MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	MAHINDRA STEEL SERVICES CENTRE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.1993
Com. Reg. No.:	11-070416
Capital Investment / Paid-up Capital :	Rs.139.536 Millions
CIN No.: [Company Identification No.]	U27100MH1993PLC070416
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19662G MUMM09201D
PAN No.: [Permanent Account No.]	AAACM4987H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged exclusively in the business of manufacturing, processing, sale etc. of Flat Rolled Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 a Mahindra Group Company. It 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-24948131/24935185/86
Fax No.:	91-22-24980732/24951236
E-Mail :	sheth.bakul@mahindra.com
Website:	http://www.mahindrasteelservicescentre.com
Factory :	At and Post Kanhe, Taluka Vadgaon, Maval, District Pune-412106, Maharashtra, India
Tel. No.:	91-2114-255348/255368
Fax No.:	91-2114-255433

DIRECTORS

As on 25.07.2011

Name :

Mr. Harsh Kumar

Designation :

Managing Director

Address :

201, Ferndale, 12^th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

21.08.1954

Date of Appointment :

28.03.2006

Election Car No.:

WB/23/148/285702

Din No.:

00082621

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Managing director	15-02-07	28-03-06	Active	NO
2	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Managing director	11-12-06	24-11-06	Active	NO
3	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	28-07-09	23-01-09	Active	NO
4	U27100MH2009PLC193205	MAHINDRA ELECTRICAL STEEL LIMITED	Director	29-09-10	10-06-09	Active	NO

Name :

Mr. Rajeev Dubey

Designation :

Director

Address :

1701, Mahindra Heights, 96, Tardeo Road, Mumbai-400034, Maharashtra, India

Date of Birth/Age :

03.04.1954

Date of Appointment :

08.11.2006

Din No.:

00104817

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	25-02-04	25-02-04	-	Active	NO
2	U74999MH2000PLC126610	OFFICEMART INDIA .COM LIMITED	Director	10-03-04	10-03-04	16-11-10	Active	NO
3	U65990MH1987PLC042609	MAHINDRA INSURANCE BROKERS LIMITED	Director	03-08-04	03-08-04	-	Active	NO
4	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	01-12-04	01-12-04	-	Active	NO
5	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	20-10-06	20-10-06	23-01-09	Active	NO
6	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Nominee director	24-07-07	08-11-06	-	Active	NO
7	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-08	03-09-07	-	Active	NO
8	U74990MH2007PLC174898	WALCHAND TALENTFIRST LIMITED	Director	21-04-08	31-12-07	-	Amalgamated	NO
9	U35999MH2008PLC180385	MAHINDRA FIRST CHOICE SERVICES LIMITED	Director	22-07-09	24-03-08	-	Active	NO
10	U91110MH2001NPL130853	MAGIC BUS INDIA FOUNDATION	Director	26-09-08	12-09-08	-	Active	NO
11	U92412MH2008PTC187927	MAHINDRA UNITED FOOTBALL CLUB PRIVATE LIMITED	Director	01-09-09	03-11-08	-	Active	NO
12	U27100MH2009PLC193205	MAHINDRA ELECTRICAL STEEL LIMITED	Director	29-09-10	10-06-09	-	Active	NO
13	L65993MH1920PLC000791	WALCHAND PEOPLEFIRST LIMITED	Director	07-05-10	07-05-10	-	Active	NO

Name :

Mr. Naoki Setoguchi

Designation :

Director

Address :

A-35, Vasant Marg, New Delhi-110057, India

Date of Birth/Age :

16.07.1961

Date of Appointment :

25.07.2008

Din No.:

02121162

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	03-09-09	25-07-08	-	Active	NO
2	U51909DL2007PTC165254	METAL ONE CORPORATION INDIA PRIVATE LIMITED	Managing director	19-12-08	19-12-08	-	Active	NO
3	U27205HR2010PTC041264	MANESAR STEEL PROCESSING (INDIA) PRIVATE LIMITED	Director	23-09-10	23-09-10	08-03-11	Active	NO
4	U28113TN2011PTC080233	INDIA METAL ONE STEEL PLATE PROCESSING PRIVATE LIMITED	Nominee director	19-07-11	19-07-11	-	Active	NO

Name :

Mr. Yoshihisa Miyamoto

Designation :

Director

Address :

A2303, Chuogaiku, Shinano-cho, Totsuka-k, Yokohama-shi, Kanagawa-2440801, Japan

Date of Birth/Age :

26.11.1962

Date of Appointment :

03.09.2009

Din No.:

02631904

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	22-07-10	03-09-09	Active	NO

Name :

Mr. Zhooben Dossabhoy Bhiwandiwala

Designation :

Chairman

Address :

S-13, Cusrow Baug, Shahid Bhagat Singh Road, Colaba, Mumbai-400039, Maharashtra, India

Date of Birth/Age :

09.12.1959

Date of Appointment :

29.04.2010

Din No.:

00110373

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1988PTC046152	ALBERTVILLE EXPORTS PRIVATE LIMITED	Director	08-02-88	08-02-88	-	Dormant	NO
2	U22120MH1948PTC009314	THE INDIAN AND EASTERN ENGINEER COMPANY PRIVATE LIMITED	Additional director	10-08-09	20-01-92	-	Active	NO
3	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22-02-93	22-02-93	27-05-08	Active	NO
4	U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	12-01-98	12-01-98	05-05-10	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	17-02-00	17-02-00	-	Active	NO
6	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	06-10-03	06-10-03	29-03-10	Active	NO
7	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	05-08-04	05-08-04	05-06-08	Active	NO
8	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	19-05-06	28-04-06	-	Active	NO
9	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	28-09-07	15-11-06	29-10-08	Active	NO
10	U67120MH2007PLC168985	MAHINDRA STOKES HOLDING COMPANY LIMITED	Director	24-09-07	21-03-07	-	Amalgamated	NO
11	U31200MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	25-09-08	27-08-07	-	Active	NO
12	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-08	03-09-07	-	Active	NO
13	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Additional director	05-11-07	05-11-07	05-01-08	Amalgamated	NO
14	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	22-07-08	24-12-07	-	Active	NO
15	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	06-05-08	22-01-08	-	Amalgamated	NO
16	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	22-01-08	-	Active	NO
17	U63032MH2008PTC186581	MAHINDRA OCEAN BLUE MARINE PRIVATE LIMITED	Director	25-09-09	09-09-08	-	Active	NO
18	U67110MH2008PLC188837	RETAIL INITIATIVE HOLDINGS LIMITED	Director	11-12-09	11-12-08	16-08-11	Active	NO
19	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-09	12-12-08	-	Active	NO
20	U73100MH1995PTC124707	OWENS-CORNING (INDIA) Private Limited	Director	26-09-09	01-04-09	24-11-10	Active	NO
21	U63000MH2007PLC173466	MAHINDRA LOGISTICS LIMITED	Director	11-08-09	28-04-09	-	Active	NO
22	U29268MH2009PTC190702	DEFENCE LAND SYSTEMS INDIA PRIVATE LIMITED	Director	26-04-10	29-04-09	27-04-10	Active	NO
23	U27100MH2009PLC193205	MAHINDRA ELECTRICAL STEEL LIMITED	Director	29-09-10	10-06-09	-	Active	NO
24	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	30-09-10	29-03-10	-	Active	NO
25	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	22-07-10	29-04-10	-	Active	NO
26	U55100DL2011PTC222498	EKATRA HOSPITALITY VENTURES PRIVATE LIMITED	Director	18-07-11	18-07-11	-	Active	NO
27	U65993MH2007PLC175649	MAHINDRA HOLDINGS LIMITED	Director	29-08-11	18-07-11	-	Active	NO
28	U74899DL1989PTC038453	M. A. R. K. HOTELS PRIVATE LIMITED	Director	30-09-11	30-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bakul Sheth
Designation :	Company Secretary
Address :	B-104, Aum Darshan Apartments, Shankar Lane, Kandivali (West)j, Mumbai-400067, Maharashtra, India
Date of Birth/Age :	17.09.1954
Date of Appointment :	23.04.1999
Pan No.:	AALPS0967M
Election Car No.:	MT/09/44/0987381

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2011

Names of Shareholders	No. of Shares
Mahindra Intertrade Limited, India	8511666
Mahindra Intertrade Limited, India jointly with Zhooben Dossabhoy Bhiwandiwala	1
Mahindra Intertrade Limited, India jointly with K. Chandrasekar	1
Mahindra Intertrade Limited, India jointly with Rajeev Dubey	1
Mahindra Intertrade Limited, India jointly with Jyoti Walunj	1
Mahindra Intertrade Limited, India jointly with S. Venkatraman	1
Mahindra Intertrade Limited, India jointly with Bakul P. Sheth	1
Mahindra Intertrade Limited, India jointly with Harsh Kumar	1
Metal One Corporation, Japan	5441894
Total	13953567

As on 25.07.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	39.00
Bodies corporate	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged exclusively in the business of manufacturing, processing, sale etc. of Flat Rolled Products.

Products :

Product Description	Item Code
Flat Rolled Product Cold Rolled	7209
Flat Rolled Product Hot Rolled	7208
Electrical Steel Sheets	7225

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Steel Blanks / Slit Coils	MT	60400	85675

Note:

· Installed Processing Capacity and actual quantity processed are in respect of slitting, shearing and leveling of steel coils.

· The Installed Processing Capacity varies in accordance with the product mix and is as certified by management. This has been relied upon by the auditors.

GENERAL INFORMATION

Bankers :

Axis Bank Limited, Unit No. 6, Corporate Park, Sion Trombay Road, Chembur Road, Mumbai-400071, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Foreign Currency Loan from Bank [Secured by hypothecation of plant and machinery]	239.927	153.794
Total	239.927	153.794
Unsecured Loan
From Others
Interest free sales tax loan from SICOM	36.075	36.075
Overdrawn balance from a bank [per book]	2.615	0.477
Total	38.690	36.552

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Controlling Company: #	Mahindra and Mahindra Limited (M and M) [w.e.f.11^th November, 2009] Note: # Mahindra and Mahindra Limited (M and M) has become the controlling company w.e.f. 11^th November, 2009, earlier it was the holding company. Mahindra Intertrade Limited (MIL), has become the holding company w.e.f. 11^th November, 2009 earlier it was a fellow subsidiary of the company.
Holding Company: #	· Mahindra and Mahindra Limited (M and M) [upto 10^th November, 2009] · Mahindra Intertrade Limited, (MIL) [w.e.f. 11^th November, 2009] Note: # Mahindra and Mahindra Limited (M and M) has become the controlling company w.e.f. 11^th November, 2009, earlier it was the holding company. Mahindra Intertrade Limited (MIL), has become the holding company w.e.f. 11^th November, 2009 earlier it was a fellow subsidiary of the company.
Fellow Subsidiaries:	· Mahindra Intertrade Limited (MIL) [upto 10^th November, 2009] · Mahindra Middle East Electrical Steel Service Centre (FZC) (MMESS) · Mahindra Ugine Steel Company Limited (MUSCO) · Mahindra Logistics Limited (MLL)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13953567	Equity Shares	Rs.10/- each	Rs.139.536 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		139.536	97.675	61.047
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		476.759	320.898	202.175
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		616.295	418.573	263.222
LOAN FUNDS
1] Secured Loans		239.927	153.794	0.000
2] Unsecured Loans		38.690	36.552	37.127
TOTAL BORROWING		278.617	190.346	37.127
DEFERRED TAX LIABILITIES		51.439	43.905	32.515
TOTAL		946.351	652.824	332.864
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		619.163	480.405	184.907
Capital work-in-progress		51.428	0.116	5.097
INVESTMENT		114.786	113.688	11.034
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.930	27.787	2.334
	Sundry Debtors	83.845	24.853	4.596
	Cash & Bank Balances	3.260	2.256	99.284
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	209.046	136.688	66.497
Total Current Assets		353.081	191.584	172.711
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.172	95.676	9.361
	Other Current Liabilities	112.592	20.397	17.486
	Provisions	5.343	16.896	14.038
Total Current Liabilities		192.107	132.969	40.885
Net Current Assets		160.974	58.615	131.826
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		946.351	652.824	332.864

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	581.778	20.862	7.217
		Income from Services Rendered (Gross)	142.907	118.934	103.695
		Other Income	26.504	15.305	16.515
		TOTAL (A)	751.189	155.101	127.427
Less	EXPENSES
		Raw Materials, Components and Finished Products	560.900	17.069	5.832
		Personnel Expenses	31.588	19.561	17.887
		Other Expenses	79.915	40.183	37.049
		TOTAL (B)	672.403	76.813	60.768
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		78.786	78.288	66.659
Less	FINANCIAL EXPENSES (D)		7.935	0.141	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.851	78.147	66.659
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.595	23.930	21.191
	PROFIT BEFORE TAX (E-F) (G)		25.256	54.217	45.468
Less	TAX (H)		7.534	18.200	12.941
	PROFIT AFTER TAX (G-H) (I)		17.722	36.017	32.527
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		163.616	141.027	120.125
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.900	1.626
		Dividend	0.000	1.784	1.452
		Tax on Dividend	0.000	10.744	8.547
	BALANCE CARRIED TO THE B/S		181.338	163.616	141.027
	EARNINGS IN FOREIGN CURRENCY
		Interest** [Capitalized during the year Rs. Nil (2010: Rs.0.684 Million)]	2.802	0.749	0.000
		Exchange Loss / Gain (Net)* [Capitalized during the year Rs.6.698 Millions (2010: Rs.0.203 Million)]	7.973	(0.203)	0.005
	TOTAL EARNINGS		10.775	0.546	0.005
	IMPORTS
		Raw Materials	200.909	0.000	0.000
		Stores & Spares	26.555	0.411	0.260
		Machinery	95.371	165.252	0.000
	TOTAL IMPORTS		322.835	165.663	0.260
	Earnings Per Share (Rs.)		1.75	4.92	5.33

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.35	23.22	25.53
Net Profit Margin (PBT/Sales)	(%)	3.49	38.78	40.99
Return on Total Assets (PBT/Total Assets}	(%)	2.60	8.07	12.71
Return on Investment (ROI) (PBT/Networth)		0.04	0.13	0.17
Debt Equity Ratio (Total Liability/Networth)		0.76	0.77	0.30
Current Ratio (Current Asset/Current Liability)		1.84	1.44	4.22

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from Mahindra Towers, Worli Road No. 13, Worli, Mumbai-400018, Maharashtra, India to the present address w.e.f. 24.10.2007.

OPERATIONS:

During the year, capacity utilization at the Company’s Kanhe service centre improved as demand from its automotive customers continued to be robust. However, facility ramp-up, accompanied by a significant fall in CRGO prices due to sluggish demand from transformer manufacturers, resulted in an operating loss at the Company’s Bhopal unit.

Income for the year was Rs 751.189 Millions against Rs 155.101 Millions in the previous year. Profit before tax for the year was Rs 25.256 Millions against Rs 54.217 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10173629
Corporate identity number of the company	U27100MH1993PLC070416
Name of the company	MAHINDRA STEEL SERVICE CENTRE LIMITED
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Unit No. 6, Corporate Park, Sion Trombay Road, Chembur Road, Mumbai-400071, Maharashtra, India
Email	shilpa.mehta@axisbank.com
Nature of description of the instrument creating or modifying the charge	2nd Supplemental Deed of Hypothecation dated February 2, 2011.
Date of instrument Creating the charge	02.02.2011
Amount secured by the charge	Rs.730.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter Ref. No. AXISB/CO/RMG/CP/2010-11/14534 dated December 30, 2010. Terms of Repayment As per sanction letter Ref. No. AXISB/CO/RMG/CP/2010-11/14534 dated December 30, 2010. Margin As per sanction letter Ref. No. AXISB/CO/RMG/CP/2010-11/14534 dated December 30, 2010. Extent and Operation of the charge For up to Rs.460.000 Millions : First hypothecation charge on the movable fixed assets of the Company situated at Kanhe Plant and second charge on current assets of Company. For up to Rs.270.000 Millions: First pari passu charge on current assets of Company. Aggregate limit of all these charges shall be Rs.730.000 Millions.
Short particulars of the property charged	Movable fixed assets of Kanhe Plant of the Company and current assets of the Company as described in Schedule I and II of the 2nd Supplemental Deed of Hypothecation dated February 2, 2011.
Date of latest modification prior to the present modification	08.10.2010
Particulars of the present modification	For up to Rs.460.000 Millions : First hypothecation charge on the movable fixed assets of the Company situated at Kanhe Plant and second charge on current assets of Company. For up to Rs.270.000 Millions: First pari passu charge on current assets of Company. Aggregate limit of all these charges shall be Rs.730.000 Millions.

FIXED ASSETS:

· Land and Land Improvement

· Building

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

WEBSITE DETAILS:

PROFILE:

Subject furnishes tailor-size sheets/blanks based on the customer requirements on a JIT basis. The group takes pride to be associated with the world’s best suppliers of electrical steel - Nippon Steel Corporation and Kawasaki Steel Corporation, of Japan for supply of Steel and related products to the customers in India.

The steel processing is carried out in partnership with another Mahindra Group Company Mahindra Steel Service Centre (MSSCL). Subject is equipped with state of the art steel slitting and blanking facilities. The technology facilitates processing of Cold Rolled, Hot Rolled, Cold Rolled Non-Grain oriented steel and Grain Oriented Jumbo coils to be processed into small tailor-sizes based on the specific customer requirements.

Furthermore, with the aid of Subject, SSC pride themselves to be the only Facility in the organised Sector to supply CRGO laminations using GEORG® Lamination Line, across India catering to the Power Transformer Industry. It has also added the latest step lap technology recently.

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.54.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.