MIRA INFORM REPORT

Report No. :	310012
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	HARIKRIPA BUSINESS VENTURE PRIVATE LIMITED
Registered Office :	Plot No. SP-37, Kaladera Industrial Area, Kaladera, Jaipur-303801, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.05.2008
Com. Reg. No.:	17-026559
Capital Investment / Paid-up Capital :	Rs. 60.514 Million
CIN No.: [Company Identification No.]	U14101RJ2008PTC026559
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCH0440A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of steel products, rods, angles, bars, sheet.
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 260000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by low reserves level and increased in the borrowings recorded by the company during FY 2014. 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 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	ICRA
Rating	Long Term (B)
Rating Explanation	High risk of default.
Date	September 2014
Rating Agency Name	ICRA
Rating	Short Term (A4)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	September 2014

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/Factory :	Plot No. SP-37, Kaladera Industrial Area, Kaladera, Jaipur-303801, Rajasthan, India
Tel. No.:	Not Available
Mobile No.:	91-9414076474 (Mr. Sanjay Agarwal)
Fax No.:	Not Available
E-Mail :	hari.kripabvpl@gmail.com temanimp@yahoo.co.in

DIRECTORS

As on: 30.09.2014

Name :

Mr. Mahendra Kumar Agarwal

Designation :

Director

Address :

14, Raghunath Colony, Jhotwara, Jaipur- 303801, Rajasthan, India

Date of Birth/Age :

23.01.1969

Date of Appointment :

14.12.2011

PAN:

AAVPA5253E

DIN No.:

01245686

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	U15499RJ1988PTC004680	BRAJ FOOD PROCESSING PRIVATE LIMITED	Director	01-11-1988	01-11-1988	-	Strike off	NO
2	U74994RJ1993PTC007880	AERAN FOODS PRIVATE LIMITED	Director	14-07-1999	14-07-1999	-	Active	NO
3	U15313RJ2001PTC017145	NIKHIL PULSES PRIVATE LIMITED	Director	20-08-2001	20-08-2001	-	Active	NO
4	U01122RJ2008PTC027323	AGRASEN AGROCHEM PRIVATE LIMITED	Director	05-09-2008	05-09-2008	24-03-2012	Active	NO
5	U15319RJ2009PTC029130	AKHIL PULSES PRIVATE LIMITED	Director	11-06-2009	11-06-2009	-	Active	NO
6	U27109RJ2011PTC036472	NIKHIL METAL PRIVATE LIMITED	Director	13-09-2011	13-09-2011	12-09-2014	Active	NO
7	U14101RJ2008PTC026559	HARIKRIPA BUSINESS VENTURE PRIVATE LIMITED	Director	14-12-2011	14-12-2011	-	Active	NO

Name :

Mr. Raghuveer Agarwal

Designation :

Director

Address :

60, Muktanand Nagar, Gopalpura, Byepass, Jaipur – 303801, Rajasthan, India

Date of Birth/Age :

15.08.1950

Date of Appointment :

14.12.2011

PAN:

ABSPA0721B

DIN No.:

00977008

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 Top of Form
1	U15313RJ1996PTC011803	SHREE ARADHANA DALL MILLS PVT LTD	Director	27-03-1996	27-03-1996	-	Active	NO
2	U15313RJ2007PTC024461	ARADHANA PULSES PRIVATE LIMITED	Director	23-05-2007	23-05-2007	-	Active	NO
3	U45201RJ2008PTC026319	AAKARTI BUILDVISION REAL ESTATE PRIVATE LIMITED	Director	09-04-2008	09-04-2008	-	Active	NO
4	U52190RJ2008PTC026856	Abhishek Trademart Private Limited	Director	25-06-2008	25-06-2008	16-08-2010	Active	NO
5	U14101RJ2010PTC031431	KAVYA MARBLES PRIVATE LIMITED	Director	06-04-2010	06-04-2010	08-09-2012	Active	NO
6	U14101RJ2008PTC026559	HARIKRIPA BUSINESS VENTURE PRIVATE LIMITED	Director	14-12-2011	14-12-2011	-	Active	NO
7	U27109RJ2013PTC042875	HARIKRIPA STEELS PRIVATE LIMITED	Director	08-06-2013	08-06-2013	-	Active	NO Bottom of Form

KEY EXECUTIVES

Name :	Mr. Sanjay Agarwal
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Mahendra Kumar Agrawal	991000
Raghuveer Agrawal	1161200
Babulal Agrawal	258000
Akhil Agrawal	508000
Pavnesh Agrawal	129600
Pushpa Devi Agrawal	343400
Shakuntala Agrawal	750000
Nikhil Agrawal	222000
Shubham Bansal	500000
Rukmani Devi Agrawal	210000
Arti Agrawal	376000
Chetan Bansal	432000
Arpit Temani	10040
Rajkumar Agrawal	17200
Rajni Devi Agrawal	56400
Kamla Devi Agrawal	70600
Sarita Agrawal	16000
Total	6051440

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	90.54
Other top fifty shareholders	9.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of steel products, rods, angles, bars, sheet.
Products :	Steel Products Rods Angles Bars Sheet
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
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank of Baroda, 7, Sethi Sadan , Park Street, M.I. Road, Jaipur, 302001, Rajasthan, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term Loan from Bank	135.343	58.415
Loan Taken from Vehicles	0.618	0.000
Short-term borrowings
Working Capital Loan from Banks	117.825	73.592
Total	253.786	132.007

Auditors :
Name :	Temani and Associates Chartered Accountants
Address :	D-25, Friends Enclave, 102, Jagan Path, Sardar Patel Marg, C-Scheme, Jaipur- 302006, Rajasthan, India
Tel No.:	91-2375223
PAN N Income-tax PAN of auditor or auditor's firm :	ABFPT8961M
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Sanjay Overseas

CAPITAL STRUCTURE

After As on 30.09.2014

Authorized Capital: Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 80.600 Million

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs. 65.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6,051,440	Equity Shares	Rs.10/- each	Rs. 60.514 Million

FINANCIAL DATA

[All figures are in Rupees Million]

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	60.514	48.680	41.500
(b) Reserves & Surplus	29.827	8.323	0.026
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.155	2.654
Total Shareholders’ Funds (1) + (2)	90.341	57.158	44.180
(3) Non-Current Liabilities
(a) long-term borrowings	160.286	105.170	14.704
(b) Deferred tax liabilities (Net)	0.128	2.765	0.003
(c) Other long term liabilities	3.511	2.764	0.837
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	163.925	110.699	15.544
(4) Current Liabilities
(a) Short term borrowings	117.825	73.592	0.000
(b) Trade payables	18.018	18.704	0.000
(c) Other current liabilities	38.571	27.805	0.024
(d) Short-term provisions	0.280	0.068	0.000
Total Current Liabilities (4)	174.694	120.169	0.024
TOTAL	428.960	288.026	59.748
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.664	139.295	5.144
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	89.370	0.000	24.934
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	62.346	1.768	17.807
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	282.380	141.063	47.885
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.736	61.469	0.000
(c) Trade receivables	34.230	42.976	0.000
(d) Cash and cash equivalents	8.106	11.922	9.466
(e) Short-term loans and advances	4.518	5.319	0.000
(f) Other current assets	18.990	25.277	2.397
Total Current Assets	146.580	146.963	11.863
TOTAL	428.960	288.026	59.748

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX	3.753	2.473	NA
Less	TAX	2.352	2.116	NA
	PROFIT AFTER TAX	1.401	0.357	NA
	Earnings Per Share (Rs.)	0.23	0.07	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.11	0.86	0.00
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.00
Debt Equity Ratio (Total Debt /Networth)		3.08	3.13	0.33
Current Ratio (Current Asset/Current Liability)		0.84	1.22	494.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	41.500	48.680	60.514
Reserves & Surplus	0.026	8.323	29.827
Share Application money pending allotment	2.654	0.155	0.000
Net worth	44.180	57.158	90.341
long-term borrowings	14.704	105.170	160.286
Short term borrowings	0.000	73.592	117.825
Total borrowings	14.704	178.762	278.111
Debt/Equity ratio	0.333	3.128	3.078

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 three 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	Yes
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	Yes

Note: Registered Office of the company has been shifted from “59, Vinayak Tower, Central Spine, Vidhyadhar Nagar, Jaipur- 302023, Rajasthan, India” to the present address w.e.f. 26.12.2011.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advance from related parties	24.325	46.755
Total	24.325	46.755

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10540865	06/01/2015	361,700,000.00	BANK OF BARODA	7, SETHI SADAN , PARK STREET, M.I. ROAD, JAIPUR,  RAJASTHAN - 302001, INDIA	C39409917
2	10468109	27/12/2013	100,000,000.00	BANK OF BARODA	PARK STREET BRANCH, M.I ROAD, JAIPUR, RAJASTHAN -  302001, INDIA	B92704162
3	10344431	20/11/2014 *	20,000,000.00	BANK OF BARODA	7, SETHI SADAN,PARK STREET, M.I ROAD, JAIPUR, RAJ  ASTHAN - 302001, INDIA	C34239392
4	10344424	29/03/2012 *	75,000,000.00	BANK OF BARODA	PARK STREET BRANCH,, M.I.ROAD,, JAIPUR, RAJASTHAN  - 302001, INDIA	B35899004

* Date of charge modification

FIXED ASSETS:

• Factory Building
• Plant and Machinery
• Computer
• D.G. Set

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.61.82
UK Pound	1	Rs.95.27
Euro	1	Rs.69.14

INFORMATION DETAILS

Analysis Done by :	DVA
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.