pradesh, India

Facilities :

Credit Limit = Rs. 8.500 Millions

SECURED LOANS	31.03.2014 [Provisional]	31.03.2013
	[Rs. in Millions]
LONG-TERM BORROWINGS
HDFC Verna Car Loan	0.735	0.000
HDFC Vista Car Loan	0.000	0.157
SHORT TERM BORROWINGS
Loans repayable on demand From Banks State Bank of Indore CC	13.964	5.741
SBI OD	1.738	1.723
HDFC Bank [New]	0.000	0.385
Total	16.437	8.006

Banking Relations :	--
Auditors :
Name :	Mahesh C. Mittal and Associates Chartered Accountants
Address :	110, Manas Bhawan Extn., 1st Floor, R.N.T. Marg, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-3042402
Mobile No.:	91-9302140143
E-Mail :	mittalvpl@hotmail.com vmmittal@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	ACRPM6618D
Associates/Subsidiaries :	· Vinod Mercantile Private Limited Address: 305-B, Apollo Tower, 2 M.G. Road, Indore – 452001, Madhya Pradesh, India Activity: Distributor and Trading Business · Vikas Filler Metals Private Limited Address: 305-B, Apollo Tower, 2 M.G. Road, Indore – 452001, Madhya Pradesh, India Activity: Manufacturing and Trading Business · SKM Ramdin Ultratech Private Limited Address: 305-B, Apollo Tower, 2 M.G. Road, Indore – 452001, Madhya Pradesh, India Activity: Construction Contractor [All Government and Private Organisation]

CAPITAL STRUCTURE

AS ON 31.03.2014 [PROVISIONAL]

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
493,650	Equity Shares	Rs. 10/- each	Rs. 4.937 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 [Provisional]	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.937	4.937	4.937
(b) Reserves & Surplus	17.168	13.935	11.926
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	13.385	9.615	9.615
Total Shareholders’ Funds (1) + (2)	35.490	28.487	26.478
(3) Non-Current Liabilities
(a) long-term borrowings	0.735	0.157	0.324
(b) Deferred tax liabilities (Net)	0.254	0.255	0.187
(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)	0.989	0.412	0.511
(4) Current Liabilities
(a) Short term borrowings	86.345	69.446	59.461
(b) Trade payables	84.698	26.944	10.810
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	3.159	1.550	1.640
Total Current Liabilities (4)	174.202	97.940	71.911
TOTAL	210.681	126.839	98.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.714	3.198	2.726
(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	5.722	5.722	5.722
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10.436	8.920	8.448
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.695	28.182	20.127
(c) Trade receivables	134.311	86.303	65.303
(d) Cash and cash equivalents	5.005	2.159	2.816
(e) Short-term loans and advances	18.234	1.275	2.206
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	200.245	117.919	90.452
TOTAL	210.681	126.839	98.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	512.765	559.298	333.461
		Other Income	0.019	0.146	0.132
		TOTAL (A)	512.784	559.444	333.593
Less	EXPENSES
		Purchases of Stock-in-Trade	499.386	542.167	312.798
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.512)	(8.056)	(0.572)
		Employees benefits expense	3.327	2.970	2.665
		Other expenses	11.407	10.576	7.885
		TOTAL (B)	499.608	547.657	322.776
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.176	11.787	10.817
Less	FINANCIAL EXPENSES (D)		9.692	8.535	8.327
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.484	3.252	2.490
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.251	0.240	0.372
	PROFIT BEFORE TAX (E-F) (G)		3.233	3.012	2.118
Less	TAX (H)		0.000	1.003	0.650
	PROFIT AFTER TAX (G-H) (I)		3.233	2.009	1.468
	Earnings Per Share (Rs.)		4.59	4.07	2.97

KEY RATIOS

PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.63	0.36	0.44
Net Profit Margin (PBT/Sales)	(%)	0.63	0.54	0.64
Return on Total Assets (PBT/Total Assets}	(%)	1.58	2.49	2.27
Return on Investment (ROI) (PBT/Networth)		0.09	0.11	0.08
Debt Equity Ratio (Total Debt/Networth)		2.45	2.44	2.26
Current Ratio (Current Asset/Current Liability)		1.15	1.20	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.937	4.937	4.937
Reserves & Surplus	11.926	13.935	17.168
Share Application money pending allotment	9.615	9.615	13.385
Net worth	26.478	28.487	35.490
Long-term borrowings	0.324	0.157	0.735
Short term borrowings	59.461	69.446	86.345
Total borrowings	59.785	69.603	87.080
Debt/Equity ratio	2.258	2.443	2.454

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	333.461	559.298	512.765
		67.725	(8.320)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	333.461	559.298	512.765
Profit	1.468	2.009	3.233
	0.44%	0.36%	0.63%

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	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)	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014 [Provisional]	31.03.2013
SHORT TERM BORROWINGS
Tata Channel Finance SCB	70.643	61.549
Vinod Mercantile Private Limited	0.000	0.048
Total	70.643	61.597

------------------------------------------------------------------------------------------------------------------------------

BALANCE SHEET

MR. RAMESH CHAND DHANOTIA

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Capital		8.249	7.539
2] Share Application Money		0.000	0.000
3] Profit and Loss Account		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		8.249	7.539
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		5.777	5.355
TOTAL BORROWING		5.777	5.355
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		14.026	12.894
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.650	4.650
Capital work-in-progress		0.000	0.000
INVESTMENT		4.453	4.310
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.529	0.207
	Deposits	2.193	2.018
	Loans & Advances	2.204	1.804
Total Current Assets		4.926	4.029
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.003	0.006
	Other Current Liabilities	0.000	0.089
	Provisions	0.000	0.000
Total Current Liabilities		0.003	0.095
Net Current Assets		4.923	3.934
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		14.026	12.894

------------------------------------------------------------------------------------------------------------------------------

BALANCE SHEET

MR. DINESH BANSILAL DHANOTIA

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Capital		5.809	5.171
2] Share Application Money		0.000	0.000
3] Profit and Loss Account		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		5.809	5.171
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		5.809	5.171
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.720	0.720
Capital work-in-progress		0.000	0.000
INVESTMENT		5.218	4.909
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.190	0.043
	Deposits	0.004	0.004
	Loans & Advances	2.723	1.576
Total Current Assets		2.917	1.623
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.323	0.172
	Provisions	2.723	1.909
Total Current Liabilities		3.046	2.081
Net Current Assets		(0.129)	(0.458)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5.809	5.171

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 Estimates	31.03.2016 Projections
1	Gross Sales
	Sales	600.000	600.000
	Total	600.000	600.000
2	VAT/ CST Collected / Paid	28.571	30.952
3	NET SALES	571.429	619.048
4	% age rise (+) or fall (-) in net sales as compared to previous year	2.33%	8.33%
5	Cost of Sales
i)	Purchases Commission/ Rate Difference	539.825	584.610
ii)	Weighment/ Conversion/ Packing	2.220	2.400
iii)	Freight / Octroi	4.190	4.540
iv)	Employee benefit expenses	3.726	4.173
v)	SUB-TOTAL [i to iv]	549.961	595.723
vi)	Add: Opening stock-in-process	--	--
vii)	SUB-TOTAL [v to vi]	549.961	595.723
viii)	Deduct: Closing stock-in-process	--	--
ix)	Cost of Production	549.961	595.723
x)	Add: Opening stock of FG	42.695	47.500
xi)	SUB-TOTAL	592.656	643.223
xii)	Deduct: Closing stock of FG	47.500	52.500
xiii)	SUB-TOTAL [Total Cost of Sales/ Production]	545.156	590.723
6	a) Selling, General & Administrative Expenses	6.336	7.096
	b) Depreciation	0.240	0.230
7	SUB-TOTAL [5+6]	551.732	598.050
8	Operating profit before interest [3-7]	19.697	20.998
9	Interest [Net]	14.625	15.900
10	Operating profit after interest [8-9]	5.072	5.098
11	(i) Add: Other non-operating income
	(a) Miscellaneous Income	--	--
	(b) Discounts	--	--
	(c) Hire charges	--	--
	(d) IT Refund	--	--
	(e) Interest from Partnership firm	--	--
	SUB-TOTAL [Income]	--	--
	(ii) Deduct: Other non-operating expense
	(a) Loss on sale of car	--	--
	(b) Donations	--	--
	(c) Preliminary Expenses written off	--	--
	SUB-TOTAL [Expenses]	--	--
	(iii) Net of other non-operating incomes/ expenses (net of 11 (i) & 11 (ii))	--	--
12	Profit before Tax/Loss [10+11]	5.072	5.098
13	Provision for tax	1.570	1.580
14	Net Profit / (Loss) [12-13]	3.502	3.518
15	(i) Interest to Partners	--	--
	(ii) Salary to Partners	--	--
16	Retained Profit [14-15]	3.502	3.518

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 Estimates	31.03.2016 Projections
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From Applicant bank CC Stock /Book Debts [New]	50.000	50.000
	(ii) DALC Acceptances	--	--
	(iii) of which BP & BD	--	--
	SUB-TOTAL (A)	50.000	50.000
2	Short term borrowings from others
	(i) From SBI OD	--	--
	(ii) From HDFC Bank [New]	--	--
	(iii) Others [Vinod Mercantile]	--	--
3	Sundry Creditors
	(i) Channel Finance SCB-Tata Business	70.000	70.000
	(ii) Sundry Creditors [Goods]	50.864	65.316
4	Advance payments from customers/deposits from dealers	--	--
5	Creditors for expenses	0.250	0.250
6	Provision for Taxation	--	--
7	Other statutory liabilities (due within one year)	0.750	0.750
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)
	Car Loan	0.200	0.200
9	Other current liabilities & Provisions (due within one year)	--	--
	(Specify major items)
	SUB-TOTAL (B)	122.064	136.516
10	TOTAL CURRENT LIABILITIES [Total of 1 to 9]	172.064	186.516
	TERM LIABILITIES
11	Unsecured Loans – Directors / Shareholders	--	--
12	Unsecured Loans – Others	--	--
13	Sales Tax Deferment	--	--
14	Term / Business Loans [Excluding installments payable within one year]	--	--
15	Car Loan	0.335	0.135
16	Other term liabilities	--	--
17	TOTAL TERM LIABILITIES (Total of 11 to 16)	0.335	0.135
18	TOTAL OUTSIDE LIABILITIES [10+17]	172.399	186.651
	NET WORTH
19	Share Capital	4.937	4.937
	Share Application Money	13.384	13.384
20	Securities Premium	5.064	5.064
21	Deferred Tax Credit	0.255	0.255
22	General Reserve	--	--
23	Surplus (+) or deficit (-) in Profit & Loss Account	14.607	18.125
24	NETWORTH	38.247	41.765
25	TOTAL LIABILITIES [18+24]	210.646	228.416
	CURRENT ASSETS
26	Cash & Bank balances	0.500	0.500
27	Investments [Other than long term investments]
	(i) Government and Other Trustee securities	--	--
	(ii) Fixed Deposits with banks	--	--
28	(i) Receivables other than deferred and exports [including bills purchased/ discounted by banks]	150.000 (3.00)	163.000 (3.01)
	(ii) Export receivables [including bills purchased/ discounted by banks]	--	--
29	Installments of deferred receivable [due within 1 year]	--	--
30	Inventory
	(i) Raw materials (including stores and other items in process of manufacture)
	- Indigenous	--	--
	(ii) Finished Goods	47.500 (1.05)	52.500 (1.07)
	(iii) Stock-in-process	--	--
31	Loans and Advances	1.500	1.500
32	Advance Payment of taxes	0.700	0.700
33	Other current assets [Specify major items]	0.250	0.250
34	TOTAL CURRENT ASSET [Total 26 to 33]	200.450	218.450
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	5.904	5.904
36	Depreciation to date	1.430	1.660
37	NET BLOCK (35-36)	4.474	4.244
	OTHER NON-CURRENT ASSETS
38	Investments/book debts /advances deposits which are not current assets
	(i) Investments in subsidiary companies/ affiliates	3.000	3.000
	(ii) Loans and Advances	--	--
	(iii) Investments (Non-Current) [Maturing exceeding 1 year]	--	--
	(iv) Deposits	2.722	2.722
39	Others	--	--
40	Loans and Advances	--	--
41	TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	5.722	5.722
42	Intangible Assets	--	--
43	TOTAL ASSETS (Total of 34, 37, 41 & 42)	210.646	228.416
44	Tangible Net worth (24-42)	38.247	41.765
44 (a)	Quasi Equity [11+12+13]	--	--
44 (b)	Tangible Net Worth + Quasi Equity	38.247	41.765
45	NET WORKING CAPITAL [(17+24) - (37+41+42)]	28.386	31.934
	To tally with (34-10)
46	Current Ratio [34/10]	1.16	1.17
47	Total Outside Liabilities / Net worth (18/44)	4.51	4.47
48	Debt Quasi Equity Ratio	4.51	4.47
49	Gross Profit Ratio	4.60	4.58
50	Operating Profit Ratio	3.45	3.39
51	Net Profit Ratio	0.61	0.57

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 Estimates	31.03.2016 Projections
1	SOURCES
	[a] Net Profit (after tax)	3.502	3.518
	[b] Depreciation	0.240	0.230
	[d] Increased in Term Liabilities (including Public deposits)	0.000	0.000
	[e] Decrease in
	[i] Fixed Assets	--	--
	[ii] Other non-current Assets	--	--
	[g] Total	3.742	3.748
2	APPLICATION
	[a] Net Loss	--	--
	[b] Decrease in Term Liabilities (Incl. Public deposits)	0.200	0.200
	[c] Increase in
	[i] Fixed Assets	--	--
	[ii] Other non-current Assets	--	--
	[d] Drawings	--	--
	[e] Others	--	--
	[f] Total	0.200	0.200
3	Long Term Surplus (+) / Deficit (-) (1 - 2)	3.542	3.548
4	Increase/ decrease in current assets	0.205	18.000
5	Increase/ decrease in current Liabilities other than bank borrowings	(39.373)	14.452
6	Increase/ decrease in working capital Gap	39.578	3.548
7	Net Surplus (+) / deficit (-) (Difference of 3 & 6)	(36.036)	0.000
8	Increase/ decrease in Bank Borrowings	36.036	--
	INCREASE/ DECREASE IN NET SALES	58.664	47.619
	* Break up of (4)
	Increase/ decrease in Raw material	--	--
	Increase/ decrease in Stock in process	--	--
	Increase/ decrease in finished goods	4.805	5.000
	Increase/ decrease in Receivables
	[a] Domestic	15.688	13.000
	[b] Export	0.000	0.000
	Increase/ decrease in stores & spares	--	--
	Increase/ decrease in other Current Assets	(20.288)	--
	TOTAL INCREASE/ DECREASE IN CURRENT ASSETS	0.205	18.000

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 Estimates	31.03.2016 Projections
	A. CURRENT ASSETS
1	Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	Months consumption	--	--
	(b) Indigenous	--	--
	Months consumption	--	--
2	Other consumable spares excluding those incl.in 1 above
	(a) Imported	--	--
	Months consumption	--	--
	(b) Indigenous	--	--
	Months consumption	--	--
3	Stock-in-process	--	--
	Months cost of production	--	--
4	Finished Goods	52.500	23.835
	Months cost of sales	(1.07)	(0.86)
5	Receivables other than deferred & exports (incl. Bills purchased & discounted by banks)	163.000	135.641
	Months domestic sales excluding deferred payment sales	(3.01)	(4.87)
6	Export receivable (including Bills purchased & discounted)	--	--
	Months export sales	--	--
7	Advance to suppliers of Raw materials, stores/spares and consumables	1.500	22.627
8	Other current assets including cash and bank balances and deferred receivables due within one year [specify major items]	1.450	3.064
9	TOTAL CURRENT ASSETS (To agree with item 34 in Form III)	218.450	185.167
	B. CURRENT LIABILITIES (Other than bank borrowings for working capital)
10	Creditors for purchase of raw materials, stores / spares and consumables spares	--	--
	Months purchases	--	--
11	Advances from customers	--	--
12	Statutory Liabilities	0.750	--
13	Other current liabilities [Specify major items] Short term borrowings, unsecured loans, dividend payable, instalments of DPGs, public deposits, debentures, etc.	135.766	149.377
14	TOTAL CURRENT LIABILITIES (To agree with sub-total B-Form III)	136.516	149.377

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 Estimates	31.03.2016 Projections
1	Total Current Assets (Form IV)	218.450	185.167
2	Other Current Liabilities (Other than bank borrowings) (14 of Form IV)	136.516	149.377
3	Working Capital Gap (WCG) (1-2)	81.934	35.790
4	Minimum stipulated net working Capital - 25% of Total Current Assets as the case may be depending upon the method of lending being applied [Export receivables to be excluded under both methods]	54.613	46.292
5	Actual/projected net working capital (45 in form III)	31.934	22.285
6	Item 3 minus item 4	27.322	(10.502)
7	Item 3 minus item 5	50.000	13.506
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	27.322	(10.502)
9	Excess borrowings, if any representing short fall in NWC (4-5)	22.678	24.007

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

(GENERAL DETAILS)

Purpose

Finance / Loan

Date of inspection / name and contact number of accompanied person/ borrower’s rep./ Branch staff

06.08.2014 and subsequently

Date as on which valuation is made

06.08.2014 and subsequently

Postal address of the property / Assets

Survey No. 154/1/2 and 154/2/1/2 Patwari Halka No. 30 [New P.H. No. 66), R.N.M. 03, Vikaskhand Sanwer, Village Baroda Arjun, INDORE

Name of the Owner[s] and his/their Address with phone nos.

Mr. Dinesh Kumar Dhanotia

S/o Mr. Bansilal Dhanotia

Mr. Anant Kumar

S/o Late Mr. Ratanlal Bumb

INDORE

Brief description of the property including Location, distance from the branch and other details

Prospective buyers of the property

Located at main A.B. Road at Village Jhalaria. About 15-16 Kms. away from the branch.

N.A.

List of documents made available for carrying out the valuation by the Bank or Assessee

Ø Regd. Sale deed/Agreement

Ø Corpn. Sanctioned letter/ Map

Ø TNC Approved Colony Layout/ plan

Ø Regd. Prakoshta / Declaration

Ø Land diversion order

Ø Any other documents like Property Tax receipt / Power / Water bill

Documents shortcomings, if notice

Yes

N.A. [Open Land]

9456 dt. 03.12.2013

N.A.

Yes

No

--

Description of the Property/Assets

Located on main A.B. Road at Village Baroda Arjun Indore

Location of the Property/Assets

Survey No. 154/1/2 and 154/2/1/2 Patwari Halka No. 30 [New P.H. No. 66), R.N.M. 03, Vikaskhand Sanwer, Village Baroda Arjun, INDORE

Classification of the Area

Ø Residential / Commercial / Industrial

Ø High Income / Middle / Poor

Ø Urban / Semi Urban / Rural

Ø Restrictive clause, if any for usage

Mixed

--

Semi Urban / Rural

No

Whether property is Freehold/Leasehold details of Leasee/ Lessor/ period/rent/premium etc.

Freehold

Is there any restrictive covenant in regard to use of land? If so attach copy of covenant

Warehouse

Whether coming under limits of Corporation/ Village/ Panchayat

Panchayat

Whether covered under any State/ Central Government scheme for acquisition/ Notified under agency/ schedule/ Contt. Area etc.

No such information available

Type of Property-Agriculture/ Industrial Commercial/ Institutional/ Others

Open Land

Year of Acquisition

2005

Value of Acquisition

Rs. 0.505 Million [Agri. Land]

Boundaries and Dimension/ Area of property

Ø East

Ø West

Ø North

Ø South

Land of Survey No. 155 [Land of Mr. Jamnalal]

A.B. Road

Land of Survey No. 157/1/2 JE [Government Land]

Land of Survey No. 154/2/2/2 (Land of Ms. Swyamsiddha D/o Dr. Surendra Bapat thereafter Vinayak Warehouse)

Extent of the site considered for Valuation

0.721 Heet i.e.7210.00 Sq. Mt. [Approx.]

Occupancy details, whether occupied by the owner/tenant

Occupied by the owner

Development of the surroundings area distance from the civic amenities

Ø School

Ø College

Ø Market

Ø Nursing Home

Ø Bus Stop/ Stand

Ø Railway Station

Government School / D.P.S.

Malwa Inst. of Technology

Dakachiya Market Area

Government Hospital / Private Clinic

--

Indore

Possibility of frequent flooding

No Possibility

Any other important advantage/ Disadvantages of location

Located at main A.B. Road

Shape of land/ plot

Irregular

Area of the land/ plot

7210.00 Sq. Mt. [Approx.]

154/1/2	0.474 Hectare
154/2/1/2	0.247 Hectare
TOTAL	0.721 Hectare

Is plot in town planning approved layout

Yes

Corner Plot or inside plot

Intermittent Plot

Road facility

Available

Does it leave in Proper approach road

Yes-Main A.B. Road

Type of road available at present

Cemented road

Width or road-Below or more than 20 Feet

Above 20 feet

Ground water potential

Available

Underground sewerage system

Not Available

Powers supply availability in the site

Available

Advantage of the site

Situated at Main A.B. Road

Disadvantage of the site

Developing area

Prevailing open market transaction rates

Rs. 4000/- to Rs. 5000/- per Sq. Mt.

Guideline rate obtained from the Collectors / Registrar Office

Diverted Agriculture Land

Rs. 21.000 Millions x 1.5

i.e. Rs. 3150/- per Sq. Mt.

Assessed/ Adopted rate of Valuation

Rs. 4500/- per Sq. Mt.

Estimated Value of Land/ Plot

Rs. 32.445 Millions

DETAILS OF VALUATION

Particulars	Area	Rate	Value in Millions
Land	7210 Sq. Mt. [Approx.]	4500/- Sq. Mt.	32.445
Site Development	--	--	--
Building [NA]	[Open Land]	--	--
Others-Fixed FFF etc.	--	--	--
Total			32.445

Market Value of the Property

Land	32.445
Building	0.000
Total	32.445

Value of the Property as per Government Guidelines

Land	22.712
Building	0.000
Total	22.712

Distress Sale Value of the Property

Land	27.500
Building	0.000
Total	27.500

ADDITIONAL INFORMATION

Favorable features of the Property	Situated at Main A.B. Road
Adverse feature of the Property	--
Realizable estimation of the Property	Rs. 27.500 Millions

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

(GENERAL DETAILS)

Purpose

Finance / Loan

Date of inspection / name and contact number of accompanied person/ borrower’s rep./ Branch staff

15.10.2014

Date as on which valuation is made

15.10.2014

Postal address of the property / Assets

“Apollo Tower” Plot No. 2/1 and 2/2, M.G. Road, Prakoshta No. 305-A, Third Floor, Indore

Name of the Owner[s] and his/their Address with phone nos.

Mr. Dinesh Kumar Dhanotia

S/o Mr. Bansilal Dhanotia

305-B, Apollo Tower, Indore

Brief description of the property including Location, distance from the branch and other details

Prospective buyers of the property

Located at main M.G. Road Indore. About 500 meters away from the Branch

--

List of documents made available for carrying out the valuation by the Bank or Assessee

Ø Regd. Sale deed/Agreement

Ø Corpn. Sanctioned letter/ Map

Ø TNC Approved Colony Layout/ plan

Ø Regd. Prakoshta / Declaration

Ø Land diversion order

Ø Any other documents like Property Tax receipt / Power / Water bill

Documents shortcomings, if notice

Yes

Yes

--

Yes

--

Tax receipt and MPEB bill may be collected

--

Description of the Property/Assets

Located on main M.G. Road Indore

Location of the Property/Assets

“Apollo Tower” Plot No. 2/1 and 2/2, M.G. Road, Prakoshta No. 305-A, Third Floor, Indore

Classification of the Area

Ø Residential / Commercial / Industrial

Ø High Income / Middle / Poor

Ø Urban / Semi Urban / Rural

Ø Restrictive clause, if any for usage

Mixed mainly Commercial

Higher Middle Income

Urban

--

Whether property is Freehold/Leasehold details of Leasee/ Lessor/ period/rent/premium etc.

Freehold

Is there any restrictive covenant in regard to use of land? If so attach copy of covenant

NA

Whether coming under limits of Corporation/ Village/ Panchayat

Corporation

Whether covered under any State/ Central Government scheme for acquisition/ Notified under agency/ schedule/ Cantt. Area etc.

No such information available

Type of Property-Agriculture/ Industrial Commercial/ Institutional/ Others

Commercial

Year of Acquisition

2001

Value of Acquisition

Rs. 0.250 Million

Boundaries and Dimension/ Area of property

Ø East

Ø West

Ø North

Ø South

Prakoshta No. 304

Prakoshta No. 305-B

M.O.S.

Common Passage

Extent of the site considered for Valuation

526 Sq. Ft. [Approx.]

Occupancy details, whether occupied by the owner/tenant

Occupied by the owner

Development of the surroundings area distance from the civic amenities

Ø School

Ø College

Ø Market

Ø Nursing Home

Ø Bus Stop/ Stand

Ø Railway Station

St. Paul H.S. School

I.K.D.C. College

Market Area

Greater Kailash Hospital

Indore

Indore

Possibility of frequent flooding

No

Any other important advantage/ Disadvantages of location

Good Commercial Area

Shape of land/ plot

Almost Regular

Area of the land/ plot

NA

Is plot in town planning approved layout

--

Corner Plot or inside plot

Intermittent Plot

Road facility

Available

Does it leave in Proper approach road

Yes

Type of road available at present

Cemented road

Width or road-Below or more than 20 Feet

Above 20 feet

Ground water potential

Available

Underground sewerage system

Available

Powers supply availability in the site

Available

Advantage of the site

Situated at Commercial Area

Disadvantage of the site

Part Property

Prevailing open market transaction rates

Rs. 3500/- to 4500/- per Sq. Mt.

Guideline rate obtained from the Collectors / Registrar Office

Rs. 110000/- per Sq. Mt. – 60%

i.e. Rs. 4088/- per Sq. ft.

Assessed/ Adopted rate of Valuation

Rs. 4100/- per Sq. ft.

[Including Furniture, Fixture and Fittings]

Estimated Value of Land/ Plot

NA

DETAILS OF BUILDING

Type of Building

Commercial

Type of Construction

RCC construction

Year of Construction

1989-90

Residual Economic Life

25 Years

Number of Floors and height of each floor

LG+UG+4

Condition of the building

Normal

Exterior – Excellent/ Good/ Normal/ Poor

Normal

Interior – Excellent/ Good/ Normal/ Poor

Normal

details of accommodation and finishing

Office Block

Service items available like lift/parking Power DG set/ water supply / Tube well Pump and Sanitary system etc.

Partly Available

Details of FFF/Interior etc.

Office FFF

Whether existing construction comply with sanctioned plan. If not what are the Deviations

Largely

In case residential building, mention number of room, kitchen etc.

Commercial Office

What is the amount of Property tax? Who has to bear it? Give details

To be borne by the borrower

DETAILS OF VALUATION

Particulars	Area	Rate	Value in Millions
Land	--	--	NA
Site Development	--	--	--
Building [Super Built up area including FFF]	526 Sq. ft.	Rs. 4100/- per Sq. ft.	2.157
Total			2.157

Market Value of the Property

Land	NA
Building	2.157
Total	2.157

Value of the Property as per Government Guidelines

Land	NA
Building	2.150
Total	2.150

Distress Sale Value of the Property

Land	NA
Building	1.700
Total	1.700

ADDITIONAL INFORMATION

Favorable features of the Property	Located at main M.G. Road
Adverse feature of the Property	It is Part Property [East Part]
Realizable estimation of the Property	Rs. 1.700 Millions

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90206104	10/04/2004	2,500,000.00	STATE BANK OF INDORE	Y.N. ROAD, INDORE, MADHYA PRADESH, INDIA	-
2	90205441	15/02/1999	200,000.00	STATE BANK OF INDORE	Y.N. ROAD BRANCH, INDORE, MADHYA PRADESH - 452001,  INDIA	-
3	90203275	22/09/2005 *	500,000.00	STATE BANK OF INDORE	Y.N. ROAD, INDORE, MADHYA PRADESH, INDIA	-

* Date of charge modification

------------------------------------------------------------------------------------------------------------------------------

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 311, Apollo Tower, 3^rd Floor, 2 M G Road, Indore – 452001, Madhya Pradesh, India to the present address w.e.f.01.02.2012.

------------------------------------------------------------------------------------------------------------------------------

TRADE REFERENCES

· Vora Wire Ind. (India) Limited

· H.D. Wires Private Limited

· Saudagarmal Mammanlal Private Limited

· Mahalaxmi Heavy Electricals

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Computer

· Cooler and Fans

· Camera

· Air Conditioner

· Furniture and Fixture

· Fax Machine

· Vehicles

· Other 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 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. 61.29
UK Pound	1	Rs. 98.62
Euro	1	Rs. 78.15

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	BVA

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.