MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	TOPWORTH URJA AND METALS LIMITED (w.e.f. 29.06.2010)
Formerly Known As :	SHREE VIRANGANA STEELS LIMITED
Registered Office :	Raheja Centre, Office No. - 206, 2nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.11.1993
Com. Reg. No.:	11-074950
Capital Investment / Paid-up Capital :	Rs. 326.434 Millions
CIN No.: [Company Identification No.]	U27109MH1993PLC074950
TAN No.: [Tax Deduction & Collection Account No.]	NGPS01005E
PAN No.: [Permanent Account No.]	AACCS5396N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Sponge Iron, Ms Billets and Power.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 10000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Crest Steel and Power Private Limited. It is an established company having a moderate track record. Management of the company has failed to file its latest financials of 2013 with government department. As per the available record, the external borrowings of the company has increased in 2012. However, trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. In view of experienced promoters, 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB (Long Term Bank Facilities)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	06.05.2013

Rating Agency Name	CARE
Rating	A4 (Short Term Bank Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	06.05.2013

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	Raheja Centre, Office No. - 206, 2nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	secretarial@topworthgroup.com
Website :	www.topworthgroup.com
Corporate Office :	308, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-248120000
Fax No.:	91-22-24812122
E-Mail :	info@topworthgroup.com
Domestic Office 1:	126 -128, 1st floor, Shriram Towers, Kingsway, Sadar, Near NIT Office, Nagpur – 400001, Maharashtra, India
Telefax No. :	91-712-2527120/2527122
E-Mail :	mailadmin@topworthgroup.com
Domestic Office 2:	Mouzaukkerwahi Village Heti, Umred Road, District Nagpur – 441204, Maharashtra, India
Factory :	Mouza Ukkerwadi, Village : Heti, Umred Road, Nagpur – 441204, Maharashtra, India
Tel. No.:	91-7116-249071/73
E-Mail :	tuml@topworthgroup.com

DIRECTORS

AS ON: 30.09.2013

Name :	Mr. Surendra Champalal Lodha
Designation :	Whole-time director
Address :	126 -128, 1st Floor, Shriram Towers, Kingsway, Sadar, Nagpur – 400001, Maharashtra, India
Date of Birth/Age :	05.05.1965
Qualification :	B.Com
Date of Appointment :	14.03.2006
DIN No.:	00044782

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	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	26/08/2009	Active	NO
2	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Whole-time director	28/02/2008	14/03/2006	-	Active	NO
3	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	12/02/2007	12/02/2007	01/08/2008	Active	NO
4	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	22/06/2007	22/06/2007	10/08/2011	Active	NO
5	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
7	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
9	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
10	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
11	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
12	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
13	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
14	U65993MH2012PLC229356	PURPLE INDIA HOLDINGS LIMITED	Director	09/04/2012	09/04/2012	07/05/2012	Active	NO
15	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
16	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
17	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :	Mr. Abhay Narendra Lodha
Designation :	Director
Address :	Vaitarna Building, Flat No. 502, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	01.06.1971
Qualification :	B.Com
Date of Appointment :	26.04.2008
DIN No.:	00052194

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	04/02/2012	Active	YES
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01/05/2011	18/05/2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/12/2011	Active	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	04/02/2012	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	04/02/2013	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	YES
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19/06/2006	19/06/2006	08/09/2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING AND INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/03/2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	YES
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21/08/2007	12/02/2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01/04/2009	01/04/2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	26/04/2008	26/04/2008	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	20/11/2012	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS & ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14/05/2011	14/07/2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	18/01/2010	18/01/2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	20/11/2012	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	20/11/2012	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10/09/2010	10/08/2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED.	Director	11/10/2010	11/10/2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	30/09/2013	11/04/2012	-	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	30/09/2013	19/04/2012	-	Active	NO
38	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :	Mr. Ashwin Narendra Lodha
Designation :	Director
Address :	502, Vaitarna Worli Sagar CHS Limited, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai-400030, Maharashtra, India
Date of Appointment :	07.06.2012
DIN No.:	00066948

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	26/05/2012	Active	YES
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01/04/2009	27/09/2002	03/05/2012	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/01/2012	Active	NO
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17/11/2005	17/11/2005	09/01/2013	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	YES
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25/08/2010	12/02/2007	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/05/2007	05/05/2007	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31/08/2007	31/08/2007	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29/09/2007	29/09/2007	24/11/2011	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH POWER PRIVATE LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25/09/2009	11/05/2009	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Whole-time director	31/12/2012	10/05/2010	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	25/09/2012	07/06/2012	-	Active	NO
35	U45400DL2007PTC166124	YAMUNOTRI PROJECT COMPANY PRIVATE LIMITED	Director	25/09/2013	04/10/2012	-	Active	NO
36	U45200MH2011PTC221363	AADITYA HOMES PRIVATE LIMITED	Additional director	04/03/2013	04/03/2013	-	Active	NO

Name :	Mr. Narendra Champalal Lodha
Designation :	Director
Address :	Flat No. 4, Cozy Mansion, 100/25, Gidney Park, Salisbury Park, Pune - 411037, Maharashtra, India
Date of Birth/Age :	29.12.1947
Qualification :	B.Com
Date of Appointment :	30.09.2006
DIN No.:	00164574

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	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Managing director	01/04/2009	18/08/2004	Active	NO
2	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	30/09/2006	30/09/2006	Active	NO
4	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/06/2007	05/06/2007	Active	NO
5	U45200PN2010PTC136746	GVN DEVELOPERS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	Active	NO
6	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	15/01/2011	15/01/2011	Active	NO

Name :	Mr. Shishir Shivaji Hiray
Designation :	Additional director
Address :	Opposite LIC Camp Road, Malegaon - 423203, Maharashtra, India
Date of Appointment :	19.03.2013
DIN No.:	02032125

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	U33125MH2008PTC181822	MALEGAON MEDICAL RESEARCH FOUNDATION PRIVATE LIMITED	Director	01/05/2008	01/05/2008	Active	NO
2	U74990MH2010PLC211295	GIRANAMOSAM SUGAR AGRO AND ALLIED INDUSTRIES LIMITED	Director	23/12/2010	23/12/2010	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	30/09/2013	19/03/2013	Active	NO
4	U27310MH2012PTC235183	AURUM ISPAT PRIVATE LIMITED	Director	17/05/2013	17/05/2013	Active	NO
5	U52300MH2012PTC235767	KARTIKA MULTITRADING PRIVATE LIMITED	Director	17/05/2013	17/05/2013	Active	NO
6	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Additional director	03/12/2013	03/12/2013	Active	NO
7	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Additional director	11/12/2013	11/12/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Equity Shareholders	No. of Shares
Crest Steel and Power Private Limited, India	4223994
Abhay Narendra Lodha	1
Ashwin Lodha	1
Sheela Lodha	1
Mona Lodha	1
Surendra Lodha	1
Rajesh Kumar Jain	1
TOTAL	4224000

Names of Preference Shareholders	No. of Shares
Crest Steel and Power Private Limited, India	916667
TOTAL	916667

AS ON 30.09.2013

Equity Shares Break Up	Percentage of Holding
Bodies corporate	99.99
Directors or relatives of Directors	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Sponge Iron, Ms Billets and Power.

Products :

ITC Code	Product Descriptions
Sponge Iron H R Coils	7203
MS Billets	7207

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Sponge Iron	MT	NA	60000
Steel Melting Shop	MT	NA	72000
Power	MW	NA	30

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, Industrial Finance Branch, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· State Bank of Hyderabad, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai - 400039, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Term Loan from Bank (Equitable Mortgage on Expansion Fixed Assets of the Company)	3933.693	2303.315
TOTAL	3933.693	2303.315

Banking Relations :	--
Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59, Gaya Building, 4^th Floor, Yusuf Meher Ali Road, Masjid Bunder, Mumbai-400003, Maharashtra, India
PAN No.:	AADFJ9495M
Holding Company :	Crest Steel and Power Private Limited, India CIN No.: U27109CT2004PTC016643
Associates :	Topworth Steels and Power Private Limited, India CIN No.: U51420MH2004PTC146381 Akshata Mercantile Private Limited, India CIN No.: U51909MH2001PTC133035 Topworth Pipes and Tubes Private Limited, India CIN No.: U29120MH2005PTC157395 Satyarth Steel and Power Private Limited, India CIN No.: U27106CT2002PTC015375 Poscho Steels Private Limited, India CIN No.: U51100MH1999PTC121425

CAPITAL STRUCTURE

AS ON: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.100/- each	Rs. 475.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs. 10.000 Millions
	TOTAL		Rs. 485.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4224000	Equity Shares	Rs.100/- each	Rs. 422.400 Millions
916667	Preference Shares	Rs.10/- each	Rs. 9.167 Millions
	TOTAL		Rs. 431.567 Millions

AS ON: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.100/- each	Rs. 475.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs. 10.000 Millions
	TOTAL		Rs. 485.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3172669	Equity Shares	Rs.100/- each	Rs. 317.267 Millions
916667	Preference Shares	Rs.10/- each	Rs. 9.167 Millions
	TOTAL		Rs. 326.434 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	326.434	175.100
(b) Reserves & Surplus	2220.590	821.212
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	155.000	939.300
Total Shareholders' Funds (1) + (2)	2702.024	1935.612
(3) Non-current liabilities
(a) long-term borrowings	3933.693	2303.315
(b) Deferred tax liabilities (Net)	172.114	83.561
© Other long term liabilities	1194.365	671.625
(d) long-term provisions	0.000	0.000
Total Non-current liabilities (3)	5300.172	3058.501
(4) Current liabilities
(a) Short term borrowings	808.966	508.217
(b) Trade payables	4044.050	3914.022
(c) Other current liabilities	23.619	40.406
(d) Short-term provisions	59.148	26.718
Total Current liabilities (4)	4935.783	4489.363
TOTAL	12937.979	9483.476
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2575.493	2637.232
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	3814.339	1455.859
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
€ Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.840	1.840
€ Other Non-current assets	0.000	0.000
Total Non-current assets	6391.672	4094.931
(2) Current assets
(a) Current investments	450.628	220.124
(b) Inventories	1075.341	741.030
(c) Trade receivables	3565.581	2883.150
(d) Cash and cash equivalents	6.646	26.871
(e) Short-term loans and advances	1448.111	1517.370
(f) Other current assets	0.000	0.000
Total Current Assets	6546.307	5388.545
TOTAL	12937.979	9483.476

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		175.100
2] Share Application Money		257.800
3] Reserves & Surplus		765.768
4] (Accumulated Losses)		0.000
NETWORTH		1198.668
LOAN FUNDS
1] Secured Loans		1923.422
2] Unsecured Loans		436.863
TOTAL BORROWING		2360.285
DEFERRED TAX LIABILITIES		34.046
SALES TAX DEFERRAL		103.986
TOTAL		3696.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		395.518
Capital work-in-progress		2509.969
INVESTMENT		0.205
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	367.962
	Sundry Debtors	2224.229
	Cash & Bank Balances	354.999
	Other Current Assets	0.000
	Loans & Advances	1034.219
Total Current Assets		3981.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2872.743
	Other Current Liabilities	311.434
	Provisions	52.018
Total Current Liabilities		3236.195
Net Current Assets		745.214
MISCELLANEOUS EXPENSES		0.000
PRE OPERATIVE		46.079
TOTAL		3696.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	10443.628	6038.386	4609.677
		Other Income	36.906	29.898	81.695
		TOTAL	10480.534	6068.284	4691.372
Less	EXPENSES
		Purchases of stock-in-trade	9505.177	5674.573
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(56.133)	(149.481)
		Employee benefit expense	40.923	25.293
		Other expenses	190.821	99.804
		TOTAL	9680.788	5650.189	4417.964
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		799.746	418.095	273.408
Less	FINANCIAL EXPENSES		374.650	201.522	107.039
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		425.096	216.573	166.369
Less/ Add	DEPRECIATION/ AMORTISATION		129.734	82.805	13.621
	TOTAL PROFIT BEFORE EXCEPTIONAL ITEMS, AND TAX		295.362	133.768	152.748
Less	EXCEPTIONAL ITEMS BEFORE TAX		0.000	0.113	0.000
	PROFIT BEFORE TAX		295.362	133.655	152.748
Less	TAX		147.653	78.210	48.311
	PROFIT AFTER TAX		147.709	55.445	104.437
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		237.079	181.634	77.197
	BALANCE CARRIED TO THE B/S		NA	237.079	181.634
	IMPORTS
		Raw Materials	NA	131.897	267.098
		Components and Spares Parts	NA	1.028	0.000
		Capital Goods	NA	0.195	2.051
		Trading activities	NA	194.643	2.051
	TOTAL IMPORTS		NA	327.763	271.200
	Earnings Per Share (Rs.)		46.56	31.66	59.64

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.41	0.91	2.27
Net Profit Margin (PBT/Sales)	(%)	2.83	2.21	3.31
Return on Total Assets (PBT/Total Assets}	(%)	3.24	1.66	3.49
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.13
Debt Equity Ratio (Total Debt /Networth)		1.76	1.45	1.97
Current Ratio (Current Asset/Current Liability)		1.33	1.20	1.23

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Working capital loans from banks	681.742	395.849
Other loans and advances	127.224	112.368
Total	808.966	508.217

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10441281	26/07/2013	300,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 37, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India	B81308629
2	10434949	26/06/2013	400,000,000.00	Punjab and Maharashtra Co-operative Bank Limited	Office No-4 & 5, 3rd Floor, Dream Mall, L.B.S Marg, Bhandup (W), Mumbai, Maharashtra - 400078, India	B78792801
3	10430874	11/06/2013 *	1,403,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 37,Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India	B77619302
4	10431076	24/05/2013	100,000,000.00	Oriental Bank of Commerce	Overseas Branch, Dalamal Towers, 211, Nariman Point, Mumbai, Maharashtra - 400021, India	B77081487
5	10390654	16/11/2012	150,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 37,Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India	B63602544
6	10381548	20/09/2012	500,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, Fort, Mumbai, Maharashtra - 400023, India	B60085792
7	10372563	21/08/2012	100,000,000.00	PUNJAB NATIONAL BANK	Forshore Road Branch, Raheja Chambers, Nariman Point, Mumbai, Maharashtra - 400021, India	B56388614
8	10362357	12/06/2012	450,000,000.00	State Bank of Bikaner and Jaipur	Commercial Network Branch, 239, P. D'Mello Road, Near G.P.O, Mumbai, Maharashtra - 400001, India	B42322958
9	10363588	11/05/2012	50,000,000.00	Oriental Bank of Commerce	Overseas Branch, Dalamal Towers, Gr. Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	B42853424
10	10353730	10/04/2012 *	500,000,000.00	PUNJAB NATIONAL BANK	Forshore Road Branch, Raheja Chambers, Nariman Point, Mumbai, Maharashtra - 400021, India	B39042106
11	10338497	02/02/2012	50,000,000.00	Oriental Bank of Commerce	Prabhadevi Branch, Aman Chambers, Veer Savarkar  Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India	B33399627
12	10334938	01/02/2012	1,850,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India	B31844145
13	10315279	15/03/2013 *	3,450,000,000.00	PUNJAB NATIONAL BANK	Forshore Road Branch, Raheja Chambers, Nariman Point, Mumbai, Maharashtra - 400021, India	B73488082
14	10303458	25/07/2011	6,898,700.00	KOTAK MAHINDRA BANK LIMITED	36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai, Maharashtra - 400021, India	B19278464
15	10302085	28/08/2012 *	2,721,300,000.00	STATE BANK OF INDIA	Backbay Reclamation Branch, Raheja Chambers, Nariman Point, Mumbai, Maharashtra - 400021, India	B56718448
16	10293088	15/03/2013 *	3,450,000,000.00	PUNJAB NATIONAL BANK	Forshore Road Branch, Raheja Chambers, Nariman Point, Mumbai, Maharashtra - 400021, India	B73487217
17	10277771	05/04/2011	500,000,000.00	STATE BANK OF PATIALA	Atlanta, 1st Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	B09764234
18	10273840	11/03/2011	14,338,101.00	KOTAK MAHINDRA BANK LIMITED	36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India	B08229072
19	10269072	22/02/2011	500,000,000.00	BANK OF BARODA	Fort University Branch, Mumbai, Maharashtra - 400023, India	B06408298
20	10257995	16/02/2011 *	1,000,000,000.00	State Bank of India	Backbay Reclatmation Branch, Raheja Chambars, Free Press Journal Road, Nariman Point, Mumbai, Maharashtra - 400021, India	B10199677
21	10247397	09/09/2010	550,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, Mumbai Samachar Marg, Mumba, Maharashtra - 400023, India	A96754767
22	10246131	01/09/2010	550,000,000.00	BANK OF BARODA	Fort University, Mumbai, Maharashtra - 400001, India	A96694633
23	10211838	10/03/2010	653,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	Prabhadevi Branch, Aman Chambers, 1st Floor, Veer,  Savarkar Marg, Opp. New Passport office, Prabhade  vi, Mumbai, Maharashtra -400025, INDIA	A82994799
24	10206990	25/02/2010	850,000.00	KOTAK MAHINDRA BANK LIMITED	36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai, Maharashtra - 400021, India	A81184319
25	10188190	11/11/2009	653,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	Prabhadevi Branch, Aman Chambers, 1st Floor, Veer,  Savarkar Marg, Opp. New Passport office, Prabhade vi, Mumbai, Maharashtra - 400025, India	A74296492
26	10165868	28/08/2012 *	1,750,000,000.00	STATE BANK OF INDIA	Backbay Reclamation Branch, Raheja Chambers, Nariman Point, Mumbai, Maharashtra - 400021, India	B56717747

* Date of charge modification

REVIEW OF OPERATIONS:

During the year, the Company’s Net Income from operations stood at Rs. 10443.628 Millions as compared to Rs. 6038.386 Millions in the previous year. Profit before finance cost and taxation for the year stood at Rs. 670.012 Millions against Rs. 335.178 Millions in the previous year. Profit after Tax increased from Rs. 55.445 Millions in previous year to Rs. 147.709 Millions in the year.

FIXED ASSETS

· Land

· Building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

AS PER WEBSITE DETAILS:

PRESS RELEASE:

PROBE INTO COAL BLOCKS ALLOTMENT FINDS MISSING FIRM, FUEL DIVERSION

New Delhi, Tue Jul 03 2012

An internal probe by the coal ministry into the allotment of blocks between 2006 and 2009 has found cases of obscure firms allegedly merging with other firms after getting their hands on the resource, or allegedly diverting excess fuel in violation of norms.

The ongoing inquiry began after a CAG report in March alleged irregularities in the allotment of blocks in 2004-2009. As reported earlier, the ministry has found allotments being misused by firms which did not deserve an allotment, or are squatting on blocks without starting production.

According to the latest findings, a company called Veerangana Steels Limited, which was allotted three coal blocks in Yavatmal, Maharashtra, in 2005, no longer exists. The Nagpur-based firm had been re-christened as Topworth Urja and Metals Limited, and merged with another firm called Crest Steel and Power Limited, a Chhattisgarh-based steel trading firm.

In a second case, the ministry found that another Nagpur-based firm, Sunflag Iron and Steel Company, which was allotted Belgaon block in Wardha, Maharashtra, and has been producing coal from it since December 2007, could be diverting excess fuel.

The Coal Controller's Organisation (CCO) has informed the ministry that between December 2008 and November 2009, the firm produced 1.2 lakh tonnes, and was supposed to use it all for its 15 MW captive power plant in Bhandara.

IRREGULARITIES

Veerangana Steels Limited rechristened as Topworth Urja and Metals Limited, merged with Crest Steel and Power Limited, says report

Sunflag Iron and Steel Company supposed to use all coal for power plant; but could be diverting, shows probe

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. 62.09
UK Pound	1	Rs. 102.03
Euro	1	Rs. 85.27

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.