MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Name :	Indus Resources PRIVATE LIMITED
Registered Office :	Flat No.257, DDA Commercial Complex – I, Cycle Market, Jhandewalan Extension, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.2000
Com. Reg. No.:	55-103828
Capital Investment / Paid-up Capital :	Rs.10.497 Millions
CIN No.: [Company Identification No.]	U74899DL2000PTC103828
Legal Form :	Private Limited Liability Company
Line of Business :	Exporters of billets, hr coil, cr coils, wire rods, etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 45000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be very low. Financially, the company appears to be weak. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 :	Flat No.257, DDA Commercial Complex – I, Cycle Market, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rocdak@gmail.com
Branch:	605, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel No.:	91-22-22041013

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sanjeev Gupta

Designation :

Director

Address :

Flat No.14th 55- 56, Street, Martins, Lanelondon Wc2n United Kingdom

Date of Birth/Age :

27.09.1971

Date of Appointment :

23.11.2003

DIN No.:

02430119

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	U74899DL2000PTC103828	INDUS RESOURCES PRIVATE LIMITED	Director	23/11/2003	23/11/2003	-	Active	NO
2	U27200HR2007PLC037927	UTTAM GALVA METALLICS LIMITED	Director	30/09/2010	02/04/2010	22/12/2011	Active	NO
3	U51420MH2010PTC210110	SAR METALLICS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
4	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
5	U51101MH2010PTC210108	SAR POWER AND STEEL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
6	U51101MH2010PTC210106	LIBERTY POWER AND STEEL (INDIA) PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
7	U35301MH2010PTC211391	LIBERTY AVIATION'S PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO
8	U55101HR1988PLC030288	GOLDEN GREENS GOLF AND RESORTS LIMITED	Director	30/09/2011	01/08/2011	-	Active	NO

Name :

Mr. Parduman Kumar Gupta

Designation :

Director

Address :

578, Model Town, Ludhiana – 141003, Punjab, India

Date of Birth/Age :

04.05.2003

Date of Appointment :

29.11.2005

DIN No.:

00304187

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	U35923PB1996PTC018357	RADHAKISHAN ENTERPRISES PRIVATE LIMITED	Director	17/06/1996	17/06/1996	-	Active	NO
2	U35920PB2004PTC027189	VENUS BIKES PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
3	U74899DL2000PTC103828	INDUS RESOURCES PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
4	U51420MH2010PTC210110	SAR METALLICS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
5	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
6	U51101MH2010PTC210108	SAR POWER AND STEEL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
7	U51101MH2010PTC210106	LIBERTY POWER AND STEEL (INDIA) PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO

Name :

Mr. Deepak Kumar Chawla

Designation :

Additional Director

Address :

B-2/8, Tata Steel Officer Enclave, Sector Beeta-1, G B Nagar, Greater Noida – 201306, Uattar Pradesh, India

Date of Birth/Age :

01.07.1943

Date of Appointment :

20.09.2007

DIN No.:

02033332

Name :

Mr. Ravi Kumar Trehan

Designation :

Additional Director

Address :

Bunglow No.7divya Swapna Co-Operative Housing Society Limited, Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

11.01.1959

Date of Appointment :

18.05.2010

DIN No.:

01045610

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	U25200MH1966PTC013478	J TCHANRAI INDUSTRIES PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U11200MH1985PTC035823	RAMLAKS EXPORTS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
3	U24230MH1981PTC024133	WHITECRAFT PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2004	10/02/2004	-	Active	NO
4	U91110GJ1995PTC027776	CHANTEX INDUSTRIES PRIVATE LIMITED	Whole-time director	23/03/2004	23/03/2004	-	Active	YES
5	U70101DL2004PTC211066	DART PROPERTIES PRIVATE LIMITED	Director	24/08/2004	24/08/2004	08/05/2010	Active	NO
6	U45200MH2006PTC160926	ART EXIM PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
7	U72300MH2007PTC166774	SECURED DATA SOLUTIONS PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
8	U51101MH2007PTC167064	GLOBUS INTERNATIONAL PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
9	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Director	20/06/2008	30/07/2007	-	Active	NO
10	U74899DL2000PTC103828	INDUS RESOURCES PRIVATE LIMITED	Additional director	18/05/2010	18/05/2010	-	Active	NO
11	U35301MH2010PTC211391	LIBERTY AVIATION'S PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO
12	U45200MH2012PTC227182	ANC CONTRACTING AND ENGINEERS PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO

Top of Form

Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sanjeev Gupta	1039672
Parduman Kumar Gupta	9990
Deepak Kumar Chawla	10
Total	1049672

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporters of billets, hr coil, cr coils, wire rods, etc

GENERAL INFORMATION

Suppliers :	Nouvelle Associates Brightsun Travels Everenst Stationers and Xerox Four Seasons Hotel Milan Stationers and Printers Fe Trade DMCC Fe Trade DMCC (For Investment In Share Capital) Mr. Sanjeev Gupta Paras Commodities DMCC
Customers :	Alfa Industries Kim Steel Strips Private Limited Liberty Aviation Private Limited Liberty Commodities Limited Liberty Power and Steel Private Limited Liberty Steel Company Limited Soni Ispat Limited Suryadev Alloys and Power Private Limited Agrasha Shipping Private Limited Foxtrot Limited Ruchi Power and Steel Industries Limited
No. of Employees :	Not Available
Bankers :	Punjab and Sind Bank Bank of India Citi Bank ICICI Bank State Bank of India Statndard Chartered Bank

Banking Relations :	--
Auditors :
Name :	Praveen Aggarwal and Company Chartered Accountants
Address :	Flat No.257, DDA Commercial Complex-I Cycle Market, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	91-11-23526495/ 43525470
Fax. No.:	91-11-23548424
E-mail:	pkagg123@gmail.com
PAN No.:	AAEFP9238M

CAPITAL STRUCTURE

After: 30.09.2011

Authorised Capital : Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.10.497 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1049672	Equity Shares	Rs.10/- each	Rs.10.497 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		10.497	10.497	10.497
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.940	0.839	0.606
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.437	11.336	11.103
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		0.000	0.000	0.000
TOTAL		11.437	11.336	11.103
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.765	3.412	0.617
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	0.555	0.555	0.555
	Sundry Debtors	40.541	16.367	3.378
	Cash & Bank Balances	11.008	9.384	7.885
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.703	3.649	2.305
Total Current Assets		55.807	29.955	14.123
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.816	21.868	3.126
	Other Current Liabilities	2.621	0.543	0.933
	Provisions	0.110	0.100	0.127
Total Current Liabilities		50.547	22.511	4.186
Net Current Assets		5.260	7.444	9.937
MISCELLANEOUS EXPENSES		0.412	0.480	0.549
TOTAL		11.437	11.336	11.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL (A)	73.829	79.263	21.500
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.134	0.765	0.563
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.134	0.765	0.563
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.927	0.431	0.085
	PROFIT BEFORE TAX (E-F) (G)		0.207	0.334	0.478
Less	TAX (H)		0.106	0.100	0.200
	PROFIT AFTER TAX (G-H) (I)		0.101	0.234	0.278
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.839	0.605	NA
	BALANCE CARRIED TO THE B/S		0.940	0.839	NA
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		73.829	79.264	21.500
	TOTAL EARNINGS		73.829	79.264	21.200
	Earnings Per Share (Rs.)		0.10	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.13	0.30	1.29
Return on Total Assets (PBT/Total Assets}	(%)	0.34	1.00	3.24
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.04
Debt Equity Ratio (Total Liability/Networth)		4.42	1.99	0.38
Current Ratio (Current Asset/Current Liability)		1.10	1.33	3.37

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	Yes
18]	Major customers	Yes
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	No

NOTE:

The registered office address of the company has been shifted from E-55, NDSE-I, New Delhi, India to present address w.e.f. 06.05.2008

FIXED ASSETS

• Office Equipment
• Machinery
• Computer

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 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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

VRN

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		28

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.