MIRA INFORM REPORT

Report Date :

26.09.2011

IDENTIFICATION DETAILS

Name :	SCODA TUBES LIMITED
Registered Office :	Survey No.1566/1, Village Rajpur, Taluka – Kadi, Mehsana – 382740, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.11.2008
Com. Reg. No.:	04-055392
Capital Investment / Paid-up Capital :	Rs.1.780 Millions
CIN No.: [Company Identification No.]	U28110GJ2008PLC055392
TAN No.: [Tax Deduction & Collection Account No.]	AHMS17603F
PAN No.: [Permanent Account No.]	AAMCS5287N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing of stainless steel seamless / Welded Tubes Pipes and U Tubes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca [15]

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 :	Yet to Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, the company is yet to commence its commercial operations. Payments are Unknown. 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 – 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

LOCATIONS

Registered Office :	Survey No.1566/1, Village Rajpur, Taluka – Kadi, Mehsana – 382740, Gujarat, India
Tel. No.:	91-2764-278278
Fax No.:	91-2764-278278
E-Mail :	info@scodatubes.com scodatubes@gmail.com
Website :	http://www.scodatubes.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Maheshkumar Jagjivan Patel

Designation :

Director

Address :

A01 Shivanand Apartments Behind Mandakini, Society K K Nagar Road Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

02.11.1980

Date of Appointment :

10.11.2008

DIN :

01592925

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	U27106GJ2006PTC049217	MAXIM TUBES COMPANY PRIVATE LIMITED	Director	10/10/2006	10/10/2006	20/06/2008	Active	NO
2	U28110GJ2008PLC055392	SCODA TUBES LIMITED	Director	10/11/2008	10/11/2008	-	Active	NO

Name :

Mr. Upendrakumar C Davda

Designation :

Director

Address :

A/102, Dev Shrushti-I, Near Water Tank, Simandhar Tower Road, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

01.06.1977

Date of Appointment :

10.11.2008

DIN :

02391234

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	U28110GJ2008PLC055392	SCODA TUBES LIMITED	Director	10/11/2008	10/11/2008	25/08/2011	Active	NO
2	U45200GJ2010PTC061593	OM VISION INFRASPACE PRIVATE LIMITED	Director	14/07/2010	14/07/2010	-	Active	NO

Name :

Mr. Dhanraj Ramchandra Khatri

Designation :

Director

Address :

At-Randheja, Gandhinagar – 382620, Gujarat, India

Date of Birth/Age :

04.03.1973

Date of Appointment :

10.11.2008

DIN :

02384079

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	U28110GJ2008PLC055392	SCODA TUBES LIMITED	Director	10/11/2008	10/11/2008	Active	NO
2	U45201GJ2011PTC065221	DK REAL INFRA PRIVATE LIMITED	Director	30/04/2011	30/04/2011	Active	NO
3	U45201GJ2011PTC065225	SCODA PROPERTIES PRIVATE LIMITED	Director	30/04/2011	30/04/2011	Active	NO
4	U45201GJ2011PTC065348	DK METRO PROCON PRIVATE LIMITED	Director	9/5/2011	9/5/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Maheshkumar Jagjivan Patel	140250
Dhanraj Ramchandra Khatri	18425
Upendrakumar C Davda	11250
Harshad Patel	8615
Suman Khatri	16250
Ranjan Davda	1250
Vaishali Patel	10300
Kanubhai Patel	5000
Jashuben Patel	2500
Shankarbhai Patel	3930
Total	217770

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing of stainless steel seamless / Welded Tubes Pipes and U Tubes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank Of India, Surendra Mangaldas Road Branch, 26-29 Galaxy Mall, Nr Shiromani Complex, S M Road, Ahmedabad - 380015, Gujarat, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
From banks [Secured against equitable mortgage of land and building. Hypothecation of plant and machinery and personal guarantee of directors]	14.839	0.000
Total	14.839	0.000
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
From Directors	0.045	0.727
From Shareholders	0.137	0.000
From Others	0.000	1.462
Total	0.182	2.189

Banking Relations :	--
Auditors :
Name :	Patel and Jesalpura Chartered Accountant
Address :	803/804, Samudra Annex, Near Classik Gold Hotel, C.G. Road, Navrangapura, Ahmedabad – 380006, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/-each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
217,770	Equity Shares	Rs.10/-each	Rs.2.178 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/-each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
117,995	Equity Shares	Rs.10/-each	Rs.1.780 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.780	0.500
2] Share Application Money		0.035	0.000
3] Reserves & Surplus		11.519	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		13.334	0.500
LOAN FUNDS
1] Secured Loans		14.839	0.000
2] Unsecured Loans		0.182	2.189
TOTAL BORROWING		15.021	2.189
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		28.355	2.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.673	7.673
Capital work-in-progress		5.647	1.273
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	1.501	0.156
	Other Current Assets	0.000	0.000
	Loans & Advances	13.602	0.000
Total Current Assets		15.103	0.156
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.656	6.450
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.016
Total Current Liabilities		1.656	6.466
Net Current Assets		13.447	[6.310]
MISCELLANEOUS EXPENSES		1.588	0.053
TOTAL		28.355	2.689

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.25	13.24
Current Ratio (Current Asset/Current Liability)	9.12	0.02

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U28110GJ2008PLC055392
Name of the company	SCODA TUBES LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 1566/1, Village Rajpur, Tal. Kadi, Mehsana – 382740, Gujarat, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank Of India, Surendra Mangaldas Road Branch, 26-29 Galaxy Mall, Nr Shiromani Complex, S M Road, Ahmedabad - 380015, Gujarat, India
Nature of instrument creating charge	Hypothecation Cum Loan Agreement (Plant and Mach, Stk and Bk Dts) Executed By The Company In Favour Of Bank Of India To Secure The Fund Based Adhoc Cash Credit Facilities Of Rs. 5.000 millions.
Date of instrument Creating the charge	28.05.2011
Amount secured by the charge	Rs.5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Adhoc Cc Stk / Cc Bk Dbts - 6.00 % Over Br Presently 16.00% (Floating) P. A. Monthly Rests Or Such Other Rates As May Be Prescribed By The Bank From Time To Time. Terms of Repayment - Cc Stk / Cc Bk Dbts - On Demand / 89 Days Upto 24/08/2011 Margin – CC STOCK - 25% CC BOOK DEBTS - 40% Extent and Operation of the charge - First and Exclusive Ch By Way Of Hypo On All Tan Mov Prop Being Plant and Mach, Stks Of Mat and Bk Dts and All Other Movable Assets Of The Co In Fav Of Bank To Secure Fund Based Adhoc Cash Credit Limit Of Rs 5.000 millions Along with Interest, Addl Int, Penal Int, Liquidated Damages, Costs, Charges, Commission and All Other Amt Due To The Bank From Time To Time Of What So Ever Nature. Others Adhoc Cc stock / book debts – Rs.5.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All That Mov Plant and Mach, Equipments Whether Installed Or Not and Whether Lying Loose Or In Cases Lying At Village Rajpur, Ta : Kadi, Dist Mehsana Or Else All Stk Of Raw Mat Like Ss Coil, Stainless Steel Etc Semi Fin Goods / Fin Goods Like Seamless and Welded Tubes Lying At Co Prem / Godowns At Village Rajpur, Ta : Kadi, Dist Mehsana Or Else All The Present and Future Bk Dts, Outstandings, Money Receivables, Claims, Bills

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.49.61
UK Pound	1	Rs.76.67
Euro	1	Rs.66.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
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	3
--CREDIT LINES	1~10	-
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		15

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.