MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	PCK BUDERUS (INDIA) SPECIAL STEELS PRIVATE LIMITED
Registered Office :	No. 13, South West Boag Road, T Nagar, Chennai - 600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.04.1998
Com. Reg. No.:	18-040392
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U51102TN1998PTC040392
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Supplier of Special Steel used in Moulding.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 730000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management failed to file its financials with the government department since 2010. However, as per financials of 2010, the company performing well. Trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. The company can be considered for business dealings with great 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 :	No. 13, South West Boag Road, T Nagar, Chennai 600017, Tamilnadu, India
Tel. No.:	91-44-24346503 / 24341904 / 24348638
Fax No.:	91-44-24341181
E-Mail :	cshariharan01@yahoo.co.in info@pck-buderus.com laxman@pck-buderus.com krishnan@pck-buderus.com chidamber@pck-buderus.com pck@md3.vsnl.net.in
Website :	www.pck-buderus.com
Branch Office 1:	C1 Industrial Area C, Jaspon Road, Kanganwal, Ludhiana, Punjab, India
Tel. No.:	91-161-6532016 / 6532017
E-Mail :	ludwh@pck-buderus.com
Branch Office 2:	Old Gat No 755, New Gat No 754, Pune Nagar Road, Wagholi, Pune - 412207, Maharashtra, India
Tel. No.:	91-20-27051958 /32543968 /32546767
Fax No.:	91-20-27050700
E-Mail :	punewh@pck-buderus.com pckpune@vsnl.net

DIRECTORS

As on 30.09.2010

Name :	Mr. Puducode Krishnan Iyer Laxman
Designation :	Director
Address :	No. 13, South West Boag Road, T Nagar, Chennai - 600017, Tamilnadu, India
Date of Birth/Age :	18.12.1931
Date of Appointment :	27.04.1998
DIN No.:	01391753
Name :	Mr. Puducode Laxman Krishnan
Designation :	Director
Address :	No. 13, South West Boag Road, T Nagar, Chennai - 600017, Tamilnadu, India
Date of Birth/Age :	06.06.1970
Date of Appointment :	27.04.1998
DIN No.:	02262406
Name :	Mr. Puducode Laxman Chidamber
Designation :	Director
Address :	No. 13, South West Boag Road, T Nagar, Chennai - 600017, Tamilnadu, India
Date of Birth/Age :	21.07.1973
Date of Appointment :	27.04.1998
DIN No.:	02262365

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Puducode Krishnan Iyer Laxman	6250
Puducode Laxman Chidamber	9375
Puducode Laxman Krishnan	9375
Total	25000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Supplier of Special Steel used in Moulding.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, 2, Prakasam Road, T. Nagar Branch, T. Nagar, Chennai – 600017, Tamilnadu, India ICICI Bank, Chennai, Tamilnadu, India Bank of Baroda, Chennai, Tamilnadu, India Indian Bank – Edi, Chennai, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	C S Hariharan and Company Chartered Accountants
Address :	No. 3 Playground View Street, Nandanam Extension, Chennai 600035, Tamilnadu, India
Tel. No.:	91-44-45000141 / 42
Fax No.:	91-44-24332141
PAN.:	AAAFC3206G

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 100 each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 100 each	Rs.2.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		181.827	152.492	141.381
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		184.327	154.992	143.881
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		2.963	2.521	0.104
TOTAL		187.290	157.513	143.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		116.346	111.330	106.061
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.633	109.282	121.434
	Sundry Debtors	199.013	146.479	263.742
	Cash & Bank Balances	227.451	116.291	120.364
	Other Current Assets	0.000	15.051	2.459
	Loans & Advances	80.862	65.635	22.690
Total Current Assets		570.959	452.738	530.689
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	415.951	338.945	446.592
	Other Current Liabilities	10.842	10.072	0.000
	Provisions	73.222	57.538	46.173
Total Current Liabilities		500.015	406.555	492.765
Net Current Assets		70.944	46.183	37.924
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		187.290	157.513	143.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	639.568	653.835	NA
		Other Income
		TOTAL	639.568	653.835	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	594.443	618.709	NA
		Advertising Expenses
		TOTAL	594.443	618.709	NA
	PROFIT BEFORE TAX		45.125	35.126	NA
Less	TAX		15.791	12.173	NA
	PROFIT AFTER TAX		29.334	22.953	NA
	EARNINGS IN FOREIGN CURRENCY		10.100	NA	NA
	Earnings Per Share (Rs.)		1173.36	918.16	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.59	3.51	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.57	6.22	NA
Return on Investment (ROI) (PBT/Networth)		0.24	0.22	NA
Debt Equity Ratio (Total Liability/Networth)		2.71	2.63	3.42
Current Ratio (Current Asset/Current Liability)		1.14	1.11	1.07

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	No
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	No
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

FIXED ASSETS:

• Building
• Car
• Machinery
• Office Equipment
• Furniture
• Computer

AS PER WEBSITE

PROFILE

They are the Business associates in India for the last five decades of the well renowned German Steel producer Buderus Edelstahl GmbH, Buderus Edelstahl Band GmbH and Buderus Edelstahl Schmiedetechnik GmbH representing and marketing their entire product range. This historic relationship was officially contracted on 6th June 1958 which means that 2008 is the Golden Jubilee year of association.

History dates back to our relationship with Buderus to even before the Second World War, when Late Mr. P C Krishna Iyer, the father of the Managing Director and Grand father of the two directors was an important member of the Indian operations.

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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.