MIRA INFORM REPORT

Report Date :

05.04.2011

IDENTIFICATION DETAILS

Correct Name :	TURAKHIA FERROMET PRIVATE LIMITED
Registered Office :	2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.05.1994
Com. Reg. No.:	11-78585
CIN No.: [Company Identification No.]	U27200MH1994PTC078585
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09896F
PAN No.: [Permanent Account No.]	AAACT1424C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Iron and Steel.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra
Tel. No.:	91-22-23771482 / 83 / 23770902 / 23487482 / 23482483 / 23480762
Fax No.:	91-22-23702648 / 23702807
E-Mail :	turafer@vsnl.net turent@bom3.vsnl.net.in turafer@mtnl.net.in mandvi@bankofindia.co.in
Area :	2,000 sq.fts (Owned)
Location :	Owned
Branches :	KL 5/10/42/3E, Kalamboli, Navi Mumbai – 410 213, Maharashtra
Area :	1,500 sq.fts (Owned)

DIRECTORS

As on 30.09.2009

Name :	Mr. Mansukhbhai R. Turakhia
Designation :	Chairman-cum-Managing Director
Address :	141, Shan Apartments, Kashinath Dhuru Road, Opposite Kirti College, Prabhadevi, Dadar (West), Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	13.11.1933
Qualification :	M.A.
Date of Appointment :	24.11.1994
Name :	Mr. Manoj M. Turakhia
Designation :	Whole time Director
Address :	7/1, Tehmi Terrace, 805, Dr. B A Road, Dadar, Prabhadevi, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	29.03.1961
Qualification :	MBA
Date of Appointment :	24.05.1994
Name :	Mr. Nikunj M. Turakhia
Designation :	Director
Address :	1, Shan Apartments, Kashinath Dhuru Road, Opposite Kirti College, Prabhadevi, Dadar (West), Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	18.02.1962
Qualification :	B. Tech.
Date of Appointment :	24.05.1994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2009

Names of Shareholders	No. of Shares
Anuj Turakhia	15420
Smita Turakhia	650
Manoj Turakhia	37991
Manoj Turakhia HUF	24500
Heena Turakhia	26530
Nikunj Turakhia	451
Nutanben Turakhia	550
Mansukhlal Turakhia	551
Mansukhlal Turakhia HUF	8357
Artillegence Bio Innovatin Limited, India	11250
Blue Moon Investments P. Limited , Bangalore, India	5000
Bombay Films Private Limited , Mumbai, Maharashtra, India	16000
Clifton Securities Private Limited , Mumbai, Maharashtra, India	11250
D. Kumar Trading Private Limited, Mumbai, Maharashtra, India	2500
Dytel Finance and Invt. Private Limited, Mumbai, Maharashtra, India	14000
Emeca Finance and Invt. Private Limited, Mumbai, Maharashtra, India	15000
Harbole Trade Link, Anand, Gujarat, India	10000
Heranba Finvest Private Limited, Mumbai, Maharashtra, India	6000
Hiten Merchantile Private Limited, Mumbai, Maharashtra, India	5000
Jas Trading Private Limited, Mumbai, Maharashtra, India	10000
L.R. Enterprises Private Limited, Mumbai, Maharashtra, India	5000
M.T. Tradelink P. Limited, Anand, Gujarat, India	10000
Manhar Properties P. Limited, Mumbai, Maharashtra, India	15000
Megha Airway Limited, New Delhi, India	15000
Nicco Securities Private Limited, Mumbai, Maharashtra, India	9000
Oddydeey Corporation Limited, Mumbai, Maharashtra, India	5000
Origin Management Consultunce Private Limited Secunderabad, India	2500
Pratibha Finance and Inv. P. Limited, Mumbai, Maharashtra, India	13000
Prisha Trade Links Private Limited, Mumbai, Maharashtra, India	2500
R. Keshavlal Traders P. Limited, Mumbai, Maharashtra, India	10000
Rachana Finance and Inv. Private Limited, Mumbai, Maharashtra, India	15000
Repute Properties P. Limited, Mumbai, Maharashtra, India	16000
Sajal Finance and Inv. P. Limited, Mumbai, Maharashtra, India	12000
Satyam Shivam Tradelinks Private Limited, Mumbai, Maharashtra, India	3250
Shakti Ispat Products Private Limited, Howrah, Kolkata, India	3750
Sharda Creation Private Limited , Mumbai, Maharashtra, India	5000
Shirine Finance and Investments P. Limited , Bangalore, Karnataka, India	15000
Stocknet International Limited , Howrah, Kolkata, India	11000
Clifton Peason Export Agencies Limited, Kolkata, India	11250
Bhaskar Fund Management Limited, Culcutta, India	2500
D.P. Merchant and Trade Private Limited, Gandhidham, India	2500
Hingora Finvest Private Limited, Mumbai, Maharashtra, India	1250
Ispat Sheet Limited , Guwahati, India	4500
Macrosoft Technologies Private Limited , Mumbai, Maharashtra, India	1250
Novelty Traders Limited , Guwahati, India	3750
Olypus Vision Private Limited , Mumbai, Maharashtra, India	1250
Oshin Investment and Finance Private Limited , Mumbai, Maharashtra, India	1250
Tricon Business Private Limited , Kolkata, India	2500
Colour Shop Trading Co. Private Limited, Thane, Maharashtra, India	23000
Super Finance Limited , Kolkata, India	2000
Total	446000

Equity share breakup as on 30.09.2009:-

Category	Percentage
Bodies corporate (not mentioned above)	72.37
Directors or relatives of directors	27.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Iron and Steel.

Products :

Product Description	ITC Code
Iron and Steel alloy compounds	K#3112
Refined, special and tool steels and their semi finished products (209)	K#3405

Exports :

Countries :

• Singapore
• Hong Kong

Imports :

Products :

• CR Coils
• HR Coils
• Slabs

Countries :

• Europe
• U.S.A.
• Far East
• UK
• Iran
• Romania
• Belgium
• Canada
• Dubai

Terms :

Selling :

Credit (30 days)

Purchasing :

L/C

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

5

Bankers :

· Bank of Baroda, Mandvi Branch, Kanmoor House, Narsi Natha Street, Mumbai – 400 009, Maharashtra, India

· Bank of India, Mandvi, Kanmoor House, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra, India

· HDFc bank Limited

Facilities :

Secured Loans	31.03.2009 (Rs. in Millions)	31.03.2008 (Rs. In Millions)
Bank of India Cash Credit Account, Mandvi Branch (Secured by import documents, collateral security, equitable mortgage of flat of partnership concern wherein director and family members are interested as partners, hypothecation of book debts and personal guarantee of directors and major shareholders)	0.000	36.350
Total	0.000	36.350
Unsecured Loans	31.03.2009 (Rs. in Millions)	31.03.2008 (Rs. In Millions)
From Directors	2.415	0.475
From Shareholders	3.971	3.457
From Corporate Bodies	0.000	20.000
From Corporate Bodies
Interest Accrued and Due	0.606	0.754
Total	6.992	24.686

Banking Relations :

--

Auditors :

Name :

A. C. Kamdar and Company

Chartered Accountants

Address :

Jolly Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra, India

Sister Concerns :

v Turakhia Enterprises

Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400009, Maharashtra, India

Line of Business : Exporter of Iron and Steel Items

v Manoj Enterprises

Address : 2/3, Ashok Chambers, Devji Ratansy Marg,

Mumbai – 400 009, Maharashtra

Line of Business : Exporter of Granite and Marble Slabs/Tiles

v Standard Conduits Limited

Address : 2/3, Ashok Chambers, Devji Ratansy Marg,

Mumbai – 400 009, Maharashtra

Line of Business: Importer, Dealers of Iron and Steel, Plastic Part of Lighting and Panel Fittings

v Megha Polymers Private Limited

Address : 2/3, Ashok Chambers, Devji Ratansy Marg,

Mumbai – 400 009, Maharashtra

Line of Business : Traders

CAPITAL STRUCTURE

As on 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
446000	Equity Shares	Rs.100/- each	Rs.44.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		44.600	44.600	41.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		567.590	450.884	375.308
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		612.190	495.484	416.933
LOAN FUNDS
1] Secured Loans		385.704	0.000	36.350
2] Unsecured Loans		56.852	6.992	24.686
TOTAL BORROWING		442.556	6.992	61.036
DEFERRED TAX LIABILITIES		0.699	0.026	0.016
TOTAL		1055.445	502.502	477.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.696	49.754	3.437
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.044	0.045	0.045
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	601.051	208.215	422.996
	Sundry Debtors	580.727	309.260	198.805
	Cash & Bank Balances	337.065	183.832	114.607
	Other Current Assets	0.000	0.334	0.311
	Loans & Advances	297.411	120.961	110.338
Total Current Assets		1816.254	822.602	847.057
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		288.612	309.062
	Other Current Liabilities	680.285	16.058	8.441
	Provisions	128.264	65.229	55.051
Total Current Liabilities		808.549	369.899	372.554
Net Current Assets		1007.705	452.703	474.503
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1055.445	502.502	477.985

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2009	31.03.2008
	PROFIT BEFORE TAX	29.499	79.793
Less	TAX	10.448	28.766
	PROFIT AFTER TAX	19.051	51.027
	Earnings Per Share (Rs.)	0.04	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.38	9.38
Return on Investment (ROI) (PBT/Networth)		NA	0.06	0.19
Debt Equity Ratio (Total Liability/Networth)		2.04	0.76	1.04
Current Ratio (Current Asset/Current Liability)		2.25	2.22	2.27

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U27200MH1994PTC078585
Name of the company	TURAKHIA FERROMET PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra
This form is for	Modification of charge
Charge identification number of the charge to be modified	90156789
Type of charge	Book Debts Movable Property
Particular of charge holder	Name : Bank of India, Mandvi Branch, Kanmoor House, 281/287, Narsi Natha Street, Mumbai, Maharashtra E-mail ID: mandvi@bankofindia.co.in
Nature of instrument creating charge	Supplemental Deed of Hypothecation of plant and machinery ,stocks and book debts
Date of instrument Creating the charge	14.08.2010
Amount secured by the charge	Rs. 1150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (St./BD) : 6% over Base Rate presently 14% p.a. with monthly rests, L/C(DP), L/C(DA), Buyers Credit: As per guidelines or at such other rate/s of interest as may be notified by the bank form time to time Terms of Repayment On Demand Margin As specified by bank from time to time Extent and Operation of the charge Security and charge hereby created shall be by way of first charge on all the said hypothecated assets for due payment as provided in the deed of all monies including principal sums, interest/ commission costs charges and expenses and all other monies whatsoever due owing and payable by borrower to bank under or in respect of or in connection with or in any wise concerning or relating to the said facilities agreed to be granted and / or granted by the bank to the borrower and also for due Others Repayment of all present and future indebtedness and liabilities of borrower to the Bank of any kind in any manner whether soley or jointly primary or collateral accrued or accruing with all relative interest/ commission, charges, costs and expenses. Revised Facilities and Limits : Fund Based : i) CC (Stock/ book debts) : Rs. 50.000 Millions, Non Fund Based : ii) L/C (DP) Rs. 1100.000 Millions iii) L/C (DA) Rs. 820.000 Millions iv) Buyers Credit : Rs. 750.000 Millions Max (i, ii and iv) Rs. 1100.000 Millions Aggregate: Rs. 1150.000 Millions.
Short particulars of the property charged	a) All tangible movable machineries and plant both present and future b) All tangible movable properties and assets of whatsoever nature (both present and future) at borrower's premises/elsewhere in transit or wherever else c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower. Details as per Supplemental deed
Date of instrument modifying the charge	02.05.2009
Particulars of the present modification	The principal amount of charge on the hypothecated assets is increased from Rs. 950.000 Millions to Rs. 1150.000 Millions Revised Facilities and Limits: Fund Based: i) CC (Stocks/ book debts): Rs. 50.000 Millions, Non Fund Based : ii) L/C(DP) Rs. 1100.000 Millions iii) L/C(DA) Rs. 820.000 Millions iv) Buyers Credit : Rs. 750.000 Millions max (ii, iii and iv) Rs. 1100.000 Millions Aggregate : Rs. 1150.000 Millions.

This form is for	Modification of charge
Charge identification number of the modified	90156789
Corporate identity number of the company	U27200MH1994PTC078585
Name of the company	TURAKHIA FERROMET PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra
Type of charge	Book Debts Movable Property
Particular of charge holder	Name : Bank of India, Mandvi Branch, Kanmoor House, 281/287, Narsi Natha Street, Mumbai, Maharashtra E-mail ID: mandvi@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation of plant and machinery ,stocks and book debts
Date of instrument Creating the charge	02.05.2009
Amount secured by the charge	Rs. 950.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1) C/C (stocks and book debts):1% over BPLR presently at 13 % p.a. with monthly rests, 2) L/C (Inland and foreign) DP, L/C (DA) 180 days /buyer's credit:- As per bank's norms or at such other rate/s of interest/commission as may be notified by the bank from time to time. Terms of Repayment On Demand Margin As may be required by the Bank from time to time. Extent and Operation of the charge Security in favour of Bank as first charge for payment of all monies including the principal sums/interest/commission, costs, charges and expenses and all other moneys, whatsoever due owing of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and/or granted by the Bank to the borrower as aforesaid and Also for due repayment of all present and future Others Indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs (between Advocate and client) and expenses. Revised Facility and Limits (Rs. in Millions):(A)Fund Based :1)C/C (Stocks and Book Debts) Rs. 50.000 ;Total FB Rs. 50.000 (B) Non Fund Based :2)(a) L/C I/F DP Rs 575.000 ,(b) LC I/F (DA 180 days)/Buyers Credit: Rs.700.000 Max.2(a+b) Rs.900.0000 Aggregate(A+B):Rs.950.000 Millions
Short particulars of the property charged	a) All tangible movable machineries and plant both present and future b) All tangible movable properties and assets of whatsoever nature (both present and future) at borrower's premises/elsewhere in transit or wherever else c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower. Details as per Supplemental deed
Date of latest modification prior to the present modification	23.10.2007
Particulars of the present modification	The principal amount of charge on the hypothecated assets is increased from Rs.605.000 Millions to Rs.950.000 Millions.

Trade References

v AM International Steel Force

Fixed Assets

v Furniture and Fixtures

v Office Equipments

v Computers

v Printers

v Air-conditioners.

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. 44.65
UK Pound	1	Rs. 71.93
Euro	1	Rs. 63.24

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	5
--PROFITABILIRY	1~10	5
--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	YES
--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	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
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.