MIRA INFORM REPORT

Report Date :

16^th May 2006

IDENTIFICATION DETAILS

Name :	MAGADH PRECISION EQUIPMENT LIMITED
Registered Office :	C-134, SFS DDA Flats Gulabi Bagh, New Delhi-110007
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	11^TH July 1986
CIN No.:	U72500DL1986PLC024817
Com. Reg. No.:	55-24817
IEC No.:
TAN No.: (Tax Deduction & Collection Account No.)	DELM10411C
PAN No.: (Permanent Account No.)	AAACM2040H
Legal Form :	A closely held public limited liability company.
Line of Business :	The company is engaged in the business of executing turnkey projects for Cold and Hot Rolling Mills by manufacturing the part of the equipments and components.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are fair. Financial position is satisfactory. Payments re correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	134-C, SFS, DDA, Gulabi Bagh, New Delhi - 110 007, India
Website :	http://www.magadhgroup.com
Corporate Office :	219, Chetak Chamber, 14 R.N.T. Marg, Indore - 452001 (M.P.) India
Tel. No.:	91- 731- 703096, 270050
Factory 1 :	11, Industrial Area -2, A. B. Road, Dewas - 455 001 (M.P.) India
Tel. No.:	91 7272 58191, 58192
Fax No.:	91 7272 58958, 58523
E-Mail :	magadhsteel@hotmail.com info@magadhgroup.com

DIRECTORS

Name :	G.N. Sharma
Designation :	Chairman and Managing Director
Address :	134-C, SFS, DDA, Gulabi Bagh, New Delhi - 110 007, India
Date of Birth/Age :	04/01/1946
Date of Appointment :	11/07/1986
Name :	K. K. Kumar
Designation :	Chairman and Managing Director
Address :	134-C, SFS, DDA, Gulabi Bagh, New Delhi - 110 007, India
Date of Birth/Age :	15.12.1962
Date of Appointment :	11.07.1986
Name :	Meera Sharma
Designation :	Chairman and Managing Director
Address :	134-C, SFS, DDA, Gulabi Bagh, New Delhi - 110 007, India
Date of Birth/Age :	04/01/1946
Date of Appointment :	11/07/1986

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
G N Sharma	7842
Meera Sharma	2515
K K Kumar	3623
Binod Sharma	400
Shudha Sharma	400
Surya Mani	400
M D Sinha	400
Parag Sharma	300
Mr. Vijay Sharma	470
Mr. A. K. Sinha	400
M M Steel Galvanizing plant Limited	5500
Comimpex Wood Cemeair Limited	2000
Ritika Finance and Investments Private Limited	1250
R S J Credit and Capital Private Limited	1250
Kasar Credit and Capital Private Limited	1250
Devashish Capital Private Limited	1249
G R Burman	1

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of executing turnkey projects for Cold and Hot Rolling Mills by manufacturing the part of the equipments and components.

GENERAL INFORMATION

Customers :

1) Ispat Industries Limited (formerly Nippon Denro Ispat Limited.) Nagpur

2) Ruchi Strips & Alloys Limited. Indore

3) Tube Products of India (Murugappa group), Pune

4) Systematic Steel Industries Limited., Mumbai

5) Jindal Iron & Steel Co. Limited., Mumbai

6) Gemini Steel Tubes Limited., Bangalore

7) Eskidee Metal Crafts Limited.

8) Jindal India Limited.

9) Steel Authority of India Limited.

10) Shah Alloys Limited, Ahmedabad

11) T. K. Steel Group. Bangladesh

12) Mostafa Group, Bangladesh

Bankers :

Ø Bank of Baroda

Ø ICICI Bank Limited

Ø State Bank of India

Facilities :

Secured Loan	(Rs in millions)
From Bank of Baroda Working Capital Loan (Secured agt. Hypothecation of stock and personal guarantee of directors)	53.884
EPC Loan (Secured agt. Hypothecation of stock and personal guarantee of directors)	23.628
Over Draft (Secured agt. Hypothecation of FDR and personal guarantee of directors)	9.966
FOBC Loan (Secured agt. Hypothecation of Plant and Machinery and personal guarantee of directors)	--
Term Loan (Secured agt. Hypothecation of Plant and Machinery and personal guarantee of directors)	11.517
From state Bank of India Working Capital Loan (Secured agt. Hypothecation of stock and personal guarantee of directors)	6.009
From ICICI Bank Limited Car Loan (Secured agt. Car and personal guarantee of directors)	--
From Financial Institution Car Loan from Lloyds Finance Limited (Secured agt. Car and personal guarantee of directors)	--
Car Loan form Cholamandalm Investment and Finance Directors	0.005
Total	105.012

Banking Relations :	Good
Auditors :	D. R. Kumar and Associates Chartered Accountants A-15, Ground Floor, Yojana Vihar, New Delhi-110092
Tel. No.:	91-11-22152029/22160015/55251144
Fax No.:	91-11-22143103
E-Mail :	dinesh@drkumar.net
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29250	Equity Shares	Rs. 100/- each	Rs. 2.925 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		2.925	2.925	2.925
2] Share Application Money		2.100	0.000	0.000
3] Reserves & Surplus		24.945	21.110	11.352
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.970	24.035	14.277
LOAN FUNDS
1] Secured Loans		105.011	55.919	25.731
2] Unsecured Loans		0.000	1.110	0.000
TOTAL BORROWING		105.011	57.029	25.731
DEFERRED TAX LIABILITIES		3.766	3.168	1.017
TOTAL		138.747	84.232	41.025
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.154	36.178	16.716
Capital work-in-progress		0.000	7.311	3.450
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.659	26.009	17.267
	Sundry Debtors	31.346	15.883	6.399
	Cash & Bank Balances	24.674	25.226	7.967
	Other Current Assets	0.844	1.215	0.311
	Loans & Advances	22.099	14.998	3.903
Total Current Assets		164.622	83.331	35.847
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	68.072	42.645	14.988
	Provisions
Total Current Liabilities		68.072	42.645	14.988
Net Current Assets		96.550	40.686	20.859
MISCELLANEOUS EXPENSES		0.043	0.057	0.000
TOTAL		138.747	84.232	41.025

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	262.452	261.325	58.530
Profit/(Loss) Before Tax	7.898	14.685	6.123
Provision for Taxation		0.023	0.011
Profit/(Loss) After Tax	7.898	14.662	6.112
Export Value	139.367	NA	NA
Total Expenditure	254.554	246.639	52.406

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	3.00	5.61	10.44
Net Profit Margin (PBT/Sales)	(%)	3.00	5.62	10.46
Return on Total Assets (PBT/Total Assets}	(%)	3.82	12.29	11.65
Return on Investment (ROI) (PBT/Networth)		0.26	0.61	0.43
Debt Equity Ratio (Total Liability/Networth)		5.78	4.15	2.85
Current Ratio (Current Asset/Current Liability)		2.42	1.95	2.39

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets :

Ø Land and Building

Ø Plant and Machinery

Ø Generator

Ø Tools

Ø Weighing Machine

Ø Air Conditioners

Ø Electrical Installations

Ø Computer

Ø Vehicles

Future Outlook :

Barring any unforeseen circumstances, the future of the company seems very bright.

Dividend :

In view of the future expansion plans, the directors regret their inability to declare dividend.

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument of Hypothecation of machinery hypothecation of good dated 24.10.2002

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 4.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of machinery and second charge on all fixed assets financed by MPFC and first charges on remaining machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 25 % Interest to be charged @ 4 % p.a. over PLR subject to minimum of 15.50 % payable quarterly plus interest Tax.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

Agreement of Joint Memorandum of Depositing Title deeds dated 08/03/2003

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Additional security provided in the shape of Equitable mortgage of immovable properties situated at Plot No. 11/12 Industrial Area No 2, A. B. Road Dewas (MP) for securing existing Tram Loan of Rs. 4.500 millions other terms and conditions of charge registered on 31.02.2002 remain the same.

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument of Hypothecation of machinery and Book Debts hypothecation of good dated 24.10.2002

Agreement dated 24.01.2002 of Counter Indemnity

2) Amount secured by the charge/amount owing on the securities of charge

Cash Credit	Rs. 2.900 millions
Bank Guarantee	Rs. 2.000 millions
	Rs. 4.900 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks of Raw material finished goods work in progress and second charge on all fixed assets financed. By MPFC and first charges on remaining machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

Stamped Counter indemnity duly signed by company situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 25 % Interest to be charged @ 4 % p.a. over PLR subject to minimum of 15% payable quarterly plus interest Tax.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

Agreement of Joint Memorandum of Depositing Title deeds dated 08/03/2003

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Additional security provided in the shape of Equitable mortgage of immovable properties situated at Plot No. 11/12 Industrial Area No 2, A. B. Road Dewas (MP) for securing existing Tram Loan of Rs. 15.500 millions and bank gurantee of Rs. 10.000 millions other terms and conditions of charge registered on 31.02.2002 remain the same.

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument dated 11.08.2003 of composite Hypothecation agreement and joint supplemental memorandum of depositing title deeds dated 11.08.2003

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 14.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Security provided in the shape of Equitable mortgage of immovable properties and hypothecation of plant and machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 30 %, 35 % and 45 % Interest to be charged @ 3 % p.a. over PLR subject to minimum of 14.5% payable quarterly plus interest Tax.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

NA

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument of Hypothecation of machinery and Book Debts hypothecation of good dated 24.01.2002

Agreement dated 24.01.2002 of Counter Indemnity

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 4.900 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks of Raw material finished goods work in progress and second charge on all fixed assets financed. By MPFC and first charges on remaining machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

Stamped Counter indemnity duly signed by company situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 25 % Interest to be charged @ 4 % p.a. over PLR subject to minimum of 15% payable quarterly plus interest Tax.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

Agreement of Joint Memorandum of Depositing Title deeds dated 08/03/2003

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Additional security provided in the shape of Equitable mortgage of immovable properties situated at Plot No. 11/12 Industrial Area No 2, A. B. Road Dewas (MP) for securing existing Tram Loan of Rs. 15.500 millions and bank gurantee of Rs. 10.000 millions other terms and conditions of charge modified on 24.01.2002 and registered on 31.02.2002 remain the same.

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument of Hypothecation of machinery and Book Debts hypothecation of good dated 24.10.2002

Agreement dated 24.01.2002 of Counter Indemnity

2) Amount secured by the charge/amount owing on the securities of charge

Cash Credit	Rs. 2.900 millions
Bank Guarantee	Rs. 2.000 millions
	Rs. 4.900 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks of Raw material finished goods work in progress and second charge on all fixed assets financed. By MPFC and first charges on remaining machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

Stamped Counter indemnity duly signed by company situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 25 % Interest to be charged @ 4 % p.a. over PLR subject to minimum of 15% payable quarterly plus interest Tax.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

Instrument dated 04.01.2003 of composite Hypothecation agreement

Agreement dated 04.01.2003 of counter indemnity

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The cash credit limit stands enhanced from 2.900 millions to 15.500 millions Rs. 15.500 millions include limits

Bank guarantee increased form 2.000 millions to 10.000 millions

Goods and Machinery situated at Plot Plot No. 11/12 Industrial Area No 2, A. B. Road Dewas (MP) shall be hypothecated to secure aforesaid enhanced to secure aforesaid of limit other terms and conditions remain the same.

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument dated 04.01.2003 of composite Hypothecation agreement and joint supplemental memorandum of depositing title deeds dated 08.03.2003

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 15.500 millions Include limits against hypothecation of book dents of Rs. 5.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks of Raw material finished goods work in progress and second charge on all fixed assets financed. By MPFC and first charges on remaining machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 25 % Interest to be charged @ 40% p.a. over PLR subject to minimum of 3 payable quarterly plus interest Tax.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

Instrument dated 25.11.2003 of composite hypothecation agreement.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The cash credit limit stands enhanced form 15.500 millions to Rs. 30.500 millions include limits hypothecation of book debts of 5.000 millions other terms and conditions of charge modified on 24.03.2002 and registered on 25.03.2003 remain the same.

Name of the company

MAGADH PRECISION EQUIPMENT LIMITED

Presented By

Mr. K.K. Kumar

1) Date and description of instrument creating the change

Instrument dated 20.06.2003ite Hypothecation agreement and joint supplemental memorandum of depositing title deeds dated 08.09.2003

2) Amount secured by the charge/amount owing on the securities of charge

L/C Limit Rs. 15.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks of Raw material finished goods work in progress and second charge on all fixed assets financed. By MPFC and first charges on remaining machinery situated at plot No . 11, Industrial Area No 2, A. B. Road Dewas (MP)

Additional security provided on 11.08.2003 in the shape of equitable mortgage of these properties

4) Gist of the terms and conditions and extent and operation of the charge.

Margin – 10

Commission as per Bank rules

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Dewas (MP)

6) Date and brief description of instrument modifying the charge

Application for irrevocable documentary credit dated 10.04.2004 modified Joint Supplemental Memorandum of Title deeds dated 10.04.2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Letter of credit limit increased form Rs. 15.000 millions to Rs. 26.000 millions vide application for irrevocable documentary credit dated 10.04.2004 No change in the particular of the property chugged since modification dated 11.08.2003 registered on 08.09.2003 and also other terms and conditions remaining the same.

As per website :

The world of MAGADH and discover the beneifts of expertise in rolling mill machinery designing and manufacture. Established in 1987, with a vision and direction of its founder, MAGADH went on the fast track after starting with the manufacture of single equipments and spares. Today MAGADH has emerged as the turn-key supplier of complete lines. MAGADH today is equipped with all technical expertise to take care of your needs in the rolling and strip processing.

MAGADH Steel Industries Pvt. Limited. was established with the pioneering & visionary efforts of Mr. G N Sharma, a mechanical engineer from Ranchi. Starting his career as a trainee in 1965, he served for fourteen years in various public sector steel plants where he was in operation and maintenance of Rolling mills. From there he moved on to the consultancy wing which was christened MECON (I) LIMITED. There he was involved in designing of many ferrous and non-ferrous rolling mills and process lines. Significant among them was the design of the eight lakh tpa BOKARO picking line, in collaboration with WEAN UNITED, U.S.A.

In 1979, he quit MECON to brace himself with the challenges of private sector. He served in various manufacturing as well as consultancy firms like MODI STEEL and SINGH & ASSOCIATES. In 1985, he set up his own consultancy firm and provided consultancy to many pioneering cold rolling mill units such as Comet Steels, Sipta Coated Steels, National Steel Industries Limited., Jindal Strips Limited., and Ispat Industries Limited., (formerly Nippon Denro Ispat Limited.) among so many other units. It was during the consultancy period that he realized the vast potential in manufacturing equipment. This gave birth to MAGADH STEEL INDUSTRIES (P) LIMITED. in 1987.

Many Corporate houses like the Ispat group, Jindal group, Ruchi group, RMI group, Murugappa group, SAIL and the SKS group have already discovered the benefit of our service and the quality machinery we possess.

Magadh supplies acid pickling lines for cleaning Hot Rolled coil stock for strip widths up to 2000mm, Electrolytic Cleaning Lines and Degreasing Lines for cleaning Cold Rolled Coils of widths up to 1250 mm. Pickling Lines are incorporated with features like heated acid tanks with Granite lining on all the sides inside the tank and maintenance free Teflon tube bundle type heat exchangers. The line is upplied with conventional Deep Tank or Shallow Tank with turbulent acid flow depending on it's capacity. digital PLC based controls with on board computer is optional.

Magadh supplies coil processing lines which includes Slitting Lines, Shearing Lines, Edge Trimming Lines for HR/CR coils. Slitting Lines incorporate features like induction hardened forged alloy steel arbors, double eccentric arrangement and complete Digital PLC based controls. Optional features include Edge Positioning Control, Shimless Tooling, Hydraulic Locking for arbor nuts, and Quick Tool changing system. Shearing Lines incorporate features like multi-roll correction leveler, Flying Shear and Stacker, with or without the Magnetic Piler.

Magadh offers complete turnkey consultancy services for the cold Rolling Mill industry starting right from the green field stage. Services include Site Topography, Techno-economic Feasibility Reports, Negotiations with Vendors, Appraisal with financial Institutions, Foundation Plan for factory shed and all ancilliary buildings, Structural Design, Detailed Engineering Drawing, Site supervision of Erection and Commissioning. Apart from the above, Magadh can design and supply complete utility cellars including all items required to ensure safe lubrication and cooling such that the highest demands on rolling operatioins are met.

Magadh manufactures rolling mills for both, ferrous as well as non ferrous strips in coil form which also includes Skin Pass Mills, Magadh is capable of supplying mills in 4 Hi and 6 Hi configuration for strip width up to 1250 mm and coil weight up to 18 tones, with latest features like Hydraulic Automatic Gauge Control, Shape control and Roll Bending. Magadh can supply mills with tension reels having 'pumpkin tooth' cast alloy steel, coiler drums to minimize damage to the inner wraps of the coil and to prevent coil collapse. The drums are ground and nitrided for longevity and wear resistance.

Magadh offers continuous Coil Galvanizing Lines. The scope includes turnkey supply of all systems including Gas Plants, Welders, Loop Accumulators, Furnaces, Zinc Pots, Air Jet Wirping System, Center Position Control, Staggered Built-up Control, all other terminal and process equipments with integrated Digital PLC based controls. Magadh can supply lines with advanced features like Automatic Coating Thickness Control, Skin Pass Mill, Stretch Leveler, Side Trimmer and High Speed Shear.

ABRIDGED REFERENCE LIST

1) Ispat Industries Limited (formerly Nippon Denro Ispat Limited.) Nagpur

550mm wide CR Slitting Line, with 2 nos. DC Motors. Digital L&T controls. Erection & Commissioning of 1250 mm wide Four HI Cold Rolling Mill. Erection & Commissioning of 1250 mm wide Ashdale Cut-to-Length Line. 1250 mm wide Rewinding cum Edge Trimming line with three DC motors. Line speed 300 mpm.

2) Ruchi Strips & Alloys Limited. Indore

1250mm wide CR Slitting Line with DC Motors on Uncoiler, Slitter and Recoiler. Digital Allen Bradley controls with on board computer. Line Speed - 250 mpm.

3) Tube Products of India (Murugappa group), Pune

1600mm HR Slitting Line, with double loop pit, Digital Siemens controls. Max. thickness -
6.5 mm. Twin line speed selection.

4) Systematic Steel Industries Limited., Mumbai

660mm wide CR Slitting Line, double loop pit type, DC Motors on Pinch Roll, Slitter and Recoiler. Line Speed - 200 mpm.

5) Jindal Iron & Steel Co. Limited., Mumbai

1250mm wide CR Rewinding and Side Trimming Line.

6) Gemini Steel Tubes Limited., Bangalore

1600mm wide CR/HR Slitting Line. Twin Line speed selection.

7) Eskidee Metal Crafts Limited.

2000mm wide complete HR Pickling line. Installation of automatic gauge control on rolling mill.

8) Jindal India Limited.

1500 mm wide Pickling Line with granite lined Heated Acid Tanks & L&T Controls.
1100 mm wide Coil Galvanizing Line with Allan Bradley Controls.
1250 mm wide rewinding cum Edge Trimming Line with Allan Bradley Controls.
1100 mm wide DCR mill equipments. 1250 mm wide Cut-to-Length Line equipments.

9) Steel Authority of India Limited.

Turnkey Installation of Teflon Tube Bundle type Acid Heating System in Pickling Line of Bokaro.

10) Shah Alloys Limited, Ahmedabad

2000 mm wide Stainless Steel Pickling, Slitting cum Cut to Length Line.
2000 mm wide Stainless Steel Drum shear for 32 mm thick SS plates.

11) T. K. Steel Group. Bangladesh

Modernization of existing Coil Galvanizing line.
1000 mm wide Coil Galvanizing line with Emerson Electric automation.
1050 mm wide HR Pickling Line with Emerson Electric automation.
1050 mm wide Tension Leveling Line.

12) Mostafa Group, Bangladesh

1000 mm wide Complete Coil Galvanizing line with Emerson Electric automation, Steam Generator. (Under Execution)
1050 mm wide Six Hi Cold Rolling Mill with Hyd. AGC, Roll Bending, Digital PLC controls, 1000 MPM speed.(Under Execution) 1050 mm wide HCl Pickling Line. .(Under Execution) 1050 mm wide Rewinding cum Tension Leveling Line. .(Under Execution)

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 records 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. 45.46
UK Pound	1	Rs. 85.94
Euro	1	Rs. 58.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		54

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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