MIRA INFORM REPORT

Report Date :

23.02.2007

IDENTIFICATION DETAILS

Name :	PREMIUM FERROMET PRIVATE LIMITED
Registered Office :	East India House, 20 British Indian Street, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	--
Date of Incorporation :	23.03.2006
Com. Reg. No.:	21-108676
CIN No.: [Company Identification No.]	U27109WB2006PTC108676
TAN No.: [Tax Deduction & Collection Account No.]	CALP06582C
Legal Form :	Private limited liability company.
Line of Business :	To set up induction furnace plant, ferro manganese plant, silico manganese plant, ferro vanadium plant, ferro titanium plant, ferro alloys plant, mini steel plants, integrated steel plants, composites steel plants, hot rolling steel mills, bloom and billet mills, steel furnace, concast rolling mill, sponge iron plant and to carry on business of manufacturers, processors, crushing, founders, molders, recondition, machinists, sellers, agents or merchants and otherwise for the manufacturing, producing, converting, extracting, treating or processing or all types, grades extracting, treating or processing of all types, grades and size of steels, stainless steel, special steel, high speed steels, electrical steels, case hardening steels, tool alloys steel, copper, bras and aluminum casting, copper and foundry works of all kinds, and metal goods and any of the by products which will be obtained in the process of manufacturing of there products, coal trading and to establish workshops for manufacture of any equipment required for any of the industries which the company can undertake and to dealing such equipment, to carry on the business as buyers, sellers, traders, commission agents of iron and iron products, mines and power generation and to carry on any business or activity connected or required for the attainment of the above objects.

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :
Status :	New Company – Strong Capital Base
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and yet to establish track. It’s payments are known. Paid capital is strong. The company can be considered for any business dealings on safe and secured trade terms and conditions initially.

LOCATIONS

Registered Office :

East India House, 20 British Indian Street, Kolkata – 700069, West Bengal, India

DIRECTORS

Name :	Mr. Kailash Keyal
Designation :	Director
Address :	5/1/1 B, Cornfield Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	18.02.1957
Date of Appointment :	23.03.2006
Name :	Mr. Aditya Almal
Designation :	Director
Address :	12, Sunny Park, 2 G Ashray Apartment, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	02.11.1974
Date of Appointment :	23.03.2006

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Aakansha Vanijya Private Limited	250000
Aditya Almal	645000
Darpan Distributors Private Limited	50000
Dayanidhi Vyappar Private Limited	250000
Elegant Tie Up Private Limited	250000
Feelgood Merchandise Private Limited	200000
Gangotri Vincom Private Limited	250000
Himgiri Vanijya Private Limited	200000
Jai Ambe Vinimay Private Limited	50000
Kailash Keyal	45000
Matrix Dealers Private Limited	250000
North West Coal Company Limited	100000
Pawansut Mercantile Private Limited	250000
Rainbow Vicom Private Limited	250000
Ramanuj Dealers Private Limited	250000
Savera Barter Private Limited	50000
Surchi Dealers Private Limited	100000
Vedik Dealers Private Limited	150000
Vibhore Trading and Finance Limited	100000
Total	3690000

BUSINESS DETAILS

Line of Business :

To set up induction furnace plant, ferro manganese plant, silico manganese plant, ferro vanadium plant, ferro titanium plant, ferro alloys plant, mini steel plants, integrated steel plants, composites steel plants, hot rolling steel mills, bloom and billet mills, steel furnace, concast rolling mill, sponge iron plant and to carry on business of manufacturers, processors, crushing, founders, molders, recondition, machinists, sellers, agents or merchants and otherwise for the manufacturing, producing, converting, extracting, treating or processing or all types, grades extracting, treating or processing of all types, grades and size of steels, stainless steel, special steel, high speed steels, electrical steels, case hardening steels, tool alloys steel, copper, bras and aluminum casting, copper and foundry works of all kinds, and metal goods and any of the by products which will be obtained in the process of manufacturing of there products, coal trading and to establish workshops for manufacture of any equipment required for any of the industries which the company can undertake and to dealing such equipment, to carry on the business as buyers, sellers, traders, commission agents of iron and iron products, mines and power generation and to carry on any business or activity connected or required for the attainment of the above objects.

GENERAL INFORMATION

Bankers :

Not Available

Banking Relations :

Unknown

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3900000	Equity Shares	Rs. 10/- each	Rs. 39.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

No financial details are available as the subject is a new company.

Management remained non-cooperative during current investigation.

LOCAL AGENCY FURTHER INFORMATION

Business

As the subject is a new company, no business details could be available.

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.44.28
UK Pound	1	Rs.86.64
Euro	1	Rs.58.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	-
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	-
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	-
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		12

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	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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