MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	SIMEC INDUS RESOURCES PRIVATE LIMITED
Formerly Known As :	INDUS RESOURCES PRIVATE LIMITED
Registered Office :	Flat No.257, DDA Commercial Complex-I, Cycle Market, Jhandewalan Extension, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.02.2000
Com. Reg. No.:	55-103828
Capital Investment / Paid-up Capital :	Rs.10.497 Millions
CIN No.: [Company Identification No.]	U74899DL2000PTC103828
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in wholesale trade in wastes, metal scraps and other materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 560000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profit margin of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: Latest financial for the year 2013 is not available with us.

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	CARE
Rating	Long term bank facilities: BB
Rating Explanation	Moderate risk of default and high credit risk.
Date	08.11.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	08.11.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Flat No.257, DDA Commercial Complex-I, Cycle Market, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rocdak@gmail.com

DIRECTORS

As on 09.08.2013

Name :

Mr. Parduman Kumar Gupta

Designation :

Director

Address :

R/O 578, Model Town, Ludhiana –141003, Punjab, India

Date of Birth/Age :

04.05.2003

Date of Appointment :

29.11.2005

DIN No.:

00304187

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U35923PB1996PTC018357	RADHAKISHAN ENTERPRISES PRIVATE LIMITED	Director	17/06/1996	17/06/1996	01/03/2013	Active	NO
2	U35920PB2004PTC027189	VENUS BIKES PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
3	U74899DL2000PTC103828	SIMEC INDUS RESOURCES PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
4	U51420MH2010PTC210110	SAR METALLICS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
5	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
6	U51101MH2010PTC210108	SAR POWER AND STEEL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
7	U51101MH2010PTC210106	PKG STEEL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO

Name :

Mr. Deepak Kumar Chawla

Designation :

Additional Director

Address :

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

Date of Birth/Age :

01.07.1973

Date of Appointment :

20.09.2007

DIN No.:

02033332

Name :

Mr. Ravi Kumar Trehan

Designation :

Additional Director

Address :

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

Date of Birth/Age :

11.01.1959

Date of Appointment :

30.09.2010

DIN No.:

01045610

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U11200MH1985PTC035823	RAMLAKS EXPORTS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U25200MH1966PTC013478	J TCHANRAI INDUSTRIES PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
3	U24230MH1981PTC024133	WHITECRAFT PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2004	10/02/2004	-	Active	NO
4	U91110GJ1995PTC027776	CHANTEX INDUSTRIES PRIVATE LIMITED	Whole-time director	23/03/2004	23/03/2004	-	Active	YES
5	U70101DL2004PTC211066	DART PROPERTIES PRIVATE LIMITED	Director	24/08/2004	24/08/2004	08/05/2010	Active	NO
6	U45200MH2006PTC160926	ART EXIM PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
7	U72300MH2007PTC166774	SECURED DATA SOLUTIONS PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
8	U51101MH2007PTC167064	GLOBUS INTERNATIONAL PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
9	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Director	20/06/2008	30/07/2007	26/09/2012	Active	NO
10	U74899DL2000PTC103828	SIMEC INDUS RESOURCES PRIVATE LIMITED	Director	30/09/2010	18/05/2010	-	Active	NO
11	U35301MH2010PTC211391	LIBERTY AVIATION'S PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO
12	U45200MH2012PTC227182	ANC CONTRACTING AND ENGINEERS PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
13	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Director	13/08/2013	04/05/2013	06/11/2013	Active	NO
14	U51101MH2010PTC210108	SAR POWER AND STEEL PRIVATE LIMITED	Director	13/08/2013	04/05/2013	-	Active	NO
15	U51420MH2010PTC210110	SAR METALLICS PRIVATE LIMITED	Director	13/08/2013	04/05/2013	-	Active	NO
16	U51101MH2010PTC210106	PKG STEEL PRIVATE LIMITED	Director	13/08/2013	14/06/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.08.2013

Names of Shareholders	No. of Shares
Sanjeev Gupta	1039672
Parduman Kumar Gupta	9990
Deepak Kumar Chawla	10
Pims Investment Pte Limited	5550744
Total	6600416

Equity Share Break up (Percentage of Total Equity)

As on 09.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	84.00
Directors or relatives of Directors	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in wholesale trade in wastes, metal scraps and other materials.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Punjab National Bank, Forshor Road Branch, Nariman Point, Mumbai - 400021, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	P. K. Aggarwal and Company Chartered Accountants
Address :	Flat No 257, Cycle Market, Jhandewalan Extension, New Delhi – 110055, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP9238N

CAPITAL STRUCTURE

AFTER 09.08.2013

Authorised Capital : Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.252.706 Millions

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6600416	Equity Shares	Rs.10/- each	Rs. 66.004 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1049672	Equity Shares	Rs.10/- each	Rs. 10.497 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.497	10.497
(b) Reserves & Surplus	2.840	0.940
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	127.248	0.000
Total Shareholders’ Funds (1) + (2)	140.585	11.437
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	1.921
(b) Trade payables	863.843	45.895
(c) Other current liabilities	1.579	2.621
(d) Short-term provisions	1.163	0.108
Total Current Liabilities (4)	866.585	50.545
TOTAL	1007.170	61.982
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.088	5.765
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.073	0.000
(d) Long-term Loan and Advances	1.020	0.624
(e) Other Non-current assets	1.943	0.411
Total Non-Current Assets	8.124	6.800
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	153.787	0.555
(c) Trade receivables	770.559	41.145
(d) Cash and cash equivalents	68.879	11.228
(e) Short-term loans and advances	5.821	2.254
(f) Other current assets	0.000	0.000
Total Current Assets	999.046	55.182
TOTAL	1007.170	61.982

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.497
2] Share Application Money		0.000
3] Reserves & Surplus		0.839
4] (Accumulated Losses)		0.000
NETWORTH		11.336
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		11.336
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.412
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.555
	Sundry Debtors	16.367
	Cash & Bank Balances	9.383
	Other Current Assets	0.00
	Loans & Advances	3.649
Total Current Assets		29.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.869
	Other Current Liabilities	0.541
	Provisions	0.100
Total Current Liabilities		22.510
Net Current Assets		7.444
MISCELLANEOUS EXPENSES		0.480
TOTAL		11.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	1929.721	73.829	79.264
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.205	1.134	0.765
Less/ Add	DEPRECIATION/ AMORTISATION		1.213	0.927	0.432
	PROFIT BEFORE TAX		2.992	0.207	0.333
Less	TAX		1.092	0.106	0.100
	PROFIT AFTER TAX		1.900	0.101	0.233
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.940	0.839	0.606
	BALANCE CARRIED TO THE B/S		2.840	0.940	0.839
	Earnings Per Share (Rs.)		1.81	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	0.30	0.33	1.00
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.03
Debt Equity Ratio (Total Debt /Networth)		0.00	0.17	0.00
Current Ratio (Current Asset/Current Liability)		1.15	1.09	1.33

LOCAL AGENCY FURTHER INFORMATION

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

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

CORPORATE INFORMATION

Subject was incorporated on 18th Feb, 2000. The Company is engaged in wholesale trade in wastes, metal scraps and other materials.

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans and advances from related parties	0.000	1.920
Total	0.000	1.920

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413958	04/03/2013	150,000,000.00	PUNJAB NATIONAL BANK	FORSHOR ROAD BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B71498018

FIXED ASSETS

Tangible assets

· Plant and equipment

· Office equipment

· Computer equipment’s

· Other equipment’s

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.62.36
UK Pound	1	Rs.101.11
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--PROFITABILIRY	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.