MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	CHAITANYA ALLOYS PRIVATE LIMITED [w.e.f.15.07.2011]
Formerly Known As :	AKHIL PROPERTIES PRIVATE LIMITED
Registered Office :	1, British Indian Street, Kolkata-700069, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.05.1995
Com. Reg. No.:	21-071299
Capital Investment / Paid-up Capital :	Rs.2.102 Millions
CIN No.: [Company Identification No.]	U27310WB1995PTC071299
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses being incurred by the company in the current year i.e. 2009-10. However, trade relations are reported as fair. Business is active. Payments are reported to slow. The company can be considered for business dealings with some caution.

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 :	1, British Indian Street, Kolkata-700069, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rajkjalan29@gmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Rakesh Saraf

Designation :

Director

Address :

10 Narsingh Bose Lane, Howrah-711001, West Bengal, India

Date of Birth/Age :

01.02.1978

Date of Appointment :

19.09.2008

Election Commission Identity Card No.:

AKWPS9416J

Din No.:

00787005

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	U27102WB1991PTC051350	RITU METAL PROCESSORS PRIVATE LIMITED	Director	21-12-03	21-12-03	02-05-09	Active	NO
2	U51420WB2000PTC092152	BHOLANATH INGOTS PRIVATE LIMITED	Director	05-06-04	05-06-04	-	Active	NO
3	U15412WB1982PTC035374	BAKEFRESH BISCUITS PRIVATE LIMITED	Director	29-09-07	10-05-07	02-06-10	Active	NO
4	U27109WB1997PTC084572	SHYAMA IRON AND ALLOYS PRIVATE LIMITED	Director	19-09-08	19-09-08	01-12-10	Active	NO
5	U27310WB1995PTC071299	CHAITANYA ALLOYS PRIVATE LIMITED	Additional director	19-09-08	19-09-08	-	Active	NO
6	U51909WB2011PTC163843	SARAF METAL MERCHANTS PRIVATE LIMITED	Director	16-06-11	16-06-11	04-07-11	Active	NO

Name :

Mr. Bharaj Kumar Sureka

Designation :

Director

Address :

171A/F/3 Mahatma Gandhi Road, Kolkata-700007, West Bengal, India

Date of Birth/Age :

01.01.1976

Date of Appointment :

19.09.2008

Election Commission Identity Card No.:

WB21143258224

Din No.:

00975849

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	U27101WB1989PTC047127	TRIVENI FERRO-SCRAPS PRIVATE LIMITED	Director	21-03-03	21-03-03	-	Active	NO
2	U35111WB1987PTC042603	A AAR STEELS INDUSTRIES PRIVATE LIMITED	Director	21-03-03	21-03-03	-	Active	NO
3	U27101WB2002PTC094371	GOURI IRON AND STEEL PRIVATE LIMITED	Director	21-08-04	21-08-04	06-01-11	Active	NO
4	U15412WB1982PTC035374	BAKEFRESH BISCUITS PRIVATE LIMITED	Director	08-05-08	08-05-08	17-12-09	Active	NO
5	U27109WB1997PTC084572	SHYAMA IRON AND ALLOYS PRIVATE LIMITED	Director	19-09-08	19-09-08	-	Active	NO
6	U27310WB1995PTC071299	CHAITANYA ALLOYS PRIVATE LIMITED	Additional director	19-09-08	19-09-08	04-07-11	Active	NO
7	U51909WB2011PTC164500	SUREKA ISPAT TRADERS PRIVATE LIMITED	Director	04-07-11	04-07-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sushil Kumar Saraiya	500
Poonam S. Saraiya	500
Snowtex Tradelink Private Limited, India	10000
Zoom Commodities Private Limited, India	10000
Jrathindra Nath Sarkar	22
Total	21022

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	4.76
Other top fifty shareholders	95.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Iron and Steel.

GENERAL INFORMATION

Suppliers :	· A.L. Iron and Steels Private Limited · AMR Constructions Limited · Anubha Steels Private Limited · Divine Alloys and Power Company Limited · Jupiter Trading Company · Ganesh Enterprises · Goyal Ispat Udyog · Stardox Vinimay Private Limited · SRC Steels Private Limited · Super Smelters Limited · Kriti Fintra Private Limited
Customers :	· M K Enterprises · Ankit Metal and Power Private Limited · Bengal India Globla Infrastructure Limited · Ladha Iron and Steels Private Limited · Concast Bengal Industries Limited · Radha Enterprises · SPS Steels Limited · Super Steel Traders
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Vijay Bhushan Agarwal and Associates Chartered Accountants
Address :	7A, Hospital Street, 2^nd Floor, Kolkata-700072, West Bengal, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21022	Equity Shares	Rs.100/- each	Rs.2.102 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		2.102	2.102	2.102
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.336	2.629	2.587
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.438	4.731	4.689
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.438	4.731	4.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.740	5.740	5.740
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.770	12.579	12.803
	Sundry Debtors	163.561	814.141	963.014
	Cash & Bank Balances	0.207	0.351	2.450
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.610	0.927	109.225
Total Current Assets		196.148	827.998	1087.492
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	117.583	141.947	251.558
	Other Current Liabilities	79.694	686.588	836.543
	Provisions	0.173	0.472	0.442
Total Current Liabilities		197.450	829.007	1088.543
Net Current Assets		(1.302)	(1.009)	(1.051)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.438	4.731	4.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	169.507	492.917	762.356
Less	EXPENSES
		Office Expenses
		Administrative Expenses	169.929	492.845	761.994
		Advertising Expenses
		TOTAL	169.929	492.845	761.994
	PROFIT / LOSS BEFORE TAX		(0.422)	0.072	0.362
Less	TAX		0.021	0.030	0.123
	PROFIT / LOSS AFTER TAX		(0.443)	0.042	0.239
	Earnings Per Share (Rs.)		(21.07)	2.02	11.37

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.26)	0.01	0.03
Return on Total Assets (PBT/Total Assets}	(%)	(0.22)	0.01	0.00
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.02	0.08
Debt Equity Ratio (Total Liability/Networth)		44.49	175.23	232.15
Current Ratio (Current Asset/Current Liability)		0.99	1.00	1.00

LOCAL AGENCY FURTHER INFORMATION

NOTE: The registered office of the company has been shifted from 13, Harish Mukherjee Road, Kolkata-700020, West Bengal, India to the present address w.e.f. 01.07.2011.

OPERATIONAL REVIEW:

Company’s working during the year was satisfactory. The board expects to do better business in the future.

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.49.02
UK Pound	1	Rs.77.13
Euro	1	Rs.67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		28

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.