MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	GRACE INDUSTRIES LIMITED
Registered Office :	9, Imambada Road, Nagpur-440018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.2003
Com. Reg. No.:	11-141810
Capital Investment / Paid-up Capital :	Rs.249.245 Millions
CIN No.: [Company Identification No.]	U27100MH2003PLC141810
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacture of Sponge Iron and Trading of Iron, Steel and Coal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (38)

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

Maximum Credit Limit :	USD 4960000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Sanvijay Rolling and Engineering Limited. It is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments terms are slow but correct. 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	9, Imambada Road, Nagpur-440018, Maharashtra, India
Tel. No.:	91-712-2729130 / 136 (7 Lines)
Fax No.:	91-712-2720716 / 2723799
E-Mail :	cs@sanvijay.com steel@sanvijay.com
Factory :	A-23, MIDC, Industrial Area, Tadali Growth Center, Chandrapur-441545, Maharashtra, India
Tel No.:	91-7172-237907
Fax No.:	91-7172-237910

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sanjay Puranlal Agrawal

Designation :

Managing Director

Address :

Plot No. 26, Bhagwaghar Layout, Dharampeth, Nagpur-440010, Maharashtra, India

Date of Birth/Age :

26.07.1966

Date of Appointment :

20.01.2009

Din No.:

00308722

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	U70101MH1992PTC067892	LOSSY ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
2	U72220MH2000PTC124023	MACROSOFT INFOTECH AND SYSTEMS PRIVATE LIMITED	Director	03/02/2000	03/02/2000	-	Active	NO
3	U45208MH1980PTC022816	SUNRISE STRUCTURALS AND ENGINEERING PRIVATE LIMITED	Director	14/08/2000	14/08/2000	-	Active	NO
4	U45209MH1995PTC094474	SANVIJAY AUTO ENGINEERING PRIVATE LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO
5	U27100MH1988PTC046143	DIU ISPAT UDYOG PRIVATE LIMITED	Director	10/12/2002	10/12/2002	-	Active	NO
6	U27100MH1987PLC045013	SANVIJAY ROLLING AND ENGINEERING LIMITED	Whole-time director	16/02/2003	16/02/2003	-	Active	NO
7	U45201MH2006PLC165768	CHHINDWARA PLUS DEVELOPERS LIMITED	Director	24/11/2006	24/11/2006	-	Active	NO
8	U74899MH1994PTC193861	PROGRESSIVE CASTINGS PRIVATE LIMITED	Director	29/09/2007	28/06/2007	05/12/2011	Active	NO
9	U27101MH2005PTC229064	SATYA SHYAM STEELS PRIVATE LIMITED	Director	30/09/2008	10/03/2008	-	Active	NO
10	U24239MH2009NPL189289	APPLE MEDICARE	Director	01/01/2009	01/01/2009	-	Active	NO
11	U27100MH2003PLC141810	GRACE INDUSTRIES LIMITED	Managing director	28/01/2010	20/01/2009	-	Active	NO
12	U70101MH2006PTC161848	LALITAMBIKA BUILDERS AND DEVELOPERS PRIVATE LIMITED	Additional director	15/04/2009	15/04/2009	-	Active	NO
13	U01403MH2007PTC168270	MAHALAXMI AGRO AND LAND DEVELOPERS PRIVATE LIMITED	Additional director	15/04/2009	15/04/2009	-	Active	NO
14	U27106MH2007PLC176783	SOMU STEEL AND POWER LIMITED	Director	30/09/2009	01/06/2009	-	Active	NO
15	U51109WB1995PTC069876	MAHAK TRACON PVT LTD	Director	30/09/2009	24/06/2009	-	Active	NO
16	U10100MH2008PTC186624	MAHARASHTRA COAL COMPANY PRIVATE LIMITED	Director	30/09/2010	27/11/2009	-	Active	NO
17	U30007MH1990PLC056918	LIBERTY COMPUTER STATIONERY LIMITED	Additional director	15/12/2009	15/12/2009	30/09/2010	Active	NO
18	U28920MH1982PTC029004	PRAKASH TRADERS PRIVATE LIMITED	Additional director	15/12/2009	15/12/2009	30/09/2010	Active	NO
19	U51909WB2007PTC114636	DAMODAR VINIMAY PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
20	U51909WB2007PTC114541	BASUKINATH SALES PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
21	U51109WB2007PTC114468	BASUDEO VYAPAAR PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
22	U65993WB1977PTC031098	BOHRA AND CO PRIVATE LIMITED	Director	30/09/2010	18/06/2010	-	Active	NO
23	U51109WB1996PTC078080	VASUNDHARA COMMODITIES PRIVATE LIMITED	Director	30/09/2010	25/06/2010	-	Active	NO
24	U74900MH2009PTC195711	EXPLO-TECH CONSULTING PRIVATE LIMITED	Director	26/09/2011	05/01/2011	-	Active	NO
25	U27310MH2012PTC230428	SANVIJAY ENGINEERING AND STRUCTURES PRIVATE LIMITED	Director	30/04/2012	30/04/2012	-	Active	NO

Name :

Mr. Ramkrishnan Arunachalam Sankara

Designation :

Director

Address :

7, Chaitanya, Plot No. 112, Road No. 4, Hindu Colony, Uadar, Mumbai-4000014, Maharashtra, India

Date of Birth/Age :

21.01.1953

Date of Appointment :

03.04.2010

Din No.:

01404735

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	U70102GJ2007PLC050966	GUJARAT AKRUTI - TCG BIOTECH LIMITED	Director	28/05/2007	28/05/2007	26/09/2008	Active	NO
2	U51100MH1996PLC100876	HOARY REALTY LIMITED	Additional director	26/09/2007	26/09/2007	13/05/2008	Active	NO
3	U99999MH2006PTC182177	SUNSTREAM CITY PRIVATE LIMITED	Additional director	08/01/2008	08/01/2008	21/04/2008	Active	NO
4	U00082MH2006PTC182175	MUTTHA REALTY PRIVATE LIMITED	Additional director	07/03/2008	07/03/2008	21/04/2008	Active	NO
5	U67190MH2007PTC172390	ABP REALTY ADVISORS PRIVATE LIMITED	Additional director	28/03/2008	28/03/2008	08/12/2008	Active	NO
6	U45203GJ2008PTC069636	HUBTOWN BUS TERMINAL (ADAJAN) PRIVATE LIMITED	Additional director	02/05/2008	02/05/2008	08/12/2008	Active	NO
7	U45203GJ2008PTC069640	HUBTOWN BUS TERMINAL (VADODARA) PRIVATE LIMITED	Additional director	02/05/2008	02/05/2008	08/12/2008	Active	NO
8	U45400GJ2008PTC069638	HUBTOWN BUS TERMINAL (MEHSANA) PRIVATE LIMITED	Additional director	02/05/2008	02/05/2008	08/12/2008	Active	NO
9	U45203MH2008PTC180951	HUBTOWN BUS TERMINAL (SURAT) PRIVATE LIMITED	Additional director	02/05/2008	02/05/2008	08/12/2008	Active	NO
10	U74991MH2008PLC177806	HELIK ADVISORY LIMITED	Additional director	26/05/2008	26/05/2008	08/12/2008	Active	NO
11	U70104MH1935PLC002249	SHREENIWAS COTTON MILLS LIMITED	Additional director	05/08/2009	05/08/2009	19/09/2009	Active	NO
12	U72900MH2008PLC182793	NUCLEUS GIS AND ITES LIMITED	Director	12/07/2010	10/12/2009	-	Active	NO
13	U27100MH2003PLC141810	GRACE INDUSTRIES LIMITED	Director	30/09/2010	03/04/2010	-	Active	NO
14	U80903GJ2008PTC053184	EDUNOVA EDUCATIONAL RESEARCH AND TRAINING PRIVATE LIMITED	Additional director	14/05/2010	14/05/2010	-	Active	NO
15	U55110GJ1998PLC035044	NEESA LEISURE LIMITED	Additional director	29/11/2012	29/11/2012	-	Active	NO

Name :

Mr. Saurabh Sanjay Agrawal

Designation :

Director

Address :

Plot No. 26, Bhagwaghar Layout, Dharampeth, Nagpur-440010, Maharashtra, India

Date of Birth/Age :

20.01.1991

Date of Appointment :

22.06.2011

Din No.:

03102986

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	U27106MH2007PLC176783	SOMU STEEL AND POWER LIMITED	Director	30/09/2010	16/06/2010	-	Active	NO
2	U28920MH1982PTC029004	PRAKASH TRADERS PRIVATE LIMITED	Director	30/09/2010	16/06/2010	03/04/2012	Active	NO
3	U45209MH1995PTC094474	SANVIJAY AUTO ENGINEERING PRIVATE LIMITED	Director	30/09/2010	16/06/2010	-	Active	NO
4	U30007MH1990PLC056918	LIBERTY COMPUTER STATIONERY LIMITED	Director	30/09/2010	16/06/2010	-	Active	NO
5	U45208MH1980PTC022816	SUNRISE STRUCTURALS AND ENGINEERING PRIVATE LIMITED	Director	30/09/2010	20/08/2010	-	Active	NO
6	U10100MH2008PTC186624	MAHARASHTRA COAL COMPANY PRIVATE LIMITED	Director	30/09/2011	22/06/2011	-	Active	NO
7	U27100MH2003PLC141810	GRACE INDUSTRIES LIMITED	Director	30/09/2011	22/06/2011	-	Active	NO

Name :

Mr. Ajay Puranlal Agrawal

Designation :

Director

Address :

12, Daga Layout, North Ambazari Road, Gandhi Nagar, Nagpur-440010, Maharashtra, India

Date of Birth/Age :

12.11.1979

Date of Appointment :

28.01.2010

Din No.:

00084840

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	U27100MH1988PTC046143	DIU ISPAT UDYOG PRIVATE LIMITED	Director	10/01/1998	10/01/1998	-	Active	NO
2	U27100MH1987PLC045013	SANVIJAY ROLLING AND ENGINEERING LIMITED	Whole-time director	03/03/2004	03/03/2004	-	Active	NO
3	U27101MH2005PTC229064	SATYA SHYAM STEELS PRIVATE LIMITED	Director	30/09/2008	10/03/2008	-	Active	NO
4	U74899MH1994PTC193861	PROGRESSIVE CASTINGS PRIVATE LIMITED	Director	30/06/2008	30/06/2008	20/04/2012	Active	NO
5	U27100MH2003PLC141810	GRACE INDUSTRIES LIMITED	Director	28/01/2010	20/01/2009	-	Active	NO
6	U27106MH2007PLC176783	SOMU STEEL AND POWER LIMITED	Director	30/09/2009	01/06/2009	-	Active	NO
7	U51109WB1995PTC069876	MAHAK TRACON PRIVATE LIMITED	Director	30/09/2009	24/06/2009	-	Active	NO
8	U70101MH1992PTC067892	LOSSY ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	20/10/2009	-	Active	NO
9	U45209MH1995PTC094474	SANVIJAY AUTO ENGINEERING PRIVATE LIMITED	Director	29/09/2012	15/12/2009	-	Active	NO
10	U51909WB2007PTC114636	DAMODAR VINIMAY PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
11	U51909WB2007PTC114541	BASUKINATH SALES PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
12	U51109WB2007PTC114468	BASUDEO VYAPAAR PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
13	U28920MH1982PTC029004	PRAKASH TRADERS PRIVATE LIMITED	Additional director	24/11/2011	24/11/2011	15/03/2012	Active	NO
14	U30007MH1990PLC056918	LIBERTY COMPUTER STATIONERY LIMITED	Director	29/09/2012	24/11/2011	-	Active	NO
15	U45208MH1980PTC022816	SUNRISE STRUCTURALS AND ENGINEERING PRIVATE LIMITED	Director	29/09/2012	24/11/2011	-	Active	NO

Name :

Mr. Purushottam Hastimal Purohit

Designation :

Director

Address :

141 A, Sharda Niwas, Ramsumerbaba Nagar, Kawlapet, Nagpur-440008, Maharashtra, India

Date of Birth/Age :

14.05.1953

Date of Appointment :

28.01.2010

Din No.:

02563591

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	Company/ LLP Status	Defaulting status
1	U27100MH1987PLC045013	SANVIJAY ROLLING AND ENGINEERING LIMITED	Director	30/09/2009	27/02/2009	Active	NO
2	U27100MH2003PLC141810	GRACE INDUSTRIES LIMITED	Director	28/01/2010	24/11/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sanvijay Rolling and Engineering Limited, India	24923905
Ajay Puranlal Agrawal	100
Sanjay Puranlal Agrawal	100
Sanjay Puranlal Agrawal HUF	100
Saurabh Sanjay Agrawal	100
Satya Shyam Steels Private Limited, Munreshi	100
Lossy Estates and Investment Private Limited, India	100
TOTAL	24924505

AS ON 06.02.2012

Names of Allottees	No. of Shares
Bohra and Company Private Limited, India	8589285
Vasundhara Commodities Private Limited, India	11982142
TOTAL	20571427

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacture of Sponge Iron and Trading of Iron, Steel and Coal.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron (DRI) (MT)	225000	--	12981.000
Coal Tar Products (MT)	40500	--	--
Coal Based Power Plant (MW)	1000	--	--
Sponge Iron on three shift basis (MT)	--	60000	--
Dolochar	--	--	20791.740

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

· Bank of Baroda

· Uco Bank

· State Bank of Travancore

· HDFC Bank

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee Term Loans	1599.254	1637.337
TOTAL	1599.254	1637.337

Banking Relations :	--
Auditors :
Name :	Agrawal Singhvi and Company Chartered Accountants
Address :	F 9 and 10, Silver Palace, Dhantoli, Nagpur, Maharashtra, India
PAN No:	AJQPS7943H
Holding Company :	Sanvijay Rolling and Engineering Limited [U27100MH1987PLC045013]
Related Parties :	· Prakash Ispat Udyog · Mahalaxmi Re-Rolling and Engineering Works · Liberty Computer Stationary Private Limited [U30007MH1990PLC056918] · Sunrise Structures and Engineering Private Limited [U45208MH1980PTC022816] · Diu Ispat Udyog Private Limited [U27100MH1988PTC046143] · Prakash Traders Private Limited [U28920MH1982PTC029004] · Lossy Estate and Investment Private Limited [U70101MH1992PTC067892] · Mahak Trackon Private Limited [U51109WB1995PTC069876] · Progressive Casting Private Limited [U74899MH1994PTC193861] · Sanvijay Auto Engineering Private Limited [U45209MH1995PTC094474] · Macrosoft Infortech and Systems Private Limited [U72220MH2000PTC124023] · Satyashyam Steel Private Limited [U27101CT2005PTC017500] · Vasundhara Commodities Private Limited [U51109WB1996PTC078080] · Bohara and Company Private Limited [U65993WB1977PTC031098] · Prakash Fabricators Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45495932	Equity Shares	Rs.10/- each	Rs.454.959 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- each	Rs.480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24924505	Equity Shares	Rs.10/- each	Rs.249.245 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		249.245	249.245	249.245
2] Share Application Money		572.500	0.000	0.000
3] Reserves & Surplus		432.814	432.814	432.814
4] (Accumulated Losses)		(13.375)	(41.035)	(31.451)
NETWORTH		1241.184	641.024	650.608
LOAN FUNDS
1] Secured Loans		0.000	0.000	491.167
2] Unsecured Loans		1599.254	1637.337	200.906
TOTAL BORROWING		1599.254	1637.337	692.073
DEFERRED TAX LIABILITIES		3.046	12.129	17.270
TOTAL		2843.484	2290.490	1359.951
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		295.798	291.456	263.578
Capital work-in-progress		1869.451	1330.143	656.357
EXPENDITURE PENDING ALLOCATION, NET		225.191	211.654	177.342
INVESTMENT		0.398	0.398	0.293
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.457	134.907	115.306
	Sundry Debtors	5.777	16.476	55.339
	Cash & Bank Balances	23.320	31.619	49.241
	Other Current Assets	1.463	0.637	9.374
	Loans & Advances	361.096	397.120	63.439
Total Current Assets		501.113	580.759	292.699
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.634	111.782	19.245
	Other Current Liabilities	8.127	2.691	2.976
	Provisions	3.706	9.700	8.603
Total Current Liabilities		48.467	124.173	30.824
Net Current Assets		452.646	456.586	261.875
MISCELLANEOUS EXPENSES		0.000	0.253	0.506
TOTAL		2843.484	2290.490	1359.951

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	438.950	353.678	385.324
		Other Income	1.651	4.178	16.928
		TOTAL (A)	440.601	357.856	402.252
Less	EXPENSES
		Consumption materials changes inventories	328.465	248.432
		Manufacturing service costs	60.809	96.690
		Contract cost	6.183	2.692	391.377
		Employee related expenses	4.795	2.257
		Administrative selling other expenses	5.691	2.653
		Prior period items	0.219	0.247
		TOTAL (B)	406.162	352.971	391.377
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.439	4.885	10.875
Less	FINANCIAL EXPENSES (D)		0.024	4.864	25.162
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.415	0.021	(14.287)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.574	14.705	14.043
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		18.841	(14.684)	(28.330)
Less	TAX (H)		(8.817)	(5.101)	(2.473)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		27.658	(9.583)	(25.857)
	Earnings / (Loss) Per Share (Rs.)		1.11	(0.38)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.27	(2.67)	(6.43)
Net Profit Margin (PBT/Sales)	(%)	4.29	(4.15)	(7.35)
Return on Total Assets (PBT/Total Assets}	(%)	2.36	(1.68)	(5.09)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.02)	(0.04)
Debt Equity Ratio (Total Liability/Networth)		1.33	2.75	1.11
Current Ratio (Current Asset/Current Liability)		10.34	4.67	9.50

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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from Gupta Bhawan Seth, Mahadeo Prasad Gupta Marg, Sitabuldi, Nagpur-440012, Maharashtra, India to the present address w.e.f. 26.11.2009.

FIXED ASSETS:

· Land

· Building and Site Development

· Plant and Machinery

· Mahindra Tractor

· Computer and Software

· Office Equipments

· Furniture, Fixtures and Electricals

· Vehicles

· Generator

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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		38

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.