MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	STEEL AND METAL TUBES (INDIA) LIMITED
Registered Office :	1/16A, 4^th Floor, Asaf Ali Road, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.09.1971
Com. Reg. No.:	55-005782
Capital Investment / Paid-up Capital :	Rs. 6.791 Millions
CIN No.: [Company Identification No.]	U28999DL1971PLC005782
TAN No.: [Tax Deduction & Collection Account No.]	DELS00998E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pipes
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 600000
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. Payment are reported to be usually correct and as per commitment. The company can be considered normal for business dealing 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 (30.09.2011)	Current Rating (31.12.2011)
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. Vijay Verma
Designation :	Marketing Manager
Contact No.:	91-9899886750
Date :	19.4.2012

LOCATIONS

Registered Office :	1/16A, 4^th Floor, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	91-11-23231048
Mobile No.:	91-9899886750 / 9811101669 (Mr. Vijay Verma)
Fax No.:	91-11-23231046
E-Mail :	smtindialtd@sify.com
Admin Office :	1/6B, 1^st Floor, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	91-11-23231048/23231049/23231050
Fax No.:	91-1123231046
Area :	650 sq ft
Location :	Owned
Factory :	22^nd Mile, Delhi - Hapur Road, P.O. Jindal Nagar, Ghaziabad, Uttar Pradesh, India
Tel. No.:	91-120-2677476
Area :	96000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Sankarlal Aggarwal

Designation :

Managing Director

Address:

3/77, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

21.08.1939

Date of Appointment :

24.07.1979

DIN No.:

00375518

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	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Managing director	14/02/2008	24/07/1979	-	Active	NO

Name :

Mr. Vinod K Aggarwal

Designation :

Whole Time Director

Address:

3/77, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

19.10.1961

Date of Appointment :

21.04.1980

DIN No.:

00375239

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	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Whole-time director	1/7/2007	21/04/1980	-	Active	NO
2	U27101DL1998PTC097100	PROTON INDIA PRIVATE LIMITED	Director	16/11/1998	16/11/1998	-	Active	NO
3	U51398MH1987PTC184943	D GAUTAM INTERNATIONAL PRIVATE LIMITED	Director	27/06/2005	27/06/2005	5/12/2007	Active	NO
4	U27203KA1970PLC002806	JINDAL ALUMINIUM LIMITED.	Director	3/9/2010	6/11/2009	-	Active	NO
5	U74899DL1985PTC022821	SIDHI VINAYAK TUBES PRIVATE LIMITED	Director	28/09/2010	28/12/2009	-	Active	NO
6	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Director	26/09/2011	27/06/2011	-	Active	NO

Name :

Mrs. Kamlesh Devi B Aggarwal

Designation :

Director

Address:

3/77, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

27.09.1941

Date of Appointment :

14.11.1979

DIN No.:

00375632

Name :

Mr. Sita Ram Jindal

Designation :

Director

Address:

Jindal Nagar, Tumka Road, Bangalore – 560073, Karnataka, India

Date of Birth/Age :

02.09.1933

Date of Appointment :

27.04.1998

DIN No.:

00112560

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	U27203KA1970PLC002806	JINDAL ALUMINIUM LIMITED.	Managing director	1/7/2008	11/6/1975	-	Active	NO
2	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Director	27/04/1998	27/04/1998	-	Active	NO
3	U27104KA2003PLC031567	DRUGLESS HEALTH CARE (INDIA) LIMITED CN	Director	10/2/2003	10/2/2003	31/10/2008	Active	NO
4	U14200KA2008PLC045891	DAKSHIN MINES AND MINERALS LIMITED	Director	2/4/2008	2/4/2008	31/03/2009	Active	NO
5	U28121MH2011PLC219872	JINDAL ALUMINIUM ROLLING LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO

Name :

Mr. Suresh Baid

Designation :

Director

Address:

91, Sainik Vihar, Pitampura New Delhi- 110088, India

Date of Birth/Age :

11.09.1954

Date of Appointment :

01.04.2009

DIN No.:

00030585

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	U33205WB1984PLC037929	NEELANCHAL UDYOG LTD	Director	22/10/1984	22/10/1984	-	Active	NO
2	U51909DL1991PLC046869	JAGUAR OVERSEAS LIMITED	Director	1/9/1994	1/9/1994	12/11/2009	Active	NO
3	U74899DL1974PLC007178	SUREKA COATED TUBES AND SHEETS LIMITED	Director	16/08/2002	16/08/2002	1/12/2011	Active	NO
4	U51909WB1950PLC019254	THE WAXPOL INDUSTRIES LTD	Whole-time director	1/4/2012	2/6/2006	-	Active	NO
5	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Additional director	30/10/2006	30/10/2006	28/09/2007	Active	NO
6	L40200WB1995PLC068251	EASTERN GASES LTD	Director	31/01/2008	31/01/2008	-	Active	NO
7	U74140DL2001PTC112464	V2 INSURANCE PROFESSIONALS PRIVATE LIMITED	Additional director	26/02/2008	26/02/2008	-	Active	NO
8	U55101WB2008PLC129604	WAXPOL HOTELS & RESORTS LIMITED	Director	24/09/2008	24/09/2008	-	Active	NO
9	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Director	25/09/2009	1/1/2009	-	Active	NO
10	U74991DL2006PLC148826	JCO GAS PIPE LIMITED	Additional director	27/03/2009	27/03/2009	30/09/2009	Active	NO
11	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Director	30/09/2009	1/4/2009	-	Active	NO
12	U67190DL2010PTC204955	PARITY FINSOLVE PRIVATE LIMITED	Director	9/9/2011	1/9/2010	-	Active	NO
13	U01111DL2010PTC210360	Blueberry Farms Private Limited	Director	12/11/2010	12/11/2010	-	Active	NO
14	U27109HR2003PTC035091	VIBHOR STEEL TUBES PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
15	U70109DL2011PTC221140	BAID BUILDCON PRIVATE LIMITED	Director	20/06/2011	20/06/2011	-	Active	NO

Name :

Mr. Hemant Kumar Khanna

Designation :

Director

Address:

90, Preet Vihar, Delhi – 110092, India

Date of Birth/Age :

25.09.1951

Date of Appointment :

01.04.2009

DIN No.:

00405794

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	L99999MH1988PLC080545	MAHARASHTRA SEAMLESS LIMITED(TRANSFERRED FROM DELHI TO MAH	Director	22/10/2003	22/10/2003	25/02/2009	Active	NO
2	U27100MH2004PTC148789	HYDRIL JINDAL INTERNATIONAL PRIVATE LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
3	U67120MH1983PLC031110	BRAHMA DEV HOLDING AND TRADING LIMITED	Director	4/7/2005	4/7/2005	9/6/2008	Active	NO
4	L27209HR1998PLC036089	HARYANA CAPFIN LIMITED.	Director	15/12/2006	12/9/2006	24/11/2008	Active	NO
5	L27201HR1983PLC036106	JINDAL DRILLING AND INDUSTRIES LIMITED	Director	30/11/2006	30/11/2006	25/02/2009	Active	NO
6	U51311DL2002PLC114758	JAGUAR INTERNATIONAL LIMITED	Director	29/09/2007	27/06/2007	15/06/2010	Active	NO
7	U65993WB1994PLC152481	JINDAL GLOBAL FINANCE AND INVESTMENT LIMITED	Director	25/09/2009	1/12/2008	-	Active	NO
8	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Whole-time director	1/1/2011	1/1/2009	1/1/2012	Active	NO
9	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Director	30/09/2009	1/4/2009	-	Active	NO
10	U11101DL2009PLC193022	JINDAL HYDROCARBONS LIMITED	Director	29/09/2010	11/1/2010	13/12/2010	Active	NO
11	U11102DL1997PTC086417	NEWFIND OIL AND GAS PRIVATE LIMITED	Additional director	4/3/2010	4/3/2010	-	Active	YES
12	U11100HR2010PLC039993	JINDAL EXPLODRILL LIMITED	Director	27/09/2010	5/3/2010	-	Active	NO
13	U52300DL2011PTC212318	KG Merchandisers Private Limited	Director	7/1/2011	7/1/2011	15/02/2011	Active	NO
14	U27109HR2003PTC035091	VIBHOR STEEL TUBES PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO

Name :

Mr. Raghav Jindal

Designation :

Director

Address:

B-57, Greater Kailash, Part-I, New Delhi- 110048, India

Date of Birth/Age :

11.01.1980

Date of Appointment :

25.06.2011

DIN No.:

0405984

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	L27201HR1983PLC036106	JINDAL DRILLING AND INDUSTRIES LIMITED	Managing director	1/1/2012	19/05/1998	-	Active	NO
2	U51109WB1994PLC064822	SPARLERK DEALCOMM LTD	Director	31/03/2009	1/1/2003	-	Active	NO
3	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Managing director	1/2/2010	1/2/2005	-	Active	NO
4	U29120DL1970PLC005281	JINDAL PIPES LIMITED	Managing director	1/2/2005	1/2/2005	-	Not Available for eFiling	NO
5	U74991DL2006PLC148826	JCO GAS PIPE LIMITED	Director	16/05/2006	16/05/2006	30/09/2011	Active	NO
6	U67120MH1983PLC031110	BRAHMA DEV HOLDING AND TRADING LIMITED	Director	29/09/2009	12/3/2009	-	Active	NO
7	U14200KA2008PLC045891	DAKSHIN MINES AND MINERALS LIMITED	Director	29/09/2009	31/03/2009	17/08/2010	Active	NO
8	U10100DL2009PLC191466	GONDKHARI COAL MINING LIMITED	Director	22/06/2009	22/06/2009	-	Active	NO
9	U11101DL2009PLC193022	JINDAL HYDROCARBONS LIMITED	Director	29/09/2010	11/1/2010	-	Active	NO
10	U11100HR2010PLC039993	JINDAL EXPLODRILL LIMITED	Director	27/09/2010	10/5/2010	-	Active	NO
11	U72200WB1996PTC153567	SIGMA INFRASTRUCTURE PRIVATE LIMITED.	Director	28/09/2010	9/6/2010	9/3/2011	Active	NO
12	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Director	30/09/2011	25/06/2011	-	Active	NO
13	U67190UP2012PLC049090	JINDAL PIPES FINANCE LIMITED	Director	28/02/2012	28/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Parivendra Kumar	80
Kamal Kishore Gupta	420
Shiv Shankar Aggarwal	2320
Sankarlal Aggarwal	6900
Vinod K Aggarwal	2640
Kamlesh Devi B Aggarwal	6400
Pramod Kumar Aggarwal	5600
Manoj Kumar Aggarwal	8040
Nirmala Delvi	500
Chander Bhan Jindal	400
Harl Klshan Jindal	400
Bhagwat Saroop	1400
Nagar Mal Gupta	600
Bimla Devi	600
Ramprakash Shorewala	700
Kiran Delvi	500
Sita Devi Aggarwal	1000
Saroj Aggarwal	3000
Jyoti Prasad Jaggan Nath Privated Limited, India	20
Sanjiv Kumar	1100
Rajiv Kumar	1100
Aradhana Aggarwal	800
K Bindal	20
Kusum Jindal	20
Subhash Chand Goel	20
Roopa Jain	20
Vaishali Jain	20
SL Bindal	20
Om Wati	20
DC Goel	20
Mahendra Kumar Jain	3000
Sita Ram Jindal	20
Shankar Lal Aggarwal	800
Vinod Kumar Aggarwal	1600
Siddhi Vinayak Tubes Private Limited ( Formally Known As Aggarwal (India) Private Limited)	13780
Total	63880

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	21.60
Directors or relatives of Directors	56.04
Other	22.36
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pipes
Products :	Product Description	Item Code No.
	Steel Tubes	7300519302
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	31.03.2010
Licensed Capacity	M.T	25000
Installed Capacity	M.T	Not assessed
Actual Production	M.T	17533

GENERAL INFORMATION

Suppliers :

· Steel Authority of India Limited

Customers :

Wholesalers, End Users and Government Department

· PHE

No. of Employees :

80 (Approximately)

Bankers :

Canara Bank, Connaught Circus, New Delhi- 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working Capital Loan
From Canara Bank, New Delhi (Secured against the hypothecation of stock of raw material, Stock in process and finished goods and further guaranted by all the directors of the company)	80.155	94.759
Vehicle Loan
Form HDFC Bank Limited (Secured against the hypothecation of cars) (Our of Vehicle Loan Rs. 0.248 Millions principle will be repayable in the next year.)	0.661	0.721
From Kotak Mahindra prime Limited (Secured against the hypothecation of cars) (Our of Vehicle Loan Rs. 0.703 Millions principle will be repayable in the next year.)	2.390	0.000
From ICICI Bank Limited (Secured against the hypothecation of cars) (Our of Vehicle Loan Rs. 0.212 Millions principle will be repayable in the next year.)	0.497	0.206
Total	83.703	95.686
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Interest Bearing Loans
From Shareholders	3.330	2.850
From Directors	2.865	2.665
From Others	1.380	0.920
Total	7.575	6.435
CCF2 Rs. 550.000 Millions

Banking Relations :	--
Auditors :
Name :	Kanodia Sanyal and Associates Chartered Accountants
Address :	1520 Ansal Tower, 39 Nehru Place, New Delhi – 110019, India
PAN No.:	AAAFK8020A
Sister Concern :	Neelkanth Tubes Private Limited Address: 31Km, Delhi- Rohtak Road, Villages Rohad, Distt Jhajjar, Haryana, India Tel: 91-1276-278376 Line Business: Manufacturer of Pipes

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63880	Equity Shares	Rs.100/- each	Rs. 6.388 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63880	Equity Shares	Rs.100/- each	Rs. 6.388 Millions
8060	Equity Shares	Rs.50/- each	Rs. 0.403 Millions
Total			Rs. 6.791 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		6.791	6.791	3.527
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		145.313	139.939	143.409
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		152.104	146.730	146.936
LOAN FUNDS
1] Secured Loans		83.702	95.686	53.535
2] Unsecured Loans		7.575	6.435	4.620
TOTAL BORROWING		91.277	102.121	58.155
DEFERRED TAX LIABILITIES		0.000	0.000	0.206
TOTAL		243.381	248.851	205.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.991	129.343	126.961
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.798	0.042	0.042
DEFERREX TAX ASSETS		1.187	0.164	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.036	79.741	22.593
	Sundry Debtors	58.714	30.904	44.789
	Cash & Bank Balances	8.614	4.995	10.265
	Other Current Assets	0.000	0.000	0.00
	Loans & Advances	25.554	23.359	20.808
Total Current Assets		140.918	138.999	98.455
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.592	16.077	8.228
	Other Current Liabilities	2.408	0.805	4.120
	Provisions	3.513	2.816	7.813
Total Current Liabilities		32.513	19.698	20.161
Net Current Assets		108.405	119.301	78.294
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		243.381	248.851	205.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	660.731	582.188	728.943
		Other Income	7.472	0.777	0.278
		TOTAL (A)	668.203	582.965	729.221
Less	EXPENSES
		Material Manufacturing and Operating Expenses	624.078	554.604	673.234
		Excise Duty on Closing Stock	0.758	0.745	0.746
		Employees Remuneration and Benefits	4.900	4.586	3.802
		Administrative and Other Expenses	3.571	2.843	5.693
		Selling and Distribution Expenses	15.309	11.541	12.593
		Increase/(Decrease) in stock	0.366	(1.793)	6.351
		TOTAL (B)	648.982	572.526	702.419
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.221	10.439	26.802
Less	FINANCIAL EXPENSES (D)		9.597	7.053	9.453
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.624	3.386	17.349
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.062	1.459	1.306
	PROFIT BEFORE TAX (E-F) (G)		7.562	1.927	16.043
Less	TAX (I)		1.688	1.705	6.533
	PROFIT AFTER TAX (G-I) (J)		5.874	0.222	9.510
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.220	5.998	1.488
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	0.000	5.000
	BALANCE CARRIED TO THE B/S		7.094	6.220	5.998
	Earnings Per Share (Rs.)		91.95	3.48	148.88

Sales Turnover (2011-2012): Rs. 793.000 Millions

Expected Sales (2012-2013) : Rs. 820.000 Millions

The above information has been parted by Mr. Vijar Verma – Marketing Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.82	0.03	1.30
Net Profit Margin (PBT/Sales)	(%)	1.14	0.33	2.20
Return on Total Assets (PBT/Total Assets}	(%)	5.36	1.38	16.29
Return on Investment (ROI) (PBT/Networth)		0.04	0.01	0.10
Debt Equity Ratio (Total Liability/Networth)		0.21	0.13	0.13
Current Ratio (Current Asset/Current Liability)		4.33	7.05	4.88

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS

Total turnover of the company during the year was Rs. 726.469 Million as compared to last year was Rs. 629.128 Millions an registered increase of 15.50%. The Profit before tax for the year was Rs. 7.562 Millions as against Rs. 1.928 Millions in the previous year. The profit after tax and adjustments for the year had been Rs. 5.874 Millions as against Rs. 0.222 Millions in the previous year.

Total overall operational performance of the company is quite satisfactory as compared to the previous year we are taking appropriate steps of improvement in productivity and profit as achieved in the previous years.

Corporate identity number of the company	U28999DL1971PLC005782
Name of the company	STEEL AND METAL TUBES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	1/16A, 4^th Floor, Asaf Ali Road, New Delhi – 110002, India Email: smtindialtd@sify.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10091551
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Canara Bank, Connaught Circus, New Delhi- 110001, India Email: ca_rcg@yahoo.co.in
Nature of instrument creating charge	Agreement Re: Collateral Security: Machinery; Vehicles dated 31.03.2010 and Letter evidencing extension of equitable mortgage alongwith Schedule A & B dated 31.03.2010
Date of instrument Creating the charge	31.03.2010
Amount secured by the charge	Rs. 125.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As applicable to various credit facilities aggregating to Rs. 125.500 Millions granted to/enjoyed by the Company. Terms of Repayment As applicable to various credit facilities aggregating to Rs. 125.500 Millions granted to/enjoyed by the Company. Margin As applicable to various credit facilities aggregating to Rs. 125.500 Millions granted to/enjoyed by the Company. Extent and Operation of the charge 100% Others To collaterally secure all amounts payable under following enhanced/revised credit facilities aggregating to Rs. 125.500 Millions granted to/enjoyed by the Company together with all interests, costs, charges, expenses, commission etc.:- OCC/ODBD limit - Rs. 95.000 Millions Addl. OCC/ODBD - Rs. 25.000 Millions BG limit - Rs. 7.500 Millions Term Loan - Rs. 3.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all plant, machinery, motor vehicles, tools and accessories already purchased as described in Schedule `A' of the Agreement as also the machinery etc. to be purchased hereafter particulars whereof will be furnished later erected/to be erected/kept/to be kept or in transit for being erected at the premises of the borrower factory at Village Galland, Hapur, Ghaziabad (UP) or wheresoever’s it may be. Equitable mortgage of immovable properties of the Company situated at 22nd KM Mark, Village Galland, Hapur, Ghaziabad (UP) admeasuring 96479.50 sq. yards together with all buildings thereon and all machinery therein or to be brought therein.
Particulars of the present modification	The charge stands enhanced from Rs. 72.000 Millions to Rs. 125.500 Millions to collaterally secure all amounts payable under following enhanced/revised credit facilities aggregating to Rs. 125.500 Millions

TRADE REFERENCES

· Steel Authority of India Limited – Supplier

· PHE - Customer

FIXED ASSETS

· Free Hold Land

· Shed and Building

· Flat at Mumbai

· Labour Quarters

· Plant and Machinery

· Elect. Installation

· Office Equipment

· Tubewell

· Vehicles

· Air Cond. And other Equipment

· Furniture and fixture

· Cycle

· Wireless Set

· Computer Set

· Land Gurgoan

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Information Gathered by :	Mr. Vijay Verma
Report Prepared by :	KVT

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	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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

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.