MIRA INFORM REPORT

Report Date :

31.12.2012

IDENTIFICATION DETAILS

Name :	SURYA GLOBAL STEEL TUBES LIMITED

Registered Office :	302, 3^rd Floor, Padma Tower-I, Rajendra Place, New Delhi – 110 008

Country :	India

Financials (as on) :	30.09.2011

Date of Incorporation :	09.05.2008

Com. Reg. No.:	55-177870

Capital Investment / Paid-up Capital :	Rs.930.550 millions

CIN No.: [Company Identification No.]	U28999DL2008PLC177870

TAN No.: [Tax Deduction & Collection Account No.]	DELS36567G

PAN No.: [Permanent Account No.]	AAMCS1258B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Exporter and Suppliers of Steel Tubes.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 5530000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There appear huge external borrowings recorded by the company. Financial position is improving. The profitability is low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A3 (Short Term Bank Facility)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 23, 2012

Rating Agency Name	CARE
Rating	BBB- (Long Term Bank Facility)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 23, 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 :	302, 3^rd Floor, Padma Tower – 1, Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-47108000/ 25810093
Fax No.:	Not Available
E-Mail :	deepakgoyalcs@gmail.com bbsingal@gmail.com
Website :	http://www.suryaglobal.com

Factory :	Survey No.188, Anjar Mundra Highway Village-Bhuvad, Taluka Anjar, District Kutch – 370 130, Gujarat, India
Tel. No.:	91-2836 289222

DIRECTORS

As on 15.03.2012

Name :

Mr. Jai Prakash Agarwal

Designation :

Managing Director

Address :

36/78, West Punkabi Bagh, New Delhi – 110 026, India

Date of Birth/Age :

10.07.1951

Date of Appointment :

09.05.2008

DIN No.:

00041119

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	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Whole-time director	29/10/2012	08/09/1975	-	Active	NO
2	U70101DL1996PTC080815	ADAMPUR PROPERTIES PRIVATE LIMITED	Director	18/04/2006	18/04/2006	15/03/2010	Active	NO
3	U45201DL2005PLC141841	SURYA DUROBUILD LIMITED	Director	18/07/2007	18/07/2007	11/05/2008	Active	NO
4	U27100DL2008PLC176607	SURYA GLOBAL STEEL AND GENPOWER LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
5	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Managing director	30/03/2009	09/05/2008	-	Active	NO
6	U45200DL2008PLC183087	SURYA GLOBAL INFRASTRUCTURE LIMITED	Director	09/09/2008	09/09/2008	16/12/2011	Active	NO
7	U26940DL2008PLC183118	SURYA GLOBAL CEMENT LIMITED	Director	11/09/2008	11/09/2008	-	Active	NO
8	U45200DL2008PLC184368	SURYA ROADLINK AND INFRA LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
9	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17/12/2009	17/12/2009	-	Active	NO
10	U40102DL2010PLC198599	SURYA GUJARAT POWER LIMITED	Director	02/02/2010	02/02/2010	31/05/2011	Active	NO
11	U27100DL2010PLC198591	SURYA CHHATTISGARH POWER LIMITED	Director	02/02/2010	02/02/2010	-	Active	NO
12	U26990DL2010PLC202244	SURYA VIJAYNAGAR CEMENT LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO
13	U27100DL2010PLC202242	SURYA CHHATTISGARH STEEL AND POWER LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO
14	U31506DL2010PLC204630	SURYA SHIMOGA LIGHTING LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
15	U27205DL2010PLC205942	SURYA SHIMOGA STEEL PIPES LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
16	U51109WB2007PTC113333	PUNARVASU TIE-UP PRIVATE LIMITED	Director	30/09/2011	01/06/2011	-	Active	NO
17	U51109WB2007PTC114266	CLITORIA VANIJYA PRIVATE LIMITED	Director	30/09/2011	01/06/2011	-	Active	NO
18	U51109WB2007PTC114283	SAGNIK VYAPAAR PRIVATE LIMITED	Director	30/09/2011	01/06/2011	-	Active	NO

Name :

Mr. Vineet Kumar Garg

Designation :

Director

Address :

Flat No.18/75, West Punjabi Bagh, New Delhi - 110 026, India

Date of Birth/Age :

23.12.1972

Date of Appointment :

29.08.2008

DIN No.:

00296739

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	U25111DL1971PLC005677	SWADESHI TUBES LTD	Director	07/02/2003	07/02/2003	09/05/2008	Active	NO
2	U74899DL1994PTC062470	SWADESHI MERCANTILE PRIVATE LIMITED	Director	16/08/2003	16/08/2003	09/05/2008	Active	NO
3	U45201DL2005PLC141841	SURYA DUROBUILD LIMITED	Director	18/10/2005	18/10/2005	18/07/2007	Active	NO
4	U51109UR1984PTC006669	GANGOTRI INCANDESCENTS PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
5	U74899DL1995PLC069071	KANHA CAPITAL SERVICES LIMITED.	Additional director	27/12/2007	27/12/2007	09/05/2008	Active	NO
6	U74899DL1992PTC047240	BHALOTIA STEEL AND WAX INDUSTRIES PRIVATE LIMITED	Additional director	28/12/2007	28/12/2007	09/05/2008	Active	NO
7	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Whole-time director	24/09/2008	31/07/2008	-	Active	NO
8	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13/07/2009	29/08/2008	-	Active	NO
9	U45200DL2008PLC183087	SURYA GLOBAL INFRASTRUCTURE LIMITED	Director	09/09/2008	09/09/2008	16/12/2011	Active	NO
10	U26940DL2008PLC183118	SURYA GLOBAL CEMENT LIMITED	Director	11/09/2008	11/09/2008	-	Active	NO
11	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17/12/2009	17/12/2009	-	Active	NO
12	U40102DL2010PLC198599	SURYA GUJARAT POWER LIMITED	Director	02/02/2010	02/02/2010	-	Active	NO
13	U27100DL2010PLC198591	SURYA CHHATTISGARH POWER LIMITED	Director	02/02/2010	02/02/2010	-	Active	NO
14	U26990DL2010PLC202244	SURYA VIJAYNAGAR CEMENT LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO

Name :

Mr. Raju Bista

Designation :

Director

Address :

18/75, Road No.75, Punjabi West, Delhi – 110 026, India

Date of Birth/Age :

03.01.1986

Date of Appointment :

29.08.2008

DIN No.:

01299297

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	U45201DL2005PLC141841	SURYA DUROBUILD LIMITED	Director	02/09/2008	15/02/2007	25/10/2008	Active	NO
2	U74899DL1999PLC102480	SURYA SOFT-TECH LIMITED	Director	30/03/2007	30/03/2007	05/09/2008	Active	NO
3	U74899DL1994PTC062470	SWADESHI MERCANTILE PRIVATE LIMITED	Additional director	28/12/2007	28/12/2007	25/10/2008	Active	NO
4	U74899DL1994PTC057515	JASMINE ISPAT PRIVATE LIMITED	Director	18/09/2008	28/12/2007	25/10/2008	Active	NO
5	U74899DL1986PTC023320	DK ROLLING MILLS PRIVATE LIMITED	Director	17/09/2008	29/12/2007	25/10/2008	Active	NO
6	U74140WB1995PTC070465	PRAJIN BARTER PVT. LTD.	Director	10/07/2008	20/05/2008	01/11/2008	Active	NO
7	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13/07/2009	29/08/2008	-	Active	NO
8	U45200DL2008PLC183087	SURYA GLOBAL INFRASTRUCTURE LIMITED	Director	01/11/2008	01/11/2008	16/12/2011	Active	NO
9	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Managing director	29/10/2012	18/06/2009	-	Active	NO
10	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17/12/2009	17/12/2009	-	Active	NO
11	U27100DL2010PLC198591	SURYA CHHATTISGARH POWER LIMITED	Director	02/02/2010	02/02/2010	05/11/2012	Active	NO
12	U27100DL2010PLC202242	SURYA CHHATTISGARH STEEL AND POWER LIMITED	Director	03/05/2010	03/05/2010	26/10/2012	Active	NO
13	U26990DL2010PLC202244	SURYA VIJAYNAGAR CEMENT LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO
14	U31506DL2010PLC204630	SURYA SHIMOGA LIGHTING LIMITED	Director	24/06/2010	24/06/2010	05/11/2012	Active	NO
15	U27205DL2010PLC205942	SURYA SHIMOGA STEEL PIPES LIMITED	Director	16/07/2010	16/07/2010	26/10/2012	Active	NO
16	U51109WB2007PTC114266	CLITORIA VANIJYA PRIVATE LIMITED	Director	30/09/2011	01/06/2011	-	Active	NO
17	U51909WB2010PTC147209	BRIGHTSTAR VINTRADE PRIVATE LIMITED	Director	20/08/2011	20/08/2011	18/10/2012	Active	NO
18	U51109WB2008PTC122046	SEABIRD TRACOM PRIVATE LIMITED	Director	29/09/2012	20/08/2011	17/10/2012	Active	NO
19	U51909WB2010PTC147210	EQUAL VINIMAY PRIVATE LIMITED	Director	20/08/2011	20/08/2011	18/10/2012	Active	NO
20	U51909WB2008PTC129362	NETRA AGENCY PRIVATE LIMITED	Director	01/09/2011	01/09/2011	17/10/2012	Active	NO

Name :

Mr. Krishan Kumar Narula

Designation :

Director

Address :

A-25, Preet Vihar, Delhi – 110 092, India

Date of Birth/Age :

01.04.1939

Date of Appointment :

29.08.2008

DIN No.:

00098124

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	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	29/03/2000	29/03/2000	Active	NO
2	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13/07/2009	29/08/2008	Active	NO

Name :

Mr. Ravinder Kumar Narang

Designation :

Director

Address :

14/81, West Punjabi Bagh, New Delhi – 110 028, India

Date of Birth/Age :

20.01.1939

Date of Appointment :

29.08.2008

DIN No.:

02318041

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	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13/07/2009	29/08/2008	-	Active	NO
2	U51909WB1985PLC038845	BANSAL NATUREVEST LIMITED	Whole-time director	01/08/2009	18/05/2009	07/06/2011	Active	NO
3	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	24/09/2009	18/06/2009	-	Active	NO

Name :

Mr. Mukesh Tripathi

Designation :

Whole-Time Director

Address :

D-11, Bhagaya Vihar, Madan Pur, Dabas Extension, New Delhi – 110 081, India

Date of Birth/Age :

26.04.1977

Date of Appointment :

14.02.2011

DIN No.:

01951272

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	U51909WB1994PTC066537	BUDHIYA MARKETING PVT LTD	Director	13/12/2007	13/12/2007	17/09/2011	Active	NO
2	U74899DL2005PLC144063	REAL FINCAP LIMITED	Director	19/09/2008	29/12/2007	01/02/2009	Active	NO
3	U74899DL1994PTC058267	LUXE TRADING AND HOLDING (INDIA) PRIVATE LIMITED	Additional director	05/01/2008	05/01/2008	10/11/2008	Active	NO
4	U74899DL1994PTC058338	LUSH TRADERS PRIVATE LIMITED	Director	27/09/2008	07/01/2008	01/02/2009	Active	NO
5	U74899DL1992PTC050214	SHAKSHI TRADING CO PRIVATE LIMITED	Additional director	09/05/2008	09/05/2008	10/11/2008	Active	NO
6	U51909DL1993PTC053632	SWATI MERCHANTS PRIVATE LIMITED	Director	15/09/2008	09/05/2008	01/02/2009	Active	NO
7	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	24/09/2009	18/06/2009	10/02/2011	Active	NO
8	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17/12/2009	17/12/2009	-	Active	NO
9	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Whole-time director	15/03/2012	14/02/2011	-	Active	NO
10	U51109WB2007PTC113333	PUNARVASU TIE-UP PRIVATE LIMITED	Director	30/09/2011	01/06/2011	-	Active	NO
11	U51909WB2008PTC129362	NETRA AGENCY PRIVATE LIMITED	Director	01/09/2011	01/09/2011	22/12/2012	Active	NO
12	U52100WB2010PTC143997	EDITION SUPPLIERS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	22/12/2012	Active	NO
13	U52100WB2010PTC143998	DEPOSE VINCOM PRIVATE LIMITED	Director	01/09/2011	01/09/2011	22/12/2012	Active	NO
14	U51109WB1995PTC069589	DICORD COMMODEAL PVT LTD	Director	10/09/2012	30/08/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.03.2012

Names of Shareholders (Equity Shares)		No. of Shares
Jai Prakash Agarwal		25000
Satya Narain Bansal		5000
Surya Roshni Limited, India		50000000
Arvind Bansal		5000
Anil Kumar Bansal		5000
Pramod Kumar Jain		5000
Dicord Commodeal Private Limited, India		29010000
Sahej Tieup Private Limited, India		14000000
Total		93055000

Names of Shareholders (Preferences Shares)		No. of Shares
Zatco Vyapar Private Limited, India		1798500
Sadabahar Tradecomm Private Limited, India		1332000
B.M. Graphics Private Limited, India		1240000
Diwakar Marketing Private Limited, India		25000
Total		4395500

As on 15.03.2012

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.95
Directors or relatives of directors		0.04
Other top fifty shareholders		0.01
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Suppliers of Steel Tubes.

Products :

Product Description

Item Code No.

Steel Tubes and Pipes

730410.10

PRODUCTION STATUS (AS ON 30.09.2010)

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

ERW Pipes

84000

Not Ascertainable

11855

Spiral Pipes

50000

Not Ascertainable

5466

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of Patiala, Commercial Branch, SCO 103-107, Sector 8-C, Chandigarh – 160 009, India

v Bank of Baroda, Community Centre, Club Road, Punjabi Bagh, Delhi – 110 026, India

v Punjab National Bank (Lead Bank), BO: ECE House, 28-A, Kasturba Gandhi Marg, New Delhi – 110 001, India

v State Bank of India, Chandigarh, India

v Axis Bank Limited, Punjabi Bagh, New Delhi, India

v IDBI Bank Limited, Indian Red Cross Society Building, 1, Red Cross Road, New Delhi – 110 001, India

Facilities :

Secured Loans	30.09.2011 (12 Months)	30.09.2010 (12 Months)
	Rs. in Millions
Rupee term loans banks secured	(A) 2288.921	1605.995
Working capital loans banks secured	(B) 889.179	690.782
Total	3178.100	2296.777

(A) Term loan are secured by 1st Pari Passu charge on all immovable Assets of the Company (Present and Future) and guaranteed by Managing Director and Holding Company (Surya Roshni Limited).

(B) Working capital loans from Banks are secured against hypothecation of present and future stock of raw material, stock in process, finished goods, spare and stores, book debts etc guaranteed by managing director of the company and further secured by way of second charge on the company's immovable assets.

Unsecured Loans	30.09.2011 (12 Months)	30.09.2010 (12 Months)
	Rs. in Millions
Other debt unsecured	360.000	260.000
Total	360.000	260.000


Banking Relations :	--

Auditors :
Name :	Ashok Kumar Goyal and Company Chartered Accountants
Address :	S.C.F. 104, Green Square Market, Hisar – 125 001, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFA7551P

Holding Company :	Surya Roshni Limited, India CIN No.: L31501HR1973PLC007543

Associate Company :	Surya Global Infrastructure Limited, India CIN No.: U45200DL2008PLC183087

CAPITAL STRUCTURE

As on 15.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 millions
5000000	Preference Shares	Rs.100/- each	Rs.500.000 millions
	Total		Rs.1750.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
93055000	Equity Shares	Rs.10/- each	Rs.930.550 millions
4395500	Preference Shares	Rs.100/- each	Rs.439.550 millions
	Total		Rs.1370.100 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 millions
5000000	Preference Shares	Rs.100/- each	Rs.500.000 millions
	Total		Rs.1750.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
93055000	Equity Shares	Rs.10/- each	Rs.930.550 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011 (12 Months)	30.09.2010 (12 Months)	30.09.2009 (6 Months)
SHAREHOLDERS FUNDS
1] Share Capital		930.550	930.550	350.450
2] Share Application Money Pending Allotment		439.550	293.450	130.250
3] Reserves & Surplus		13.453	7.352	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1383.553	1231.352	480.700
LOAN FUNDS
1] Secured Loans		3178.100	2296.777	277.419
2] Unsecured Loans		360.000	260.000	0.000
TOTAL BORROWING		3538.100	2556.777	277.419
DEFERRED TAX LIABILITIES		5.161	4.707	0.000

TOTAL		4926.814	3792.836	758.119

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3387.065	1517.883	25.200
Capital work-in-progress		4.089	1046.682	1054.236

INVESTMENT		0.245	0.400	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1756.728	733.803	0.841
	Sundry Debtors	76.789	293.008	0.000
	Cash & Bank Balances	59.650	89.696	16.765
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	221.684	280.286	32.789
Total Current Assets		2114.851	1396.793	50.395
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	506.597	133.570	372.913
	Other Current Liabilities	67.001	30.532	5.161
	Provisions	5.838	4.820	0.302
Total Current Liabilities		579.436	168.922	378.376
Net Current Assets		1535.415	1227.871	(327.981)

MISCELLANEOUS EXPENSES		0.000	0.000	6.664

TOTAL		4926.814	3792.836	758.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011 (12 Months)	30.09.2010 (12 Months)	30.09.2009 (6 Months)
	SALES
		Operating revenue, net	5024.686	968.406	0.000
		Other Income	0.015	0.026	0.000
		TOTAL (A)	5024.701	968.432	0.000

Less	EXPENSES
		Consumption materials changes inventories	4352.376	752.479	0.000
		Manufacturing service costs	81.248	24.514	0.000
		Employee related expenses	131.002	28.303	0.000
		Administrative selling other expenses	110.804	50.725	0.000
		TOTAL (B)	4675.430	856.021	0.000

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		349.271	112.411	0.000

Less	INTEREST FINANCIAL EXPENSES (D)		217.252	65.826	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		132.019	46.585	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		125.463	34.526	0.000

	PROFIT BEFORE TAX (E-F) (G)		6.556	12.059	0.000

Less	TAX (H)		0.455	4.707	0.000

	PROFIT AFTER TAX (G-H) (I)		6.101	7.352	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.352	0.000	0.000

	BALANCE CARRIED TO THE B/S		13.453	7.352	0.000

	EARNINGS IN FOREIGN CURRENCY
		F.O.B value of Exports	656.613	362.274	NA
	TOTAL EARNINGS		656.613	362.274	NA

	IMPORTS
		Stores & Spares	16.993	2.307	NA
		Raw Materials	1031.717	651.722	NA
		Capital Items	257.865	749.973	NA
	TOTAL IMPORTS		1306.575	1404.002	NA

	Earnings Per Share (Rs.)		0.05	0.10	0.00

KEY RATIOS

PARTICULARS		30.09.2011 (12 Months)	30.09.2010 (12 Months)	30.09.2009 (6 Months)
PAT / Total Income	(%)	0.12	0.76	NA

Net Profit Margin (PBT/Sales)	(%)	0.13	1.12	NA

Return on Total Assets (PBT/Total Assets}	(%)	0.12	0.41	NA

Return on Investment (ROI) (PBT/Networth)		0.00	0.01	NA

Debt Equity Ratio (Total Liability/Networth)		2.97	2.21	1.36

Current Ratio (Current Asset/Current Liability)		3.65	8.27	0.13

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	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	Yes

OPERATIONAL REVIEW

In the fiscal year, the Sales of the Company increased to Rs.5100.500 millions from Rs.988.000 millions last year, registering a phenomenal increase of 416.24%. However, the Profit after tax is Rs.6.101 millions as compared to Rs.7.351 millions last year during this period due to tuff market condition and slow down of economy world over.

STATUS OF PROJECTS UNDER IMPLEMENTATION

New API ERW Plant installed and Commissioned during the year.

FUTURE PROSPECTS

In view of thrust of the Government of India on Water, Gas, Petroleum Infrastructure and Export Sectors, there is a tremendous scope for growth in Spiral Pipes as well as ERW pipes and export to USA and other European Countries and Company has taken steps for exploring the international market to get maximum export orders.

SHARE CAPITAL AND DIVIDEND

As on 30^th September 2011, the Company has paid up capital of 93055000 equity shares of Rs.10/- each, out of which 50000000 equity shares are held by Surya Roshni Limited, Holding company of the company, and extent of holding as on 30^th September, 2011 is 53.73%.

Since the Company has still not achieved the maximum utilization of its plant’s capacity and wants to conserve their resources, the Directors do not recommend any equity dividend for the year.

CONTINGENT LIABILITIES:

Particulars	30.09.2011 (Rs. in millions)	30.09.2010 (Rs. in millions)
a) Bank Guarantee outstanding	164.128	92.444
b) Unexpired Letter of Credits	Nil	3.543
c) Estimated amount of contract remaining to be executed on capital A/c.(Net of Advances)	Nil	254.974

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28999DL2008PLC177870
Name of the company	SURYA GLOBAL STEEL TUBES LIMITED
Address of the registered office or of the principal place of business in India of the company	302, 3^rd Floor, Padma Tower-I, Rajendra Place, New Delhi – 110 008, India E-Mail: bbsingal@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10223723
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Punjab National Bank (Lead Bank), BO: ECE House, 28-A, Kasturba Gandhi Marg, New Delhi – 110 001, India E-Mail: asamca@gmail.com
Nature of description of the instrument creating or modifying the charge	1. Working Capital Consortium Agreement. 2. Joint Deed of Hypothecation 3. Inter-Se-Agreement 4. Letter of authority
Date of instrument Creating the charge	24/02/2012
Amount secured by the charge	Rs.4000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: PNB: Base Rate + 3% i.e. 13.75% p.a. SBI: Base Rate + 3.75% i.e. 13.75% p.a. or at such other rate as may be prescribed by PNB/SBI from time to time. Terms of Repayment: Aggregate Working Capital limit of Rs. 2400.000 Millions are payable on demand. Margin: Stocks - 25%, Book Debts - 40% or as may be prescribed by each member bank of PNB Consortium. Extent and Operation of the charge: - 1st pari passu charge on stock, book debts and all other current assets of the Co. and 2nd pari passu charge over entire fixed assets i.e. land, plant and machinery at Village Bhuvad, Taluka Anjar, Distt. Kutch, Gujarat to secure aggregate working capital facilities upto Rs. 1500.000 Millions sanctioned by PNB Consortium. - 1st pari passu charge on entire fixed assets to secure aggregate TLs of Rs. 1600.000 Millions sanctioned by PNB and SBI. Others: - Punjab National Bank is designated and recognized as the 'Lead Bank' of the PNB Consortium (i.e. Punjab National Bank and State Bank of India). - Aggregate Credit Limits of Rs. 4000.000 Millions consist of the following : PNB SBI (Rs in Millions) FBWC 500.000 400.000 NFBWC 825.000 675.000 TL 900.000 700.000 LC/LG (500.000) (600.000) (within TL) Total 2225.000 1775.000
Short particulars of the property charged	Hyp. by way of 1st pari passu charge on entire current assets, namely stocks of raw materials, semi finished and finished goods, spares and spares not relating to plant and machinery (consumable Stores and Spares), bills receivable and book debts and all other movables of the Co, both present and future to secure PNB Working Capital limit of Rs.1325.000 Millions and SBI Working Capital limit of Rs. 1075.000 Millions 2nd charge on fixed block assets i.e. land, buildings and machinery including capital work in progress on pari passu basis for securing PNB and SBI working capital limit upto Rs. 1500.000 Millions i.e. immovable properties situated at Village Bhuvad, Taluka and Sub Registrar District Anjar, Revenue and Registation Distt. Kutch, Gujrat. 1st mortgage and charge on pari passu basis to secure the Term Loan(s) of Rs.1600.000 Millions (PNB-Rs.900.000 Millions and SBI - Rs.700.000 Millions) sanctioned by PNB consortium and 2nd mortgage and charge to be extended on pari passu basis to secure agg. Working capital limit now enhanced to Rs.2400.000 Millions [PNB - Rs.500.000 Millions (FB) and Rs.825.0000 Millions(NFB) and SBI - Rs.400.000 Millions (FB) and Rs. 675.000 Millions (NFB)] on IPs of the Co. i.e. covered area of 91 acres and 33 guntha and comprising of 9 title deed(s) and situated at Village Bhuvad, Taluka Anjar, Distt. Kutch, Gujarat, together with all bldgs. super structure, P and M, constructed/to be constructed and installed or to be installed.
Date of latest modification prior to the present modification	04/08/2011
Particulars of the present modification	1] Agg. WC limits under consortium enhanced from Rs.1500.000 Millions to Rs.2400.000 Millions [ i.e. PNB - FB Rs.500.000 Millions and NFB Rs.825.000 Millions and SBI-FB Rs.400.000 Millions and NFB Rs.675.000 Millions] and Overall charge enhanced from Rs.310 Cr. to Rs.4000.000 Cr.[WC-Rs.2400.000 Cr+TL-Rs.1600.000 Cr] 2] Existing and enhanced limits be secured by the securities. 3] Terms and conditions as per a) to 13(e) above. However, other T and C incl securities as per Joint documents now executed.

FIXED ASSETS:

v Land and Site Development

v Building

v Plant and Machinery - Spiral

v Plant and Machinery - ERW

v Furniture and Fixtures

v Vehicles

v Office Equipments

v Air conditioner and Coolers

v Computers

v Temporary Erections

v Electrical Equipments and Fittings

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.54.85
UK Pound	1	Rs.88.40
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--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
TOTAL		37

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.

MIRA INFORM REPORT

1756.728

733.803

76.789

293.008

59.650

89.696

0.000

0.000

221.684

280.286

2114.851

506.597

133.570

67.001

30.532

5.838

4.820

579.436

1535.415

1227.871

0.76

1.12

0.41

0.01

2.21

8.27

Unit