MIRA INFORM REPORT

Report Date :

06.06.2000

IDENTIFICATION DETAILS

Name :	SHREE BANSI METAL AND ALLOYS PRIVATE LIMITED
Registered Office :	654 Mahadev Dehla, Gheekanta Road, Ahmedabad – 380 001, Gujarat.
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	23.04.1997
Com. Reg. No.:	032163
CIN No.: [Company Identification No.]	U27106GJ1997PTC032163
TAN No.: [Tax Deduction & Collection Account No.]
PAN No.: [Permanent Account No.]
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of FERRO ALLOYS, S.S. PIPE and SCRAP

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 :	USD17000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	654 Mahadev Dehla, Gheekanta Road, Ahmedabad – 380 001, Gujarat, India.
Tel. No.:	91-79-22163337/ 22172394/ 22162661/ 22865186/ 22867709
Mobile No.:	91-9377011655
Fax No.:	91-79-22173573
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DIRECTORS

Name :	Mr. Kabra Shankerlal B.
Designation :	Director
Address :	14, Bhimnath Society, B/H Circuit House, Shahibaug, Ahmedabad-380004, Gujrat
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Date of Appointment :	23.04.1997
Name :	Mr. Kabra Bansilal S.
Designation :	Director
Address :	14, Bhimnath Society, B/H Circuit House, Shahibaug, Ahmedabad-380004, Gujrat
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Date of Appointment :	23.04.1997
Name :	Mr. Kabra Surendra S.
Designation :	Director
Address :	14, Bhimnath Society, B/H Circuit House, Shahibaug, Ahmedabad-380004, Gujrat
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KEY EXECUTIVES

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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders

No. of Shares

Percentage of Holding

Equity share capital breakup

Category	Percentage of holdings
Directors/ Relatives of Directors	35.00
Other top fifty Shareholders	65.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporters of FERRO ALLOYS, S.S. PIPE and SCRAP
Products :	FERRO ALLOYS S.S. PIPE AND SCRAP
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GENERAL INFORMATION

Suppliers :
Customers :
No. of Employees :
Bankers :	Bank of Baroda

Banking Relations :	Satisfactory
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CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,00	Equity Shares	Rs. 10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,037,00	Equity Shares	Rs. 10/- each	Rs. 3.037 Millions

Capital Investment :

Owned :

Borrowed :

Total :

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2006 [Estimated]	31.03.2005 [Estimated]
Sales Turnover	75.000	50.000

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		3.037	3.037
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.280	0.806
4] (Accumulated Losses)		0.000	0.000
NETWORTH		4.317	3.843
LOAN FUNDS
1] Secured Loans		10.300	6.753
2] Unsecured Loans		41.475	22.646
TOTAL BORROWING		51.775	29.399
DEFERRED TAX LIABILITIES		0.077	0.067
TOTAL		56.169	33.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.094	0.457
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.219	28.378
	Sundry Debtors	82.261	61.069
	Cash & Bank Balances	2.520	2.965
	Other Current Assets	0.000	0.000
	Loans & Advances	1.769	3.708
Total Current Assets		109.769	96.120
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	54.134	62.910
	Provisions	0.571	0.381
Total Current Liabilities		54.705	63.291
Net Current Assets		55.064	32.829
MISCELLANEOUS EXPENSES		0.011	0.022
TOTAL		56.169	33.309

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	24.66	24.12
Current Ratio (Current Asset/Current Liability)	2.01	1.52

LOCAL AGENCY FURTHER INFORMATION

Name of the company	SHREE BANSI METAL AND ALLOYS PRIVATE LIMITED
Presented By	Shri Bansilal S. Kabra (Director)
1) Date and description of instrument creating the change	31.08.2000 Agreement for Cash Credit
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.100 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 Stock such as ferrous and non-ferrous metals, scraps and minor virgin metals etc.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest 15.75% Margine 25% Period: 1 year
5) Name and Address and description of the person entitled to the charge.	State Bank of Indore Ambedkar Road Branch, Ahmedabad
6) Date and brief description of instrument modifying the charge	Agreement of Cash Credit and letter of Credit Dated 17.08.2004
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.	The Original limit of Rs. 2.100 Millions was increased from Rs. 2.100 Millions to Rs. 7.500 Millions by addition of Rs 5.400 millions A New Letter of Credit limit of Rs. 7.500 Millions is sanctioned vide the same agreement.

Corporate identity number of the company	U27106GJ1997PTC032163
Name of the company	SHREE BANSI METAL AND ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	654 Mahadev Dehla, Gheekanta Road, Ahmedabad – 380 001, Gujarat, India
Type of charge	Hypothecation
Particular of the prorerty charge	The whole of the borrowers stock of ferros and non ferros metal, Alluminium, ingot and Scrap etc. Located at 184/A, Phase – III, GIDC, Vatva, Ahmedabad and C/O. Kailash Rice and Pulse Mill, Bareja, Ahmedabad
Nature of description of the instrument creating or modifying the charge
Charge identification number of the charge to be modified	90111530
Amount secured by the charge	Rs. 20.000 Millions
Brief description of the instrument modifying the charge under section 135	Agreement for Cash Credit Hypothecation of godds and letter of credit/ Guarantee/Bill purchase/ Hypothecation Agreement
Short particulars of the property charged
Date of latest modification prior to the present modification	30.03.2006
Particulars of the present modification

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.
UK Pound	1	Rs.
Euro	1	Rs.

SCORE & RATING EXPLANATIONS

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

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