MIRA INFORM REPORT

Report No. :	316350
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	HULASI METALS PRIVATE LIMITED

Registered Office :	F - 111, 112, Kartarpura Industrial Estate, Bais Godam, Jaipur – 302006, Rajasthan

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.11.1999

Com. Reg. No.:	17-015986

Capital Investment / Paid-up Capital :	Rs.16.863 Million

CIN No.: [Company Identification No.]	U28910RJ1999PTC015986

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	JPRH02163A

PAN No.: [Permanent Account No.]	AAACH7386P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Precision Sheet Metal.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Dilip
Designation :	Account Department
Contact No.:	91-8046028225
Date :	06.04.2015

LOCATIONS

Registered Office / Factory :	F - 111, 112, Kartarpura Industrial Estate, Bais Godam, Jaipur – 302006, Rajasthan, India
Tel. No. :	91-141-2211115
Mobile No. :	91-8046028225 (Mr. Dilip)
Fax No. :	Not Available
E-Mail :	bhandarinitin@hotmail.com info@hulasi.com
Website :	www.hanut-india.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Kamal Kishore Baid

Designation :

Director

Address :

K-18 Durgadas Path, 'C' Scheme, Jaipur - 302001, Rajasthan, India

Date of Birth/Age :

23.08.1954

Date of Appointment :

11.11.1999

DIN No. :

00682154

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	U28910RJ1999PTC015986	HULASI METALS PRIVATE LIMITED	Director	11-11-1999	11-11-1999	-	Active	NO
2	U40106RJ2010PTC031948	NISARGA NIDHI 4 ENERGY PRIVATE LIMITED	Director	27-05-2010	27-05-2010	-	Active	NO
3	U40106RJ2010PTC032644	NATURE NIDHI 4 ENERGY PRIVATE LIMITED	Director	18-08-2010	18-08-2010	-	Active	NO
4	U40300RJ2006PTC023437	SUNIDHI ENERGY PRIVATE LIMITED	Director	25-08-2010	25-08-2010	-	Active	NO

Name :

Ms. Rita Baid

Designation :

Director

Address :

K-18 Durgadas Path, 'C' Scheme, Jaipur - 302001, Rajasthan, India

Date of Birth/Age :

26.11.1958

Date of Appointment :

11.11.1999

DIN No. :

02401000

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	U28910RJ1999PTC015986	HULASI METALS PRIVATE LIMITED	Director	11-11-1999	11-11-1999	-	Active	NO
2	U01400RJ2011PTC035470	DIVYANIDHI BUILDCON PRIVATE LIMITED	Director	10-06-2011	10-06-2011	-	Active	NO

Name :

Mr. Abhishek Baid

Designation :

Director

Address :

K-18 Durgadas Path, 'C' Scheme, Jaipur - 302001, Rajasthan, India

Date of Birth/Age :

26.11.1976

Date of Appointment :

30.09.2009

DIN No. :

02465621

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	U28910RJ1999PTC015986	HULASI METALS PRIVATE LIMITED	Director	30-09-2009	24-12-2008	-	Active	NO
2	U01400RJ2011PTC035470	DIVYANIDHI BUILDCON PRIVATE LIMITED	Director	10-06-2011	10-06-2011	-	Active	NO
3	U40300RJ2006PTC023437	SUNIDHI ENERGY PRIVATE LIMITED	Director	13-03-2012	13-03-2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTAED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	4.00
Directors or relatives of Directors	84.00
Others	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Precision Sheet Metal.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Dubai UAE UK Bangladesh USA

Imports :	Not Divulged

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Ericsson India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	--

Customers :

Reference :	Delta India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	--

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Basis Godam, Jaipur Branch, Rajasthan, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	--

Axis Bank
ICICI Bank
HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans From Bank	1.189	0.839

SHORT TERM BORROWINGS
Loans repayable on demand
From Bank – Cash Credit Account	21.839	17.589
Overdraft against pledge of fixed deposit receipt	0.000	2.886

Total	23.028	21.314

Auditors :
Name :	N. Bhandari and Company Chartered Accountants
Address :	35 Keshav Nagar, Hawa Sadak, Civil Lines, Jaipur – 302019, Rajasthan, India
Tel. No. :	91-141-2226917 / 2228587
Fax No. :	91-141-2228587
PAN No. :	AACFN8336Q

Memberships :	--

Collaborators :	--

Other Related Party	Haunt Industries Fortune Polymat Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1800000	Equity Shares	Rs.10/- each	Rs.18.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1686250	Equity Shares	Rs.10/- each	Rs.16.863 Million

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	16.863	16.000	16.000
(b) Reserves & Surplus	36.943	32.893	31.638
(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)	53.806	48.893	47.638

(3) Non-Current Liabilities
(a) long-term borrowings	5.266	7.580	3.461
(b) Deferred tax liabilities (Net)	0.464	0.661	0.739
(c) Other long term liabilities	6.058	7.805	12.859
(d) long-term provisions	1.860	1.441	2.420
Total Non-current Liabilities (3)	13.648	17.487	19.479

(4) Current Liabilities
(a) Short term borrowings	21.839	20.475	21.630
(b) Trade payables	17.288	8.907	7.150
(c) Other current liabilities	2.592	5.687	6.854
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	41.719	35.069	35.634

TOTAL	109.173	101.449	102.751

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.801	38.300	40.233
(ii) Intangible Assets	0.000	0.000	0.232
(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	0.232	0.232	0.000
(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	36.033	38.532	40.465

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.275	13.124	16.745
(c) Trade receivables	39.394	31.807	26.855
(d) Cash and cash equivalents	6.793	6.804	5.530
(e) Short-term loans and advances	18.678	11.182	13.156
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	73.140	62.917	62.286

TOTAL	109.173	101.449	102.751

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	97.725	95.619	90.742

Less	EXPENSES
		TOTAL	92.641	90.663	86.568

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.084	4.956	4.174

Less/ Add	DEPRECIATION/ AMORTISATION		3.518	3.475	3.350

	PROFIT/ (LOSS) BEFORE TAX		1.566	1.481	0.824

Less	TAX		0.300	0.305	0.824

	PROFIT/ (LOSS) AFTER TAX		1.266	1.176	0.570

	Earnings / (Loss) Per Share (Rs.)		0.75	0.70	0.34

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.44	1.46	0.80

Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.02

Debt Equity Ratio (Total Debt/Networth)		0.50	0.57	0.53

Current Ratio (Current Asset/Current Liability)		1.75	1.79	1.75

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	16.000	16.000	16.863
Reserves & Surplus	31.638	32.893	36.943
Net worth	47.638	48.893	53.806

long-term borrowings	3.461	7.580	5.266
Short term borrowings	21.630	20.475	21.839
Total borrowings	25.091	28.055	27.105
Debt/Equity ratio	0.527	0.574	0.504

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)
Total Income	90.742	95.619	97.725
		5.375	2.202

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	90.742	95.619	97.725
Profit	0.570	1.176	1.266
	0.63%	1.23%	1.30%

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	No
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advance from related parties	1.504	1.492
Loans and advance	2.573	5.249

Total	4.077	6.741

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10135008	05/07/2007	11,200,000.00	Bank of Baroda	Bais Godown Branch, Industrial Estate, Jaipur, Rajasthan - 302006, INDIA	A43947589
2	90067052	26/06/2000	300,000.00	BANK OF BARODA	BAIS GODAM BRANCH, JAIPUR, Rajasthan, INDIA	-
3	90070562	21/01/2010 *	35,000,000.00	Bank of Baroda	Bais Godown Branch, Industrial Area, Jaipur, Rajasthan - 302006, INDIA	A78677366

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and Machinery
Computer
Furniture and Fixture
Office Equipment
Electrical Fitting
Moulds and dies
Vehicles
Telephone / Telefax

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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.

MIRA INFORM REPORT

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