1. Summary Information

		Country	INDIA
Company Name	GPT STEEL INDUSTRIES LIMITED	Principal Name 1	MR. RAJEN AMRITLAL PARIKH
Status	MODERATE	Principal Name 2	MR. BHARAT AMTITLAL PARIKH
		Registration #	04-043070
Street Address	203, DEV SHRUTI APARTMENTS, OPPOSITE MEDI-SURGE HOSPITAL, AHMEDABAD – 380 009, GUJARAT
Established Date	17.10.2003	SIC Code	--
Telephone#	91-79-26561815	Business Style 1	MANUFACTURER
Fax #	NOT AVAILABLE	Business Style 2	SELLER
Homepage	www.parikhindustries.com	Product Name 1	TIN PLATES
# of employees	NOT AVAILABLE	Product Name 2	COLD ROLLED STEEL PRODUCTS
Paid up capital	RS.2,522,755,070/-	Product Name 3	--
Shareholders	FOREIGN HOLDINGS-90.08% BODIES CORPORATE-3.06% DIRECTORS OR RELATIVES OF DIRECTORS-0.61% OTHER TOP FIFTY SHAREHOLDERS-6.25%	Banking	STATE BANK OF INDIA
Public Limited Corp.	NO	Business Period	9 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ca (21)
Related Company
Relation	Country	Company Name	CEO
COMPANIES WHERE COMMON CONTROL EXISTS	--	ENDIKAY PTE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	383,002,000	Current Liabilities	532,172,000
Inventories	75,958,000	Long-term Liabilities	5,610,297,000
Fixed Assets	5,062,429,000	Other Liabilities	6,668,000
Deferred Assets	0,000	Total Liabilities	6,149,137,000
Invest& other Assets	1,490,042,000	Retained Earnings	1,815,256,000
		Net Worth	862,294,000
Total Assets	7,011,431,000	Total Liab. & Equity	7,011,431,000
Total Assets (Previous Year)	7,477,546,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	838,619,000	Net Profit	(128,840,000)
Sales(Previous yr)	870,576,000	Net Profit(Prev.yr)	(33,034,000)

MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	GPT STEEL INDUSTRIES LIMITED
Formerly Known As :	GPT STEEL INDUSTRIES PRIVATE LIMITED
Registered Office :	203, Dev Shruti Apartments, Opposite Medi-Surge Hospital, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.10.2003
Com. Reg. No.:	04-043070
Capital Investment / Paid-up Capital :	Rs.2522.755 millions
CIN No.: [Company Identification No.]	U27104GJ2003PLC043070
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00715B
PAN No.: [Permanent Account No.]	AACCG0010H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Tin Plates and Cold Rolled Steel Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. External borrowing of the company is huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 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 has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Borrowers’ Name :	GPT STEEL INDUSTRIES LIMITED
Address :	PLOT NO.301, PHASE 2, GIDC ESTATE, MITHIROHAR, GANDHIDHAM, KUTCH, GUJARAT
Name of Individual :	Bharat Parikh Karuna Parikh Rajen Parikh Satykam Basu
Name of Credit Grantors / Bank & Branch:	State Bank of India Branch: SAMB AHMEDABAD
Amount (Rs. In Millions) :	1547.000

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 :	203, Dev Shruti Apartments, Opposite Medi-Surge Hospital, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26561815
Fax No.:	Not Available
E-Mail :	mg.dhawan@parikhindustries.com info@parikhindustries.com
Website :	http://www.parikhindustries.com
Corporate Office :	Parikh Group of Companies, 509-B, Sagar Tech Plaza, Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai - 400 072, Maharashtra, India
Tel. No.:	91-22-66964292
Fax No.:	91-22-66964293
E-Mail :	info@parikhindustries.com
Factory :	301, Mithirohar, GIDC Estate, Phase II, Gandhidham, Kutch – 370 201, Gujarat, India
Tel. No.:	91-2836-650468
Fax No.:	91-2836-286444
E-Mail :	info@parikhindusries.com
International Office :	Parikh Steel Industries (UK) Limited, 8 Dalton House, 60 Windsor Avenue, London SW19 2RR, United Kingdom
Tel. No.:	+44 (0)208 5409995
Fax No.:	+44 (0)208 5441787
E-Mail :	bharatparikh@ghtrading.com
Branch Office :	Parikh Group of Companies, Orchid Plaza – Ground Floor, Sun City, Sector – 54, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4353600
Fax No.:	91-124-4353602
E-Mail :	rajen.parikh@parikhindusries.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajen Amritlal Parikh

Designation :

Whole-Time Director

Address :

16, Mandi Hills, Mandi Village, New Delhi – 110 047, India

Date of Birth/Age :

19.01.1956

Qualification :

B. Com

Date of Appointment :

17.10.2003

DIN No.:

00069594

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	U28999WB1971PTC043848	PARIKH STEEL PRIVATE LIMITED	Managing director	26/07/1976	26/07/1976	-	Active	NO
2	U27104GJ2003PTC042938	INDOBEL STEELS PRIVATE LIMITED	Director	19/09/2003	19/09/2003	-	Active	NO
3	U27104GJ2003PLC043070	GPT STEEL INDUSTRIES LIMITED	Whole-time director	17/10/2003	17/10/2003	-	Active	NO
4	U27102GJ2004PTC044712	SAMSHI POWER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	28/11/2008	Active	NO
5	U27100MH2005PTC155310	VAPS STEEL SERVICE CENTRE PRIVATE LIMITED	Director	11/08/2005	11/08/2005	-	Active	NO
6	U85110DL2005PTC142771	GHV HEALTHCARE PRIVATE LIMITED	Director	21/11/2005	21/11/2005	-	Active	NO
7	U40102DL2006PTC144929	WTE ENERGY PRIVATE LIMITED	Director	17/01/2006	17/01/2006	-	Active	NO
8	U55101DL2006PTC147379	PLANIT HOSPITALITY PRIVATE LIMITED	Director	10/03/2006	10/03/2006	02/06/2011	Active	NO
9	U45201GJ2006PLC048082	SAMSHI PROJECT LIMITED	Director	06/04/2006	06/04/2006	28/11/2008	Strike off	NO
10	U27203GJ2006PLC048083	GPT INDUSTRIES LIMITED	Director	06/04/2006	06/04/2006	09/12/2008	Strike off	NO
11	U27106GJ2003PLC043298	SAMSHI PIPE INDUSTRIES LIMITED	Director	28/03/2007	28/03/2007	09/12/2008	Active	NO
12	U41000HR2007PTC037353	AMRIT CLEAN WATER TECHNOLOGIES PRIVATE LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
13	U51103HR2007PTC037352	INDUSTEEL PLATES INDIA DELHI PRIVATE LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
14	U22222DL2008PTC185075	TRIO OMNI MEDIA PRIVATE LIMITED	Director	20/11/2008	20/11/2008	-	Active	NO

Name :

Mr. Bharat Amtitlal Parikh

Designation :

Director

Address :

179, Coombe Lane, London SW192RR

Date of Birth/Age :

04.10.1946

Qualification :

Chartered Accountant

Date of Appointment :

17.10.2003

DIN No.:

02367476

Name :

Ms. Karuna Rajen Parikh

Designation :

Director

Address :

16, Mandi Hills, Mandi Village, New Delhi – 110 047, India

Date of Birth/Age :

12.11.1984

Qualification :

BA

Date of Appointment :

09.12.2008

DIN No.:

02329036

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	U22222DL2008PTC185075	TRIO OMNI MEDIA PRIVATE LIMITED	Director	20/11/2008	20/11/2008	-	Active	NO
2	U27104GJ2003PLC043070	GPT STEEL INDUSTRIES LIMITED	Director	09/12/2008	09/12/2008	-	Active	NO
3	U28999WB1971PTC043848	PARIKH STEEL PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Active	NO
4	U27100MH2005PTC155310	VAPS STEEL SERVICE CENTRE PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
5	U40102DL2006PTC144929	WTE ENERGY PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
6	U27104GJ2003PTC042938	INDOBEL STEELS PRIVATE LIMITED	Additional director	06/07/2011	06/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Madan Gopal Dhawan
Designation :	Vice President - Finance
Date of Birth/Age :	56 Years
Qualification :	Chartered Accountant
Experience :	34 Years
Date of Appointment :	01.06.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Note:

Shareholding details file attached.

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	90.08
Bodies corporate	3.06
Directors or relatives of directors	0.61
Other top fifty shareholders	6.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Tin Plates and Cold Rolled Steel Products.

Products :

Product Description	ITC Code
Electrolytic Tinning Plate	721012.09
Cold Rolled Full Hard Coil	721012.09

• Cold Rolled Full Hard (CRFH)
• Cold Rolled Close Annealed (CRCA)

• Tin Mill Black Plate (TMBP)
• Tin Plate

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tin Plate	TN	200000	13327.790

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of India, Corporate Finance Branch, 58 Shrijmali Society, Near Mithakali Six Roads, Navrangpura, Ahmedabad - 380 009, Gujarat, India

v Bank of India, Sakinaka, Mumbai, Maharashtra, India

v Bank of India, Vadodara, Gujarat, India

v Bank of India, Gandhidham, Gujarat, India

v Punjab National Bank, Ahmedabad, Gujarat, India

v Standard Chartered Bank, Vadodara, Gujarat, India

v Andhra Bank, Corporate Finance Branch, Nariman Point, Mumbai – 400 021, Maharashtra, India

v State Bank of India (Lead Bank) , CAG Brach , 58 Shirimali Society, Navrangpura , Ahmedabad, Gujarat, India

v Andhra Bank, No.33, III Floor, Atlanta Nariman Point Branch, Mumbai, Maharashtra, India

v Bank of India, MDI Building , 1^st Floor S.V. Road Andheri (West), Mumbai – 400 058, Maharashtra, India

v Jammu and Kashmir Bank Limited , Block – D, 1^st Floor North Side, Shiv Sagar Estate, Dr. A.B. Road , Mumbai, Maharashtra, India

v Punjab National Bank, NSIC Bhavan, Okhla Industrial Estate, New Delhi – 110 020, India

v State Bank of Bikaner and Jaipur, CG Road, (10-11) Empire Tower, Panchvati, Navrangpura , Ahmedabad, Gujarat, India

v State Bank of Indore, Ashram Road Branch, Ahmedabad, Gujarat, India

v State Bank of Saurashtra , IFC Branch, Gujarat Chamber of Commence Building, Ashram Road Branch, Ahmedabad, Gujarat, India

v State Bank of Travancore, PB No.11 Ground Floor, Kaivanna, Ambawadi, Ahmedabad – 380 006, Gujarat, India

v Syndicate Bank, 26-A, Sir P.M. Road, Syndicate Bank Building, Fort, Mumbai – 400 001, Maharashtra, India

v UCO Bank , YMCA International Guest House, 18 Madam Cama Road, Mumbai – 400 039, Maharashtra, India

v Union Bank of India , Union Bank of Bhavan, 23,9 Bidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Foreign currency loans banks secured	2928.031	2779.104
Working capital loans banks secured	2681.178	1767.349
Loans taken for other fixed assets secured	0.000	1150.977
Total	5609.209	5697.430

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loans banks unsecured	0.963	1.526
Loans taken for other fixed assets unsecured	0.125	2.000
Total	1.088	3.526

Banking Relations :	--
Auditors :
Name :	Astutosh and Pankaj Chartered Accounts
Address :	239, Kuber, New Link Road, Andheri (West), Mumbai - 400 053, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAOFA9042Q
Companies where common control exists :	v Endikay PTE Limited v Parikh Steel Private Limited v VAP Steel Service Centre Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
255000000	Equity Shares	Rs.10/- each	Rs.2550.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
252275507	Equity Shares	Rs.10/- each	Rs.2522.755 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (6 Months)
SHAREHOLDERS FUNDS
1] Share Capital		2522.755	2522.755	2522.755
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1815.256	1945.038	2074.820
4] (Accumulated Losses)		(3475.717)	(3346.877)	(3313.844)
NETWORTH		862.294	1120.916	1283.731
LOAN FUNDS
1] Secured Loans		5609.209	5697.430	5760.821
2] Unsecured Loans		1.088	3.526	7.311
TOTAL BORROWING		5610.297	5700.956	5768.132
DEFERRED TAX LIABILITIES		3.502	4.281	5.059
TOTAL		6476.093	6826.153	7056.922
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5062.429	5335.698	5605.872
Capital work-in-progress		1490.042	1508.741	1508.114
Expenditure pending allocation, net		0.000	20.650	20.650
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.958	192.553	162.120
	Sundry Debtors	17.354	36.711	23.871
	Cash & Bank Balances	62.456	69.957	104.887
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	303.192	313.236	253.981
Total Current Assets		458.960	612.457	544.859
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	263.424	370.212	619.371
	Other Current Liabilities	268.748	277.955
	Provisions	3.166	3.226	3.202
Total Current Liabilities		535.338	651.393	622.573
Net Current Assets		(76.378)	(38.936)	(77.714)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6476.093	6826.153	7056.922

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (6 Months)
	SALES
		Operating revenue, net	838.619	870.576	394.095
		Other income	173.615	192.135	155.495
		TOTAL (A)	1012.234	1062.711	549.590
Less	EXPENSES
		Consumption materials changes inventories	765.119	667.822	274.738
		Manufacturing service costs	37.927	57.564	28.861
		Contract cost	4.846	22.551
		Employee related expenses	39.614	38.051	21.373
		Administrative selling other expenses	63.308	54.240	33.762
		Prior period items	18.304	0.000	0.000
		TOTAL (B)	929.118	840.228	358.734
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		83.116	222.483	190.856
Less	INTEREST FINANCIAL EXPENSES (D)		(73.697)	(29.247)	176.320
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		156.813	251.730	14.536
Less/ Add	DEPRECIATION/ AMORTISATION (F)		285.653	284.764	147.698
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(128.840)	(33.034)	(133.162)
Less	TAX (H)		0.000	0.000	0.202
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(128.840)	(33.034)	(133.364)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3346.877)	(3313.843)	(3180.479)
	BALANCE CARRIED TO THE B/S		(3475.717)	(3346.877)	(3313.843)
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (At F.O.B)	100.446	66.206	0.000
	TOTAL EARNINGS		100.446	66.206	0.000
	Earnings/ (Loss) Per Share (Rs.)		(0.51)	(0.13)	(0.53)

KEY RATIOS

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (6 Months)
PAT / Total Income	(%)	(12.73)	(3.11)	(24.27)
Net Profit Margin (PBT/Sales)	(%)	(15.36)	(3.79)	(33.79)
Return on Total Assets (PBT/Total Assets}	(%)	(2.33)	(0.56)	(2.16)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.03)	(0.10)
Debt Equity Ratio (Total Liability/Networth)		7.13	5.67	4.98
Current Ratio (Current Asset/Current Liability)		0.86	0.94	0.88

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	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) 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	No

Note:

Registered office of the company has been shifted from 301, Mithirohar, GIDC Estate, Phase II, Gandhidham - 370 201, Gujarat, India to the present address w.e.f. 26.06.2009.

RESULTS OF OPERATIONS

During the period ended 31.03.2011 the production at the factory is stabilized. The production is stabilised for the plant for Electroplating Tinning Line. The Directors are hopeful that the Company will be able to achieve the desired production with good profitability.

Contingent liabilities not provided for in respect of:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
(i) Guarantees issued by banks on behalf of the Company	--	331.797
(ii) Interest charged on Term Loan and Cash Credit by Syndicate Bank	134.123	--
(iii) Appeal against assessment order of Income Tax for AY 06-07	On-going appeal, still not concluded.	Loss claimed as per return – Rs.372.451 millions Loss allowed as per assessment – Rs.156.725 millions.
(iv) Appeal against assessment order of Income Tax for AY 08-09	Loss claimed as per return – Rs.1732.078 millions Loss allowed as per assessment – Rs.1553.609 millions	--
(v) Interest expense on NPA loans	*	*
(vi) Non fulfillment of export obligation	**	**

Notes:

* The Company is in the process of settling its dues towards loans from Banks. Also as per RBI guidelines, interest should not be charged on Non Performing Assets by banks, hence company has not provided for such interest on loan in the books. Since settlement process is on, hence quantification of Interest liabilities is not possible.

** The Company had obtained EPCG and Advance License in previous years for import of machinery and raw material by paying Import Duty at the rate of 5% under EPCG and Nil duty under Advance License. In respect of which the Company had a future export obligation under EPCG of Rs.10441.931 millions i.e. $ 23,57,70,455 over a period of 8 years from September 10, 2004 onwards and Advance License of Rs.854.299 millions i.e. $ 1,96,04,000 over 3 years starting from May 2006. The Company has fulfilled export obligation of Rs.459.992 millions under EPCG and Rs.187.034 millions under Advance License. The period for fulfilling the obligation under Advance License has expired and the company has filed an application to seek relaxation for the same as it has not yet been able to fulfill the obligation. However in case on non-renewal of the Advance License, a liability of Import duty and Interest thereon shall arise, which the Company shall have to bear.

FIXED ASSETS:

v Leasehold Land

v Furniture and Fixture

v Electrical Equipments

v Computer

v Vehicles

v Office Equipments

v Vehicles

v Electric installation

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.54.96
UK Pound	1	Rs.87.50
Euro	1	Rs.70.15

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	YES
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		21

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.