MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	SARDA METALS AND ALLOYS LIMITED
Registered Office :	125, B-Wing, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.10.2008
Com. Reg. No.:	11- 187689
Capital Investment / Paid-up Capital :	Rs.50.450 Millions
CIN No.: [Company Identification No.]	U51420MH2008PLC187689
TAN No.: [Tax Deduction & Collection Account No.]	MUMS64170B
PAN No.: [Permanent Account No.]	AAMCS6664B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The company engaged in Green Field Project of Ferro Alloys Furnaces Captive Power Plant
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2000000
Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008 but they have not yet commence their business activity. As conformed with Ms. Jayshree – HR the company in gone to started with their business activity from January, 2013. In view of strong holding, 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM RATING : CARE BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	125, B-Wing, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22880080-81
Fax No.:	91-22-22826680
E-Mail :	gthakkar@smal.co.in
Website :	http://www.seml.co.in
Factory :	APIIC Industrial Area, Kantakapalli, Kothavalasa, Vizianagaram - 535240 Andhra Pradesh, India
Tel. No.:	91-8966-201366

DIRECTORS

As on 30.09.2011

Name :	Mr. Kamal Kishore Sarda
Designation :	Director
Address :	P-18/19, Anupam Nagar, P.O. Shankar Nagar, Raipur – 492007, Chhattisgarh, India
Date of Birth/Age :	12.6.1952
Date of Appointment :	21.10.2008
DIN No.:	00008170

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27100MH1973PLC016617	SARDA ENERGY AND MINERALS LIMITED	Managing director	01/04/2010	16/12/1978	-	Active	NO
2	U74899DL1994PLC061349	MADHYA BHARAT POWER CORPORATION LIMITED	Director	07/09/1994	07/09/1994	-	Active	NO
3	U85191CT1999PTC013628	HEALTH WATCH FITNESS PRIVATE LIMITED	Director	12/07/1999	12/07/1999	15/03/2007	Active	NO
4	U40109CT1998PLC012606	CHHATTISGARH ELECTRICITY COMPANY LIMITED	Director	19/07/2002	19/07/2002	-	Amalgamated	NO
5	L67120CT1982PLC001961	CHHATISGARH INVESTMENTS LIMITED	Director	19/07/2002	19/07/2002	-	Active	NO
6	U40101UP1994PLC017151	PARVATIYA POWER LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
7	U45303CT2004PLC017186	CHHATTISGARH ISPAT BHUMI LIMITED	Director	23/12/2004	23/12/2004	23/01/2009	Active	NO
8	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Director	01/01/2005	01/01/2005	05/11/2008	Active	NO
9	U40101CT2005PTC017635	CHHATTISGARH HYDRO POWER PRIVATE LIMITED	Director	24/05/2005	24/05/2005	-	Converted to LLP and dissolved	NO
10	U40101CT2007PTC020163	NATURAL RESOURCES ENERGY PRIVATE LIMITED	Director	11/01/2007	11/01/2007	01/08/2011	Active	NO
11	U40101OR1999PTC005781	SARDA HYDRO POWER PRIVATE LIMITED	Director	29/09/2007	23/06/2007	-	Active	NO
12	U40102CT2008PLC000406	SARDA ENERGY LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
13	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
14	L26939OR1977PLC000735	NILACHAL REFRACTORIES LIMITED	Director	14/05/2011	14/05/2011	-	Active	NO
15	AAA-1447	SARDA INDUSTRIAL PROJECTS LLP	Designated Partner	28/05/2010	28/05/2010	-	Strike off	NO
16	AAA-1448	SARDA SYNERGY LLP	Designated Partner	28/05/2010	28/05/2010	-	Strike off	NO
17	AAA-2277	CHHATTISGARH HYDRO POWER LLP	Designated Partner	17/09/2010	17/09/2010	-	Active	NO

Name :	Mr. Ravi Thakurdas Laddha
Designation :	Director
Address :	24, Aishwarya Residency, Opposite G. K. Motors, Telibandha, Raipur – 492001, Chhattisgarh, India
Date of Birth/Age :	10.10.1972
Date of Appointment :	08.01.2011
DIN No.:	00008358

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01100MH1996PTC101203	MONSOON AGRICULTURE PRIVATE LIMITED	Director	18/07/1996	18/07/1996	01/02/2010	Active	NO
2	U45203CT2004PLC016321	RAIPUR INFRASTRUCTURE COMPANY LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U66030MH2001PTC133838	GOLDENLIFE FINANCIAL SERVICES PRIVATE LIMITED	Director	01/03/2007	01/03/2007	21/05/2012	Active	NO
4	U27310CT2009PTC021487	EARTHSTAHL AND ALLOYS PRIVATE LIMITED	Director	15/12/2010	15/11/2010	-	Active	NO
5	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Director	30/09/2011	08/01/2011	-	Active	NO
6	U45200CT2011PTC022421	ADRAS REAL INFRASTRUCTURE PRIVATE LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
7	U40101CT2007PTC020163	NATURAL RESOURCES ENERGY PRIVATE LIMITED	Additional director	23/07/2011	23/07/2011	-	Active	NO
8	U28910MH2011PTC221297	RAIPUR FABRITECH PRIVATE LIMITED	Director	25/08/2011	25/08/2011	-	Active	NO
9	U70109AP2011PTC076897	VIZVAC ARMA INFRASTRUCTURE PRIVATE LIMITED	Director	10/10/2011	10/10/2011	-	Active	NO
10	U40300MH2011PTC224871	RAIPUR INDUSTRIAL GASES PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO

Name :	Mr. Neeraj Jugalkishore Sarda
Designation :	Whole-time director
Address :	P. No. 7-22-5B, Flat No. 501, Uma Residency, Kirlampudi Layout, China Waltair, Visakhapatnam – 530017, Andhra Pradesh, India
Date of Birth/Age :	17.12.1979
Date of Appointment :	14.05.2009
DIN No.:	00040884

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01100MH1989PTC053839	PREM AGRICULTURE AND PROPERTY P LIMITED	Director	01/01/2000	01/01/2000	-	Active	NO
2	U01122CT1981PTC001870	SARDA AGRICULTURE AND PROPERTIES PRIVATE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
3	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
4	U25209MH1991PTC062489	PRAYAG THERMOPLASTS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	-	Active	NO
5	U28920MH1974PTC017690	ABS ENGINEERS PRIVATE LIMITED	Director	30/09/2008	28/07/2008	-	Active	NO
6	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Whole-time director	01/07/2010	14/05/2009	-	Active	NO
7	U70109AP2011PTC076897	VIZVAC ARMA INFRASTRUCTURE PRIVATE LIMITED	Director	10/10/2011	10/10/2011	-	Active	NO

Name :	Mr. Gajinder Singh Sahni
Designation :	Director
Address :	B-8/4,G/F Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	17.11.1946
Date of Appointment :	20.08.2010
DIN No.:	02066897

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27100MH1973PLC016617	SARDA ENERGY AND MINERALS LIMITED	Director	30/09/2008	04/03/2008	-	Active	NO
2	U11102DL2008PTC184175	FORWARD ENERGY PRIVATE LIMITED	Nominee director	01/06/2010	01/06/2010	30/09/2011	Active	NO
3	U75111DL2000PTC108494	MDL ENERGY PRIVATE LIMITED	Director	01/08/2010	01/08/2010	-	Active	NO
4	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Director	30/09/2010	20/08/2010	-	Active	NO
5	U45200AP1983PLC003796	SEW INFRASTRUCTURE LIMITED	Director	29/09/2011	27/09/2010	-	Active	NO
6	U11200DL2010PTC209353	MDL ENERGY SERVICES PRIVATE LIMITED	Director	23/06/2011	23/06/2011	-	Active	NO
7	U29219DL2006PTC156146	VIK-SANDVIK DESIGN INDIA PRIVATE LIMITED	Director	21/07/2011	21/07/2011	-	Active	NO

Name :	Mr. Sridar Venkatesan
Designation :	Director
Address :	303A,H.P.Employees CHS, Plot No.NDR -11,Tilak Nagar, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth/Age :	28.07.1947
Date of Appointment :	20.08.2010
DIN No.:	02241339

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31402WB1934PLC007993	EVEREADY INDUSTRIES INDIA LIMITED	Director	24/07/2009	01/08/2008	24/02/2010	Active	NO
2	U51900MH1994PLC078303	STCI FINANCE LIMITED	Director	29/09/2009	23/12/2008	-	Active	NO
3	U17119DN1982PLC000092	KRISHNA KNITWEAR TECHNOLOGY LIMITED	Director	27/06/2009	24/01/2009	15/03/2010	Active	NO
4	L17120MH1993PLC073267	ASAHI INDUSTRIES LIMITED	Director	08/08/2009	31/01/2009	15/03/2010	Active	NO
5	U67110MH2006PLC165306	STCI PRIMARY DEALER LIMITED	Director	04/09/2009	02/02/2009	-	Active	NO
6	L21012TZ1960PLC000364	SESHASAYEE PAPER AND BOARDS LIMITED	Director	25/07/2009	04/06/2009	-	Active	NO
7	L15422TN1996PLC037200	PONNI SUGARS (ERODE) LIMITED	Director	22/07/2009	05/06/2009	-	Active	NO
8	L18109DN1987PLC000034	ESKAY K 'N' IT (INDIA) LIMITED	Director	22/08/2009	09/06/2009	15/03/2010	Active	NO
9	L74999DN1987PLC000035	K-LIFESTYLE AND INDUSTRIES LIMITED	Director	22/08/2009	12/06/2009	15/03/2010	Active	NO
10	U65999MH2008PTC183786	MORPHEUS CAPITAL ADVISORS PRIVATE LIMITED	Director	24/09/2009	08/09/2009	-	Active	NO
11	U40101TN1997PLC037663	LANCO TANJORE POWER COMPANY LIMITED	Director	14/07/2010	18/01/2010	-	Active	NO
12	L65190GJ1994PLC021012	ICICI BANK LIMITED	Director	28/06/2010	21/01/2010	-	Active	NO
13	U40100AP2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	30/09/2011	24/07/2010	-	Active	NO
14	U65922MH2010PTC202721	AADHAR HOUSING FINANCE PRIVATE LIMITED	Director	19/08/2010	19/08/2010	-	Active	NO
15	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Director	30/09/2010	20/08/2010	-	Active	NO
16	L26109WB1946PLC013294	HINDUSTHAN NATIONAL GLASS AND INDUSTRIES LIMITED	Director	19/08/2011	02/11/2010	-	Active	NO
17	U21012TN2006PLC059326	SPB PAPERS LIMITED	Director	27/08/2011	01/04/2011	-	Active	NO
18	U65990MH1966PLC013459	SICOM LIMITED	Director	28/06/2012	29/09/2011	-	Active	NO
19	U69990MH1999PLC123190	IDFC AMC TRUSTEE COMPANY LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO
20	U65922MP1991PLC006427	CENT BANK HOME FINANCE LIMITED	Additional director	28/04/2012	28/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gaurav Chaturbhuj Thakkar
Designation :	Secretary
Address :	SF 3 , Surya Residency, 3rd Floor, Opposite Vuda Park, Beach Road, Vishakhapatnam – 530016, Andhra Pradesh, India
Date of Birth/Age :	09/12/1975
Date of Appointment :	29.04.2011
PAN No.:	ADHPT9472F
Name :	Ms. Jayshree
Designation :	HR

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sarda Energy and Minerals Limited (SEML), India	5000000
Kamal Kishore Sarda (As nominee of SEML)	5000
Pankaj Sarda (As nominee of SEML)	5000
Uma Sarda (As nominee of SEML)	5000
Manish Sarda (As nominee of SEML)	10000
Neeraj Sarda (As nominee of SEML)	10000
R.T. Laddha (As nominee of SEML)	10000
Total	5045000

As on 02.01.2012

Names of Allottee	No. of Shares Allotted
Sarda Energy and Minerals Limited (SEML), India	5000000

As on 24.03.2012

Names of Allottee	No. of Shares Allotted
Sarda Energy and Minerals Limited (SEML), India	2500000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged in Green Field Project of Ferro Alloys Furnaces Captive Power Plant

Products :

Product Description	Item Code No.:
Thermal Power	98010003
Ferro Alloys	3322

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank
• Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Banks
- Term Loans	720.727	0.000
Total	720.727	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Others
- Holding Company	418.835	359.902
Total	418.835	359.902

Banking Relations :	--
Auditors :
Name :	Rathi Rakesh Kumar Chartered Accountant
Address :	701 Leela Business Park Andheri Kurla Road Andheri-East, Mumbai 400059, Maharashtra, India
PAN No.:	AAAFH2010F
Holding Company :	Sarda Energy and Minerals Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12545000	Equity Shares	Rs.10/- each	Rs.125.450 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5045000	Equity Shares	Rs.10/- each	Rs.50.450 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		50.450	7.600	0.659
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		449.362	(0.188)	(0.188)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		499.812	7.412	0.471
LOAN FUNDS
1] Secured Loans		720.727	0.000	0.000
2] Unsecured Loans		418.835	359.902	0.000
TOTAL BORROWING		1139.562	359.902	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1639.374	367.314	0.471
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		204.047	135.383	0.000
Capital work-in-progress		1196.233	210.547	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	116.544	2.310	0.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.904	2.981	0.000
Total Current Assets		154.448	5.291	0.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.867	0.011	0.000
	Other Current Liabilities	10.762	0.594	0.029
	Provisions	0.666	0.000	0.000
Total Current Liabilities		51.295	0.605	0.029
Net Current Assets		103.153	4.686	0.471
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
EXPENDITURE DURING CONSTRUCTION PENDING ALLOCATION		135.941	16.698	0.000
TOTAL		1639.374	367.314	0.471

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses	0.000	0.000	0.000
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.000	0.000	0.000
	PROFIT BEFORE TAX		0.000	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.000	0.000	0.000
	Earnings Per Share (Rs.)		0.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		2.38	48.64	0.06
Current Ratio (Current Asset/Current Liability)		3.01	8.75	17.24

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND

Subject was incorporated on 21st October 2008 under the provisions of Companies Act 1956. It is coming up with a Green Field Project of 6X33 MVA Ferro Alloys Furnaces and 240 MW Captive Power Plant. In the first phase the company is installing 2X33 MVA Ferro Alloys Furnaces and 80 MW Captive Power Plant. The first phase of the Green Field Project is under progress and the company is yet to commence Commercial Operations.

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Outstanding Letters of Credit	534.500	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51420MH2008PLC187689
Name of the company	SARDA METALS AND ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	125, B-Wing, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India E-mail id : kksarda@seml.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10285442
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India E-mail Id : debenturetrustee@axistrustee.com
Nature of instrument creating charge	Indenture of Mortgage
Date of instrument Creating the charge	23.06.2011
Amount secured by the charge	Rs.3800.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Axis Bank Limited - 2.75% above Base Rate Bank of Baroda - 10.50% p.a. linked to Base Rate of Axis Bank Limited IDFC - 2.93% p.a. over and above the Benchmark Rate Terms of Repayment Axis Bank Limited - 36 equal quarterly installments, after an initial moratorium of 3 years. Bank of Baroda - 36 unequal quarterly installments commencing from 30.06.13 and ending on 31.03.22 IDFC - 36 equal quarterly installments commencing from 12 months from actual COD or 18 months from SPCD whichever is earlier Margin Axis Bank Limited - 30% Bank of Baroda - 30% IDFC - As per term loan agreement dt.31.12.2010 executed between the Company and IDFC Extent and Operation of the charge 1st pari-passu charge on the immovable properties of the Company situated in Mumbai and 1st pari-passu charge on the movable fixed assets and current assets of the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the piece and parcel of property. Hypothecation of entire movable fixed assets and current assets of the Company both present and future
Particulars of the present modification	Charge created in favour of Axis Trustee Services Limited further secured by first pari passu charge on the immovable properties and movable fixed and current assets of the Company

FIXED ASSETS:

• Freehold Land
• Plant and Machinery
• Computer and Accessories
• Furniture and fixture
• Office Equipments
• Vehicles

PRESS RELEASE

PROJECTS WORTH RS 200000.000 MILLIONS UP FOR CLEARANCE IN AP

FEBRUARY 10, 2011

The State Level Investment Promotion Committee, headed by the chief secretary of Andhra Pradesh, would discuss incentives to new investment proposals worth Rs 204210.000 Millions under the mega project category on Thursday.

Among the 25 proposals that would come up for clearance at tomorrow's meeting include a Rs 5,813-crore steel plant expansion project of SBQ Steel Limited in Nellore district, Rs 19970.000 Millions ferro alloys project proposed at Vizianagaram by Sarda Metals and Alloys Limited, Rs 16870.000 Millions inorganic chemical plant of KPR Chemicals, Rs 10880.000 Millions steel plant expansion project at Vizianagaram by Maa Mahamaya Industries Limited and a Rs 2760.000 Millions tractor manufacturing unit by Mahindra & Mahindra at its existing plant in Zahirabad.

The committee would discuss various incentives sought by these companies and make recommendations to the State Level Investment Promotion Board (SIPB) headed by the chief minister, according to government officials.

The state offers incentives in the form of concessions or waiver of sales tax (VAT) apart from providing power and training subsidy to industrial projects under the general policy framework. The SIPB route is meant for mega investments for which the board uses discretionary powers to decide on the quantum of incentives, and on providing roads and power at the doorsteps etc, over and above the general policy on a case by case basis.

Cement plants

The government has received seven proposals for setting up cement plants as the state has huge limestone reserves, the key input in cement manufacturing.

The big ticket investments are that of JSW Cement Limited for setting up a Rs 15000.000 Millions cement plant in Kurnool district, UltraTech Cement's capacity expansion (Rs 12000.000 Millions) in Anantapur district, Jaypee Cement Limited's Rs 12000.000 Millions greenfield plant in Krishna district and a Rs 1,000-crore cement plant in Kadapa district by Dalmia Cement Limited.

KCP Limited, Orient Cement Limited and NCL Industries Limited are also setting up cement units in the state though the investments for these plants are in the range of Rs 2650.000 – 5670.000 Millions.

Edible oil refinery

About five companies have sought incentives for their edible oil refinery plants proposed in Nellore district as the newly-developed Krishnapatnam Port has emerged as a hub for edible oil refineries in South India in recent times.

These apart, Royal Enfield has proposed a motorcycle manufacturing plant in Sri City SEZ in Nellore district with Rs 2500.000 Millions.

In Telangana

Interestingly, investments totalling around Rs 20000.000 Millions of the total proposals would flow into the Telangana region.

In addition to M&M's tractor unit and three small cement units that have been proposed in the region, TMT Tyres Private Limited and Hinduja Foundries are setting up a Butyl Tube manufacturing plant and an iron castings unit respectively in Medak district near Hyderabad.

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.55.51
UK Pound	1	Rs.87.60
Euro	1	Rs.69.15

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.