MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	SHYAM STEEL INDUSTRIES LIMITED
Formerly Known As :	SHYAM SHREE STEELS LIMITED
Registered Office :	Shyam Tower, EN 32, Sector – V, Salt Lake City, V, Kolkata – 700 091, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.03.2002
Com. Reg. No.:	21-094339
Capital Investment / Paid-up Capital :	Rs.65.000 Millions
CIN No.: [Company Identification No.]	U27100WB2002PLC094339
TAN No.: [Tax Deduction & Collection Account No.]	CALS09603G
PAN No.: [Permanent Account No.]	AAGCS3838R
Legal Form :	A closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Iron and Steel Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4020000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities =BBB+
Rating Explanation	Moderate Credit Quality and Average Credit Risk.
Date	18.03.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities =A3+
Rating Explanation	Moderate Degree of safety and Higher Credit Risk.
Date	18.03.2013

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 :	Shyam Tower, EN 32, Sector – V, Salt Lake City, V, Kolkata – 700 091, West Bengal, India
Tel. No.:	91-33-40074007
Fax No.:	91-33-40074010
E-Mail :	marketing@shyamsteel.com export@shyamsteel.com pc@shyamsteel.com finance@shyamsteel.com
Website :	www.shyamsteel.com
Manufacturing Facilities :	Located at Durgapura and Howrah, West Bengal, India
Branches :	Located At : · Andhra Pradesh · Assam · Chhattisgarh · Delhi · Haryana · Karnataka · Orissa · Tamil Nadu · Uttar Pradesh · Kerala

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Lalit Beriwala

Designation :

Whole Time Director

Address :

CE – 108, Salt Lake City, Kolkata – 700064, West Bengal, India

Qualification :

B. Com

Date of Birth/Age :

14.12.1968

Date of Appointment :

20.06.2008

DIN No.:

00006198

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	U27100WB2002PLC094339	SHYAM STEEL INDUSTRIES LIMITED	Whole-time director	20-06-08	08-03-02	-	Active	NO
2	U27310WB2005PTC102936	RANCHI CASTINGS PRIVATE LIMITED	Director	04-05-05	04-05-05	01-01-13	Active	NO
3	U51909WB2005PTC103002	ADARSH TIE-UP PRIVATE LIMITED	Director	06-05-05	06-05-05	-	Amalgamated	NO
4	U27109WB2005PTC103291	TRUMAX ISPAT PRIVATE LIMITED	Director	25-05-05	25-05-05	-	Active	NO
5	U45201WB2006PTC109007	VASUDEO ENCLAVE PRIVATE LIMITED	Director	20-04-06	20-04-06	27-12-12	Active	NO
6	U70101WB2006PTC109019	SWASTIKA MANSION PVT LTD	Director	20-04-06	20-04-06	27-12-12	Active	NO
7	U45201WB2006PTC109008	SREENATH PROMOTERS PRIVATE LIMITED	Director	20-04-06	20-04-06	27-12-12	Active	NO
8	U70101WB2006PTC109018	MANGALAM MANSION PVT LTD	Director	20-04-06	20-04-06	27-12-12	Active	NO
9	U70101WB2006PTC109020	LOTUS MANSION PRIVATE LIMITED	Director	20-04-06	20-04-06	27-12-12	Active	NO
10	U74140WB2006PTC109267	SHYAM TECHNICAL SERVICES PRIVATE LIMITED	Director	10-05-06	10-05-06	27-12-12	Active	NO
11	U70101WB2006PTC109914	SHYAMSREE INFRASTRUCTURE PRIVATE LIMITED	Director	14-06-06	14-06-06	27-12-12	Active	NO
12	U70101WB2006PTC109929	SHYAMSREE DEVELOPERS PRIVATE LIMITED	Director	14-06-06	14-06-06	27-12-12	Active	NO
13	U70101WB2006PTC109907	SHYAM MANSION PRIVATE LIMITED	Director	14-06-06	14-06-06	17-01-12	Active	NO
14	U70101WB2006PTC110712	SHYAMSHREE NIKETAN PRIVATE LIMITED	Director	21-07-06	21-07-06	27-12-12	Active	NO
15	U27100WB2007PTC115235	SHYAM STEEL METALLICS PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
16	U74140WB2004PTC099555	VANLILA CONSULTANTS PRIVATE LIMITED	Director	05-09-13	01-08-07	-	Active	NO
17	U51109WB2005PTC103233	RAMTECH VANIJYA PRIVATE LIMITED	Additional director	12-10-07	12-10-07	-	Amalgamated	NO
18	U14219WB2008PTC128692	SHYAM MINERAL RESOURCES PRIVATE LIMITED	Director	22-08-08	22-08-08	27-12-12	Active	NO
19	U51909WB1992PLC054881	SHRI JAGANNATH STEELS & POWER LIMITED	Director	22-09-09	20-08-09	15-06-13	Active	NO
20	U73100WB2009PTC138299	TCP MARKETING AND RESEARCH PRIVATE LIMITED	Director	08-09-09	08-09-09	27-12-12	Active	NO
21	U01403WB2010PTC144799	SSB ESTATE PRIVATE LIMITED	Director	05-04-10	05-04-10	30-11-12	Active	NO
22	U45400WB2010PTC153339	SHYAM STEEL INFRAPROJECTS PRIVATE LIMITED	Director	23-09-10	23-09-10	27-12-12	Active	NO
23	U40109WB2010PTC154127	SHYAMSTEEL POWER PRIVATE LIMITED	Director	18-10-10	18-10-10	-	Active	NO
24	U40105WB2010PTC154125	SHYAMSTEEL ENERGY PRIVATE LIMITED	Director	18-10-10	18-10-10	-	Active	NO
25	U01119WB2010PTC154124	SHYAMSTEEL AGRO PRIVATE LIMITED	Director	18-10-10	18-10-10	27-12-12	Active	NO
26	U51909WB2010PTC154689	SHYAM KUND VYAPAAR PRIVATE LIMITED	Director	16-11-10	16-11-10	-	Active	NO
27	U28999WB1991PLC051823	SOVA ISPAT LIMITED	Director	30-09-11	10-01-11	-	Active	NO
28	U52190WB2011PLC156940	CHITRALEKHA MERCHANTS LIMITED	Director	10-01-11	10-01-11	27-12-12	Active	NO
29	U52190WB2012PLC174462	PANCHSHREE TIE-UP LIMITED	Director	29-09-12	01-03-12	30-11-12	Active	NO
30	L20291WB1985PLC038657	SWASTIK PLYWOOD LIMITED	Director	29-09-12	21-03-12	-	Active	NO
31	U52190WB2012PTC174461	MOONVIEW TIE-UP PRIVATE LIMITED	Director	27-09-13	05-11-12	-	Active	NO
32	U52190WB2011PTC168098	DAKSHA TIE-UP PRIVATE LIMITED	Director	26-09-13	05-11-12	-	Active	NO
33	U52190WB2011PTC168116	BRIGHT DEALTRADE PRIVATE LIMITED	Director	26-09-13	05-11-12	-	Active	NO
34	U52190WB2011PTC168103	AVANEESH DEALMARK PRIVATE LIMITED	Director	26-09-13	05-11-12	-	Active	NO
35	U52190WB2012PTC174459	ARYADEEP TRADELINK PRIVATE LIMITED	Director	26-09-13	05-11-12	-	Active	NO
36	U52190WB2011PTC168114	ANANT VINTRADE PRIVATE LIMITED	Director	26-09-13	05-11-12	-	Active	NO
37	U52190WB2012PTC181674	LINKSTAR VYAPAAR PRIVATE LIMITED	Director	30-09-13	05-11-12	-	Active	NO
38	U65999WB1985PTC039875	SAJAN FINANCIERS AND COMMERCIALS PRIVATE LIMITED	Director	30-09-13	05-11-12	-	Active	NO
39	U67120WB2006PTC112242	YASHASHVI SECURITIES PRIVATE LIMITED	Director	31-08-13	27-12-12	-	Active	NO
40	U52190WB2012PTC181672	FOREMOST TIE-UP PRIVATE LIMITED	Director	30-09-13	27-12-12	-	Active	NO
41	U52190WB2012PTC174460	KAMALDHAN VINTRADE PRIVATE LIMITED	Director	26-09-13	27-12-12	-	Active	NO

Name :

Mr. Purushottam Beriwala

Designation :

Whole Time Director

Address :

CE – 108, Salt Lake City, Kolkata – 700064, West Bengal, India

Qualification :

B. Com

Date of Birth/Age :

08.08.1960

Date of Appointment :

01.01.2013

Din No.:

00006215

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	U51109WB1992PTC056738	BRIGHT HORIZON IMPEX PRIVATE LIMITED	Director	21-05-99	21-05-99	-	Amalgamated	NO
2	U65999WB1985PTC039875	SAJAN FINANCIERS AND COMMERCIALS PRIVATE LIMITED	Director	15-01-01	15-01-01	-	Active	NO
3	U27100WB2002PLC094339	SHYAM STEEL INDUSTRIES LIMITED	Director	01-01-13	08-03-02	-	Active	NO
4	U27101WB2002PTC094472	SGI ISPAT PRIVATE LIMITED	Director	05-04-02	05-04-02	01-04-08	Active	NO
5	U27109WB2005PTC103291	TRUMAX ISPAT PRIVATE LIMITED	Director	02-05-06	02-05-06	25-03-11	Active	NO
6	U70101WB2006PTC110700	SHYAMSREE TOWERS PRIVATE LIMITED	Director	20-07-06	20-07-06	27-12-12	Active	NO
7	U70101WB2006PTC110737	LAKEVIEW BUILDERS PRIVATE LIMITED	Director	24-07-06	24-07-06	30-11-12	Active	NO
8	U24121WB1975PTC030089	DIN CHEMICALS AND COATINGS PRIVATE LIMITED	Director	12-04-07	12-04-07	30-11-12	Active	NO
9	U27100WB2007PTC115235	SHYAM STEEL METALLICS PRIVATE LIMITED	Director	18-04-07	18-04-07	24-06-13	Active	NO
10	U45400WB2007PTC116138	PUSPA NIKETAN PRIVATE LIMITED	Director	28-05-07	28-05-07	30-11-12	Active	NO
11	U27102WB2002PTC095374	SHREEGOPAL HI-TECH PRIVATE LIMITED	Director	12-06-07	12-06-07	-	Amalgamated	NO
12	U67120WB2006PTC112242	YASHASHVI SECURITIES PRIVATE LIMITED	Director	27-09-08	31-08-07	-	Active	NO
13	U51109WB2005PTC106571	VICTOR VANIJYA PVT LTD	Additional director	12-10-07	12-10-07	-	Amalgamated	NO
14	U70101WB2005PTC104566	LIBERAL HOUSING PRIVATE LIMITED	Additional director	12-10-07	12-10-07	-	Amalgamated	NO
15	U01134WB2010PTC145281	PB FARM HOUSE PRIVATE LIMITED	Director	15-04-10	15-04-10	01-01-13	Active	NO
16	U40109WB2010PTC154127	SHYAMSTEEL POWER PRIVATE LIMITED	Director	18-10-10	18-10-10	01-01-13	Active	NO
17	U40105WB2010PTC154125	SHYAMSTEEL ENERGY PRIVATE LIMITED	Director	18-10-10	18-10-10	-	Active	NO
18	U01119WB2010PTC154124	SHYAMSTEEL AGRO PRIVATE LIMITED	Director	18-10-10	18-10-10	-	Active	NO
19	U52190WB2010PTC155464	VAIKUNTHA TRADECOM PRIVATE LIMITED	Director	07-12-10	07-12-10	30-11-12	Active	NO
20	U52190WB2011PLC156940	CHITRALEKHA MERCHANTS LIMITED	Director	10-01-11	10-01-11	30-11-12	Active	NO
21	U28999WB1991PLC051823	SOVA ISPAT LIMITED	Whole-time director	01-01-13	10-01-11	-	Active	NO
22	U52190WB2011PTC168098	DAKSHA TIE-UP PRIVATE LIMITED	Director	23-09-11	23-09-11	-	Active	NO
23	U52190WB2011PTC168116	BRIGHT DEALTRADE PRIVATE LIMITED	Director	26-09-11	26-09-11	-	Active	NO
24	U52190WB2011PTC168114	ANANT VINTRADE PRIVATE LIMITED	Director	26-09-11	26-09-11	-	Active	NO
25	U52190WB2011PTC168103	AVANEESH DEALMARK PRIVATE LIMITED	Director	26-09-11	26-09-11	-	Active	NO
26	U52190WB2012PTC174461	MOONVIEW TIE-UP PRIVATE LIMITED	Director	27-09-13	05-11-12	-	Active	NO
27	U52190WB2012PTC174459	ARYADEEP TRADELINK PRIVATE LIMITED	Director	26-09-13	05-11-12	-	Active	NO
28	U52190WB2012PTC181674	LINKSTAR VYAPAAR PRIVATE LIMITED	Director	30-09-13	05-11-12	-	Active	NO
29	U52190WB2012PTC174460	KAMALDHAN VINTRADE PRIVATE LIMITED	Director	26-09-13	30-11-12	-	Active	NO
30	U74140WB2004PTC099555	VANLILA CONSULTANTS PRIVATE LIMITED	Director	05-09-13	30-11-12	-	Active	NO
31	U52190WB2012PTC181672	FOREMOST TIE-UP PRIVATE LIMITED	Director	30-09-13	30-11-12	-	Active	NO
32	U51909WB2010PTC154689	SHYAM KUND VYAPAAR PRIVATE LIMITED	Director	26-09-13	27-12-12	-	Active	NO

Name :

Mr. Govind Beriwala

Designation :

Whole Time Director

Address :

CE – 108, Salt Lake City, Kolkata – 700064, West Bengal, India

Qualification :

B. Com

Date of Birth/Age :

09.03.1963

Date of Appointment :

20.06.2008

DIN No.:

00006100

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	U65999WB1985PTC039875	SAJAN FINANCIERS AND COMMERCIALS PRIVATE LIMITED	Director	02-02-01	02-02-01	05-11-12	Active	NO
2	U27100WB2002PLC094339	SHYAM STEEL INDUSTRIES LIMITED	Whole-time director	20-06-08	01-04-05	-	Active	NO
3	U27310WB2005PTC102936	RANCHI CASTINGS PRIVATE LIMITED	Director	04-05-05	04-05-05	30-11-12	Active	NO
4	U51909WB2005PTC103002	ADARSH TIE-UP PRIVATE LIMITED	Director	06-05-05	06-05-05	-	Amalgamated	NO
5	U27109WB2005PTC103291	TRUMAX ISPAT PRIVATE LIMITED	Director	25-05-05	25-05-05	31-03-11	Active	NO
6	U70101WB2006PTC109018	MANGALAM MANSION PRIVATE LIMITED	Director	20-04-06	20-04-06	30-11-12	Active	NO
7	U45201WB2006PTC109007	VASUDEO ENCLAVE PRIVATE LIMITED	Director	20-04-06	20-04-06	30-11-12	Active	NO
8	U70101WB2006PTC109019	SWASTIKA MANSION PRIVATE LIMITED	Director	20-04-06	20-04-06	30-11-12	Active	NO
9	U45201WB2006PTC109008	SREENATH PROMOTERS PRIVATE LIMITED	Director	20-04-06	20-04-06	30-11-12	Active	NO
10	U70101WB2006PTC109020	LOTUS MANSION PRIVATE LIMITED	Director	20-04-06	20-04-06	30-11-12	Active	NO
11	U74140WB2006PTC109267	SHYAM TECHNICAL SERVICES PRIVATE LIMITED	Director	10-05-06	10-05-06	30-11-12	Active	NO
12	U70101WB2006PTC109914	SHYAMSREE INFRASTRUCTURE PRIVATE LIMITED	Director	14-06-06	14-06-06	30-11-12	Active	NO
13	U70101WB2006PTC109929	SHYAMSREE DEVELOPERS PRIVATE LIMITED	Director	14-06-06	14-06-06	30-11-12	Active	NO
14	U70101WB2006PTC109907	SHYAM MANSION PRIVATE LIMITED	Director	14-06-06	14-06-06	20-12-11	Active	NO
15	U70101WB2006PTC110693	SHYAMSHREE ENCLAVE PRIVATE LIMITED	Director	20-07-06	20-07-06	27-12-12	Active	NO
16	U70101WB2006PTC110743	KONARK HIRISE PRIVATE LIMITED	Director	27-01-07	27-01-07	27-12-12	Active	NO
17	U27100WB2007PTC115235	SHYAM STEEL METALLICS PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
18	U67120WB2006PTC112242	YASHASHVI SECURITIES PRIVATE LIMITED	Director	27-09-08	31-08-07	-	Active	NO
19	U51109WB2005PTC102381	AMBITION VINIMAY PRIVATE LIMITED	Additional director	12-10-07	12-10-07	-	Amalgamated	NO
20	U51109WB2005PTC105649	GRIN TIE-UP PRIVATE LIMITED	Additional director	12-10-07	12-10-07	-	Amalgamated	NO
21	U14219WB2008PTC128692	SHYAM MINERAL RESOURCES PRIVATE LIMITED	Director	22-08-08	22-08-08	30-11-12	Active	NO
22	U51909WB1992PLC054881	SHRI JAGANNATH STEELS AND POWER LIMITED	Director	22-09-09	20-08-09	25-11-11	Active	NO
23	U70100WB2010PTC145309	GB RESORTS PRIVATE LIMITED	Director	16-04-10	16-04-10	27-12-12	Active	NO
24	U51909WB2009PTC135163	UNICON VYAPAAR PRIVATE LIMITED	Director	30-09-10	19-05-10	30-11-12	Active	NO
25	U45400WB2010PTC153339	SHYAM STEEL INFRAPROJECTS PRIVATE LIMITED	Director	23-09-10	23-09-10	-	Active	NO
26	U52190WB2011PLC156940	CHITRALEKHA MERCHANTS LIMITED	Director	10-01-11	10-01-11	30-11-12	Active	NO
27	U52190WB2012PLC174462	PANCHSHREE TIE-UP LIMITED	Director	20-02-12	20-02-12	01-03-12	Active	NO
28	U52190WB2012PTC174461	MOONVIEW TIE-UP PRIVATE LIMITED	Director	20-02-12	20-02-12	05-11-12	Active	NO
29	U52190WB2012PTC174460	KAMALDHAN VINTRADE PRIVATE LIMITED	Director	20-02-12	20-02-12	30-11-12	Active	NO
30	U52190WB2012PTC174459	ARYADEEP TRADELINK PRIVATE LIMITED	Director	20-02-12	20-02-12	05-11-12	Active	NO

Name :

Mr. Ravi Beriwala

Designation :

Whole Time Director

Address :

CE – 108, Salt Lake City, Kolkata – 700064, West Bengal, India

Qualification :

B. Com

Date of Birth/Age :

06.06.1970

Date of Appointment :

01.01.2013

DIN No.:

00006230

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	U51109WB1992PTC056738	BRIGHT HORIZON IMPEX PRIVATE LIMITED	Director	21-05-99	21-05-99	-	Amalgamated	NO
2	U27109WB2005PTC103291	TRUMAX ISPAT PRIVATE LIMITED	Director	31-03-11	02-05-06	-	Active	NO
3	U70101WB2006PTC110695	SHYAMSREE PROMOTERS PRIVATE LIMITED	Director	20-07-06	20-07-06	27-12-12	Active	NO
4	U70101WB2006PTC110778	ROSEWOOD PLAZA PRIVATE LIMITED	Director	26-07-06	26-07-06	27-12-12	Active	NO
5	U24121WB1975PTC030089	DIN CHEMICALS AND COATINGS PRIVATE LIMITED	Additional director	01-10-13	12-04-07	-	Active	NO
6	U45400WB2007PTC116137	SHREE NIVAS BUILDESTATES PRIVATE LIMITED	Director	28-05-07	28-05-07	30-11-12	Active	NO
7	U27102WB2002PTC095374	SHREEGOPAL HI-TECH PRIVATE LIMITED	Director	12-06-07	12-06-07	-	Amalgamated	NO
8	U74140WB2004PTC099555	VANLILA CONSULTANTS PRIVATE LIMITED	Director	05-09-13	22-09-07	-	Active	NO
9	U51909WB2004PTC098060	SAFFORN MARKETING PRIVATE LIMITED	Director	12-10-07	12-10-07	-	Amalgamated	NO
10	U27101WB2002PTC094472	SGI ISPAT PRIVATE LIMITED	Director appointed in casual vacancy	01-04-08	01-04-08	02-02-09	Active	NO
11	U27100WB2002PLC094339	SHYAM STEEL INDUSTRIES LIMITED	Director	01-01-13	20-03-09	-	Active	NO
12	U73100WB2009PTC138299	TCP MARKETING AND RESEARCH PRIVATE LIMITED	Director	08-09-09	08-09-09	27-12-12	Active	NO
13	U01403WB2010PTC144799	SSB ESTATE PRIVATE LIMITED	Director	05-04-10	05-04-10	27-12-12	Active	NO
14	U51909WB2009PTC135163	UNICON VYAPAAR PRIVATE LIMITED	Director	30-09-10	19-05-10	27-12-12	Active	NO
15	U51909WB2010PTC154689	SHYAM KUND VYAPAAR PRIVATE LIMITED	Director	16-11-10	16-11-10	27-12-12	Active	NO
16	U52190WB2010PTC155464	VAIKUNTHA TRADECOM PRIVATE LIMITED	Director	07-12-10	07-12-10	27-12-12	Active	NO
17	U52190WB2011PLC156940	CHITRALEKHA MERCHANTS LIMITED	Director	10-01-11	10-01-11	27-12-12	Active	NO
18	U52190WB2012PTC174459	ARYADEEP TRADELINK PRIVATE LIMITED	Director	20-02-12	20-02-12	07-11-12	Active	NO
19	U52190WB2012PLC174462	PANCHSHREE TIE-UP LIMITED	Director	20-02-12	20-02-12	27-12-12	Active	NO
20	U52190WB2012PTC174461	MOONVIEW TIE-UP PRIVATE LIMITED	Director	20-02-12	20-02-12	07-11-12	Active	NO
21	U52190WB2012PTC174460	KAMALDHAN VINTRADE PRIVATE LIMITED	Director	20-02-12	20-02-12	27-12-12	Active	NO
22	L20291WB1985PLC038657	SWASTIK PLYWOOD LIMITED	Director	29-09-12	21-03-12	-	Active	NO
23	U14219WB2008PTC128692	SHYAM MINERAL RESOURCES PRIVATE LIMITED	Director	16-09-13	30-11-12	-	Active	NO
24	U40105WB2010PTC154125	SHYAMSTEEL ENERGY PRIVATE LIMITED	Director	28-09-13	27-12-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Himanshu Kedia
Designation :	Secretary
Date of Appointment :	01.07.2010
DIN or Income-tax PAN No.:	AMCPK6339A

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Shyam Sunder Beriwala	367100
Lalit Beriwala	312650
Purushottam Beriwala	283050
Govind Beriwala	248650
Ravi Beriwala	332550
Brijesh Beriwala	328050
Manish Beriwala	387850
Sriram Beriwala	227500
Maya Devi Beriwala	27500
Puspa Devi Beriwala	128300
Manju Lata Beriwala	15000
Vineeta Beriwala	15000
Anju Beriwala	15000
Bina Beriwala	281000
Jyoti Beriwala	110300
Shyam Sunder Beriwala and Others	91500
Lalit Beriwala (HUF)	234850
Ravi Beriwala (HUF)	214950
Brijesh Beriwala (HUF)	219450
Manish Beriwala (HUF)	174550
Purushottam Beriwala (HUF)	358450
Govind Beriwala (HUF)	363550
Vanlila Consultants Private Limited (HUF), India	408200
Suket Beriwala	200000
Yashashvi Securities Private Limited	630000
Rumax Ispat Private Limited	525000
Total	6500000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	24.05
Directors or relatives of Directors	79.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel Products.

Products :

Product Description	Item Code No. (ITC Code)
TMT Re-bars, Channel, Steel Structure, etc.	7214.90
Billet (Non- Alloy)	7224.90
Sponge Iron	7203.10

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Actual Production
Hot Rolled Steel Products	MT	370000	211190
Ingot / Billet	MT	158000	103986
Sponge Iron	MT	57000	25768
Melting and Misroll	--	--	9212
Iron And Steel Products	--	--	98739

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· UCO Bank, MID Corporate Branch, 10, B. T. M. Sarani, Kolkata - 700001, West Bengal, India

· State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata – 700016, West Bengal, India

· State Bank of Patiala

· State Bank of Bikaner and Jaipur.

Facilities :

SECURED LOANS	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Long Term Borrowings
Term Loans from Banks	604.591	305.590
Term Loan from Others	200.000	0.000
Other Loans and Advances	1.180	2.358
Short Term Borrowings
Working Capital Loans from Banks	1748.646	1927.974
Total	2554.417	2235.922

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerald House, 4^th Floor, 1B, Old Post office Street, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22484573/4577,30224333
Fax No.:	91-33-22307146
E-Mail :	kolkata@singhico.com
PAN No.:	AASFS9578D
Subsidiary Company :	· Shyam Steel Energy Private Limited, India CIN No.: [U40105WB2010PTC154125 · Sova Ispat Limited, India CIN No.: [U28999WB1991PLC051823]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Unicon Vyapaar Private Limited, India CIN No.: U51909WB2009PTC135163 · Yashashvi Securities Private Limited, India CIN No.: U67120WB2006PTC112242 · Vanlila Consultants Private Limited, India CIN No.: U74140WB2004PTC099555 · Din Chemicals And Coatings Private Limited, India CIN No.: U24121WB1975PTC030089 · Sajan Financiers and Commercials Private Limited, India CIN No.: U65999WB1985PTC039875 · Swastika Mansion Private Limited, India CIN No.: U70101WB2006PTC109019 · Seasid Construction Private Limited, India CIN No.: U70101WB2006PTC110736 · Rosewood Plaza Private Limited, India CIN No.: U70101WB2006PTC110778 · Puspa Niketan Private Limited, India CIN No.: U45400WB2007PTC116138

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs.80.000 Millions
2000000	Preference Shares	Rs. 10/- each	Rs.20.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs. 10/- each	Rs.65.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.000	65.000
(b) Reserves & Surplus	1904.597	1702.018
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1969.597	1767.018
(3) Non-Current Liabilities
(a) long-term borrowings	805.771	307.948
(b) Deferred tax liabilities (Net)	137.885	130.745
(c) Other long term liabilities	49.311	28.260
(d) long-term provisions	12.281	9.332
Total Non-current Liabilities (3)	1005.248	476.285
(4) Current Liabilities
(a) Short term borrowings	1785.800	2006.839
(b) Trade payables	450.668	720.856
(c) Other current liabilities	461.740	243.617
(d) Short-term provisions	13.198	2.258
Total Current Liabilities (4)	2711.406	2973.570
TOTAL	5686.251	5216.873
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1129.939	1178.217
(ii) Intangible Assets	6.494	9.621
(iii) Capital work-in-progress	393.625	59.984
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	57.029	51.060
(c) Deferred tax assets (net)	5.587	4.377
(d) Long-term Loan and Advances	89.068	137.668
(e) Other Non-current assets	32.166	58.398
Total Non-Current Assets	1713.908	1499.325
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1028.254	1120.820
(c) Trade receivables	2138.145	1730.942
(d) Cash and cash equivalents	45.931	30.563
(e) Short-term loans and advances	618.233	684.503
(f) Other current assets	141.780	150.720
Total Current Assets	3972.343	3717.548
TOTAL	5686.251	5216.873

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		65.000
2] Share Application Money		0.000
3] Reserves & Surplus		1542.727
4] (Accumulated Losses)		0.000
NETWORTH		1607.727
LOAN FUNDS
1] Secured Loans		1957.985
2] Unsecured Loans		81.169
TOTAL BORROWING		2039.154
DEFERRED TAX LIABILITIES		92.909
TOTAL		3739.790
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		890.386
Capital work-in-progress		221.837
INVESTMENT		0.550
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	974.570
	Sundry Debtors	2034.241
	Cash & Bank Balances	33.784
	Other Current Assets	0.000
	Loans & Advances	763.484
Total Current Assets		3806.079
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	1172.995
	Provisions	6.067
Total Current Liabilities		1179.062
Net Current Assets		2627.017
MISCELLANEOUS EXPENSES		0.000
TOTAL		3739.790

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income [Gross]		12058.791	8867.807	9620.289
		Other Income		NA	14.567	13.113
		TOTAL (A)		NA	8882.374	9633.402
Less	EXPENSES
		Consumption Materials Changes Inventories			7053.382	7904.460
		Manufacturing Service Costs			987.835	1057.927
		Employee Related Expenses			167.373	129.191
		Administrative Selling Other Expenses			155.991	169.660
		TOTAL (B)		NA	8364.581	9261.238
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	517.793	372.164
Less	FINANCIAL EXPENSES (D)			NA	191.483	80.373
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			371.741	326.310	291.791
Less	DEPRECIATION/ AMORTISATION (F)			97.650	85.450	67.151
	PROFIT BEFORE TAX (E-F) (G)			274.091	240.860	224.640
Less	TAX (H)			65.581	48.109	38.722
	PROFIT AFTER TAX (G-H) (I)			208.510	192.751	185.918
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			847.184	654.433	468.516
	BALANCE CARRIED TO THE B/S			1055.694	847.184	654.433
	IMPORTS
			Raw Materials	56.524	0.437	0.000
			Stores & Spares	11.885	5.009	1.712
	TOTAL IMPORTS			68.409	5.446	1.712
	Earnings Per Share (Rs.)
	Basic			41.67	38.52	37.15
	Diluted			47.67	29.65	28.60

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	2.17	1.93
Net Profit Margin (PBT/Sales)	(%)	2.27	2.72	2.34
Return on Total Assets (PBT/Total Assets}	(%)	5.36	4.91	4.78
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.14
Debt Equity Ratio (Total Debt /Networth)		1.32	1.31	1.27
Current Ratio (Current Asset/Current Liability)		1.47	1.25	3.23

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)	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

NOTE: Registered office address of the company has been shifted from 115, College Street, Kolkata – 700 012, West Bengal India to the present address w.e.f.07.11.2007

UNSECURED LOAN:

Particulars	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Short Term Borrowings
Loans and Advances from Others	6.654	72.713
Other Loans and Advances, Others	30.500	6.152
Total	37.154	78.865

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420779	28/03/2013	350,000,000.00	INDIAN OVERSEAS BANK	MID CORPORATE BRANCH, 3, CHOWRINGHEE APPROACH, KOLKATA – 700 072, WEST BENGAL, INDIA	B73465361
2	10340338	29/08/2012 *	165,500,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 83, TOPSIA ROAD, KOLKATA – 700 046, WEST BENGAL, INDIA	B59492926
3	10331818	18/01/2012	250,000,000.00	STATE BANK OF PATIALA	8, CAMAC STREET, KOLKATA – 700 017, WEST BENGAL, INDIA	B30574990
4	10322525	26/12/2011 *	200,000,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI – 400 001, MAHARASHTRA, INDIA	B28538908
5	10295263	27/06/2011	400,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA – 700 001, WEST BENGAL, INDIA	B16218257
6	10165250	14/03/2013 *	3,180,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA – 700 016, WEST BENGAL, INDIA	B71349229
7	10110112	05/02/2013 *	724,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA – 700 016, WEST BENGAL, INDIA	B69414894
8	90246512	27/07/2012 *	3,180,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA – 700 016, WEST BENGAL, INDIA	B56152986

* Date of charge modification

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Office Building and Premises

· Factory Shed and Structures

· Plant and Machinery

· Office Equipment

· Furniture Fixtures

· Computer

· Computer Software

· Vehicles

OPERATIONAL REVIEW:

India has acquired a central position on the global steel map with its giant steel mills, acquisition of global-scale capacities by players, continuous modernisation, and improvement in energy efficiency. Steel companies from across the world have shown interest in the Indian steel industry due to its phenomenal performance. In India, the steel industry plays a significant role in the economic growth. India is the world's fourth largest crude steel producer in 2011-12 with 89 million tonnes (MT) as per provisional data and is expected to become the second largest producer of crude steel in the world by 2015-16. India is also the world's largest producer of sponge iron with a host of coal-based units, located in its mineral-rich States. The major contribution of the steel industry focuses on strengthening the sectors, such as infrastructure, constructions, automobile, transportation, industrial applications among others. Subject has achieved turnover of Rs.12058.791 Millions during the year. The PBT for the financial year 2011-12 was Rs. 274.090 Millions as against Rs. 240.713 Millions in the financial year 2010-11. Subject recorded a growth of 8% in the PAT in the financial year 2011-12 amounting to Rs. 208.510 Millions compared to Rs. 192.751 Millions during the financial year 2010-11. The lower cost of raw materials, better operating efficiencies and lower cost of finance have resulted in the growth of profits. The profit margins could have been better, but it was affected by the effect of the global slowdown that has been dominating the markets over the preceding financial years.

EXPANSION PROGRAMMES:

These programmes will require significant investments over the foreseeable future. Board believes that in a capital intensive business, accruals represent the cheapest source of capital and in the circumstances it would be prudent to maximise the captive availability of financial resources. The Directors would not consider it prudent to recommend any dividend for the year under review, convinced that the resources utilised in the Company’s business would generate a return that would be attractive and sustainable.

STEEL INDUSTRY REVIEW:

Total crude steel production in India for 2010-11 was around 69 million tonnes and its expected that the crude steel production in capacity in the country will increase to nearly 110 million tonnes by 2012-13. Further, if the proposed expansion plans are implemented as per schedule, India may become the second largest crude steel producer in the world by 2015-16.

PROSPECTS:

Indian GDP is estimated at 7.6% in FY 2012-13 as per Prime Ministers Economic Advisory Council (PMEAC). Indian steel demand is also expected to track GDP growth supported by easing interest rate cycle and resultant revival in infrastructure, construction, industrial and manufacturing sectors. Prediction of good monsoon in the current year, declining commodity prices globally, and lower interest rates is positive to spur economic activity in the country. Notwithstanding, the sluggish recovery in the US, sovereign debt crisis in Europe and slowdown in China, domestic demand / consumption is one of the primary drivers of Indian economy, to be optimistic enough to show a GDP growth of above 7%.

EXPANSION PROJECTS BROWNFIELD PROJECT:

Subject has started the construction work of 10 MW Captive Power Plant at its Angadpur Unit, Durgapur, during the financial year 2010-11 and the project is expected to be commissioned by September, 2012.

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.61.30
UK Pound	1	Rs.97.99
Euro	1	Rs.83.15

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.