MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	SWAGAT STEEL AND ALLOY
Registered Office :	No.73, 1^st Bhandari Street, 1^st Kumbharwada, S. V. P. Road, Opposite Round Temple, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Year of Establishment :	1998
Capital Investment / Paid-up Capital :	Rs.1.243 Millions
Legal Form :	Sole Proprietary Concern
Line of Business :	Dealer, Exporter of Sheets, Plates and Coils etc.
No. of Employees :	3 [In Office] Approximately

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 4000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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. Nirmal Burad
Designation :	Proprietor
Contact No.:	91-9821037436
Date :	18.08.2011

LOCATIONS

Registered Office :	No.73, 1^st Bhandari Street, 1^st Kumbharwada, S. V. P. Road, Opposite Round Temple, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23878966 / 67437655 / 66362657
Mobile No.:	91-9821037436 [Mr. Nirmal]
Fax No.:	91-22-23870192
E-Mail :	Swagat_alloy@yahoo.com
Website :	http://www.swagatsteel.com
Area :	500 sqft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Nirmal Burad
Designation :	Proprietor
Address :	India
Date of Birth/Age :	24 Years
Qualification :	H.S.C.

BUSINESS DETAILS

Line of Business :

Dealer, Exporter of Sheets, Plates and Coils etc.

Products :

17-4 PH Rod
Sheets, Plates and Coils
Chequered Plates	Carbon and Alloy Steel Sheet Plate Coil	Stainless and Duplex Steel Sheet Plate Coil
Nickel and Copper Alloy Sheet Plate Coil
Stainless Steel Pipes
Nickel and Copper Alloy Pipes	Carbon and Alloy Steel Pipes	Stainless Steel and Duplex Pipes
Stainless Steel Tubes
Stainless Steel Tubes	Heat Exchanger Tubes / Boiler Tubes	Capillary Tubes
Carbon and Alloy Steel Tubes	Nickel and Copper Alloy Tubes
Stainless Steel Fasteners
Stainless Steel Bolts	Y Shape Anchor	Refractory Anchors
Stainless Steel Washer	V Shape Anchor	Stainless Steel Clamps
Stainless Steel Nuts	Stainless Steel Anchors	Stainless Steel Screws
Stainless Steel Olets
Insert Weldolet	Thredolet	Branzolet
Sockolet	Nippolet	Coupolet
Elbolet
Stainless Steel Circles/Rings
Stainless Steel Circles	Stainless Steel Rings
Stainless Steel Bar
Stainless Steel Bars	Stainless Steel Round Bar
Aluminum Products
Aluminum Bar	Aluminum Angle	Aluminum Flanges
Aluminum Plate	Aluminum Flats	Aluminum Fasteners
Copper Alloy
Copper Alloy Pipes	Copper Alloy Tubes	Copper Butt Weld Fittings
Copper Rods	Copper Flats
Mild Steel Products
Mild Steel Plates	Mild Steel Tubes	Mild Steel Sheets
Mild Steel Angles	Mild Steel Fittings	Mild Steel Flanges
Mild Steel Pipes	Galvanized Sheet
Butt Weld Fittings
Butt Weld Bend and Elbows	Swage Nipple and Barrel Nipple	Butt Weld Reducing Tee
Butt Weld Equal Tee	Long Radius Bend	Long and Short Stub End
Forged Pipe Fittings
Forged Steel Elbow	Steel Union	Steel Couplings
Steel Tee	Steel Cap	Half Couplings
Cross Tee	Hex Bush
Forged Flanges
Slip On Flanges	Weld Neck Flanges	Screwed Flanges
Socket Weld Flanges	Orifice Flange	Threaded Flanges
Blind Flanges
Inconel Products
Inconel Pipes	Inconel Flanges	Inconel Rods
Inconel Tubes	Inconel Fasteners	Inconel Fittings
Inconel Sheets and Plate
Monel Products
Monel Pipes	Monel Flanges	Monel Rods
Monel Tubes	Monel Fasteners	Monel Fittings
Hastelloy Products
Hastelloy Pipes	Hastelloy Flanges	Hastelloy Rod
Hastelloy Tubes	Hastelloy Fasteners	Hastelloy Fittings
Hastelloy Sheet and Plates
Nickel Products
Nickel Pipes	Nickel Alloy Forged Fittings	Nickel Rods
Nickel Tubes	Nickel Flanges	Nickel Alloy Butt Weld Fittings
Nickel Sheets and Plates	Nickel Fasteners
Alloy 20
Alloy 20 Pipes	Alloy 20 Butt Weld Fittings	Alloy 20 Fittings
Alloy 20 Tubes	Alloy 20 Flanges
Titanium Products
Titanium Pipes	Titanium Fittings	Titanium Plate/Sheet
Titanium Tubes	Titanium Fasteners	Titanium Flanges
Duplex Steel Products
Duplex Stainless Steel	Super Duplex Stainless Steel
Construction Material
Angle	Beam	Channel
Bolts
Stud Bolts	U-Bolts	Foundation Bolts
Hex Head Bolts	J-Bolts	Structural Bolts
Anchor Bolts	T-Head Bolts	Eye Bolts
Mushroom Head Square Neck Bolts
Nitronic Rods/ Bars
Nitronic 50 Round Bars	Nitronic 60 Round Bars

Exports :

Products :

• Sheets
• Plates
• Coil

Countries :

• All Over World

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :	Others – Dealer
No. of Employees :	3 [In Office] Approximately
Bankers :	Bank of Baroda, Girgaon, Mumbai, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Jiten Doblani and Company Chartered Accountant
Address :	Fort, Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Capital Investment :
Owned :	Rs.1.243 Millions
Borrowed :	--
Total :	Rs.1.243 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1.243
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.243
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		10.757
TOTAL BORROWING		10.757
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.117
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.260
	Sundry Debtors	22.913
	Cash & Bank Balances	0.776
	Other Current Assets	0.006
	Loans & Advances	0.081
Total Current Assets		24.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.997
	Other Current Liabilities	0.156
	Provisions	0.000
Total Current Liabilities		12.153
Net Current Assets		11.883
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	50.624
		Other Income	0.004
		TOTAL	50.628
Less	EXPENSES
		Cost of Goods Sold	48.024
		Advertising Expenses	0.021
		Audit Fees	0.015
		Bank Charges	0.002
		Brokerage and Commission Expenses	0.001
		Conveyance Expenses	0.081
		Coolie and Cartage Expenses	0.116
		Cutting and buffing Expenses	0.059
		Electrical Expenses	0.051
		Forwarding and freight Expenses	0.207
		Import and Export code Expenses	0.002
		Insurance Expenses	0.001
		Interest on loan	1.018
		Legal and Professional fees	0.014
		Metal testing Expenses	0.000
		Municipal License Fees	0.023
		Postage and courier Expenses	0.027
		Printing and stationery Expenses	0.003
		Repairs and maintenance Expenses	0.001
		Salary and bonus Expenses	0.190
		Staff welfare Expenses	0.041
		Telephone Expenses	0.058
		Traveling Expenses	0.040
		VAT Audit Fees	0.013
		Vat Paid	0.000
		Weight Marking Expenses	0.003
		TOTAL	50.010
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		0.619
Less/ Add	DEPRECIATION/ AMORTISATION		0.021
	NET PROFIT		0.598

The above information has been parted by Mr. Nirmal Burad [Proprietor].

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	1.18
Net Profit Margin (PBT/Sales)	(%)	1.18
Return on Total Assets (PBT/Total Assets}	(%)	2.47
Return on Investment (ROI) (PBT/Networth)		0.48
Debt Equity Ratio (Total Liability/Networth)		18.43
Current Ratio (Current Asset/Current Liability)		1.98

LOCAL AGENCY FURTHER INFORMATION

Nil

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.46.97
UK Pound	1	Rs.74.21
Euro	1	Rs.63.66

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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--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.