MIRA INFORM REPORT

Report No. :	506366
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	VARDHMAN STAMPINGS PRIVATE LIMITED
Registered Office :	S 2, Murlidhar Complex, Near Snehkunj Bus Stop, S. M. Road, Ambawadi, Ahmedabad – 380015, Gujarat
Tel. No.:	91-79-26469609
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	09.04.1986
Com. Reg. No.:	04-008612
Capital Investment / Paid-up Capital :	INR 30.000 Million
CIN No.: [Company Identification No.]	U51909GJ1986PTC008612
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV7624G
GSTN : [Goods & Service Tax Registration No.]	24AAACV7624G1ZF
TIN No.	24073700421
CST No.:	24573700421
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of Manufacturer, Trader and exporter of Transformer Lamination and allied machineries. (Registered Activity and also Confirmed by management)
No. of Employees :	250 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 598900
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Vardhman Stampings Private Limited is a part of Vardhaman Group. The company was incorporated in the year 1986 and is based in Ahmedabad, Gujarat. It is an established company having satisfactory track record. Management of the company has not filed its financials with the government department for the year 2017. As per available financial of 2016, the company has witnessed a healthy growth in its revenue but reported sharp decline in its profit. However, the company possesses sound financial profile marked by healthy networth base along with fair debt level of the company. The company also derives strength from its strong group and established track record of business operations. Trade relations are reported as fair. Business is active. Payment terms are seems to be slow but correct. The company can be considered 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	23.03.2017

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	23.03.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 27.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Atish Shah
Designation :	Accounts Department
Contact No.:	91-79-26469609
Date :	26.04.2018

LOCATIONS

Registered Office/ Corporate Office :	S 2, Murlidhar Complex, Near Snehkunj Bus Stop, S. M. Road, Ambawadi, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26469609/ 26562689
Fax No.:	91-79-26461108
E-Mail :	crgo@vspl.co.in prashant.shah@vspl.co.in
Website :	www.vspl.co.in
Location:	Owned
Locality:	Commercial
Factory :	S.N. 132/C, Budasan Village, Irana Road, Via Kalol, Post: Karan Nagar, District Mehsana (N.G.) - 382 721, Gujarat, India
Tel. No.:	91-2764-277866 - 867
Fax No.:	91-2764-277445

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Prashant Kamleshbhai Shah

Designation :

Director

Address :

257 Manekbag Society, Ellisbridge Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.03.1977

Qualification:

B.Com

Date of Appointment :

01.04.2006

PAN No.:

ACMPS6264Q

DIN No.:

00233808

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	28/04/2015	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	28/04/2015	-

Name :

Mr. Vinod Chinubhai Shah

Designation :

Director

Address :

19,Tapovan Society, Nehru Nagar, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

24.04.1955

Qualification:

B.Com

Date of Appointment :

09.04.1986

PAN No.:

ACUPS1985N

DIN No.:

01836654

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	28/04/2015	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	09/04/1986	-

Name :

Mr. Dipakkumar Chinubhai Shah

Designation :

Director

Address :

34,Mithila Society, Ambawadi, Ahmedabad – 380005, Gujarat, India

Date of Appointment :

09.04.1986

PAN No.:

ACIPS7429K

DIN No.:

01836659

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	09/04/1986	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	28/04/2015	-

Name :

Mr. Parthiv Kamleshbhai Shah

Designation :

Director

Address :

257-Manekbaug Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

28.04.2015

PAN No.:

ALYPS5799P

DIN No.:

01836667

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	01/04/2006	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	28/04/2015	-

Name :

Mr. Pathik Vinodbhai Shah

Designation :

Director

Address :

19,Tapovan Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

16.07.1983

Qualification:

Bachelor Of Computer Application

Date of Appointment :

28.04.2015

PAN No.:

AGDPS4268F

DIN No.:

01836670

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	01/04/2006	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	28/04/2015	-

Name :

Mr. Hardik Dipakbhai Shah

Designation :

Director

Address :

34 Mithila Society, Opposite Shreyas Foundation, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

28.04.2015

PAN No.:

AYXPS7348N

DIN No.:

01877011

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	28/04/2015	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	01/04/2006	-

Name :

Mr. Kamlesh Chinubhai Shah

Designation :

Director

Address :

257/ Manekbag Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

28.04.2015

PAN No.:

ABIPS0634H

DIN No.:

02493827

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	28/04/2015	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	11/09/1985	-

Name :

Mr. Krutarth Vinodbhai Shah

Designation :

Director

Address :

19, Tapovan Society, Nehrunagar, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

27.12.1985

Qualification:

MBA Finance and Marketing

Date of Appointment :

28.04.2015

PAN No.:

ALYPS5793H

DIN No.:

07151760

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	28/04/2015	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	28/04/2015	-

Name :

Mr. Samkit Dipakbhai Shah

Designation :

Director

Address :

34 Mithila Society, Opposite Shreyas Foundation, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

28.04.2015

PAN No.:

BEZPS3457M

DIN No.:

07151776

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	28/04/2015	-
U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	28/04/2015	-

KEY EXECUTIVES

Name :	Mr. Atish Shah
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Names of Shareholders	No. of Shares
Vinod C Shah	189900
Ranjanben V Shah	269900
Dasrh V Shah	100
Pathik V Shah	269800
Ashka P Shah	100
Pathik V Shah HUF	100
Kruthath V Shah	269800
Birju K Shah	100
Kruthath V Shah HUF	100
Kamlesh C Shah	166650
Bhartiben K Shah	166650
Prathiv K Shah	299000
Prathiv K Shah HUF	100
Dipali P Shah	34200
Prashant K Shah	299000
Prashant K Shah HUF	100
Chitali P Shah	34200
Deepak C Shah	279900
Ninaben D Shah	240000
Hardik D Shah	239800
Hirva H Shah	100
Hardik D Shah HUF	100
Samkit D Shah	239900
Samkit D Shah HUF	100
Navkar Transcore Private Limited, India	150
SPI Industries Private Limited, India	150
Total	3000000

AS ON 30.09.2016

Equity Share Break up	Percentage
Category
Promoters – [Individual/Hindu Undivided Family – Indian]	99.99
Promoters – [Bodies corporate]	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of Manufacturer, Trader and exporter of Transformer Lamination and allied machineries. (Registered Activity and also Confirmed by management)

Products / Services :

ITC Code	Product/ Services Description
85049010	Transformer Lamination
72251100	CRGO Coils

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• Europe

Imports :

Products :

Raw Material

Countries :

• China

Terms :

Selling :

L/C, Advance Payment, Cheque, NEFT

Purchasing :

L/C, Advance Payment, Cheque, NEFT

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers

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

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	S. M. Road, Ambawadi, Ahmedabad – 380006, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-79-26601237 (Ringing)
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Mukesh M. Shah and Company Chartered Accountants
Address :	1st Floor, H. K. House, Ashram Road, Ahmedabad - 380009, Gujarat, India
PAN No.:	AAIFM0810A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Vel Elec Steel DMCC, United Arab Emirates
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Navkar Transcore Private Limited, India SPI Industires Private Limited., India Veer Steel Processors, India

CAPITAL STRUCTURE

AS ON 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	INR 10/- each	INR 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	INR 10/- each	INR 30.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	30.000
(b) Reserves and Surplus	179.635	176.069	154.755
(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)	209.635	206.069	184.755
(3) Non-Current Liabilities
(a) long-term borrowings	423.531	163.824	143.849
(b) Deferred tax liabilities (Net)	0.000	0.319	2.595
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	1.040
Total Non-current Liabilities (3)	423.531	164.143	147.484
(4) Current Liabilities
(a) Short-term borrowings	139.904	208.422	397.243
(b) Trade payables	649.939	785.926	326.491
(c) Other current liabilities	18.979	52.854	7.612
(d) Short-term provisions	1.983	14.012	2.056
Total Current Liabilities (4)	810.805	1061.214	733.402
TOTAL	1443.971	1431.426	1065.641
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.131	102.215	127.020
(ii) Intangible Assets	0.000	0.000	0.004
(iii) Tangible assets 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	0.718	0.718	0.718
(c) Deferred tax assets (net)	0.384	0.000	0.000
(d) Long-term loans and advances	6.914	10.459	10.280
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	99.147	113.392	138.022
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	818.005	560.453	294.308
(c) Trade receivables	276.881	376.203	312.990
(d) Cash and bank balances	184.505	271.914	201.044
(e) Short-term loans and advances	64.503	108.282	118.597
(f) Other current assets	0.930	1.182	0.680
Total Current Assets	1344.824	1318.034	927.619
TOTAL	1443.971	1431.426	1065.641

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	2257.607	1565.173	951.323
	Other Income	19.031	27.238	22.391
	TOTAL	2276.638	1592.411	973.714
Less	EXPENSES
	Cost of Materials Consumed	1965.336	1307.799	821.219
	Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(17.030)	(0.007)	(0.064)
	Employees benefits expense	37.754	26.539	22.342
	Other expenses	187.007	132.250	66.687
	TOTAL	2173.066	1466.581	910.184
	PROFIT/ (LOSS) BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION	103.571	125.830	63.530
Less	FINANCIAL EXPENSES	80.030	63.885	40.657
	PROFIT / (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION	23.541	61.945	22.873
Less	DEPRECIATION/ AMORTISATION	15.975	24.454	19.228
	PROFIT/ (LOSS) BEFORE TAX	7.566	37.491	3.645
Less	TAX	2.194	13.725	1.195
	PROFIT/ (LOSS) AFTER TAX	5.372	23.766	2.450
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	55.610	34.294	43.599
	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	10.000
	Proposed Dividend on Equity Share	1.500	1.500	1.500
	Tax on Dividend	0.306	0.305	0.255
	Balance Carried to the B/S	59.176	55.610	34.294
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	305.078	127.389	0.000
	Other Earning	0.000	0.000	0.000
	TOTAL EARNINGS	305.078	127.389	0.000
	IMPORTS
	Raw Materials	1226.879	1158.351	0.000
	Components and spare parts	0.000	0.000	0.000
	Capital Goods	0.000	0.000	0.000
	TOTAL IMPORTS	1226.879	1158.351	0.000
	Earnings / (Loss) Per Share (INR)
	Basic	1.79	7.92	0.82
	Diluted	1.79	7.92	0.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	0.000	0.000	0.000
Net cash flows from (used in) operations	(216.383)	266.315	89.638
Net cash flows from (used in) operating activities	(232.965)	262.193	86.695

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days [Sundry Debtors / Income * 365]	44.76	87.73	120.09
Account Receivables Turnover [Income / Sunday Debtors]	8.15	4.16	3.04
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	120.71	219.35	145.11
Inventory Turnover (Operating Income / Inventories)	0.13	0.22	0.22
Asset Turnover (Operating Income / Net Fixed Assets)	1.14	1.23	0.50

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.85	0.86	0.82
Debt Equity Ratio (Total Liability / Networth)	2.69	1.81	2.93
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.87	5.15	3.97
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.43	0.50	0.69
Interest Coverage Ratio (PBIT / Financial Charges)	1.29	1.97	1.56

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to Sales ((PAT / Sales) * 100)	%	0.24	1.52	0.26
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.37	1.66	0.23
Return on Investment (ROI) ((PAT / Networth) * 100)	%	2.56	11.53	1.33

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.66	1.24	1.26
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.65	0.71	0.86
G-Score Ratio Financial (Networth / Total Assets)	0.15	0.14	0.17
G-Score Ratio Debt (Debts / Equity Capital)	18.78	12.41	18.04
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.66	1.24	1.26

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	154.755	176.069	179.635
Net worth	184.755	206.069	209.635
Long-term borrowings	143.849	163.824	423.531
Short term borrowings	397.243	208.422	139.904
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	541.092	372.246	563.435
Debt/Equity ratio	2.929	1.806	2.688

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	951.323	1565.173	2257.607
		64.526	44.240

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	951.323	1565.173	2257.607
Profit/ (Loss)	2.450	23.766	5.372
	0.26%	1.52%	0.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

STATE OF AFFAIRS

The Company is engaged in the business of Manufacturing, trading and export of Transformer Lamination and allied machineries. There has been no change in the business of the Company during the financial year ended 31st March, 2016.

UNSECURED LOANS:

Particulars	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG-TERM BORROWINGS
Rupee term loans from others	423.531	163.824
SHORT-TERM BORROWINGS	0	0
Rupee term loans from banks	139.904	208.422
Total	563.435	372.246

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C78071586	90104448	BANK OF BARODA	26/02/1990	27/01/2016	-	1295000000.0	S. M. ROAD, AMBAWADI, AHMEDABAD – 380006, GUJARAT, INDIA
2	C48838346	10464649	BANK OF BARODA	09/08/2012	-	25/03/2015	17000000.0	S.M. ROAD BRANCH, 42, TAPOVAN SOCIETY, NEAR. MANEK BAUG HALL, AHMEDABAD – 380015, GUJARAT, INDIA
3	C48839245	10465919	BANK OF BARODA	27/10/2012	-	25/03/2015	32000000.0	S.M. ROAD BRANCH, 42, TAPOVAN SOCIETY, NEAR. MANEK BAUG HALL, AHMEDABAD – 380015, GUJARAT, INDIA

FIXED ASSETS:

Tangible Assets

• Land
• Building
• Factory building
• Plant and equipment
• Factory Equipments
• Motor vehicles
• Furniture and Fixture
• Vehicles

Intangible assets

• Computer software

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	INR
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	ARC
Analysis Done by :	DIV
Report Prepared by :	RKI

SCORE FACTORS

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.