MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	SUNVIK STEELS PRIVATE LIMITED
Registered Office :	# 23, 3rd Floor, MES Road, Jalahalli Village, Bahubali Nagar, Bangalore – 560013, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.09.2003
Com. Reg. No.:	08-032546
Capital Investment / Paid-up Capital :	Rs. 220.000 Millions
CIN No.: [Company Identification No.]	U27310KA2003PTC032546
TAN No.: [Tax Deduction & Collection Account No.]	BLRS14283D
PAN No.: [Permanent Account No.]	AAHCS6286N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron, M S Ingots, TMT Bars etc. and in Power Generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial of 2013 are not available with us. As per of 2012, reserves of the company appears to be low. However, trade relations are fair. Business is active. Payment 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits : BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	December 2012

Rating Agency Name	ICRA
Rating	Non fund based limits : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 2012

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 :	# 23, 3rd Floor, MES Road, Jalahalli Village, Bahubali Nagar, Bangalore – 560013, Karnataka, India
Tel. No.:	91-80-23084700
Fax No.:	91-80-23084799
E-Mail :	vsl@airtelmail.in
Website :	www.sunviksteels.com
Factory :	Survey No. 59-72, Jodidevarahalli, Kallambella Hobli, Sira Taluk, District Tumkur – 572125, Karnataka, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vivek Kumar Kejriwal

Designation :

Managing director

Address :

G-13/04, Platinum City, Yeshwantpur, Bangalore – 560022, Karnataka, India

Date of Birth/Age :

19.01.1971

Date of Appointment :

11.09.2003

PAN No.:

ACXPV7536R

DIN No.:

00798892

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	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Managing director	11/09/2003	11/09/2003	Active	NO
2	U13100KA2008PTC046604	KEJ MINERALS PRIVATE LIMITED	Director	19/06/2008	19/06/2008	Active	NO

Name :

Mr. Mahendra Kumar Prathaviraj Kachhara

Designation :

Director

Address :

# 9-D, Abhilasha, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

11.02.1962

Date of Appointment :

11.09.2003

DIN No.:

02283218

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	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Director	11/09/2003	11/09/2003	-	Active	NO
2	U45200MH2004PTC145933	VALUE DEVELOPERS PRIVATE LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
3	U51109MH2008PTC186802	BHAV TRADE LINKS PRIVATE LIMITED	Director	16/09/2008	16/09/2008	01/10/2010	Active	NO
4	U45202MH2010PTC198372	KSHITIJ REALTORS PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO
5	U27100MH2011PTC212275	SUN METALLICS & ALLOYS PRIVATE LIMITED	Director	13/01/2011	13/01/2011	20/07/2012	Active	NO
6	U27101MH2011PLC219683	SUNLAND RECYCLING INDUSTRIES LIMITED	Whole-time director	01/10/2011	12/07/2011	-	Active	NO

Name :

Mr. Sandeep Manoharlal Shishodia

Designation :

Director

Address :

Sun Metal Castings, LLC, PO Box 3787, Ajman, UAE

Date of Birth/Age :

26.10.1973

Date of Appointment :

11.09.2003

PAN No.:

BHOPS3381N

DIN No.:

02908284

Name :

Mr. Raghavachari Srinivasan

Designation :

Director

Address :

C-6-1, Llyods Garden, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

30.05.1931

Date of Appointment :

01.09.2012

DIN No.:

00003968

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	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	12/10/1993	12/10/1993	-	Active	NO
2	L24239MH1983PLC029714	ELDER PHARMACEUTICALS LIMITED	Director	15/12/1997	15/12/1997	-	Active	NO
3	L51109WB1993PLC057984	BEEYU OVERSEAS LIMITED	Director	31/07/2001	31/07/2001	30/05/2007	Active	NO
4	L36912MH1986PLC041203	GOLDIAM INTERNATIONAL LIMITED	Director	02/05/2002	02/05/2002	-	Active	NO
5	U65991MH1994PLC078879	JM FINANCIAL ASSET MANAGEMENT LIMITED	Director	19/04/2003	19/04/2003	25/01/2012	Active	NO
6	L24222WB1902PLC001540	SHALIMAR PAINTS LIMITED	Director	29/01/2005	29/01/2005	-	Active	NO
7	L51109WB1998PLC087076	MCLEOD RUSSEL INDIA LIMITED	Director	11/03/2005	11/03/2005	-	Active	NO
8	L01132WB1949PLC017715	WILLIAMSON MAGOR & COMPANY LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
9	U72900MH2005PTC154805	NAYAMODE SOLUTIONS PRIVATE LIMITED	Director	15/07/2005	15/07/2005	-	Active	NO
10	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
11	L74999MH1995PLC085878	SOLAR INDUSTRIES INDIA LIMITED	Director	25/10/2005	25/10/2005	01/04/2009	Active	NO
12	L31300AP1985PLC005844	XL ENERGY LIMITED	Director	16/12/2006	01/03/2006	30/06/2011	Active	NO
13	L74210MH1999PLC122886	J. KUMAR INFRAPROJECTS LIMITED	Additional director	16/07/2007	16/07/2007	-	Active	NO
14	U70102AP2005PTC047145	SUCHIRINDIA INFRATECH PRIVATE LIMITED	Director	30/09/2008	01/09/2008	15/07/2013	Active	NO
15	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	23/09/2011	24/02/2011	-	Active	NO
16	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO
17	U74900MH2009PTC192055	NEWTURN CONSULTING PRIVATE LIMITED	Director	03/11/2012	03/11/2012	-	Active	NO
18	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	23/07/2013	10/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Equity Shareholders	No. of Shares
Vivek Kumar Kejriwal	4345043
Mahendra Kumar Prathaviraj Kachhara	169600
Sandeep M Shishodia	4304937
Anju Kejriwal	50000
Ashok K Kothari	100
Rajendra Jain	100
Sajjan Devi Kachhara	600100
Manoj Kumar Jain	10
Madan Lal	10
Anjana Devi Ranka	860000
Premdevi Surender Kachhara	2670100
Total	13000000

Names of Preference Shareholders	No. of Shares
Usha Vasant Shah and Others	15000
Ashok Vasanji Dedhia and Others	18500
Kamlesh Meghji Gada and Others	13500
Vishanji Meghji Rajgor and Others	25000
Savajsingh Jethuba Gohil and Others	24000
Kishor Virji Gala, and Others	19000
Madhavji S Katira HUF and Others	13500
Pragna Pankaj Gala, and others	15000
Vasanji Premji Gala, and Others	14000
Amit Vasnji Savla and Others	18500
Hansbai Maganlal Nagda and others	18000
Jatin Shailesh Joshi and Others	20500
Dhanvanti Pravinchandra Voraand Others	16500
Jayabai Laxmichand Shah and others	16500
Premji Murji Galia and Others	18500
Bhikhubhai R Barach HUF and Others	23000
Manoj Nagindas Sagar and Others	21500
Rajesh Vithal Parulekar and Others	19000
Baban P More HUF and Others	21000
Damayanti Dayaram Hemani and Others	18000
Jubeda Hameed Bhatti and Others	15000
Ramila Dinesh Dand and Others	18000
Sindhubai Prabhakar Bhalerao and Others	15000
Vasant K Malde HUF and Others	18500
Global Parasol Re-Insurance Brokers Private Limited, India	300000
Vivek Kumar Kejriwal	165000
Anjana Devi Ranka	75000
Ashok Kumar Ranka HUF	200000
Nikhil Ashok Ranka	50000
Mahaveer Kumar Ranka	65000
Mahaveer Kumar Ranka HUF	50000
Sunitha M Ranka	35000
Rohit Vyaapar Private Limited, India	200000
Sherawali Comtrade Private Limited, India	200000
Total	1775000

AS ON 30.09.2013

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]	33.11
Directors or relatives of directors	60.27
Other top fifty shareholders	6.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, M S Ingots, TMT Bars etc. and in Power Generation.

Products/ Services :

ITC Code No.	Product Descriptions
72031000	Sponge Iron
72071920	M S Billets
72083790	Hot Rolling Products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron	MT	N. A.	90,000	85,060*
M.S. Ingot	MT	N. A.	60,000	48,409.48**
TMT Bars etc	MT	N. A.	60,000	35911.250
Power Plant	Units	N. A.	10 MW	70,924,108***

Notes:

*Captive consumption for manufacture of MS Ingots 22,289.200 MT (9,903)

**Captive Consumption for manufacture of TMT Bars 38,531.570 MT (21,825)

*** Captive Consumption 60,430,978

GENERAL INFORMATION

Customers :

· NCC Limited

NCC Urban infrastructure Limited

Gammon India Limited

Karnataka State Police Housing Corporation Limited

Pebble Bay Developers Private Limited (Rahaja Group)

Salarpuria Properties Private Limited

Bagmane Constructions Private Limited

SKY Line Construction

Prestige Estates Projects Private Limited

Brigade Group

Puravankara Project Private Limited

RNR Constructions Private Limited

Plasma Developers

Subham Builders

Oceanus Dwellings Private Limited

Bhanu Steels and Alloys

Matangi Iron and Steel Company

G. K. Steels

Shri Lakshmi Steels Suppliers

Jindal Steels

No. of Employees :

Not Available

Bankers :

· Citi Bank Bangalore

State Bank of India, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Canara Bank-Mumbai

HDFC Bank

SBI Tumkur

State Bank of Patiala

SBI Bangalore

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	413.479	503.820
Term loans from others	0.512	0.466
SHORT TERM BORROWINGS
Working capital loans from banks	259.501	248.721
Total	673.492	753.007

Banking Relations :	--
Auditors :
Name :	P K Rungta and Company Chartered Accountants
Address :	D-1, Jyothi Chmabers, # 134/1, Infantry Road, Bangalore-560001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAJPR5048Q
Relatives of Key Management Personnel & their enterprises :	· Sri Sai Enterprises Sun Metal Casting LLC Sun Steels

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16,000,000	Equity Shares	Rs. 10/- each	Rs. 160.000 Millions
3,400,000	Preference Shares	Rs. 100/- each	Rs. 340.000 Millions
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,000,000	Equity Shares	Rs. 10/- each	Rs. 130.000 Millions
1,775,000	Preference Shares	Rs. 100/- each	Rs. 177.500 Millions
	Total		Rs. 307.500 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
16,000,000	Equity Shares	Rs. 10/- each	Rs. 160.000 Millions
900,000	Preference Shares	Rs. 100/- each	Rs. 90.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,000,000	Equity Shares	Rs. 10/- each	Rs. 130.000 Millions
900,000	Preference Shares	Rs. 100/- each	Rs. 90.000 Millions
	Total		Rs. 220.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	220.000	190.000
(b) Reserves & Surplus	107.903	71.588
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	327.903	261.588
(3) Non-Current Liabilities
(a) long-term borrowings	613.540	611.987
(b) Deferred tax liabilities (Net)	3.689	11.286
(c) Other long term liabilities	0.100	0.100
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	617.329	623.373
(4) Current Liabilities
(a) Short term borrowings	259.501	248.721
(b) Trade payables	293.056	213.142
(c) Other current liabilities	126.176	123.862
(d) Short-term provisions	27.729	1.829
Total Current Liabilities (4)	706.462	587.554
TOTAL	1651.694	1472.515
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	819.755	951.585
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.499	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	15.472	14.804
(e) Other Non-current assets	0.000	0.131
Total Non-Current Assets	835.736	966.530
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	451.411	245.904
(c) Trade receivables	245.520	175.783
(d) Cash and cash equivalents	39.610	32.007
(e) Short-term loans and advances	79.417	52.291
(f) Other current assets	0.000	0.000
Total Current Assets	815.958	505.985
TOTAL	1651.694	1472.515

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		190.000
2] Share Application Money		0.000
3] Reserves & Surplus		85.299
4] (Accumulated Losses)		0.000
NETWORTH		275.299
LOAN FUNDS
1] Secured Loans		870.858
2] Unsecured Loans		111.369
TOTAL BORROWING		982.227
DEFERRED TAX LIABILITIES		0.000
OTHER LIABILITIES		8.975
TOTAL		1266.501
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1107.649
Capital work-in-progress		12.663
INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	180.649
	Sundry Debtors	93.676
	Cash & Bank Balances	33.343
	Other Current Assets	0.000
	Loans & Advances	78.705
Total Current Assets		386.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.248
	Other Current Liabilities	33.807
	Provisions	1.568
Total Current Liabilities		240.623
Net Current Assets		145.750
MISCELLANEOUS EXPENSES		0.429
TOTAL		1266.501

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	NA	2570.197	158.914
Less	EXPENSES
		TOTAL	NA	2386.707	107.856
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		217.606	183.490	51.058
Less/ Add	DEPRECIATION/ AMORTISATION		163.990	194.890	92.577
	PROFIT/ (LOSS) BEFORE TAX		53.616	(11.400)	(41.519)
Less	TAX		17.301	2.311	(14.004)
	PROFIT/ (LOSS) AFTER TAX		36.315	(13.711)	(27.515)
	Earnings/ (Loss) Per Share (Rs.)		2.61	(1.26)	(2.52)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(0.53)	(17.31)
Return on Total Assets (PBT/Total Assets}	(%)	3.25	(0.77)	(2.78)
Return on Investment (ROI) (PBT/Networth)		0.16	(0.04)	(0.15)
Debt Equity Ratio (Total Debt/Networth)		2.66	3.29	3.57
Current Ratio (Current Asset/Current Liability)		1.15	0.86	1.61

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 two 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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10199649	16/01/2010	500,000.00	AXIS BANK LIMITED	SME CENTRE, # 41, SHESHADRI ROAD, ANAND RAO CIRCLE, BANGALORE - 560009, KARNATAKA, INDIA	A78396322
2	10168355	24/06/2009 *	315,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A67413922
3	80014069	04/03/2013 *	938,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B73643686

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from others	199.549	107.701
Total	199.549	107.701

CHANGE OF ADDRESS:

The registered office of the company has been shifted from G/1/11, First Floor, Platinum City, Yeshwantpur, Bangalore – 560022, Karnataka, India to the present w.e.f.26.11.2012.

INDUSTRY PROSPECTS

Growth in the steel demand has strong correlation with growth of the nation therefore the demand for steel in medium term is expected to be healthy.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
a. Bank Guarantee (amount outstanding at close of the year)	3.750	4.130
b. Income Tax for the year 2006-07	6.519	6.519
c. Income Tax for the year 2007-08	2.979	2.979
d. Excise Duty	2.788	2.788
Total Taxes & Duties	12.287	12.287
Total	16.036	16.416

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Office equipment

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. 62.13
UK Pound	1	Rs. 101.53
Euro	1	Rs. 85.41

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
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	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.