MIRA INFORM REPORT

Report No. :	304136
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	INDUSVALLEY TRADING PRIVATE LIMITED
Formerly Known As :	DAIFY FOOD PRODUCTS PRIVATE LIMITED
Registered Office :	2485/8, IInd Floor, Beadon Pura, Karol Bagh, New Delhi – 110 005
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.04.1986
Com. Reg. No.:	55-023862
Capital Investment / Paid-up Capital :	Rs.6.400 millions
CIN No.: [Company Identification No.]	U74899DL1986PTC023862
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading of khatha, cutch, gambier and lab equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 71600
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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.

LOCATIONS

Registered Office :	2485/8, IInd Floor, Beadon Pura, Karol Bagh, New Delhi – 110 005, India
Tel. No. :	91-11-41546130
Fax No. :	Not Available
E-Mail :	indusvalleytrading@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mahesh Kumar Lakhotia

Designation :

Director

Address :

X/1868, Gali No.12, Rajgarh Extension, Gandhi Nagar, Delhi – 110 031, India

Date of Birth/Age :

19.10.1961

Date of Appointment :

20.12.2008

DIN No. :

02442606

Name :

Mr. Nirmal N. Todi

Designation :

Whole-time Director

Address :

2485/8, Beadon Pura, Karol Bagh, New Delhi – 110 005, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

19.01.1994

DIN No. :

00301401

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	U74899DL1986PTC023862	INDUSVALLEY TRADING PRIVATE LIMITED	Whole-time director	19-01-1994	19-01-1994	-	Active	NO
2	U74899DL1985PTC020690	DIANA STEELS PRIVATE LIMITED	Director	21-11-1994	21-11-1994	-	Active	NO
3	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Director	30-09-1997	30-09-1997	-	Active	NO
4	U27310DL2007PTC162079	TOMAL METALS PRIVATE LIMITED	Director	16-04-2007	16-04-2007	-	Active	NO

Name :

Mr. Mahaveer Prasad Aggarwal

Designation :

Whole-time Director

Address :

2485/8, IInd Floor, Beadon Pura, Karol Bagh, New Delhi – 110 005, India

Date of Appointment :

20.11.1996

DIN No. :

00301458

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Nirmal Todi	115500
Neeta Todi	106100
Sangita Todi	56000
Sweta Todi	92000
Ankita Todi	92000
Aditya Todi	56000
Radhika Todi	65000
Siddhath Todi	55000
Nageshwaran Bhuvana	1650
Mahaveer Prasad Aggarwal	750
Total	640000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.74
Other top fifty shareholders	0.26
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading of khatha, cutch, gambier and lab equipment.
Products :	Khatha, Cutch, Gambier and Lab Equipment
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Citibank N.A.
Branch Address	IIIrd Floor, 2, Club House Road, Chennai – 600 002, Tamilnadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Development Credit Bank Limited

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
From Banks:
Development Credit Bank Limited (Secured Against property owned by director, repayable in 180 months)	5.733	8.592
ICICI Bank car loan	0.655	0.000
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
Development Credit Bank Limited	1.585	0.000
ICICI Bank Car loan	0.614	0.000
Total	8.587	8.592

Banking Relations :	--
Auditors :
Name :	Virender Kumar and Associates Chartered Accountants
Address :	212, WA-107/121, Rohini Complex, Shakarpur, Delhi – 110 092, India
PAN No.:	AAHPG3452B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.10/- each	Rs.6.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
640000	Equity Shares	Rs.10/- each	Rs.6.400 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	6.400	6.400	6.400
(b) Reserves & Surplus	18.663	16.822	15.089
(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)	25.063	23.222	21.489
(3) Non-Current Liabilities
(a) Long-term borrowings	6.388	8.592	9.896
(b) Deferred tax liabilities (Net)	(1.039)	(0.761)	(0.448)
(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)	5.349	7.831	9.448
(4) Current Liabilities
(a) Short term borrowings	65.262	41.356	41.924
(b) Trade payables	18.873	1.556	0.056
(c) Other current liabilities	1.549	1.732	1.307
(d) Short-term provisions	0.053	0.055	1.283
Total Current Liabilities (4)	85.737	44.699	44.570
TOTAL	116.149	75.752	75.507
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.595	18.560	20.266
(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	2.039	2.039	2.039
(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	19.209	19.190	19.093
Total Non-Current Assets	39.843	39.789	41.398
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.310	5.371	6.626
(c) Trade receivables	24.414	12.159	8.857
(d) Cash and cash equivalents	11.897	11.756	17.118
(e) Short-term loans and advances	23.685	6.677	1.508
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	76.306	35.963	34.109
TOTAL	116.149	75.752	75.507

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	NA	184.641	162.612
		Other Income	NA	2.689	0.636
		TOTAL	NA	187.330	163.248
Less	EXPENSES
		TOTAL	NA	183.062	158.341
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.440	4.268	4.907
Less/ Add	DEPRECIATION/ AMORTISATION		1.891	1.922	1.501
	PROFIT/ (LOSS) BEFORE TAX		2.549	2.346	3.406
Less	TAX		0.708	0.613	1.076
	PROFIT/ (LOSS) AFTER TAX		1.841	1.733	2.330
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.822	15.089	12.759
	BALANCE CARRIED TO THE B/S		18.663	16.822	15.089
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis (Excluding Export in Rupee)	26.103	16.538	18.360
	TOTAL EARNINGS		26.103	16.538	18.360
	IMPORTS
		Purchase of Goods	86.472	103.872	93.162
	TOTAL IMPORTS		86.472	103.872	93.162
	Earnings / (Loss) Per Share (Rs.)		2.88	2.71	3.64

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	0.94	1.43
Return on Total Assets (PBT/Total Assets}	(%)	2.23	3.18	4.64
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.16
Debt Equity Ratio (Total Debt/Networth)		2.86	2.15	2.41
Current Ratio (Current Asset/Current Liability)		0.89	0.80	0.77

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	6.400	6.400	6.400
Reserves & Surplus	15.089	16.822	18.663
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.489	23.222	25.063
Long Term borrowings	9.896	8.592	6.388
Short Term borrowings	41.924	41.356	65.262
Total borrowings	51.820	49.948	71.650
Debt/Equity ratio	2.411	2.151	2.859

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	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)
SHORT TERM BORROWINGS
From other parties	5.945	7.500
Loans from related parties	57.118	33.856
Total	63.063	41.356

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS:

· Furniture and Fixtures

· Office Equipments

· Cellular Phones

· Computers

· Generator

· Vehicles

· Air Conditioner

· Office space at Gurgaon

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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.