MIRA INFORM REPORT

Report Date :

03.10.2011

IDENTIFICATION DETAILS

Name :	SHYAMA IRON AND ALLOYS PRIVATE LIMITED (w.e.f.11.07.2011)
Formerly Known As :	KIRAN INGOTS PRIVATE LIMITED
Registered Office :	6A, Kiron Sankar Roy Road, 2^nd Floor, Kolkata 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.06.1997
Com. Reg. No.:	084572
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U27109WB1997PTC084572
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 :	6A, Kiron Sankar Roy Road, 2^nd Floor, Kolkata 700001, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Rajkjalan29@gmail.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Pawan Kumar Sureka
Designation :	Director
Date of Birth/Age :	13.11.1952
Date of Appointment :	01.07.2011
DIN No.:	00329152

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	U27104WB1990PLC049475	S P S Metal Cast and Alloys Limited	Director	10/02/1997	10/02/1997	-	Active	NO
2	U27109WB1997PTC084572	Shyama Iron and Alloys Private Limited	Director	01/07/2011	01/07/2011	-	Active	NO
3	U51909WB2011PTC164500	Sureka Ispat Traders Private Limited	Director	04/07/2011	04/07/2011	-	Active	NO

Name :	Mr. Rakesh Saraf
Designation :	Director
Date of Birth/Age :	01.02.1978
Date of Appointment :	19.09.2008
DIN No.:	00787005

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	U27102WB1991PTC051350	Ritu Metal Processors Private Limited	Director	21/12/2003	21/12/2003	02/05/2009	Active	NO
2	U51420WB2000PTC092152	Bholanath Ingots Private Limited	Director	05/06/2004	05/06/2004	-	Active	NO
3	U15412WB1982PTC035374	Bakefresh Biscuits Private Limited	Director	29/09/2007	10/05/2007	02/06/2010	Active	NO
4	U27310WB1995PTC071299	Chaitanya Alloys Private Limited	Additional director	19/09/2008	19/09/2008	-	Active	NO
5	U27109WB1997PTC084572	Shyama Iron and Alloys Private Limited	Director	19/09/2008	19/09/2008	01/12/2010	Active	NO
6	U51909WB2011PTC163843	Saraf Metal Merchants Private Limited	Director	16/06/2011	16/06/2011	04/07/2011	Active	NO

Name :	Mr. Bharat Kumar Sureka
Designation :	Director
Date of Birth/Age :	01.01.1976
Date of Appointment :	19.09.2008
DIN No.:	00975849

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	U27101WB1989PTC047127	Triveni Ferro-Scraps Private Limited	Director	21/03/2003	21/03/2003	-	Active	NO
2	U35111WB1987PTC042603	A Aar Steels Industries Private Limited	Director	21/03/2003	21/03/2003	-	Active	NO
3	U27101WB2002PTC094371	Gouri Iron and Steel Private Limited	Director	21/08/2004	21/08/2004	06/01/2011	Active	NO
4	U15412WB1982PTC035374	Bakefresh Biscuits Private Limited	Director	08/05/2008	08/05/2008	17/12/2009	Active	NO
5	U27109WB1997PTC084572	Shyama Iron and Alloys Private Limited	Director	19/09/2008	19/09/2008	-	Active	NO
6	U27310WB1995PTC071299	Chaitanya Alloys Private Limited	Additional director	19/09/2008	19/09/2008	04/07/2011	Active	NO
7	U51909WB2011PTC164500	Sureka Ispat Traders Private Limited	Director	04/07/2011	04/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Bhattacharjee Sumanta	11
Allied Marchants P Limited, Kolkata, West Bengal	12000
Neelachal Marketing P Limited, Kolkata, West Bengal	8000
Shoka Trade Link P Limited, Kolkata, West Bengal	24000
Wipro Suppliers P Limited, Kolkata, West Bengal	23000
Vardan Marketing P Limited, Kolkata, West Bengal	10000
Yamini Trade Link P Limited, Kolkata, West Bengal	13000
Sunil Singh	11
M G Green Field Private Limited, Kolkata, West Bengal	2000
Goodward Tradelink Private Limited, Kolkata, West Bengal	4978
Empire Advisory Services Private Limited, Kolkata, West Bengal	1000
Silcon Hotels Private Limited, Kolkata, West Bengal	1000
Sukant Steels Private Limited, Kolkata, West Bengal	1000
Total	100000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.98
Directors or relatives of directors		0.02
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Indian Overseas Bank, P – 15, India Exchange Place, Kolkata 700001, West Bengal, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	A N Saha and Associates Chartered Accountant
Address :	Vivekanand Nagar, Madhyamgram, Kolkata 700130, West Bengal, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100 each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100 each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.980	8.980	13.094
4] (Accumulated Losses)		(23.801)	(22.241)	0.000
NETWORTH		(4.821)	(3.261)	23.094
LOAN FUNDS
1] Secured Loans		0.000	0.000	17.605
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	17.605
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(4.821)	(3.261)	40.699
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.346	5.347	5.345
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	264.989	5.386	261.114
	Sundry Debtors	785.329	2526.622	1976.509
	Cash & Bank Balances	0.352	0.255	5.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	68.026	32.718	198.448
Total Current Assets		1118.696	2564.981	2441.132
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1127.014	2569.756	2387.839
	Other Current Liabilities	1.469	2.742	16.848
	Provisions	0.380	1.091	1.091
Total Current Liabilities		1128.863	2573.589	2405.778
Net Current Assets		(10.167)	(8.608)	35.354
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(4.821)	(3.261)	40.699

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	1025.038	2773.573
		Other Income	0.000	0.000
		TOTAL (A)	1025.038	2773.573
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	1026.519	2799.928
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1026.519	2799.928
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.481)	(26.355)
Less	FINANCIAL EXPENSES (D)		NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.481)	(26.355)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA
	PROFIT BEFORE TAX (E-F) (G)		(1.481)	(26.355)
Less	TAX (H)		0.079	0.000
	PROFIT AFTER TAX (G-H) (I)		(1.560)	(26.355)
	Earnings Per Share (Rs.)		(15.60)	(263.55)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.15)	(0.95)	NA
Net Profit Margin (PBT/Sales)	(%)	(0.14)	(0.95)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(0.13)	(1.03)	NA
Return on Investment (ROI) (PBT/Networth)		30.71	8.08	NA
Debt Equity Ratio (Total Liability/Networth)		(234.15)	(789.20)	104.93
Current Ratio (Current Asset/Current Liability)		0.99	0.99	1.01

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from 1, Kabir Road, 2^nd Floor, Kolkata 700026, West Bengal, India to the present address w.e.f. 01.07.2011.

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.48.92
UK Pound	1	Rs.76.52
Euro	1	Rs.66.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		16

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.