MIRA INFORM REPORT

Report Date :

10.11.2008

IDENTIFICATION DETAILS

Name :	SUNWETA STEELS LIMITED
Registered Office :	A – 10/2, MIDC Taloja, Taluka Panvel, District Raigad, Navi Mumbai – 410208, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	06.01.1992
Com. Reg. No.:	11-64730
CIN No.: [Company Identification No.]	U99999MH1992PLC064730
TAN No.: [Tax Deduction & Collection Account No.]	PNES18761B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Engineering Products

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a well established and reputed company in its field. Trade relations are fair. Company’s business at present is limited but expects good business in future. Directors are reported as experienced, respectable and having satisfactory means. Trade relations are fair. No complaints have been heard so far. The company can be considered normal for business dealings. It would be advisable to take adequate securities while dealing with the subject.

LOCATIONS

Registered Office/ Factory:	A – 10/2, MIDC Taloja, Taluka Panvel, District Raigad, Navi Mumbai – 410208, Maharashtra, India
Tel. No.:	91-22-27401442
Mobile No.:	91-9320065684
E-Mail :	rndaga@yahoo.com sunwetasteels@yahoo.com rishi_bansal20@yahoo.co.uk sanjivbansal_78@yahoo.co.uk

DIRECTORS

Name :	Mr. Sandeep Daga
Designation :	Director
Date of Birth/Age :	19.11.1977
Date of Appointment :	30.04.1994
PAN No.:	AOZPS4672M
Name :	Mrs. Sheetal Daga
Designation :	Director
Address :	Flat No.104, Mayuresh Raw House, Plot No.170, Sector 21, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	27.06.1978
Date of Appointment :	03.10.2006
PAN No.:	AHDPB7920Q
Directorship Company :	Ashtalaxmi Mercantile Private Limited Director U51900MH1995PTC090972
Name :	Mrs. Mamta Daga
Designation :	Director
Date of Birth/Age :	15.06.1957
Date of Appointment :	30.04.1994
PAN No.:	AGLPM9665Q
Name :	Mr. Rishi Bansal
Designation :	Director
Address :	A – 39, Meera Bagh, New Delhi – 110087, India
Date of Birth/Age :	20.02.1983
Date of Appointment :	01.12.2006
PAN No.:	AEYPB9434P
Name :	Mr. Mr. Sanjiv Bansal
Designation :	Director
Address :	28/64 West Punjabi Bagh, New Delhi – 110026, India
Date of Birth/Age :	16.09.1975
Date of Appointment :	01.12.2006
PAN No.:	ABVPB5393B
Name :	Mr. Kaushal Bansal
Designation :	Director
Address :	35/62 West Punjabi Bagh, New Delhi – 110026, India
Date of Birth/Age :	21.12.1953
Date of Appointment :	01.12.2006
PAN No.:	ABVPB5398L
Name :	Mrs. Shweta Daga
Designation :	Director
Address :	26, Gurukul Society, Sahibaug, Behind Circuit House, Ahmedabad – 380009, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 23.09.2008)

Names of Shareholders	No. of Shares
Mamta Daga	12300
Sandeep Daga	25300
Sheetal Daga	12300
Vidhya Devi Daga	100
Rishi Bansal	12500
Sanjiv Bansal	12500
Kaushal Bansal	12500
Vishav Bansal	4167
Piyush Bansal	4167
Rajiv Bansal	4166
Total	100000

(As on 15.01.2007)

Names of Allottees	No. of Shares Allottees
Rishi Bansal	12500
Sanjiv Bansal	12500
Kaushal Bansal	12500
Vishav Bansal	12500
Total	50000

(As on 31.03.2008)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Engineering Products

Products :

Products Description	Item Code No.
Decoiling	96819
Cutting	96835
Slitting	96835
Sizing	96835
Wear Housing	96835

GENERAL INFORMATION

Suppliers :

• Pipe Centre
• Quzi Trading Company
• Mannual Marketing

Customers :

• Jaydev Steel Private Limited
• Loha Ispat Limited

No. of Employees :

11 (Management and Office Staff – 1, Supervisory – 2, Workers – 8)

Bankers :

• Corporation Bank

Nerul Branch, Nerul – 400706, Maharashtra, India

• Union Bank of India
• Indian Overseas Banl

Facilities :

Secured Loans	31.03.2008 (Rs. In Millions)
From Corporation Bank 1.Secured against mortgage of first charge by way of factory land locate at plot no A/10/2, MIDC Taloja Industrial Area, Panvel District, Admeasuring 7735 sq. mtrs and building structure thereon and hypothecation of plant and machinery and other movable fixed assets except vehicles of the company with aggregate value of Rs.39.600 Millions on completion of project. 2.Hypothecation of stock/ Book Debts of the company	13.045
Total	13.045
Unsecured Loans	31.03.2008 (Rs. In Millions)
From Directors	16.390
Total	16.390

Banking Relations :	Satisfactory
Auditors :
Name :	S. P. Jain and Associates Chartered Accountant
Address :	F/3, Dadar Manish Market, Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
Tel No.:	91-22-24316201/ 02
Fax No.:	91-22-24320931
Email :	spjainassociates@vsnl.net.in
Associates/ Subsidiary :	Ashtalaxmi Mercantile Private Limited U51900MH1995PTC090972

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.677	0.154	0.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.677	1.154	0.575
LOAN FUNDS
1] Secured Loans		13.046	0.000	0.000
2] Unsecured Loans		16.390	8.440	1.475
TOTAL BORROWING		29.436	8.440	1.475
DEFERRED TAX LIABILITIES		0.302	0.000	0.000
TOTAL		31.415	9.594	2.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.774	2.121	2.121
Capital work-in-progress		14.024	5.775	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.028
	Sundry Debtors	0.615	0.000	0.000
	Cash & Bank Balances	0.117	0.520	0.030
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.563	1.330	0.000
Total Current Assets		4.295	1.850	0.058
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	8.386	0.094	0.129
	Provisions	0.292	0.058	0.000
Total Current Liabilities		8.678	0.152	0.129
Net Current Assets		(4.383)	1.698	(0.071)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.415	9.594	2.050

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		2.856	0.598	0.183
Other Income		0.000	0.000	0.000
Total Income		2.856	0.598	0.183
Profit/(Loss) Before Tax		1.482	0.129	0.087
Provision for Taxation		0.959	0.051	0.000
Profit/(Loss) After Tax		0.523	0.078	0.087
Expenditures :
	Direct Expenses	0.476	0.099	0.000
	Indirect Expenses	0.391	0.254	0.000
	Salaries, Wages, Bonus, etc.	0.192	0.115	0.000
	Payment to Auditors	0.000	0.000	0.011
	Interest and Financial Expenses	0.315	0.001	0.000
	Other Expenditure	0.000	0.000	0.085
Total Expenditure		1.374	0.469	0.096

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	18.31	13.04	47.54
Net Profit Margin (PBT/Sales)	(%)	51.89	21.57	47.54
Return on Total Assets (PBT/Total Assets}	(%)	5.68	3.25	3.99
Return on Investment (ROI) (PBT/Networth)		0.88	0.11	0.15
Debt Equity Ratio (Total Liability/Networth)		22.73	7.45	2.79
Current Ratio (Current Asset/Current Liability)		0.49	12.17	0.45

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Office of the company has been shifted from 15, Manju Towers, 3^rd Cross Lane, Lokhandwala Complex, Andheri West, Mumbai – 400058, Maharashtra, India to the present address w.e.f. 09.10.2006.

OPERATING STATEMENT

(Rs in Millions)

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
Domestic Sale	21.000	40.700	47.200	47.200	47.200	47.200
Export Sale	0.000	0.000	0.000	0.000	0.000	0.000
Add: Exports Incentives	0.000	0.000	0.000	0.000	0.000	0.000
Total	21.000	40.700	47.200	47.200	47.200	47.200
Less : Excise Duty	0.000	0.000	0.000	0.000	0.000	0.000
Net Sales [1-2]	21.000	40.700	47.200	47.200	47.200	47.200
% age rise (+) or fall (-) in net sales compared t previous year (annualized)	63.555	9.381	1.597	0.000	0.000	0.000
Cost of Sales
Raw Material [imported]	0.000	0.000	0.000	0.000	0.000	0.000
Raw Material [Indigenous]	0.000	0.000	0.000	0.000	0.000	0.000
Other Spares [Imported]	0.000	0.000	0.000	0.000	0.000	0.000
Other Spares [Indigenous]	1.600	3.670	4.320	4.320	4.320	4.320
Power and Fuel	1.000	2.035	2.360	2.360	2.360	2.360
Direct Labour (Factory Wages and Salary)	1.900	4.070	4.720	4.720	4.720	4.720
Other Manufacturing Expenses	1.250	1.870	2.070	2.070	2.070	2.070
Depreciation	3.111	5.859	5.859	5.859	5.859	5.859
Sub Total	8.861	17.504	19.329	19.329	19.329	19.329
Add: Opening Stock in Process	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total	8.861	17.504	19.329	19.329	19.329	19.329
Deduct : Closing Stock in Process	0.000	0.000	0.000	0.000	0.000	0.000
Cost of Production	8.861	17.504	19.329	19.329	19.329	19.329
Add : Opening Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total	8.861	17.504	19.329	19.329	19.329	19.329
Deduct : Closing Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total [Total Cost of Sales]	8.861	17.504	19.329	19.329	19.329	19.329
Selling general and Administrative Expenses	1.600	2.635	2.960	2.960	2.960	2.960
Sub Total	10.461	20.139	22.289	22.289	22.289	22.289
Opening Profit Before Interest	10.539	20.561	24.911	24.911	24.911	24.911
Interest	2.845	4.530	3.480	2.075	0.905	0.260
Operating Profit after Interest	7.694	16.031	21.431	22.836	24.006	24.651
Add : Other non operating Income	0.000	0.000	0.000	0.000	0.000	0.000
Other Income
Revaluation of Depreciation	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total	0.000	0.000	0.000	0.000	0.000	0.000
Deduct other non operating expenses	0.000	0.000	0.000	0.000	0.000	0.000
P and P expense including All book entries written off	0.000	0.000	0.000	0.000	0.000	0.000
Advertisement	0.000	0.000	0.000	0.000	0.000	0.000
Sub total Expense	0.000	0.000	0.000	0.000	0.000	0.000
Net of other non operating Income / Expenses
Profit before Tax/ Loss [PBT]	7.694	16.031	21.431	22.836	24.006	24.651
Provision for taxes	2.539	5.290	7.072	7.536	7.922	8.135
Provision for Deferred Taxes	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit / Loss [PAT]	5.155	10.741	14.359	15.300	16.084	16.516
Equity Dividend Paid	0.000	1.120	1.120	1.120	1.120	1.120
Dividend Rate	0.000	10.000	10.000	10.000	10.000	10.000
Retained Profit	5.155	9.621	13.239	14.180	14.964	15.396
Retained Profit/ Net Profit (% age)	100.00	89.57	92.20	92.68	93.04	93.22

OF BALANCE SHEET

[Rs in Millions]

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	1.500	1.500	1.500	1.500	1.500	1.500
From Other Banks	0.000	0.000	0.000	0.000	0.000	0.000
Of which BP and BD	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total	1.500	1.500	1.500	1.500	1.500	1.500
Short Term Borrowings from others	1.500	1.500	1.500	1.500	1.500	1.500
Sundry creditors [Trade]	1.500	1.500	1.500	1.500	1.500	1.500
Advance payments from customers/ deposits from dealers	0.000	0.000	0.000	0.000	0.000	0.000
Provision of taxes	0.000	0.000	0.000	0.000	0.000	0.000
Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000
Other Statutory Liabilities (Due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Other current liabilities and provision (Due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
(Specify Major Items)	0.600	0.750	0.750	0.750	0.750	0.750
Creditors for Expenses	0.600	0.750	0.750	0.750	0.750	0.750
Outstanding Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Sub – Total	0.600	0.750	0.750	0.750	0.750	0.750
Total Current Liabilities	2.100	2.250	2.250	2.250	2.250	2.250
Debentures (Not Maturing within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Unsecured Loans from Directors (Redeemable after one year)	16.309	16.309	16.309	16.309	10.000	0.000
Term Loans (Excluding Installment)	24.833	28.333	18.333	8.333	3.333	0.000
Deferred Installment (Due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Term deposit (repayable one year	0.000	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	0.000	0.000	0.000	0.000	0.000	0.000
Total Term Liabilities	41.142	44.723	34.723	24.642	13.333	0.000
Total Of Outside Liabilities	43.242	46.973	36.973	26.892	15.583	2.250
Net Worth
Share Capital Account	1.000	1.000	1.000	1.000	1.000	1.000
General Reserve	0.000	0.000	0.000	0.000	0.000	0.000
Plus (+) or deficit (-) in Profit and Loss Account others (Specify)	5.155	14.776	28.015	42.195	57.159	72.555
Differed Tax Liability	0.302	0.302	0.302	0.302	0.302	0.302
Net Worth	6.457	16.078	29.317	43.497	58.461	73.857
Total Liabilities	49.699	63.051	66.290	70.389	74.044	76.107
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.415	0.338	2.421	4.379	4.893	4.885
Fixed deposit with bank	2.000	3.635	5.900	5.900	5.900	5.900
Instalment of deferred receivable (due with in one year)	0.000	0.000	0.000	0.000	0.000	0.000
INVENTORY:	0.600	0.750	1.000	1.000	1.000	1.000
Raw materials (including stores and other item used in the process of manufacturing)	0.300	0.375	0.500	0.500	0.500	0.500
Imported	0.000	0.000	0.000	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
Stock – in – process	0.000	0.000	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Other Consumable Spares
Imported Consumables	0.300	0.375	0.500	0.500	0.500	0.500
Indigenous Consumables	0.000	0.000	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000	0.000	0.000	0.000
Other current assets	0.500	1.000	2.500	2.500	3.500	3.500
TOTAL CURRENT ASSETS	3.515	5.723	11.821	13.779	15.293	15.285
FIXED ASSETS
Gross Block	49.853	66.353	69.353	72.353	75.353	78.353
Depreciation to date	3.666	9.525	15.384	21.243	27.102	32.961
NET BLOCK	46.187	56.828	53.969	51.110	48.251	45.392
Investment/ books debts/advances/deposits which are not current assets	0.000	0.000	0.000	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000	0.000	0.000	0.000
Others Investment	0.000	0.000	0.000	5.000	10.000	15.000
Others Debtors (6 month)
Security Deposits	0.297	0.500	0.500	0.500	0.500	0.500
Others	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.297	0.500	0.500	5.500	10.500	15.500
Intangible assets	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	49.999	63.051	66.290	70.389	74.044	76.177

FINANCIAL INDICATORS

(RS IN MILLIONS)

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
Domestic Sale	0.000	0.000	0.000	0.000	0.000	0.000
Export Sale	21.000	40.700	47.200	47.200	47.2500	47.200
Net Sales	21.000	40.700	47.200	47.200	47.2500	47.200
% rise/fall (-) in net sales	63.555	9.381	1.597	0.000	0.000	0.000
Operating Profit	7.694	16.031	21.431	22.836	24.006	24.651
Profit before Tax	7.694	16.031	21.431	22.836	24.006	24.651
PBT/Sales (%)	3.664	3.939	4.540	4.838	5.086	5.223
Profit After Tax	5.155	10.741	14.359	15.300	16.084	16.516
Cash Accrual	8.266	16.600	20.218	21.159	21.943	22.375
Paid up Capital	1.000	1.000	1.000	1.000	1.000	1.000
TNW	6.457	16.078	29.317	43.497	58.461	73.857
Adjusted TOL/ TNW	6.457	16.078	29.317	43.497	58.461	73.857
NWC	1.415	3.473	9.571	11.529	13.043	13.035
Current Ratio	0.167	0.254	0.525	0.612	0.680	0.679

FIGURES IN ITALICS REPRESENTS ESTIMATES TAKEN AT THE OF THE RENEWAL

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
Operating Cost/ Sales %	63.36	60.61	54.60	51.62	49.14	47.777
Net Sales/ TTA (Times)	0.42	0.65	0.71	0.67	0.64	0.62
PBDIT	136.50	264.20	307.70	307.70	307.70	307.70

RISK RATING RELATED RATIOS:

Current Ratio	1.67	2.54	5.25	6.12	6.80	6.79
TOL/TNW (Times)	6.70	2.92	1.26	0.62	0.27	0.03
PBDIT/ Interests (Times)	4.80	5.83	8.84	14.83	34.00	118.35
PAT/Net Sales (%)	24.55	26.39	30.42	32.42	34.08	34.99
ROCE (%) (PBDIT/ TA)	27.30	41.90	46.42	43.71	41.56	40.39
Inv + Rec./Sales (Days)	45	39	53	53	53	53

FUND FLOW STATEMENT

[RS IN MILLIONS]

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
SOURCES
A] Net Profit [after tax]	5.155	10.741	14.359	15.300	16.084	16.516
B] Depreciation	3.111	5.859	5.859	5.859	5.859	5.859
C] Increase in Capital	0.000	0.000	0.000	0.000	0.000	0.000
D] Increase in TL. Including Public Deposits	3.426	3.581	0.000	0.000	0.000	0.000
E] Decrease in
Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000
Other Non Current Assets	0.000	0.000	0.000	0.000	0.000	0.000
F] Others	0.000	0.000	0.000	0.000	0.000	0.000
[G] TOTAL	11.692	20.181	20.218	21.159	21.943	22.375
USES
A] Net Loss	0.000	0.000	0.000	0.000	0.000	0.000
B] Decrease in Term Liabilities [Including A Closely Held Public Limited Liability Company Deposits]	0.000	0.000	10.000	10.081	11.309	13.333
C] Increase in
Other Non Current Assets	0.000	0.203	0.000	5.000	5.000	5.000
Fixed Assets [Net]	13.500	16.500	3.000	3.000	3.000	3.000
D] Dividend Payment	0.000	1.120	1.120	1.120	1.120	1.120
E] Others	0.677	0.000	0.000	0.000	0.000	0.000
F] Total	14.177	17.823	14.120	19.201	20.429	22.453

FUND FLOW STATEMENT (SUMMARY)

[RS IN MILLIONS]

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
Long – Term Surplus / Deficit	(2.485)	2.358	6.098	1.958	1.514	(0.078)
Increase / Decrease in Current Assets	(0.483)	2.208	6.098	1.958	1.514	(0.078)
Increase / Decrease in Current Liabilities other than bank borrowings.	0.202	0.150	0.000	0.000	0.000	0.000
Increase / Decrease in Working Capital Gap	(0.685)	2.058	6.098	1.958	1.514	(0.008)
Net Surplus [+] / Deficit [-]	(1.800)	0.300	0.000	0.000	0.000	(0.070)
Increase / Decrease in Bank Borrowings	1.500	0.000	0.000	0.000	0.000	0.000

(RS. IN MILLIONS)

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
Long Term Sources	11.692	20.181	20.218	21.159	21.943	22.375
Long Term Uses	14.177	17.823	14.120	19.201	20.429	22.453
Surplus/Deficit	(2.485)	2.358	6.098	1.958	1.514	(0.078)

MOVEMENT OF TNW (CORPORATE)

(RS. IN MILLIONS)

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
Opening Balance	1.979	6.457	16.078	29.317	43.497	58.461
Add.
Profit (-)Loss after Tax	5.155	10.741	14.359	15.300	16.084	16.516
Increase in capital	0.000	0.000	0.000	0.000	0.000	0.000
Decrease / (-) Inc. in Intangible Assets	0.000	0.000	0.000	0.000	0.000	0.000
Increase / (-) Dec. In Reserves	(0.677)	0.000	0.000	0.000	0.000	0.000
Adjust Prior Year Expenses	0.302	0.000	0.000	0.000	0.000	0.000
Less
Div Paid (Incl. Div. Tax)/ Withdrawals	0.000	(1.120)	(1.120)	(1.120)	(1.120)	(1.120)
TNW	6.457	16.078	29.317	43.497	58.461	73.857

MOVEMENT OF TNW (NON CORPORATE)

(RS. IN MILLIONS)

Particulars	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
	Estimates
Opening Balance	1.979	6.457	16.078	29.317	43.497	58.461
Increase in capital	5.155	9.621	13.239	14.180	14.964	15.396
Decrease / (-) Inc. in Intangible Assets	0.000	0.000	0.000	0.000	0.000	0.000
Increase / (-) Dec. In Reserves	(0.677)	0.000	0.000	0.000	0.000	0.000
Closing Balance	6.457	16.078	29.317	43.497	58.461	73.857
# Net of Increase in Capital + Net Profit for the year - Withdrawals

PERSONAL A/C (MR. KAUSHAL BANSAL)

Capital Investment :
Owned :	Rs.5.408Millions
Borrowed :	-
Total :	Rs.5.408 Millions

(PERSONALBALANCE SHEET)

MR. KAUSHAL BANSAL

SOURCES OF FUNDS		31.03.2008 (Rs. In Millions)
SHAREHOLDERS FUNDS
1] Capital Account		5.408
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		5.408
LOAN FUNDS
1] Secured Loans		0.679
2] Unsecured Loans		8.226
TOTAL BORROWING		8.905
DEFERRED TAX LIABILITIES		0.000
TOTAL		14.313
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
Share Capital Account		0.825
INVESTMENT		0.025
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.154
	Other Current Assets	12.453
	Deposits	0.798
	Loans & Advances	0.058
Total Current Assets		13.463
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		13.463
MISCELLANEOUS EXPENSES		0.000
TOTAL		14.313

PERSONAL A/C (MR. SANJIV BANSAL)

Capital Investment :
Owned :	Rs.13.574 Millions
Borrowed :	-
Total :	Rs.13.574 Millions

(PERSONAL BALANCE SHEET)

MR. SANJIV BANSAL

SOURCES OF FUNDS		31.03.2008 (Rs. In Millions)
SHAREHOLDERS FUNDS
1] Capital Account		13.574
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		13.574
LOAN FUNDS
1] Secured Loans		0.082
2] Unsecured Loans		0.000
TOTAL BORROWING		0.082
DEFERRED TAX LIABILITIES		0.000
TOTAL		13.656
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
Share Holder Account		0.376
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.142
	Other Current Assets	2.807
	Deposits	9.331
	Loans & Advances	0.000
Total Current Assets		13.280
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		13.280
MISCELLANEOUS EXPENSES		0.000
TOTAL		13.656

PERSONAL A/C (MRS. MAMTA DAGA)

Capital Investment :
Owned :	Rs.1.902 Millions
Borrowed :	-
Total :	Rs.1.902 Millions

(PERSONAL BALANCE SHEET)

MRS. MAMTA DAGA

SOURCES OF FUNDS		31.03.2008 (Rs. In Millions)
SHAREHOLDERS FUNDS
1] Capital Account		1.902
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.902
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.978
TOTAL BORROWING		2.978
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.880
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.757
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.058
	Other Current Assets	0.000
	Loans & Advances	4.065
Total Current Assets		4.123
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		4.123
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.880

PERSONAL A/C (MR. SANDEEP RSMNIRANJAN DAGA)

Capital Investment :
Owned :	Rs.2.099 Millions
Borrowed :	-
Total :	Rs.2.099 Millions

(PERSONAL BALANCE SHEET)

MR. SANDEEP RSMNIRANJAN DAGA

SOURCES OF FUNDS		31.03.2008 (Rs. In Millions)
SHAREHOLDERS FUNDS
1] Capital Account		2.099
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		2.099
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		4.515
TOTAL BORROWING		4.515
DEFERRED TAX LIABILITIES		0.000
TOTAL		6.614
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.071
Capital work-in-progress		0.000
INVESTMENT		0.467
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.000
	Other Current Assets	4.076
	Loans & Advances	0.000
Total Current Assets		4.076
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		4.076
MISCELLANEOUS EXPENSES		0.000
TOTAL		6.614

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007 (Rs. In Millions)
Sales Turnover		0.000
Other Income		0.352
Total Income		0.352
Profit/(Loss) Before Tax		0.331
Provision for Taxation		0.000
Profit/(Loss) After Tax		0.331
Expenditures :
	Professional Charges	0.004
	Telephone Expenses	0.006
	Stationery	0.003
	Bank Charges	0.000
	Conveyance Expenses	0.008
Total Expenditure		0.021

PERSONAL A/C (MR. RISHI BANSAL)

Capital Investment :
Owned :	Rs.3.271 Millions
Borrowed :	-
Total :	Rs.3.271 Millions

(PERSONAL BALANCE SHEET)

MR. RISHI BANSAL

SOURCES OF FUNDS		31.03.2008 (Rs. In Millions)
SHAREHOLDERS FUNDS
1] Capital Account		3.271
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		3.271
LOAN FUNDS
1] Secured Loans		0.040
2] Unsecured Loans		2.250
TOTAL BORROWING		2.290
DEFERRED TAX LIABILITIES		0.000
TOTAL		5.561
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
Directors Shares Capital		0.851
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.295
	Other Current Assets	1.721
	Deposits	2.694
	Loans & Advances	0.000
Total Current Assets		4.710
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		0.000
MISCELLANEOUS EXPENSES		0.000
TOTAL		5.561

PERSONAL A/C (MRS. SHEETAL DAGA)

Capital Investment :
Owned :	Rs.0.986 Millions
Borrowed :	-
Total :	Rs.0.986 Millions

(PESONAL BALANCE SHEET)

MRS. SHEETAL DAGA

SOURCES OF FUNDS		31.03.2008 (Rs. In Millions)
SHAREHOLDERS FUNDS
1] Capital Account		0.986
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.986
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.255
TOTAL BORROWING		2.255
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.241
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.003
Capital work-in-progress		0.000
INVESTMENT		3.176
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.079
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.079
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.017
	Provisions	0.000
Total Current Liabilities		0.017
Net Current Assets		0.062
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.241

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007 (Rs. In Millions)
Sales Turnover		0.328
Other Income		0.000
Total Income		0.328
Profit/(Loss) Before Tax		0.230
Provision for Taxation		0.000
Profit/(Loss) After Tax		0.230
Expenditures :
	Professional Charges	0.004
	Conveyance and Petrol Expenses	0.024
	Telephone Expenses	0.010
	Stationery	0.033
	Bank Charges	0.002
	Conveyance Expenses	0.025
Total Expenditure		0.098

FORM 8:

Corporate identity number of the company	U99999MH1992PLC064730
Name of the company	SUNWETA STEELS LIMITED
Address of the registered office or of the principal place of business in India of the company	A – 10/2, MIDC Taloja, Taluka Panvel, District Raigad, Navi Mumbai – 410208, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Corporation Bank Nerul Branch, Nerul – 400706, Maharashtra, India Cb572@corpbank.co.in
Nature of instrument creating charge	First Charge by way of equipment mortgage of company’s immovable properties, viz Factory Land located at Plot No A.10/2 MIDC Taloja, Taluka Panvel, District Raigad and building structure thereon. Hypothecation of Plant and Machinery and other movable fixed assets and Hypothecation of stock of consumables and book debts of the company.
Date of instrument Creating the charge	20.12.2007
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: 13.75% p.a. (Floating) Terms of Repayment: Within 53 months including initial repayment holiday of 5 month in 48 equal months installments of Rs.0.417 Millions each Margin: 49.50% on total capital cost of the project of Rs.39.600 Millions Extent and Operation of the charge: Rs.20.000 Millions
Particulars of the property charged	Factory Land located at Plot No A.10/2 MIDC Taloja, Taluka Panvel, District Raigad and building structure thereon. Plant and Machinery and other movable fixed assets located at the above address and Stock of consumable and Book Debts of the company.

Fixed Assets:

• Leasehold Land
• Building
• Machinery
• Electricals
• Computers
• Factory Shed

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.47.76
UK Pound	1	Rs.74.87
Euro	1	Rs.60.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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
TOTAL		45

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.	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