MIRA INFORM REPORT

Report Date :

29.01.2014

IDENTIFICATION DETAILS

Name :	TI STEELS PRIVATE LIMITED
Registered Office :	1/9, B Jindal House, Asaf Ali Road, New Delhi - 110002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.06.2003
Com. Reg. No.:	55-120658
Capital Investment / Paid-up Capital :	Rs. 500.000 Millions
CIN No.: [Company Identification No.]	U27109DL2003PTC120658
IEC No.:	0507026438
PAN No.: [Permanent Account No.]	AABCT9896R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Billets, Ingots, Wirerods, Round Bars, Flat Bars, Bush Bars, Hex Bars, Circles, Flanges, Fittings etc.
No. of Employees :	186 (In Office 4, In Factory 180, In Branch 2) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses recorded by the company, which appears to be decreasing over a year. Further company has achieved minimal profitability during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non-compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus on providing payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits : B+
Rating Explanation	Risk prone credit quality and high risk of default.
Date	October 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

Name :	Mr. Rakesh Kapoorchand Sanghvi
Designation :	Director
Contact No.:	91-9318084108
Date :	29.01.2014

LOCATIONS

Registered Office :	1/9, B Jindal House, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	Not Available
Mobile No.:	91-9318084108 [Mr. Rakesh Kapoorchand Sanghvi]
Fax No.:	Not Available
E-Mail :	sales@tisteels.com
Website :	http://www.tisteels.com
Location :	Rented
Corporate Office :	Shop No. 81, C. P. Tank Road, Mumbai - 400004, Maharashtra, India
Tel. No.:	91-22-66151924/ 66595024/ 22425753
Fax No.:	91-22-23810153
E-Mail :	sales@tisteels.com
Location :	Owned
Factory :	Plot No.15, Phase III, Gondpur Industrial Area, Ponta Sahib, District Simour – 173025, Himachal Pradesh, India
Tel. No.:	91-1704-265071
Fax No.:	91-1704-265071
Area :	16756 Sq. Mtr.
Location :	Leased

DIRECTORS

AS ON 31.03.2013

Name :

Mr. Kapoorchand Ashmalji Sanghvi

Designation :

Managing director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

27.09.1952

Qualification :

SSC

Experience :

More than 40 Years

Date of Appointment :

29.12.2008

DIN No.:

00350861

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	U27109MH2006PTC163546	VINAY FERROMET PRIVATE LIMITED	Director	04/08/2006	04/08/2006	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Managing director	29/12/2008	28/06/2007	Active	NO
3	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO

Name :

Mr. Rakesh Kapoorchand Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

17.07.1975

Qualification :

B.Com

Experience :

More than 20 Years

Date of Appointment :

29.09.2009

DIN No.:

00342793

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	U27109MH2006PTC163546	VINAY FERROMET PRIVATE LIMITED	Director	04/08/2006	04/08/2006	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	05/03/2009	Active	NO
3	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO

Name :

Mrs. Pooja Gambhir

Designation :

Director

Address :

Farm No. 8, Ashoka Avenue, Central Drive DLF, Chattarpur, New Delhi – 110030, India

Date of Birth/Age :

30.11.1977

Qualification :

CA

Date of Appointment :

20.09.2006

DIN No.:

00680298

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	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	13/07/2006	13/07/2006	07/05/2007	Active	NO
2	U45201DL2004PTC124623	AGK PROPERTIES PRIVATE LIMITED	Director	11/08/2006	11/08/2006	03/06/2011	Active	NO
3	U74899DL1995PTC070091	J S MELTING AND ROLLING PRIVATE LIMITED	Director	20/08/2006	20/08/2006	03/06/2011	Active	NO
4	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO

Name :

Mr. Nilesh Kapoorchand Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

12.02.1977

Qualification :

B.Com

Experience :

More than 20 Years

Date of Appointment :

29.09.2009

DIN No.:

00881084

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	U72900MH2000PTC127749	BALAJI INTER INFO SYSTEMS PRIVATE LIMITED	Director	17/07/2000	17/07/2000	30/03/2009	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO
3	U70100MH2009PTC197989	VINAY REALSTRUCTURE PRIVATE LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO

Name :

Mr. Praveen Jain

Designation :

Director

Address :

F-26/95, Sector 7, Rohini, New Delhi – 110085, India

Date of Birth/Age :

11.03.1967

Qualification :

HSC

Date of Appointment :

25.05.2007

DIN No.:

01354475

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	U27109DL2004PTC130526	AJAY ALLOYS PRIVATE LIMITED	Director	10/10/2013	10/11/2004	Active	NO
2	U51909DL2006PTC152164	PARVEEN COMMODITY BROKERS PRIVATE LIMITED	Director	10/10/2013	18/08/2006	Active	NO
3	U27310DL2006PTC154593	KBSP ALLOYS PRIVATE LIMITED	Director	01/08/2012	03/10/2006	Active	NO
4	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	12/04/2009	01/05/2007	Active	NO
5	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	Active	NO

Name :

Mr. Abhey Ram Jain

Designation :

Director

Address :

F - 26/95, Sector 7, Rohini, Delhi – 110085, India

Date of Birth/Age :

15.07.1942

Date of Appointment :

04.08.2008

DIN No.:

01354691

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	U27109DL2004PTC130526	AJAY ALLOYS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	10/08/2011	Active	NO
2	U27310DL2006PTC154593	KBSP ALLOYS PRIVATE LIMITED	Director	01/08/2012	06/04/2007	10/10/2013	Active	NO
3	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	01/08/2012	29/10/2007	10/10/2013	Active	NO
4	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	04/08/2008	04/08/2008	-	Active	NO
5	U51909DL2006PTC152164	PARVEEN COMMODITY BROKERS PRIVATE LIMITED	Director	02/03/2009	02/03/2009	10/08/2011	Active	NO

Name :

Mrs. Rakhee Rakesh Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

26.02.1977

Qualification :

B.Com

Experience :

More than 15 Years

Date of Appointment :

29.09.2009

DIN No.:

02472195

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	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	Active	NO

Name :

Mrs. Rekha Nilesh Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

27.02.1978

Qualification :

B.Com

Experience :

More than 15 Years

Date of Appointment :

29.09.2009

DIN No.:

02472249

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	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	Active	NO

Name :

Mrs. Anita Kirti Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

29.04.1976

Qualification :

HSC

Experience :

More than 12 Years

Date of Appointment :

29.09.2009

DIN No.:

02595958

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	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	05/03/2009	Active	NO

Name :

Mr. Satish Dalichand Sanghavi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

01.06.1978

Qualification :

B.Com

Experience :

More than 18 Years

Date of Appointment :

29.09.2009

DIN No.:

02600923

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	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	26/03/2009	Active	NO

Name :

Stuti Gambhir

Designation :

Director

Address :

Farm No. 8, Ashoka Avenue, Central Drive DLF, Chattarpur, New Delhi – 110030, India

Date of Birth/Age :

26.09.1982

Qualification :

MBA

Date of Appointment :

20.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Names of Shareholders	No. of Shares	% of Holding
Vinay Feromat Private Limited, India	12250000	24.50
Kapoorchand A. Sanghvi	1500000	3.00
Urmiladevi K Sanghvi	1100000	2.20
Rakesh K. Sanghvi	1600000	3.20
Nilesh K. Sanghvi	2000000	4.00
Kirti K. Sanghvi	2200000	4.40
Rakhi R. Sanghvi	2000000	4.00
Rekha N. Sanghvi	2000000	4.00
Anita K Sanghvi	1300000	2.60
Satish D Sanghvi	150000	0.30
Ajay Alloys Private Limited	10720000	21.44
Prince Ice Factory Private Limited	6000000	12.00
Abheyram Jain	200000	0.40
AGK. Properties Private Limited	557800	1.21
Pearl Handicraft Private Limited	100000	0.20
Rupa Merchant Private Limited	100000	0.20
Pooja Gambhir	1770000	3.54
Aarti Gambhir	645000	1.29
Stuti Gambhir	1040000	2.08
Naresh Gambhir	1988700	3.98
Jyoti Gambhir	728500	1.46
Rajan Malik	50000	0.10
Total	50000000	100.10%

AS ON 31.03.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	59.46
Directors or relatives of directors	40.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Stainless Steel Billets, Ingots, Wirerods, Round Bars, Flat Bars, Bush Bars, Hex Bars, Circles, Flanges, Fittings etc.
Terms :
Selling :	Credit [60 days]
Purchasing :	Credit [60 days]

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Stainless Steel Billets, Ingots, Wirerods, Round Bars, Flat Bars, Bush Bars, Hex Bars, Circles, Flanges, Fittings etc.	M. Tons	NA	60000 P.A	20000 P.A

GENERAL INFORMATION

Suppliers :

· Dass Industries

Data Trader

Ashique Metal

Amn Trader

Aparna Steels

Bhagwati Chemicals

Bhavesh Steels

Gaurav Steels

Guatam Traders

Ghouri Enterprises

Hans Metalloys

H.K.M. Metals

Hi-tech Services

Jeya Alloys

Jay Aar Enterprises

Kwality Alloys

Lawa Enterprises

M. M. Metals

Customers :

Wholesalers and Retailers

· Amba Steel

Aarti Enterprises

J.H. Stainless

Kamlesh Industries

Key Dee Traders

Metallite Inc

Metal Tech India

Narendra Steel

Raj Alloys

Shiva Steel

Sweety Graphics

Raghav Steels

Anup Steels

No. of Employees :

186 (In Office 4, In Factory 180, In Branch 2) (Approximately)

Bankers :

· Vijaya Bank

Dharma Palace, N. S. Patkar Marg, Gamdevi Branch, Mumbai - 400007, Maharashtra, India

· ICICI Bank Limited

HDFC Bank Limited

State Bank of India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans
Against Building and Plant and Machinery Vijaya Bank (Secured by way of hypothecation of Building and Plant and Machinery owned by the Company besides personal guarantee of the Directors of the company)	59.341	83.879
Against Vehicles ICICI Bank Limited (Secured by way of hypothecation of vehicles owned by the Company besides personal guarantee of the Directors of the company)	0.322	0.568
SHORT TERM BORROWINGS
Working Capital Loans Vijaya Bank (Secured by way of hypothecation of Raw Material, Stores and Spares, Semi-Finished and Finished Goods, documentary bills, Debtors besides personal guarantee of the some of the Directors of the company)	117.981	66.498
Total	177.644	150.945

Banking Relations :	--
Auditors :
Name :	K.M Agarwal and Company Chartered Accountants
Address :	Opposite State Bank Of Patiala, Jagadhri Road, Yamuna Nagar-135001
Tel No.:	91-1732-226061/ 254162
Mobile No.:	91-9996802800
E-Mail :	agrawalravinder@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AAEFK8228L
Associates/Subsidiaries :	· Vinay Ferromet Private Limited Address: 81, C.P Tank Road, Ground Floor, Mumbai, Maharashtra, India Line of Business: Dealer of Ferrous and Non Ferrous Metals.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	500.000	500.000
(b) Reserves & Surplus	(19.289)	(35.084)
(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)	480.711	464.916
(3) Non-Current Liabilities
(a) long-term borrowings	59.663	84.447
(b) Deferred tax liabilities (Net)	6.572	7.738
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	66.235	92.185
(4) Current Liabilities
(a) Short term borrowings	117.981	66.498
(b) Trade payables	140.024	109.365
(c) Other current liabilities	19.231	92.490
(d) Short-term provisions	15.163	15.038
Total Current Liabilities (4)	292.399	283.391
TOTAL	839.345	840.492
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	327.021	368.189
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	2.919
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	11.183	23.302
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	338.204	394.410
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	215.172	91.979
(c) Trade receivables	258.849	329.648
(d) Cash and cash equivalents	2.516	1.261
(e) Short-term loans and advances	24.604	23.194
(f) Other current assets	0.000	0.000
Total Current Assets	501.141	446.082
TOTAL	839.345	840.492

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		500.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		500.000
LOAN FUNDS
1] Secured Loans		181.466
2] Unsecured Loans		0.000
TOTAL BORROWING		181.466
DEFERRED TAX LIABILITIES		7.076
TOTAL		688.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		415.809
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.871
	Sundry Debtors	211.125
	Cash & Bank Balances	0.684
	Other Current Assets	0.000
	Loans & Advances	48.015
Total Current Assets		368.695
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	95.230
	Other Current Liabilities	44.470
	Provisions	0.700
Total Current Liabilities		140.400
Net Current Assets		228.295
MISCELLANEOUS EXPENSES		44.438
TOTAL		688.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	1349.806	1100.826	837.996
		Other Income	0.000	0.000	0.006
		TOTAL (A)	1349.806	1100.826	838.002
Less	EXPENSES
		Cost of material consumed	1299.270	894.712
		Changes in inventories of finished goods, work in progress and stock in trade	(128.033)	(0.276)
		Employee benefit Expenses	20.282	34.035
		Other Expenses	64.282	77.184
		TOTAL (B)	1255.801	1005.655	775.408
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.005	95.171	62.594
Less	FINANCIAL EXPENSES (D)		26.720	30.136	27.505
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		67.285	65.035	35.089
Less/ Add	DEPRECIATION/ AMORTISATION (F)		46.755	52.523	31.389
	PROFIT BEFORE TAX (E-F) (G)		20.530	12.512	3.700
Less	TAX (H)		4.735	3.511	0.172
	PROFIT AFTER TAX (G-H) (I)		15.795	9.001	3.528
	Earnings Per Share (Rs.)		0.32	0.18	0.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.17	0.82	0.42
Net Profit Margin (PBT/Sales)	(%)	1.52	1.14	0.44
Return on Total Assets (PBT/Total Assets}	(%)	2.45	1.49	0.47
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.01
Debt Equity Ratio (Total Debt/Networth)		0.37	0.32	0.36
Current Ratio (Current Asset/Current Liability)		1.71	1.57	2.63

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	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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10099949	14/03/2008	3,000,000.00	DIRACTOR OF INDUSTRIES OF HIMACHAL PRADESH	THROUGH DISTRICT INDUSTRIES CENTRE,HP, DISTRICT SIMOUR, NAHAN - 173001, HIMACHAL PRADESH, INDIA	A36998912
2	80023441	17/09/2012 *	170,150,000.00	VIJAYA BANK	DHARMA PALACE, N. S. PATKAR MARG, GAMDEVI BRANCH, MUMBAI - 400007, MAHARASHTRA, INDIA	B60623972

* Date of charge modification

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 24, Swaran Park, Udyog Nagar, Near Rajdhani Park, Metro Station, Mundka, Delhi – 110041, India to the present address w.e.f.01.02.2013.

TRADE REFERENCES

· Dev Jas Trading (Jodhpur), Mr. Rajesh Jain (9350041466)

Hilton Metal & Forging (New Mumbai), Mr. Suresh (9323191765)

Sweety Grafics (Mumbai) Kayur Shah (9820144671)

Manak Overseas (Mumbai) Mr. Satish Kanugo

FIXED ASSETS:

· Land

Building

Plant and Machinery

Furniture and Fixture

Office Equipment

Computer

Air Conditioner

Refrigerator

Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.99
UK Pound	1	Rs. 104.61
Euro	1	Rs. 86.17

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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

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

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

RATING EXPLANATIONS

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

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

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