MIRA INFORM REPORT

Report Date :

22.01.2011

IDENTIFICATION DETAILS

Name :	STEELCLAD INFRA PRIVATE LIMITED
Registered Office :	9 /123, Subhash Gali, Vishwas Nagar, Shahdara, Delhi – 110032
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.10.2009
Com. Reg. No.:	55-195218
CIN No.: [Company Identification No.]	U70101DL2009PTC195218
TAN No.: [Tax Deduction & Collection Account No.]	DELS39972C
PAN No.: [Permanent Account No.]	AANCS4947G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Construction Material.

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 :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company establishing itself gradually. The networth statement and the valuation report appears to be satisfactory. Trade relations are reported as fair. Business is active. Payment terms are unknown. It would be advisable to take adequate securities while dealing with the subject.

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

INFORMATION PARTED BY

Name :	Mr. Rajiv Kapoor
Designation :	Director
Contact No.:	91-9811444900
Date :	14.01.2011

LOCATIONS

Registered Office :	9 /123, Subhash Gali, Vishwas Nagar, Shahdara, Delhi – 110 032, India
Mobile No.:	91-9811444900 (Mr. Rajeev Kapoor)
E-Mail :	business@steelclad.in gupta_ps@yahoo.co.in sk_kumar84@yahoo.co.in
Website :	www.steelclad.in
Location :	Owned
Corporate Office :	SFCS – 46, Ansal Plaza, Vaishali, Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-4557400/ 05/ 07
Fax No.:	91-120-4557408/ 4557008
Factory 1:	Plot No.9, Khasra No.939, NTPC, M.G. Road, Ghaziabad, Uttar Pradesh, India
Factory 2:	F – 24-25, M G Road, UPSIDC, Phase – I, Industrial Area, Ghaziabad, Uttar Pradesh, India

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. Rajiv Kapoor
Designation :	Director
Address :	A – 211, Brij Vihar, Ghaziabad – 201 011, Uttar Pradesh, India
Date of Birth/Age :	19.10.1971
Date of Appointment :	14.10.2009
Name :	Mr. Satinath Bhattacherjee
Designation :	Director
Address :	E – 172, HIG, Radha Kunj, Brij Vihar, Ghaziabad – 201 011, Uttar Pradesh, India
Date of Birth/Age :	14.11.1964
Date of Appointment :	14.10.2009
Name :	Mr. Vipin Kapoor
Designation :	Director
Address :	A – 211, Brij Vihar, Ghaziabad – 201 011, Uttar Pradesh, India
Date of Birth/Age :	09.04.1977
Date of Appointment :	14.10.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Rajiv Kapoor	6600
Vipin Kapoor	6600
Satinath Bhattacherjee	6800
Total	20000

(AS ON 29.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Construction Material.
Products :	· Pre Engineering Building · Pre Engineering Building Components:- a) Cold Form Members (C and Z Purlins) · PUF Prefabricated Panels · Prefabricated Cold Rooms Complete With Refrigeration Units · EPS Panels · Rock Wool Panels · Porta Cabins For Offices · Army Shelters and Telecom Shelters · Profiled Metallic Sheets :- b) Steel Clad Hi Rib Sheets c) Steel Clad Cliplock Sheets d) Steel Clad Deck Sheets) · PUF Slab and Preformed Pipe Sections for Cryogenic Insulation
Terms :
Selling :	Cash and Credit (30-60-90 days)
Purchasing :	Cash and Credit (30-60-90 days)

PRODUCTION STATUS

Particulars	Unit	Production 2009-2010 QTY.
Sheets, Panels and water Netting, Gutter, Ridge Cap, Tarpet and M. S. Angle	Sq. Mtr.	60341.8985
Flashing, steel Structure, Foundation Nut, Bolt and Washer and Templates	KG	298344.2215
Bitumen, Purlin, M S Pipe, Channel, Patel, Rounded and Angle
Rainguard, Door Labour and Accessories and Hatch windows, Pre-Frebicated Structure and Airiervent Wind.	Nos.	21822.9
Porta	PCS	2

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

30 (Approximately)

Bankers :

· Corporation Bank

Vasundhara Enclave Branch, Delhi – 110096, India

· Kotak Mahindra Bank, Yojna Vihar

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)
Corporation Bank Car Loan	1.527
Total	1.527

Banking Relations :	--
Auditors :
Name :	Narinder Dwarka Kapoor and Associates Chartered Accountants
Address :	D – 121, South Ganesh Nagar, Opposite Mather Dairy Flats, Patparganj Road, Delhi – 110092, India
Telefax No.:	91-11-22633437
Mobile No.:	91-9899113961
Email :	kapoornarinder@rediffmail.com
Associates/Subsidiaries :	§ Archana Insulation Private Limited, Ghaziabad Line of Business: Manufacturer of Construction Material.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.10/- each	Rs.0.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		0.000
3] Reserves & Surplus		0.848
4] (Accumulated Losses)		0.000
NETWORTH		1.048
LOAN FUNDS
1] Secured Loans		1.527
2] Unsecured Loans		0.000
TOTAL BORROWING		1.527
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.575
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.356
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.188
	Sundry Debtors	10.794
	Cash & Bank Balances	8.998
	Other Current Assets	2.153
	Loans & Advances	2.345
Total Current Assets		29.478
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.607
	Other Current Liabilities	26.474
	Provisions	0.178
Total Current Liabilities		34.259
Net Current Assets		(4.781)
MISCELLANEOUS EXPENSES		0.000
TOTAL		2.575

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	42.045
		Other Income	0.059
		TOTAL	42.104
Less	EXPENSES
		Manufacturing and Other Direct Expenses	32.437
		Administrative and Other Expenses	8.509
		TOTAL	40.946
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.158
Less/ Add	DEPRECIATION/ AMORTISATION		0.132
	PROFIT BEFORE TAX		1.026
Less	TAX		0.178
	PROFIT AFTER TAX		0.848
	Earnings Per Share (Rs.)		42.40

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	2.01
Net Profit Margin (PBT/Sales)	(%)	2.44
Return on Total Assets (PBT/Total Assets}	(%)	2.79
Return on Investment (ROI) (PBT/Networth)		0.98
Debt Equity Ratio (Total Liability/Networth)		34.15
Current Ratio (Current Asset/Current Liability)		0.86

LOCAL AGENCY FURTHER INFORMATION

PROJECTED PROFITABILITY STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	Projected
Goss Sales
Domestic Sales	105.700	116.270	127.897	140.687	147.721
Export Sales	0.000	0.000	0.000	0.000	0.000
Total	105.700	116.270	127.897	140.687	147.721
Less : Excise Duty	0.000	0.000	0.000	0.000	0.000
Net Sales	105.700	116.270	127.897	140.687	147.721
% rise [+] or fall [-] in net sales as compared to previous year	--	10.00	10.00	10.00	5.00
Cost of Sales
Raw Materials [Including stores and other items used in the process of manufacture]
[a] Imported	--	--	--	--	--
[b] Indigenous	44.115	70.000	98.481	108.329	113.745
Other Spares Consumed	0.529	0.581	0.639	0.703	0.739
Power and Fuel	0.634	0.698	0.767	0.844	0.886
Direct labour	2.643	2.907	3.197	3.517	3.693
[Factory Wages and Salaries]
Depreciation	0.647	0.595	0.805	0.910	0.773
SUB TOTAL	48.568	74.781	103.889	114.303	119.836
(Increase)/ Decrease in Work in Process	(0.139)	4.570	(1.462)	(1.437)	(1.540)
(Increase)/ Decrease in Finished Goods	24.342	(2.304)	(0.162)	(0.197)	(0.107)
Total Cost of Sales	72.771	77.047	102.265	112.669	118.189
Marketing, General and Administrative Expenses	30.935	37.138	22.954	25.056	26.480
Operation profit before interest	1.994	2.085	2.678	2.962	3.052
Interest	0.697	0.731	0.634	0.537	0.436
Operating profit after interest	1.297	1.354	2.044	2.425	2.616
Non-Operating Income	0.100	0.525	0.100	0.100	0.100
Non-Operating Expenses	--	--	--	--	--
Net of Other Non-Operating Income/ Expenses	0.100	0.525	0.100	0.100	0.100
Profit Before Tax / Loss	1.397	1.879	2.144	2.525	2.716
Provision for Taxes	0.434	0.586	0.756	0.929	1.003
Net Profit / Loss	0.963	1.293	1.388	1.596	1.713
Cash Profit	1.610	1.888	2.193	2.506	2.486
Cash Profit Plus Interests on Term Loans	1.819	2.333	2.551	2.765	2.631
Interests on Term Loans	0.209	0.445	0.358	0.259	0.145
DSCR A/B	3.37	1.89	2.22	2.63	2.81
Average DSCR	2.53

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

Particular	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	Projected
CURRENT LIABILITIES
Bank Borrowings	2.000	2.000	2.000	2.000	2.000
Installments of Term Loans/ Deferred Payment Credits/ Debentures/ Deposits/ Redeemable Preference Shares (Due Within one year)	0.884	0.884	0.884	0.812	0.564
Creditors for Purchases	14.430	16.477	16.476	18.123	18.995
Provision for Taxation	0.434	0.406	0.756	0.929	1.003
Other current liabilities	2.476	2.706	3.000	3.440	3.954
Sub Total (A)	20.224	22.473	23.116	25.304	26.516
TERM LIABILITIES
Debentures [not maturing within one year]	0.000	0.000	0.000	0.000	0.000
Preference Shares [Redeemable after 1 year]	0.000	0.000	0.000	0.000	0.000
Term loans [excluding installments  payable within one year]	4.867	3.993	3.109	2.225	1.413
Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000	0.000	0.000	0.000	0.000
Term deposit [repayable after one year]	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	15.500	16.500	19.00	21.000	21.000
Sub Total (B)	20.367	20.493	22.109	23.225	22.413
NET WORTH
Equity Shares Capital	1.500	1.500	1.500	1.500	1.500
Reserve and Surplus	1.200	3.482	4.885	6.493	8.212
Shares Premium	0.000	0.000	0.000	0.000	0.000
Other reserve	0.000	0.000	0.000	0.000	0.000
Surplus [+] or deficit [-] in Profit and Loss Account	0.971	--	--	--	--
Other (Specify)	0.000	0.000	0.000	0.000	0.000
TOTAL NET WORTH (C)	3.671	4.982	6.385	7.993	9.712
TOTAL Capital + LIABILITIES (A+B+C)	44.262	47.948	51.610	56.522	58.641
CURRENT ASSETS
Cash and Bank Balance	4.663	7.964	0.378	1.437	1.746
Investments	2.600	2.600	2.600	2.600	2.600
Receivable	15.415	16.956	23.981	26.379	27.698
INVENTORY
Inventory of Raw Materials, WIP and Finished Goods	10.355	11.386	13.389	14.729	15.468
Consumable Spares	--	--	--	--	--
Finished Goods	--	--	--	--	--
Advances Payment of Suppliers	1.875	3.000	4.000	3.500	4.000
Advances Payment of Taxes	0.225	0.250	0.275	0.300	0.325
Other Current Assets	2.0000	2.000	2.000	2.000	2.000
Sub Total (A)	37.133	44.156	46.623	50.945	53.837
FIXED ASSETS
Gross Block (Land and Building, Machinery, Work-In-Progress)	7.488	5.044	7.044	8.544	8.544
Depreciation to date	0.779	1.672	2.477	3.387	4.160
NET BLOCK	6.709	3.372	4.567	5.157	4.384
Capital WIP	--	--	--	--	--
Sub Total (B)	6.709	3.372	4.567	5.157	4.384
Other Non current Assets (C)	0.420	0.420	0.420	0.420	0.420
INTANGIBLE ASSETS (D)	--	--	--	--	--
TOTAL ASSETS (A+B+C+D)	44.262	47.948	51.610	56.522	58.641

------------------------------------------------------------------------------------------------------------------------------

PROJECTED CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particular	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	Projected
SOURCES OF CASH
Profit before interest and tax less adjustments for non – cash revenues	2.610	2.778	3.062	3.152
Depreciation	0.595	0.805	0.910	0.773
Preliminary expenses written off	--	--	--	--
Loss on Sale of Fixed Assets	--	--	--	--
Issue of Equity Shares	0.000	0.000	0.000	0.000
Issue of preference shares	0.000	0.000	0.000	0.000
Issue of Debentures	0.000	0.000	0.000	0.000
Raising of Long Term Loans	0.000	0.000	0.000	0.000
Raising of other long term unsecured loans/ deposits etc.	1.000	2.500	2.000	0.000
Sale of fixed assets	2.742	0.000	0.000	0.000
Increase in current Liabilities	(73.726)	0.293	2.015	1.138
Decrease in current Assets	0.000	0.000	0.000	0.000
Increase in Short Term Borrowings	0.000	0.000	0.000	0.000
Decrease in Non-Current Assets/ Investments	0.000	0.000	0.000	0.000
Sub Total (A)	0.000	6.376	7.987	5.063
Increase in Deferred Tax Liability	0.000	0.000	0.000	0.000
APPLICATIONS OF CASH
Redemption of Redeemable Preference Shares	0.000	0.000	0.000	0.000
Redemption of Debentures	0.000	0.000	0.000	0.000
Repayment of Long Term Loans	0.874	0.884	0.884	0.812
Repayment of Long term Unsecured Loans. Deposits etc.	0.000	0.000	0.000	0.000
Purchases of Fixed assets	0.000	2.000	1.500	0.000
Decrease in current liabilities	0.000	0.000	0.000	0.000
Increase in current assets	3.722	10.053	3.263	2.583
Increase in Non-Current Assets/ Investments	0.000	0..000	0.000	0.000
Interests paid	0.731	0.634	0.537	0.436
Tax Paid	0.614	0.406	0.756	0.929
Dividend Paid	0.000	0.000	0.000	0.000
Sub Total (B)	5.941	13.977	6.940	4.760
Net Surplus (A-B)	(5.941)	(7.601)	1.047	0.303
Opening Cash Balance	4.663	7.964	0.378	1.437
Closing Cash Balance	7.964	0.378	1.437	1.746
Decrease in Deferred Tax Liability	0.000	0.000	0.000	0.000

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BUSINESS PROJECTION AND DSCR

(RS. IN MILLIONS)

Particular	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	Projected
Capacity Utilisation (%)
Net Sales	105.700	116.270	127.897	140.687	147.721
PAT	0.963	1.293	1.388	1.596	1.713
Cash Profit	1.610	1.888	2.193	2.506	2.486
Add: Interests on TL	0.209	0.445	0.358	0.259	0.145
Total (A)	1.819	2.333	2.551	2.765	2.631
Installments due under TLs
- Existing TLs	0.000	0.000	0.000	0.000	0.000
- Proposed TLs	0.330	0.792	0.792	0.792	0.792
Interests on TLs	0.209	0.445	0.358	0.259	0.145
Total (B)	0.539	1.237	1.150	1.051	0.937
DSCR (A/B)	3.37	1.89	2.22	2.63	2.81
Average DSCR	2.53

------------------------------------------------------------------------------------------------------------------------------

DSCR SCENARIOS FOR A COMPANY

(AS DISTINGUISHED FROM A PROJECT)

(RS. IN MILLIONS)

Particular	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
Scenario for a fall in Total Operating Income	Projected
% fall Revenue
Total operating Income (Shocked downwards)	105.700	116.270	127.897	140.687	147.721
Cost of Sales + SGA	103.706	114.185	125.219	137.725	144.669
Operating Profit Before Interests	1.994	2.085	2.678	2.962	3.052
Interests	0.697	0.731	0.634	0.537	0.436
Operating Profit After Interests	1.297	1.354	2.044	2.425	2.616
Net of Non Operating Income/ Expenses	0.100	0.525	0.100	0.100	0.100
Profit Before Tax	1.397	1.879	2.144	2.525	2.716
Provision for Tax	0.434	0.586	0.756	0.926	1.003
PAT	0.963	1.293	1.388	1.59*6	1.713
PAT + Interests Dep.	1.819	2.333	2.551	2.765	2.631
Installments of Term Loans/ Deferred Payment Credit/ Debentures/ Deposits (Due within one year)	0.330	0.792	0.792	0.792	0.792
Interests	0.209	0.445	0.358	0.259	0.145
DSCR (for a fall in Opening Revenue )	3.374	1.89	2.22	2.63	2.81
Average DSCR	2.53
Installments on Term Loan + interests on TL.	5.39	12.37	11.50	10.51	9.37

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

Particulars	2010-11
Income from Business and Profession
Profit as per Profit and Loss Accounts	1.026
Add: Depreciation as per company Law	0.132
	1.158
Less: depreciation as per Income Tax	0.582
Total Taxable Income	0.576
Taxable income rounded off	0.576
Tax on above @ 30%	0.173
Education Cess	0.005
Total Tax and Education Cess payable	0.178
Less: Advance Tax Paid	0.200
Less: Tax Deducted at Sources	0.211
Tax Refundable	0.233
Rounded Off	0.233

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE APPLICANT: MR. SATINATH BHATTACHERJEE

NAME OF THE APPLICANT: MR. RAJEEV KAPOOR

NAME OF THE APPLICANT: MR. VIIN KAPOOR

(RS. IN MILLION)

ASSETS

IMMOVABLE PROPERTY

Particulars	Applicant/ Director	Applicant/ Director	Applicant/ Director
Address of the Property with Survey No./ Door No. etc.	H – 14, Rampuri E – 172, Brij Vihar	GF 752, Sector 5, Vaishali 50% Shares A-211, Brij Vihar G – 317-318, Phase – 2, M G Road	GF 752, Sector 5, 50% Shares Vaishali Ghaziabad
Description: Land/ Site/ Building	Residential Flat	Residential	Residential
Type of Property Commercial/ Residential/ Agricultural	Residential	Residential	Residential
Present Market/ Assessed Value	9.500	22.800	4.800

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ Firm/ Concern in which investment is made	Steelclad Infra Private Limited	Archana Insulation Private Limited Steelclad Infra Private Limited	Archana Insulation Private Limited Steelclad Infra Private Limited
Present Value of Investments	0.068	2.299	3.178

DEPOSITS HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.

Name of the Bank/ Company Where deposits are held	HDFC Bank/ Axis Bank	--	--
Present Value of Deposits	Rs.0.175 Million	--	--

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC

Description	Reliance, Birla etc.
Present Value	Rs.0.250 Million	--	--

LIFE INSURANCE POLICIES

Date of Policy	31.03.2002 to Aug. 2001	--	--
Surrender Value	Rs.0.800 Million	Rs.0.225 Million	Rs.0.275 Million

VEHICLES OWNED

Present market Value

Rs.0.350 Million

--

--

OTHER ASSETS

Furniture and Fixtures	0.200	0.175	--
Cash in Hand	0.150	0.160	--
Jewellery	1.500	1.800	--
Other Assets if any	0.500	0.400	--
Total Value of Other Assets	Rs.2.350 Millions	Rs.2.535 Millions	--

TOTAL ASSETS

Rs.13.493 Millions

Rs.27.859 Millions

Rs.8.253 Millions

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AND OTHER BORROWINGS

Name of the Bank/ Institutions	ICICI/ Punjab National Bank	--	--
Nature/ Type of Loans	Car Loan/ Housing Loan	Housing Loan	Housing Loan
Amount Outstanding	0.410	1.185	1.185

NET WORTH

RS.13.083 MILLIONS

RS.26.674 MILLIONS

RS.7.068 MILLIONS

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

Purpose for which valuation is made	Corporation Bank Bank security Purpose, Vasundra enclave Branch
Date as on which valuation is made	16.07.2010
Name of the Owner/ Owner’s	Belonging to: M/s Steelclad Infra private Limited
If the property is under joint Ownership/ co-ownership share of each such owner. Are the shares undivided?	Company Ownership
Brief description of the property	Valuation Report of Property,, Freehold Land, Area Measuring As 2660 sq. mtrs.
Location, Street, Ward No.	Out of Khasra No.351, Khata No.269, Located at Area of Village Kandhola, Pargna – Dasna, Tehsil – Hapur, District - Ghaziabad, Uttar Pradesh, India
Survey / Plot No. of Land	Out of Khasra No.351, Khata No.269, Located at Area of Village Kandhola, Pargna – Dasna, Tehsil – Hapur, District - Ghaziabad, Uttar Pradesh, India
Is the propriety situated Residential/ commercial/ Mixed Area/ Industrial Area	Rural Area
Classification of locality high Class/ Middle Class/ Poor Class	Freehold land Originally agricultural land but freehold under section 143.
Proximity to civic amenities likes, schools, hospitals, offices, markets, cinemas etc.	All village facility with in 10/15 km area.
Means and proximity to surface communication by which the locality is served.	By Road.
LAND:
Area of land supported by documentary proof, shape dimension and physical features.	Land area measuring as 2660 sq. mtrs.
Roads, streets or lanes on which the land is abutting.	As per ownership documents.
Is it freehold or leasehold land?	Freehold
Is there any restrictive covenant regard to use of land.	May be used according to section 143.
IMPROVEMENTS
What is the Floor Space Index permissible and percentage actually utilized?	As per U. P. Building bye Laws.
SALES
Give instance of sale of immovable property in the locality on a separate sheet, including the name and address of the property, registration No. sale price and area land sold.	Not Available.
Land rate adopted in this valuation	Land area rate adoipted for valuation as Rs.7,800/- sq. yds.
If sale instances are not available or relied upon the basis of arriving at the land rate.	Prevailing market rate survey and sale instance. They have inquired for property prices in the locality from property dealers. Similar land are traded for Rs.7,000/- to Rs.8,000/- sq. yds. Depending upon shape, size and location.

This valuation is based upon documents and information provided by the Bank and inspection at site.

Property for valuation is free hold land, area measuring as 2660 sq. mtrs.

Property is located on Main T-Point of Village Kandhdla hence location is considered superior with in the locality.

Property is located on Main Road. Said area is located adjacent to Land of Relaince Power in Hapur.

To assess the property prices, they have enquired to the local property dealers for property prices in the locality. Similar plots are marketable for Rs.7,000/- to Rs.8,000/- sq. yds. depending upon shape, size and location of the property.

Therefore considering its location, shape and size they assess land area rate adopted for valuation purpose as Rs.7,800/- sq. yds.

LAND AND BUILDING METHOD FOR VALUATION

1] Land Value

Land area = 2660 sq. mtrs.

i.e. = 3181.36 sq. yds.

Land area rate adopted for valuation = Rs.7,800/— sq. yds.

Market value of the Land = Area X Rate

= 3181.36 X 7800

= Rs.248,14,608/-

Add extra for boundary wall

Lumsum (+) = Rs.3,00,000/-

Total = Rs.25.115 Millions

Hence fair market value of property say, = Rs.25.100 Millions

ASSESSMENT

As desired the valuation for the property mentioned above has been assessed. It works out to:

Fair market value of the property as = Rs.25.100 Millions

Distress value of the property 251,00,000/- @ 80% = 200,80,000

= Rs.20.100 Millions

Cost of Construction = Rs.0.300 Million

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OPERATIONS:

The operations of the company has shown a remarkable start during the very first year of its incorporation and demonstrated a good growth.

FUTURE PROSPECT:

The director believes that the inherent strength of the company are intact and the directors are quite hopeful that the company will achieve the targets fixed by them in the near future.

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WEBSITE DETAILS:

COMPANY PROFILE:

Subject is primarily a construction company, having interest in design, manufacturing and erection of Pre Engineered Buildings (PEB) and in related fields.

The Company has two units at Ghaziabad, with modern equipments, having facilities for manufacturing complete range of PEB, Sandwich Panel with PUF PIR-EPS and Rockwool materials, Profiled Metallic Sheets, Cold Form Members and Polyurethane Slabs and Preformed Pipe Sections for Cryogenic Insulation. Ensuring to meet the Stringent Project Schedule, we added up the State of the Art facility for making Continuous Panel, which is having three times faster Production rate than the Standard Machines.

The Company is supported by Strong and Efficient Design, Production and Execution Team, Capable of completing design, manufacturing and erections within the asking schedule and with Quality finish.

They successfully executed numbers of PEB with heavy Cranes, Mezzanines and other facilities, throughout the country and also for overseas orders.

Apart from PEB, the Company provides Porta Cabins, Labor Hutments, Staff quarters at site, Guard rooms, ready to move Container offices and Bunk houses, Cold storage, Army and Telecom Shelters etc. and have supplied these to various Prestigious and Giant Companies.

Expansion Programme:- They are setting up one more facility in DASNA-Ghaziabad with the capacity for Production of 36000 MT. of PEB Per Annum. Production will start by the end of October 2010.

BUILDING STANDARD FEATURES

Structural Bolts meet requirements of IS/ASTM Standards. Self-Drilling and Self-Tapping Fasteners are pre-assembled with neoprene washers and caps to ensure weather tightness.

CLOSURES
Pre-formed shapes to match panel configuration providing a tighter seal.

SEALANTS
Sealant for roof sidelaps, endlaps and flashing at gable is provided to help ensure weather tightness.

FLASHING AND TRIMS

Trimming at gable corners and eaves is provided for all buildings with standard trim material for a finished look. This is also an additional deterrent to moisture, insects and dirt getting into building.

PLANS AND DRAWINGS

Anchor Bolt Setting Plan, Column reactions for foundation design, General Arrangement Drawing, Erection Manual and Drawings are provided before commencing the erection job. General Building arrangement and erection drawings are provided for understanding step by step instructions for assembly.

Engineer Certified Erection Drawings, including wall and roof framing diagrams, cross sections, sheeting and flashing details are provided. These drawings show clearly the proper erection and assembly of all building components. Part numbers are mentioned on each component (other than screws). This part numbers co related with the construction drawings and shipping list to help with assembly of the building.

PANEL INFRA

Company provides polyurethane [puf] insulated panels as an economical concept for manufacturing cold-rooms thereby eliminating the usage of conventional insulating materials. Infra Puf Panel having high performance and better quality ensures extra strength, suitable overlap, weather proofing, corrosion resistance, low maintenance cost and lucrative finishing.

POLY INFRA INSULATIONS

POLYURETHANE:

Polyurethane is suitable for low temperature applications. Polyurethane is a closed cell low density rigid insulation foam. Density ranges from 32kg/m3 for pre sections to 60kg/m3 for pumped applications. Thermal conductivity 0,025W/mk.

They are a manufacturer and exporter of PUF slabs. Widely used on the ceiling to absorb sound, they form one of the main components of their export items.

Key Features:

§ Lightweight

§ Exceptional buoyancy factor

§ Excellent insulation properties

§ Compatibility with various resin systems to give structurally stable advanced structural composites

§ Easily transportable and rapidly deployable

§ Versatile enough to be used very efficiently, to save lives and bring succor to the disrupted homeless when natural Calamities strike.

Low Pressure Polyurethane Spray foam insulation kits are perfect for air sealing and insulating. These 2-component quick set foam kits are available in several different sizes to meet your foaming needs. Each kit comes with foam, hoses, spray gun and extra tips — everything needed to get started foaming.

Closed cell polyurethane high density foam is the highest quality spray foam on the market. In fact,
closed cell foam is the only foam that truly air seals.

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.45.70
UK Pound	1	Rs.72.78
Euro	1	Rs.61.65

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.