MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	TURAKHIA FERROMET PRIVATE LIMITED
Registered Office :	2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.05.1994
Com. Reg. No.:	11-078585
Capital Investment / Paid-up Capital :	Rs.44.600 Millions
CIN No.: [Company Identification No.]	U27200MH1994PTC078585
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09896F
PAN No.: [Permanent Account No.]	AAACT1424C
Legal Form :	Private Limited Liability Company
Line of Business :	Importers and Dealers in Iron and Steel.
No. of Employees :	Not Available

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 2800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company 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 – 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 :	2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra
Tel. No.:	91-22-23771482/ 83 / 23770902/ 23487482/ 23482483/ 23480762
Fax No.:	91-22-23702648/ 23702807
E-Mail :	turafer@vsnl.net turent@bom3.vsnl.net.in turafer@mtnl.net.in mandvi@bankofindia.co.in manoj@turakhia.co.in turafer@mtnl.in
Area :	2,000 sq. fts
Location :	Owned
Branches :	KL 5/10/42/3E, Kalamboli, Navi Mumbai – 410 213, Maharashtra, India
Area :	1,500 sq. fts
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Mansukhlal Rughnath Turakhia

Designation :

Director

Address :

14/1, Shan Apartments, Kashinath Dhuru Road, Opposite Kirti College, Prabhadevi, Dadar (West), Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

13.11.1933

Date of Appointment :

24.11.1994

DIN No.:

00180243

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	U27200MH1994PTC078585	TURAKHIA FERROMET PRIVATE LIMITED	Director	24/11/1994	24/11/1994	Active	NO
2	U63823MH1985PTC035018	TURAKHIA STEELS PRIVATE LIMITED (CN)	Director	18/01/1995	18/01/1995	Active	NO
3	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	27/06/1995	27/06/1995	Active	NO
4	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	31/01/2002	31/01/2002	Active	NO
5	U51909MH1991PTC173982	TURAKHIA INTERNATIONAL PRIVATE LIMITED	Director	10/3/2005	10/3/2005	Active	NO
6	U28900MH2005PTC152644	TURAKHIA ENGINEERING COMPANY PRIVATE LIMITED	Director	15/04/2005	15/04/2005	Active	NO
7	U99999MH1996PTC103035	SUPRAPTI FINVEST PRIVATE LIMITED	Director	1/3/2008	1/3/2008	Active	NO
8	U28910MH2011PTC224252	TURAKHIA ENGINEERING COMPANY (PATALGANGA) PRIVATE LIMITED	Director	22/11/2011	22/11/2011	Active	NO

Name :

Mr. Manoj Mansukhlal Turakhia

Designation :

Whole time Director

Address :

7/1, Tehmi Terrace, 805, Dr. B A Road, Dadar, Prabhadevi, Mumbai – 400 014, Maharashtra, India

Date of Birth/Age :

29.03.1961

Qualification :

MBA

Experience :

26 years

Date of Appointment :

24.05.1994

DIN No.:

01569510

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	U27200MH1994PTC078585	TURAKHIA FERROMET PRIVATE LIMITED	Director	24/05/1994	24/05/1994	Active	NO
2	U51909MH1991PTC173982	TURAKHIA INTERNATIONAL PRIVATE LIMITED	Director	8/10/2004	8/10/2004	Active	NO
3	U99999MH1996PTC103035	SUPRAPTI FINVEST PRIVATE LIMITED	Director	13/04/2005	13/04/2005	Active	NO
4	U28900MH2005PTC152644	TURAKHIA ENGINEERING COMPANY PRIVATE LIMITED	Director	15/04/2005	15/04/2005	Active	NO
5	U74990MH2009PTC195588	STEEL MART INDIA PRIVATE LIMITED	Director	23/12/2009	23/12/2009	Active	NO
6	U28110MP2009PTC022083	TURAKHIA ENGINEERING COMPANY (PITHAMPUR) PRIVATE LIMITED	Director	16/05/2011	25/04/2011	Active	NO
7	U28910MH2011PTC224252	TURAKHIA ENGINEERING COMPANY (PATALGANGA) PRIVATE LIMITED	Director	22/11/2011	22/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Anuj Turakhia	15420
Smita Turakhia	650
Manoj Turakhia	37991
Manoj Turakhia HUF	24500
Heena Turakhia	26530
Nikunj Turakhia	451
Nutanben Turakhia	550
Mansukhlal Turakhia	551
Mansukhlal Turakhia HUF	8357
Artillegence Bio Innovatin Limited, India	11250
Blue Moon Investments Private Limited, India	5000
Bombay Films Private Limited, India	16000
Clifton Securities Private Limited, India	11250
D. Kumar Trading Private Limited, India	2500
Dytel Finance and Invt. Private Limited, India	14000
Emeca Finance and Invt. Private Limited, India	15000
Harbole Trade Link, Anand, India	10000
Heranba Finvest Private Limited, India	6000
Hiten Merchantile Private Limited, India	5000
Jas Trading Private Limited, India	10000
L.R. Enterprises Private Limited, India	5000
M.T. Tradelink Private Limited, Anand, India	10000
Manhar Properties Private Limited, India	15000
Megha Airway Limited, India	15000

(AS ON 05.01.2012)

Names of Allottee	No. of Shares Allotted
Anuj Turakhia	3304
Smita Turakhia	3603
Manoj Turakhia	15196
Manoj Turakhia HUF	9800
Shreyan Turakhia	3304

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate (not mentioned above)	74.22
Directors or relatives of directors	25.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Importers and Dealers in Iron and Steel.

Products :

Product Description	ITC Code
Iron and Steel alloy compounds	K#3112
Refined, special and tool steels and their semi finished products (209)	K#3405

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda,

Mandvi Branch, Kanmoor House, Narsi Natha Street, Mumbai – 400 009, Maharashtra, India

· Bank of India,

Mandvi, Kanmoor House, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra, India0020

· HDFc bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loan Bank Secured	0.000	385.704
Total	0.000	385.704
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans Directors Unsecured	6.531	7.170
Other Debt Unsecured	0.379	48.630
Interest Accrued and Due other debts unsecured	0.000	1.052
Total	6.910	56.852

Banking Relations :	--
Auditors :
Name :	A. C. Kamdar and Company Chartered Accountants
Address :	Jolly Maker Chambers III, Nariman Point, Mumbai – 400020, Maharashtra, India
PAN No.:	AAAFA2793E
Associates/Subsidiaries :	v Turakhia Enterprises Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400009, Maharashtra, India Line of Business : Exporter of Iron and Steel Items v Manoj Enterprises Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400 009, Maharashtra Line of Business : Exporter of Granite and Marble Slabs/Tiles v Standard Conduits Limited Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400 009, Maharashtra Line of Business: Importer, Dealers of Iron and Steel, Plastic Part of Lighting and Panel Fittings v Megha Polymers Private Limited Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400 009, Maharashtra Line of Business : Traders

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.100/- each	Rs.70.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4565621	Equity Shares	Rs.100/- each	Rs.45.656 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
446000	Equity Shares	Rs.100/- each	Rs.44.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		44.600	44.600	44.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		666.809	567.590	450.884
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		711.409	612.190	495.484
LOAN FUNDS
1] Secured Loans		0.000	385.704	0.000
2] Unsecured Loans		6.910	56.852	6.992
TOTAL BORROWING		6.910	442.556	6.992
DEFERRED TAX LIABILITIES		0.960	0.699	0.026
TOTAL		719.279	1055.445	502.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.951	47.696	49.754
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.045	0.044	0.045
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	375.778	601.051	208.215
	Sundry Debtors	704.562	580.727	309.260
	Cash & Bank Balances	186.966	337.065	183.832
	Other Current Assets	0.000	0.259	0.334
	Loans & Advances	333.643	297.152	120.961
Total Current Assets		1600.949	1816.254	822.602
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	691.654	657.781	288.612
	Other Current Liabilities	57.578	22.504	16.058
	Provisions	178.434	128.264	65.229
Total Current Liabilities		927.666	808.549	369.899
Net Current Assets		673.283	1007.705	452.703
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		719.279	1055.445	502.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		2648.601	1629.733
		Other Income		16.870	22.366
		TOTAL		2665.471	1652.099
Less	EXPENSES
		Cost of Goods Sold		2409.240	1588.320
		Administrative Expenses		61.851	30.434
		Selling & Distribution Expenses		13.965	4.106
		TOTAL		2485.056	1622.860
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		Not Available	180.415	29.239
Less	Deferred Tax Liabilities			0.673	0.010
	PROFIT BEFORE TAX			179.742	29.229
Less	TAX			63.035	10.178
	PROFIT AFTER TAX		99.218	116.707	19.051
	Earnings Per Share (Rs.)		222.46	261.67	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.38	1.15
Net Profit Margin (PBT/Sales)	(%)	NA	6.79	1.79
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.64	3.38
Return on Investment (ROI) (PBT/Networth)		NA	0.29	0.06
Debt Equity Ratio (Total Liability/Networth)		1.31	2.04	0.76
Current Ratio (Current Asset/Current Liability)		1.73	2.25	2.22

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE

The company has made a profit of Rs.99.218 Millions and previous year profit was Res.116.706 Millions (after tax figures).

Bankers Charges Report as per Registry

Corporate identity number of the company	U27200MH1994PTC078585
Name of the company	TURAKHIA FERROMET PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/3, Ashok Chambersdevji Ratanshi Marg (Broach Street), Mumbai – 400009, Maharashtra, India manoj@turakhia.co.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of India, Mumbai MID Corporate, 70/80, M G Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai – 400001, Maharashtra, India E-mail ID: vlaxman@vsnl.com
Nature of instrument creating charge	Hypothecation cum Loan Agreement (Plant and Machinery, Stocks and Book Debts)
Date of instrument Creating the charge	11/02/2012
Amount secured by the charge	Rs.150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 75% of applicable Charges. Terms of Repayment On Demand Margin As may be stipulated by the bank from time to time Extent and Operation of the charge Hypothecation by way of First Charge on Company's Plant and Machinery, Stocks and Book Debts etc. to secure as a Continuing Security for repayment of Rs.150.000 Millions, by the Company to the Bank with interest/ commission, charges, costs and expenses.
Short particulars of the property charged	All tangible movable machineries and plants (both Present and future) whether installed or not and whether lying loose or at site or in transit or acquired All tangible movable properties and assets and stocks, whatsoever nature of the Borrower (both present and future) and including but without prejudice to the All the present and future book-debts, outstanding, money receivables, claims, bills which are now due and owing or which may at any time hereafter during the

Fixed Assets

v Land

v Building

v Furniture and Fixtures

v Office Equipments

v Computers

v Printers

v Air-conditioners.

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	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	YES
--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.