MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	TEAM FERRO-ALLOYS PRIVATE LIMITED
Registered Office :	Survey No. 357/2/2/1 and 357/2/3/2, Behind Dadra Garden, Dadra Nagar Havelli – 396230
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.01.1998
Com. Reg. No.:	54-000257
Capital Investment / Paid-up Capital :	Rs.22.633 Millions
CIN No.: [Company Identification No.]	U27100DN1998PTC000257
TAN No.: [Tax Deduction & Collection Account No.]	SRTT00650G
PAN No.: [Permanent Account No.]	AAACT8925A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ferro Magnet and Cord Wire.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 1225000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating takes into consideration high utilization of working capital limit, weak debt coverage, risk associated with foreign exchange fluctuations and low profitability margin. Trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealing with some caution. Latest profit and loss of the company is not available.

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB [Long Term]
Rating Explanation	Having moderate risk of default
Date	01.03.2013

Rating Agency Name	CARE
Rating	A4 [Short Term]
Rating Explanation	Having minimal degree of safety and carry very high credit risk.
Date	01.03.2013

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Dinesh Sharma
Designation :	Senior Accounts Officer
Contact No.:	91-9909334324
Date :	25.10.2013

LOCATIONS

Registered Office/ Factory 1 :	Survey No. 357/2/2/1 and 357/2/3/2, Behind Dadra Garden, Dadra Nagar Havelli – 396230, India
Tel. No.:	91-260-3290663/ 3251663
Mobile No.:	91-9909334324 [Mr. Dinesh Sharma]
Fax No.:	91-260-2669699
E-Mail :	accounts_dadra@teamferro.com boonteam@rediffmail.com gownka@teamferro.com r_sharma@teamferro.com admin@teamferro.com ferro@teamferro.com
Website :	www.teamferro.com
Area :	5000 Sq. ft
Location :	Owned
Corporate Office :	Plot No. 79, Universal Annex, IV Floor, Shivaji Nagar, Nagpur-440010, Maharashtra, India
Tel. No.:	91-712-3018666/ 3018667/ 3018668
Fax No.:	91-712-3012660
Factory 2 :	Plot No. 3002, G.I.D.C., Sarigram, Valsad-396155, Gujarat, India
Tel. No.:	91-260-2780131
Factory 3 :	Survey No. 19, Village Gunded Balangar Mandal, Mehboob Nagar-509202, Andhra Pradesh, India
Tel. No.:	91-8548-320663
Factory 4:	A-19/ M.I.D.C, Butibori, District Nagpur, Maharashtra, India
Tel. No.:	91-7104-326347
Factory 5 :	B-17, MIDC, Village Mundipar, Gondia, Maharashtra, India
Tel. No.:	91-718-325518
Fax No.:	91-718-288438
Factory 6 / Branch Office :	F-304, Ashish Complex, LSC No. 1, Shreshtha Vihar, Delhi-110092, India
Tel. No.:	91-11-43051000/ 32997808/ 32991581
Fax No.:	91-11-43051050/ 60
Factory 7 :	Plot No. 79, Universal Annex, IV Floor, Shivaji Nagar, Nagpur-440010, Maharashtra, India
Tel. No.:	91-712-3018666/ 3256557
Fax No.:	91-712-3012660
E-Mail :	s_goenka@teamferro.com dodake@teamferro.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sandeep Rameshkumar Goenka

Designation :

Director

Address :

204, Yash Complex, Amravati Road, Ravi Nahar, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

04.11.1971

Date of Appointment :

01.04.2006

DIN No.:

00920923

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	U27200MH2003PTC142593	MICRON MINERALS PRIVATE LIMITED	Director	09/10/2003	09/10/2003	02/11/2009	Active	NO
2	U13100MH2005PTC158208	SARAL METALLURGICALS PRIVATE LIMITED	Managing director	01/04/2007	20/03/2006	-	Active	NO
3	U27100DN1998PTC000257	TEAM FERRO-ALLOYS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
4	U74899DL1991PTC046240	SAUMYAA ALLOYS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	-	Active	NO
5	U74999AP2008PTC058327	SAHARA FERRO ALLOYS PRIVATE LIMITED	Director	27/10/2009	27/10/2009	18/10/2012	Active	NO
6	U27109AP2007PTC052498	HIRA ELECTRO SMELTERS PRIVATE LIMITED	Director	04/11/2009	04/11/2009	01/11/2011	Active	NO

Name :

Mr. Manoj Kumar Agrawal

Designation :

Director

Address :

M-11, Anupam Nagar, Raipur – 493332, Chattisgarh, India

Date of Birth/Age :

25.11.1964

Date of Appointment :

01.04.2006

DIN No.:

00921305

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	U67120WB1997PTC082959	COMPUTECH COMMERCIAL PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Strike off	NO
2	U33130GA1996PTC002138	ESSESS AMALGAMATES PRIVATE LIMITED	Director	04/08/2003	04/08/2003	-	Active	NO
3	U13100MH2005PTC158208	SARAL METALLURGICALS PRIVATE LIMITED	Director	23/03/2006	23/03/2006	-	Active	NO
4	U27100DN1998PTC000257	TEAM FERRO-ALLOYS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
5	U13200AP2008PTC058635	MOR ALLOYS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
6	U27109AP2007PTC052498	HIRA ELECTRO SMELTERS PRIVATE LIMITED	Director	21/01/2010	21/01/2010	01/11/2011	Active	NO

Name :

Mr. Anoop Kumar Gutgutia

Designation :

Whole-time director

Address :

801, Balaji Tower, Daman Road, Chala, Vapi - 396191, Gujarat, India

Date of Birth/Age :

11.01.1961

Date of Appointment :

28.01.1998

DIN No.:

00922280

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	U27100DN1998PTC000257	TEAM FERRO-ALLOYS PRIVATE LIMITED	Whole-time director	28/01/1998	28/01/1998	Active	NO
2	U24230DN2011PTC000379	TEAM REMEDIES PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO

Name :

Mr. Rajeshkumar Janardan Singh

Designation :

Director

Address :

CM-8/13, Dharti Chambers, N.H. No.8, Opposite, Daman Ganga Times, Gid Vapi I.E., Pardi, Valsad – 396195, Gujarat, India

Date of Appointment :

28.01.1998

DIN No.:

01938490

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	U27100DN1998PTC000257	TEAM FERRO-ALLOYS PRIVATE LIMITED	Director	28/01/1998	28/01/1998	Active	NO
2	U45201MH2004PTC222726	TOYOTA CONSTRUCTION PRIVATE LIMITED	Director	05/10/2004	05/10/2004	Active	NO
3	AAB-0783	GAYATRI INFRA STONE LLP	Designated Partner	23/08/2012	23/08/2012	Active	NO

Name :

Mr. Singh Ramjanam

Designation :

Director

Address :

G-401, Nishigandh Apartment, Royal Garden, Chala, Via Vapi, Vapi - 396191, Gujarat, India

Date of Appointment :

28.01.1998

DIN No.:

02264763

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	U27100DN1998PTC000257	TEAM FERRO-ALLOYS PRIVATE LIMITED	Director	28/01/1998	28/01/1998	Active	NO
2	U24230DN2011PTC000379	TEAM REMEDIES PRIVATE LIMITED	Additional director	15/03/2013	15/03/2013	Active	NO

Name :

Mr. Shankar Narayan Kalwani

Designation :

Director

Address :

Sai Colony, Krushnapura Ward, Bapat Chawl, Gondia - 441614, Maharashtra, India

Date of Appointment :

13.08.2012

DIN No.:

06364431

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	U27100DN1998PTC000257	TEAM FERRO-ALLOYS PRIVATE LIMITED	Director	29/09/2012	13/08/2012	Active	NO
2	U63090MH2013PTC243121	PSP LOGISTIC PRIVATE LIMITED	Director	08/05/2013	08/05/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Sharma
Designation :	Senior Accounts Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Anoop Kumar Gutgutia	21553
Singh Ramjanam	27810
Zenco Advisory Services Private Limited, India	23900
Asha Gutgutia	9215
Rama R. Singh	3571
Sandeep Rameshkumar Goenka	35204
Manoj Kumar Agrawal	35377
Bela Properties Private Limited, India	2333
Siddha Ventures Limited, India	8333
Gopalka Savings and Investment Private Limited, India	2500
Gurudham Sales Private Limited, India	15250
Rajeshkumar Janardan Singh	8275
Suvidha Suppliers Private Limited, India	330
Saral Metallurgicals Private Limited, India	29714
Niraj R.J. Singh	2377
Ragini Ramjanam Singh	588
TOTAL	226330

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	35.67
Directors or relatives of directors	64.33
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ferro Magnet and Cord Wire.
Products :	LC Ferro Managanse Ferro Chrome Ferro Silicon Low Carbon Medium Carbon Extra low carbon Ferro-Alloy producer Produce Ferro Silico Calcium Cored Wire Calcium Iron Cored Wire Calcium Iron Aluminium Cored Wire Calcium Cored Wire Ferro Boron Cored Wire Ferro Titanium Cored Wire

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Silico Manganese	Qty. (Kg)	9706000
Ferro Titanium	Qty. (Kg)	97494
Aluminum Powder	Qty. (Kg)	110601
Ferro Molybdenum	Qty. (Kg)	216675
MC Ferro Manganese	Qty. (Kg)	2676796
LC Ferro Manganese	Qty. (Kg)	1019247
HC Ferro Manganese	Qty. (Kg)	173300
Cored Wire	Qty. (Kg)	593394
Aluminum Cubes	Qty. (Kg)	450

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

• State Bank of India, Mid Corporate Branch, Shanti Complex, B/H. 21st Century Hospital, G.I.D.C., Vapi - 396195, Gujarat, India
• Punjab National Bank, GIDC Branch, Narayan Chambers, National Highway, Vapi – 396195, Gujarat, India
• Punjab National Bank, Gunjan Road, Near Hotel Galaxy, GIDC, Char Rasta, Vapi - 396195, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term loan from banks	132.231	101.510
Term loan from others	0.780	89.639
Short Term Borrowings
Working capital loans from bank	209.913	182.307
Foreign institutional agencies	77.768	162.988
TOTAL	420.692	536.444

Banking Relations :	--
Auditors :
Name :	Mukesh Kumar Jain and Company Chartered Accountants
Address :	42/43/44, 2^nd Floor, Sahara Market, Near Reliance Petrol Pump, Silvassa- Vapi Main Road, Vapi-396191, Gujarat, India
Tel. No.:	91-260-6543877/ 2422966
Mobile No.:	91-9825198946
PAN No:	ABNPJ2331F
Associates/Subsidiaries :	Team Remedies Private Limited [U24230DN2011PTC000379] Saumyaa Alloys Private Limited [U74899DL1991PTC046240] Saturn Ferro Alloys Private Limited [U27103CT1992PTC006998] Saral Metallurgicals Private Limited [U13100MH2005PTC158208]
Other Related Parties :	Boom Metal and Alloys Corporation Shree Ganesh Ferro Alloys

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
226330	Equity Shares	Rs.100/- each	Rs.22.633 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	22.633	22.383
(b) Reserves & Surplus	273.022	247.679
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	10.700	2.500
Total Shareholders’ Funds (1) + (2)	306.355	272.562
(3) Non-Current Liabilities
(a) long-term borrowings	163.961	191.149
(b) Deferred tax liabilities (Net)	16.177	12.948
(c) Other long term liabilities	0.374	0.405
(d) long-term provisions	0.597	0.000
Total Non-current Liabilities (3)	181.109	204.502
(4) Current Liabilities
(a) Short term borrowings	287.681	345.295
(b) Trade payables	185.324	61.374
(c) Other current liabilities	76.763	99.330
(d) Short-term provisions	5.556	13.343
Total Current Liabilities (4)	555.324	519.342
TOTAL	1042.788	996.406
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	408.970	417.767
(ii) Intangible Assets	0.345	0.460
(iii) Capital work-in-progress	0.000	0.244
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	23.619	22.683
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	18.190	17.443
(e) Other Non-current assets	6.355	6.355
Total Non-Current Assets	457.479	464.952
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	192.242	245.025
(c) Trade receivables	211.073	184.992
(d) Cash and cash equivalents	115.609	45.654
(e) Short-term loans and advances	64.943	52.307
(f) Other current assets	1.442	3.476
Total Current Assets	585.309	531.454
TOTAL	1042.788	996.406

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		22.383
2] Share Application Money		10.500
3] Reserves & Surplus		235.675
4] (Accumulated Losses)		0.000
NETWORTH		268.558
LOAN FUNDS
1] Secured Loans		396.471
2] Unsecured Loans		0.000
TOTAL BORROWING		396.471
DEFERRED TAX LIABILITIES		5.305
TOTAL		670.334
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		420.827
Capital work-in-progress		0.573
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	144.191
	Sundry Debtors	155.891
	Cash & Bank Balances	34.406
	Other Current Assets	0.000
	Loans & Advances	42.008
Total Current Assets		376.496
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.502
	Other Current Liabilities	23.421
	Provisions	5.639
Total Current Liabilities		127.562
Net Current Assets		248.934
MISCELLANEOUS EXPENSES		0.000
TOTAL		670.334

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	NA	NA
		Other Income	NA	NA
		TOTAL (A)	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		102.417	137.891
Less	FINANCIAL EXPENSES (D)		54.716	13.547
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.701	124.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.212	9.902
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		27.489	114.442
Less	TAX (H)		13.003	27.705
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		14.486	86.737
Add	PROFIT PRIOR ADJUSTMENTS		4.043	0.351
Less	APPROPRIATIONS
		Transfer to General Reserve	1.853	8.709
		Dividend	5.596	4.596
		Tax on Dividend	0.929	0.781
	BALANCE CARRIED TO THE B/S		10.151	73.002
	IMPORTS
		Raw Materials	NA	288.098
	Earnings / (Loss) Per Share (Rs.)
	- Basic		82.78	473.75
	- Diluted		82.29	448.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.82	14.35
Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.14
Debt Equity Ratio (Total Debt/Networth)		1.47	1.97	1.48
Current Ratio (Current Asset/Current Liability)		1.05	1.02	2.95

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10260657	13/08/2012 *	732,100,000.00	STATE BANK OF INDIA	MID CORPORATE BRANCH, SHANTI COMPLEX, B/H. 21ST CENTURY HOSPITAL, G.I.D.C., VAPI - 396195, GUJARAT, INDIA	B56280696
2	10213692	28/10/2010 *	732,100,000.00	STATE BANK OF INDIA	SPECIALIZED COMMERCIAL BRANCH, VIA HOUSE (ANNEXE) , GIDC, VAPI - 396195, GUJARAT, INDIA	A99177727
3	10181960	30/09/2009	2,665,000.00	PUNJAB NATIONAL BANK	FIRST FLOOR, NARAYAN CHAMBERS, OFF HIGHWAY, VAPI - 396195, GUJARAT, INDIA	A71928725
4	10130778	04/10/2008	859,000.00	PUNJAB NATIONAL BANK	GUNJAN ROAD, GIDC CHAR RASTA, VAPI - 396195, GUJARAT, INDIA	A50737055
5	10061155	17/07/2007	1,050,000.00	Punjab National Bank	GUNJAN ROAD, NEAR HOTEL GALAXY, GIDC CHAR RASTA, VAPI - 396195, GUJARAT, INDIA	A19789528
* Date of charge modification

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Deposits	30.950	0.000
TOTAL	30.950	0.000

NOTE:

The registered office of the company has been shifted from 204/205, Pancharatna Building, Char Rasta, GIDC, Vapi - 396195, Gujarat, India to the present w.e.f.09.06.2007.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Computer
• Laboratory Equipment
• Vehicles
• Furniture and Fixture
• Office Equipment
• Electrification
• Goodwill

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.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.