MIRA INFORM REPORT

Report No. :	317738
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	VISHNU TECHNO FAB
Registered Office :	Plot No. 139-141, Nr. Maruti Agro, GIDC, Kalol – 389330, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2007
Capital Investment / Paid-up Capital :	Rs. 3.725 Million
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Chemical Strong Tank, CS Vessel Bottom part, Heavy Duty Pressure Vessel, Modular Annealing Furnace, Skid for small tank and Inter connecting Piping, etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 10000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. The concern can be considered normal 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	A1	A1

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

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. Sanjay Patel
Designation :	Partner
Contact No.:	91-9376196667
Date :	20.04.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 139-141, Nr. Maruti Agro, GIDC, Kalol – 389330, Gujarat, India
Tel. No.:	91-2667-237778
Mobile No.:	91-9376196667 (Mr. Sanjay Patel)
Fax No.:	Not Available
E-Mail :	admin@vishnutechnofab.com
Website :	Not Available
Area :	3000 Sq.ft.
Location :	Owned

PARTNERS

Name :	Mr. Kamlesh V. Panchal
Designation :	Partner
Name :	Mr. Sanjay patel
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemical Strong Tank, CS Vessel Bottom part, Heavy Duty Pressure Vessel, Modular Annealing Furnace, Skid for small tank and Inter connecting Piping, etc.
Products :	Chemical Strong Tank, CS Vessel Bottom part, Heavy Duty Pressure Vessel, Modular Annealing Furnace, Skid for small tank Interconnecting Piping, Pressure Vessel, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	IGNIS International Private Limited, Baroda, Gujarat, India
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 :

Wholesaler and Retailer

Reference :	Inox India Limited, Kalol,Gujarat, India
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 :

30 (Approximately)

Bankers :

Bank of Baroda, Kalol, Gujarat, India

Facilities :

---

Auditors :
Name :	Navin Vasani Chartered Accountant
Memberships :	----
Collaborators :	----
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on: 31.03.2014

Capital Investment :
Owned :	Rs. 3.725 Million (Approximately)
Borrowed :	--
Total :	Rs. 3.725 Million (Approximately)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		3.725	1.665
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.725	1.665
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		3.725	1.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]
Capital work-in-progress		1.087	0.000
Tangible Assets		0.000	1.170
INVESTMENT		0.018	0.018
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.480	0.350
	Sundry Debtors	5.095	1.576
	Cash & Bank Balances	0.432	0.027
	Bank Account	0.000	0.123
	Loans & Advances	2.282	2.036
	Other Current Assets	0.000	0.158
Total Current Assets		8.289	4.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	2.137
	Provisions	5.668	1.646
Total Current Liabilities		5.668	3.783
Net Current Assets		2.620	0.477
TOTAL		3.725	1.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	28.145	7.861
		Other Income	0.002	7.770
		TOTAL	28.147	15.631
Less	EXPENSES
		Cost of Goods Sold	22.026	8.808
		Central Excise Duty	0.000	0.824
		Factory Rentals	0.000	0.200
		Laboratory Charges	0.000	0.009
		Computer Expenses	0.000	0.011
		Water Charges	0.000	0.014
		VAT & CST Paid	0.000	0.067
		Freight Inward	0.137	0.000
		Power & Fuel	0.139	0.127
		Job work & Processing	0.388	0.000
		Loading & Unloading	0.005	0.090
		Other Mfg. Expenses	0.008	0.000
		Worker’s Wages	2.538	3.389
		Worker’s Bonus	0.065	0.011
		Repairs & Maintenance	0.114	0.133
		Notified Area Tax	0.010	0.000
		Salary	0.926	0.605
		Vehicle Fuel	0.040	0.000
		Web Hosting Charges	0.017	0.000
		Building Repairs	0.047	0.000
		Travelling expenses	0.015	0.001
		Telephone Expenses	0.024	0.008
		Postage & Courier	0.002	0.000
		Legal & Professional Fees	0.016	0.023
		Bank Charges	0.006	0.002
		Weight Charges	0.011	0.000
		Audit Fees	0.015	0.010
		Accountant’s Salary	0.074	0.000
		Miscellaneous Expenses	0.263	0.000
		Printing & Stationery	0.008	0.003
		Donation	0.013	0.002
		Discounts	0.008	0.079
		Depreciation	0.201	0.207
		Remuneration to Partners	0.665	0.350
		Interest on Capital to Partners	0.080	0.153
		TOTAL	27.861	15.123
	PROFIT AFTER TAX		0.286	0.518

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	25.000	10.000

Expected Sales (2014-15) : Rs. 27.000 Million

The above information has been parted by Mr. Sanjay Patel (Partner)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.30	6.59
Current Ratio (Current Asset/Current Liability)		1.47	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.665	3.725
Reserves & Surplus	0.000	0.000
Net worth	1.665	3.725
Secured borrowings	0.000	0.000
Unsecured borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH:

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	7.861	28.145
	-----	258.033

NET PROFIT MARGIN:

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	7.861	28.145
Profit	0.518	0.085
	6.59%	0.30%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----------
26]	Buyer visit details	-----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

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 records 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.63.57
UK Pound	1	Rs.97.98
Euro	1	Rs.70.53

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	RSM
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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		46

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 unfavorable 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.