Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	CREST STEEL AND POWER PRIVATE LIMITED
Registered Office :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491441, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.05.2004
Com. Reg. No.:	016643
Capital Investment / Paid-up Capital :	Rs. 1936.850 Millions
CIN No.: [Company Identification No.]	U27109CT2004PTC016643
TAN No.: [Tax Deduction & Collection Account No.]	JBPC00874G
PAN No.: [Permanent Account No.]	AACCC3836H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron, Steel and Power Generation.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 40000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per Registrar of Companies, the date of balance sheet [i.e. financial filed] shown as 31.03.2013 but the documents related to the financial are not available from any source. As per available financial record of 2012, sales turnover of the company has declined resulting into dip in profit of the company. However, the rating continues to derive strength from the experience of the promoters in steel manufacturing and trading business and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 30, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	April 30, 2014

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-22-22841414]

LOCATIONS

Registered Office/ Factory :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491441, Chhattisgarh, India
Tel. No.:	91-788-2617341/ 2617342/ 2617343/ 2617344
Fax No.:	91-788-2617353
E-Mail :	hr.csppl@topworthgroup.com secretarial@topworthgroup.com amit.gupta@topworthgroup.com
Website :	http://www.topworthgroup.com
Head Office :	4, Raheja Centre, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22841414
Fax No.:	91-22-22840211/ 22880141
Mumbai Office :	Indiabulls Finance Centre, Tower 3, 1601, 16th Floor, Senapati Bapat Marg, Elphistone (West), Mumbai – 400013, Maharashtra, India
E-Mail :	structural.mktg@topworthgroup.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Abhay Narendra Lodha

Designation :

Managing director

Address :

Vaitrana Builidng, Flat No. 602, Sir Pochkhanwala Road, Worli, Mumbai – 400030, Maharashtra, India

Date of Appointment :

01.04.2009

PAN No.:

AAKPL7249L

DIN No.:

00052194

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	04/02/2012	Active	NO
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01/05/2011	18/05/2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/12/2011	Active	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	04/02/2012	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	04/02/2013	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19/06/2006	19/06/2006	08/09/2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING AND INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/03/2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	NO
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21/08/2007	12/02/2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01/04/2009	01/04/2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	26/04/2008	26/04/2008	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	20/11/2012	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14/05/2011	14/07/2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U93000DL2010NPL198079	ABHAY NARENDRA LODHA FOUNDATION	Director	18/01/2010	18/01/2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	20/11/2012	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	20/11/2012	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10/09/2010	10/08/2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	30/09/2013	11/04/2012	-	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	30/09/2013	19/04/2012	-	Active	NO
38	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :

Mr. Surendra Champalal Lodha

Designation :

Director

Address :

126-128, Shriram Tower, Kingsway, Sadar, Nagpur – 440001, Maharashtra, India

Date of Appointment :

28.06.2007

PAN No.:

AAFPL4505J

DIN No.:

00044782

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	26/08/2009	Active	NO
2	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Whole-time director	28/02/2008	14/03/2006	-	Active	NO
3	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	12/02/2007	12/02/2007	01/08/2008	Active	NO
4	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	22/06/2007	22/06/2007	10/08/2011	Active	NO
5	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
7	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
9	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
10	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
11	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
12	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
13	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
14	U65993MH2012PLC229356	PURPLE INDIA HOLDINGS LIMITED	Director	09/04/2012	09/04/2012	07/05/2012	Active	NO
15	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
16	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
17	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	28/04/2014	Active	NO

Name :

Mr. Ashwin Narendra Lodha

Designation :

Director

Address :

502, Vaitarna Worli Sagar CHS Limited, Sir Pochkhanwala Road, Worli, Sea Face, Mumbai – 400030, Maharashtra, India

Date of Appointment :

05.05.2007

PAN No.:

AAFPL4502R

DIN No.:

00066948

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	26/05/2012	Active	NO
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01/04/2009	27/09/2002	03/05/2012	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/01/2012	Active	NO
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17/11/2005	17/11/2005	09/01/2013	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25/08/2010	12/02/2007	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/05/2007	05/05/2007	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31/08/2007	31/08/2007	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29/09/2007	29/09/2007	24/11/2011	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH (BIJLI MAHADEV) ROPEWAYS PRIVATE LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25/09/2009	11/05/2009	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Whole-time director	31/12/2012	10/05/2010	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	25/09/2012	07/06/2012	-	Active	NO
35	U45400DL2007PTC166124	YAMUNOTRI PROJECT COMPANY PRIVATE LIMITED	Director	25/09/2013	04/10/2012	-	Active	NO
36	U45200MH2011PTC221363	AADITYA HOMES PRIVATE LIMITED	Additional director	04/03/2013	04/03/2013	-	Active	NO

Name :

Mr. Narendra Champalal Lodha

Designation :

Director

Address :

Flat No. 4, Cozy Mansion, 100/25, Gidney Park, Salisbury Park, Pune – 411037, Maharashtra, India

Date of Appointment :

05.06.2007

DIN No.:

00164574

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Managing director	01/04/2009	18/08/2004	Active	NO
2	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	30/09/2006	30/09/2006	Active	NO
4	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/06/2007	05/06/2007	Active	NO
5	U45200PN2010PTC136746	GVN DEVELOPERS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	Active	NO
6	U93000DL2010NPL198079	ABHAY NARENDRA LODHA FOUNDATION	Director	15/01/2011	15/01/2011	Active	NO

Name :

Shishir Shivaji Hiray

Designation :

Additional director

Address :

Opposite L.I.C. Camp Road, Malegaon - 423203, Maharashtra, India

Date of Birth/Age :

31.07.1971

Date of Appointment :

03.12.2013

DIN No.:

02032125

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33125MH2008PTC181822	MALEGAON MEDICAL RESEARCH FOUNDATION PRIVATE LIMITED	Director	01/05/2008	01/05/2008	Active	NO
2	U74990MH2010PLC211295	GIRANAMOSAM SUGAR AGRO AND ALLIED INDUSTRIES LIMITED	Director	23/12/2010	23/12/2010	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	30/09/2013	19/03/2013	Active	NO
4	U27310MH2012PTC235183	AURUM ISPAT PRIVATE LIMITED	Director	17/05/2013	17/05/2013	Active	NO
5	U52300MH2012PTC235767	KARTIKA MULTITRADING PRIVATE LIMITED	Director	17/05/2013	17/05/2013	Active	NO
6	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Additional director	03/12/2013	03/12/2013	Active	NO
7	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Additional director	11/12/2013	11/12/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	1.62
Bodies corporate	73.72
Directors or relatives of directors	24.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, Steel and Power Generation.

Products/ Services :

ITC Code No.	Product Descriptions
72031000	Sponge Iron
72071920	MS Billets
72271000	TMT Bars
90283090	Power

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Punjab National Bank

Foreshore Road Branch, 102, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India

· State Bank of India

Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

· Allahabad Bank

Fort Branch, Allahabad Bank Building, Ground Floor, 37, Mumbai Samachar Marg, Mumbai - 400023, Maharashtra, India

· Durg Rajnandgaon Gramin Bank

S.A.F. Bhilai (Katulbod), Bhilai - 490022, Chhattisgarh, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· State Bank of Patiala

Atlanta, First Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

· Canara Bank

Main Branch, Chandan Complex, Malviya Road, Raipur - 492001, Chhattisgarh, India

· Dena Bank

Corporate Business Branch, C-10, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	5437.142	1974.336
Long-term maturities of finance lease obligations	20.240	46.625
SHORT TERM BORROWINGS
Working capital loans from banks	930.200	921.118
Total	6387.582	2942.079

Banking Relations :	--
Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59, Gaya Building, 4th Floor, 109, Yusuf Meher Ali Road, Masjid Bunder, Mumbai 400003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFJ9495M
Associate :	· Akshata Mercantile Private Limited [U51909MH2001PTC133035] Topworth Pipes and Tubes Private Limited [U29120MH2005PTC157395]
Subsidiary company :	· Satyarth Steel and Power Private Limited [U27106CT2002PTC015375] Topworth Steels and Power Private Limited [U51420MH2004PTC146381] Topworth Urja and Metals Limited [U27109MH1993PLC074950] Topworth Infra Private Limited [U45202MH2008PTC182415] First Steel and Power Nigeria limited Topworth Metals and Energy Singapore Costal Reef Universal Inc

CAPITAL STRUCTURE

AFTER 28.09.2013

Authorised Capital : Rs. 7500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 5158.776 Millions

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
703,000,000	Equity Shares	Rs. 10/- each	Rs. 7030.000 Millions
3,600,000	5% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 360.000 Millions
11,000,000	0.01% Non-Cumulative Preference Shares	Rs. 10/- each	Rs. 110.000 Millions
	Total		Rs. 7500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
357,486,617	Equity Shares	Rs. 10/- each	Rs. 3574.866 Millions
3,545,000	5% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 354.500 Millions
9,646,082	0.01% Non-Cumulative Preference Shares	Rs. 10/- each	Rs. 96.461 Millions
	Total		Rs. 4025.827 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
153,000,000	Equity Shares	Rs. 10/- each	Rs. 1530.000 Millions
3,600,000	5% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 360.000 Millions
11,000,000	0.01% Non-Cumulative Preference Shares	Rs. 10/- each	Rs. 110.000 Millions
	Total		Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
148,588,933	Equity Shares	Rs. 10/- each	Rs. 1485.889 Millions
3,545,000	5% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 354.500 Millions
9,646,082	0.01% Non-Cumulative Preference Shares	Rs. 10/- each	Rs. 96.461 Millions
	Total		Rs. 1936.850 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	1936.850	961.743
(b) Reserves & Surplus	5693.366	2961.032
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2369.945	1267.955
Total Shareholders’ Funds (1) + (2)	10000.161	5190.730
(3) Non-Current Liabilities
(a) long-term borrowings	5457.382	2020.961
(b) Deferred tax liabilities (Net)	164.376	151.257
(c) Other long term liabilities	991.573	742.697
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6613.331	2914.915
(4) Current Liabilities
(a) Short term borrowings	930.200	921.118
(b) Trade payables	1924.017	1868.396
(c) Other current liabilities	85.156	6.695
(d) Short-term provisions	110.036	107.113
Total Current Liabilities (4)	3049.409	2903.322
TOTAL	19662.901	11008.967
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1316.826	1363.005
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4268.185	532.081
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6980.809	2984.638
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.626	7.066
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12573.446	4886.790
(2) Current assets
(a) Current investments	111.051	108.932
(b) Inventories	2372.988	2075.371
(c) Trade receivables	156.102	249.291
(d) Cash and cash equivalents	14.172	174.276
(e) Short-term loans and advances	4430.221	3512.021
(f) Other current assets	4.921	2.286
Total Current Assets	7089.455	6122.177
TOTAL	19662.901	11008.967

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		678.447
2] Share Application Money		0.000
3] Reserves & Surplus		2410.573
4] (Accumulated Losses)		0.000
NETWORTH		3089.020
LOAN FUNDS
1] Secured Loans		755.419
2] Unsecured Loans		794.255
TOTAL BORROWING		1549.674
DEFERRED TAX LIABILITIES		124.694
TOTAL		4763.388
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1384.492
Capital work-in-progress		0.000
INVESTMENT		2213.153
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1213.722
	Sundry Debtors	201.211
	Cash & Bank Balances	126.026
	Other Current Assets	0.000
	Loans & Advances	726.313
Total Current Assets		2267.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1013.090
	Other Current Liabilities	8.774
	Provisions	81.735
Total Current Liabilities		1103.599
Net Current Assets		1163.673
MISCELLANEOUS EXPENSES		2.070
TOTAL		4763.388

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3652.850	3868.994
		Other Income	19.931	5.426
		TOTAL (A)	3672.781	3874.420	3066.800
Less	EXPENSES
		TOTAL (B)	3083.223	3209.447	2629.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		589.558	664.973	437.300
Less	FINANCIAL EXPENSES (D)		225.828	204.403	102.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		363.730	460.570	334.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.969	78.472	71.000
	PROFIT BEFORE TAX (E-F) (G)		280.761	382.098	263.800
Less	TAX (H)		85.036	121.827	70.400
	PROFIT AFTER TAX (G-H) (I)		195.725	260.271	193.400
	Earnings Per Share (Rs.)		1.21	4.05	5.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.33	6.72	6.31
Net Profit Margin (PBT/Sales)	(%)	7.69	9.88	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.34	5.10	7.22
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.09
Debt Equity Ratio (Total Debt/Networth)		0.64	0.57	0.50
Current Ratio (Current Asset/Current Liability)		2.32	2.11	2.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	961.743	1936.85
Reserves & Surplus	2961.032	5693.366
Share Application money pending allotment	1267.955	2369.945
Net worth	5190.730	10000.161
Long-term borrowings	2020.961	5457.382
Short term borrowings	921.118	930.2
Total borrowings	2942.079	6387.582
Debt/Equity ratio	0.468	0.718

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	3066.800	3874.420	3672.781
		26.334	(5.204)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	3066.800	3874.420	3672.781
Profit	193.400	260.271	195.725
	6.31%	6.72%	5.33%

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10509951	23/06/2014	700,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C11983814
2	10426476	06/05/2013	500,000,000.00	ALLAHABAD BANK	FORT BRANCH, ALLAHABAD BANK BUILDING, GROUND FLOOR, 37, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA -  400023, INDIA	B75395483
3	10410419	15/02/2013	190,000,000.00	DURG RAJNANDGAON GRAMIN BANK	S.A.F. BHILAI (KATULBOD), BHILAI, CHHATTISGARH - 490022, INDIA	B70298039
4	10368807	04/07/2012	750,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA  KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA -  400051, INDIA	B45009289
5	10364753	18/05/2012	100,000,000.00	CANARA BANK	MAIN BRANCH, CHANDAN COMPLEX, MALVIYA ROAD, RAIPUR, CHHATTISGARH - 492001, INDIA	B43299445
6	10353723	23/05/2012 *	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B40789760
7	10287242	23/05/2012 *	550,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B40789364
8	10264249	11/01/2011	7,740,600,000.00	PUNJAB NATIONAL BANK (AS LEAD BANKER)	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B05351333
9	10266551	01/02/2012 *	579,000,000.00	STATE BANK OF PATIALA	ATLANTA, FIRST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B31252216
10	10255158	16/04/2014 *	14,551,200,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 102, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C03803442
11	10240768	01/09/2010	39,758,025.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	A95048385
12	10177191	27/08/2009	1,620,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A70407044
13	10058778	08/02/2010 *	202,500,000.00	SYNDICATE BANK	PRABHADEVI BRANCH, G-001, RAJAN HOUSE, A.S. MARA  THE MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA	A79304630
14	10059001	22/12/2010 *	393,600,000.00	CANARA BANK	MAIN BRANCH, CHANDAN COMPLEX. NEAR CITI KOTWALI,  MALVIYA ROAD, RAIPUR, CHHATTISGARH - 492001, INDIA	B03296621
15	90204327	27/12/2013 *	1,700,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, FREE  PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B92891993

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 30, Shopping Complex, Nehru Nagar (East), Bhilai - 490020, Chattisgarh, India to the present address w.e.f.07.02.2009.

REVIEW OF OPERATIONS

During the year, the Company’s Net Income from operations stood at Rs. 3652.850 Millions as compared to Rs. 3868.994 Millions in the previous year. Profit before finance cost and taxation for the year stood at Rs. 3589.812 Millions against Rs. 3795.948 Millions in the previous year. Profit after Tax declined from Rs. 290.955 Millions in previous year to Rs. 195.725 Millions in the year.

OPERATIONAL REVIEW

Various key industries like construction, agricultural, communication, transport and energy cannot sustain without steel. The steel industry has witnessed major technological advancements to produce right quality of metal to ideally suit the requirements of these key industries and for the rise in supply demand gap the Company has further planned to expand its production facilities and accordingly signed MoU with Chhattisgarh Government for their further expansion plan for which Crest has already tied up for banks for putting up the project having estimated cost of Rs. 20790.000 Millions.

FIXED ASSETS:

· Land

Buildings

Office building

Factory building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Bridges roads ports culverts

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. 61.56
UK Pound	1	Rs. 103.50
Euro	1	Rs. 82.41

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.