MIRA INFORM REPORT

Report Date :

18.06.2014

IDENTIFICATION DETAILS

Name :	AMBICA STEELS LIMITED
Registered Office :	C-54/1, Mezzanie Floor, Wazirpur Industrial Area, New Delhi - 110052
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.07.1970
Com. Reg. No.:	55-005345
Capital Investment / Paid-up Capital :	Rs. 116.358 Millions
CIN No.: [Company Identification No.]	U27109DL1970PLC005345
TAN No.: [Tax Deduction & Collection Account No.]	DELA13737D
PAN No.: [Permanent Account No.]	AAACA9942Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of steel products, Iron, steel, steel metal products, tools, electrical and mechanical machines, sugar, cotton, oil seeds machinery and fittings.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3480000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealing at usual trade terms and condition.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Name :	Mr. D Gupta
Designation :	Chief Executive Officer
Contact No.:	91-11-47034400
Date :	17.06.2014

LOCATIONS

Registered Office / Corporate Office :	C-54/1, Mezzanie Floor, Wazirpur Industrial Area, New Delhi - 110052, India
Tel. No.:	91-11-47034400 (30 lines)
Fax No.:	91-11-47034450
E-Mail :	info@ambicasteels.com agupta@ambicasteels.com dgupta@ambicasteels.com sudhirgarg@ambicasteels.com
Website :	http://www.ambicasteels.com
Factory 1 :	Plot no.51/2, Site – 4, UPSIDC Industrial Area, Sahibabad – 201010, District Ghaziabad, Uttar Pradesh, India.
Tel. No.:	91-120-4189300 (30 lines)
Fax No.:	91-120-4189399
Factory 2 :	Plot No. 32, Site-2, Loni Road, Industrial Area, Mohan Nagar, Ghaziabad – 201007, Uttar Pradesh, India.
Tel. No.:	91-120-4189200 (30 lines)
Fax No.:	91-120-4189222
Factory 3 :	Plot No. 30, Site -4, UPSIDC Industrial Area, Sahibabad – 201010, District Ghaziabad, Uttar Pradesh, India.
Tel. No.:	91-120-4564585 (4 lines)
Godown 1 :	Plot No 935, Road No.10, Village Kalamboli Taluka Panvel, Distt. Raigad, Navi Mumbai, Maharashtra, India
Godown 2 :	Plot No. 845 G, Village Kalamboli Taluka Panvel, Distt. Raigad, Navi Mumbai, Maharashtra, India
Godown 3 :	A-13, Central Market, RBH Colony Bhiwadi, Rajasthan, India
Godown 4 :	G-642, Basni, Phase-II, Jodhpur-342005, Rajasthan, India
International Office :	Located at: Europe Singapore Hong Kong China Italy

DIRECTORS

AS ON: 16.09.2013

Name :

Mr. Mahender Pal Gupta

Designation :

Whole Time Director

Address :

B-29, Phase – I, Ashok Vihar, Delhi – 110052, India

Date of Birth/Age :

06.04.1938

Date of Appointment :

01.04.2013

PAN No.:

AAQPG3533J

DIN No. :

00009803

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	19/10/1999	-	Active	NO

Name :

Mr. Mahesh Gupta

Designation :

Whole-Time Director

Address :

Flat No. 603 D – II, Omaxe Royal, Residency, Sec. – 44, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

30.03.1970

Date of Appointment :

01.04.2013

PAN No.:

AAIPG5152D

DIN No. :

00009849

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	02/05/1995	-	Active	NO
2	U40106DL2013PTC260036	SUN SWITCH INDIA PRIVATE LIMITED	Director	01/05/2014	01/05/2014	-	Active	NO

Name :

Mr. Ajay Kumar

Designation :

Whole Time Director

Address :

C-72 IInd Floor, East of Kailash, New Delhi – 110065, India

Date of Birth/Age :

01.02.1965

Date of Appointment :

01.04.2013

PAN No.:

ALSPK9944J

DIN No. :

00009973

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	15/05/2000	-	Active	NO
2	U40106DL2013PTC260036	SUN SWITCH INDIA PRIVATE LIMITED	Director	01/05/2014	01/05/2014	-	Active	NO

Name :

Mr. Chander Parkash Tri Bhawan Gupta

Designation :

Managing Director

Address :

H. No. 9, East Avenue Road, East Punjabi Bah, Delhi, - 110026, India

Date of Birth/Age :

12.10.1960

Date of Appointment :

01.04.2012

PAN No.:

ABLPC7455P

DIN No. :

01715253

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Managing director	01/04/2012	19/10/1999	-	Active	NO
2	U27106DL2004PLC131284	AMBICA STAINLESS STEEL LIMITED	Director	17/01/2005	17/01/2005	-	Active	NO
3	U37100DL2010PLC204397	WORLD METAL RECYCLING LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
4	U74899DL1985PLC020703	UPHAR STEELS LIMITED	Director	22/07/2010	22/07/2010	-	Active	NO

Name :

Mr. Satya Parkash Tyagi

Designation :

Whole Time Director

Address :

F-103, Alakhnanda Apartment, Rampuri, Gaziabad, (Utter Pradesh), India

Date of Birth/Age :

01.01.1960

Date of Appointment :

01.04.2013

PAN No.:

ADTPT1485A

DIN No. :

01736605

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	10/07/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Seema Kumari
Designation :	Secretary
Address :	House No.1595, F/F, Saini Basti, Kotla Mubarakpur, New Delhi – 110003, India
Date of Birth :	25.01.1984
Date of Appointment :	16.08.2013
Pan No :	AYXPK5530G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 16.09.2013

Names of Shareholders	No. of Shares
Mahender Pal (HUF)	35450
Mahender Pal Gupta	96820
Seema Gupta	86900
Chander Prakash Gupta	333890
Chander Prakash (HUF)	34200
Anand Swarup Gupta	124600
Mahesh Gupta	51000
Ajay Kumar Singhal	20000
Uphar Steels Limited	102100
Futureplan Industrial Private Limited	77850
Ashish Bansal	1200
Swati Gupta	46290
Ramesh Kumar	4000
Suman Singhal	5000
Anand Gupta HUF	58020
Ajay Kumar and Sons HUF	5000
Sunita Singhal	8000
Richa Gupta	13000
Narender Mohan Gupta	17500
Anuj Singhal	8300
Abhinav Gupta	19000
Ankush Singhal	5360
M R Gupta and Sons HUF	100
Mahesh Gupta HUF	10000
Total	1163580

Equity Share Break up (Percentage of Total Equity)

AS ON: 16.09.2013

Category	Percentage
Bodies corporate	15.46
Directors or relatives of Directors	84.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of steel products, Iron, steel, steel metal products, tools, electrical and mechanical machines, sugar, cotton, oil seeds machinery and fittings.

Products :

Item Code No.	Product Description
72181000	S.S. Ingots
72201190	S.S. Flat
7222119	S.S. Rolled/Bright Bar

· Bright Round Bars

· Flat Bars

· Square and Hexagon Bars

· Pump / Piston Shaft Quality Bars

· Hot Rolled Black Bars and Quality Bar

· Continuous Cast Billets

· Forging Quality Billets

· Improved Machining Ingots

· Material Grades

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Installed Capacity (Figures In M.T)			Actual Production (Figures In M.T)
	Unit 1	Unit 2	Unit 3	Unit 1	Unit 2	Unit 3
Steel, Ingots, Billets, Bar, Flats, Angles	5000	60000	60000	--	--	52952

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Oriental Bank of Commerce, IFB Branch A-30-33 A Block, Connaught Place, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks [Secured by first charge by equitable mortgage over land and building and hypothecation charge over plant and machinery and entire fixed assets both present and future.]	32.776	48.372
Foreign currency term loans from banks [Secured by way of letter of comfort/undertaking issued by consortium of member banks.]	110.618	64.082
SHORT TERM BORROWINGS
Foreign currency term loans from others [Secured by way of letter of comfort/ undertaking issued by consortium member banks]	813.409	677.788
Loans repayable on demand from banks	296.274	351.449
Total	1253.077	1141.691

Banking Relations :	--
Auditors :
Name :	Rajindera K. Goel and Company Chartered Accountants
Address :	J 288, Ground Floor, Saket, New Delhi – 110017, India
Tel. No.:	91-11-26531642/29555354
Fax No.:	91-11-29555036
Pan No.:	AAEFR3835Q
Subsidiary company :	World Metal Recycling Limited, India CIN: U37100DL2010PLC204397
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Lotus Devcon Private Limited [U45400DL2007PTC169228] Uphar Steels Limited [U74899DL1985PLC020703]

CAPITAL STRUCTURE

AS ON: 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1163580	Equity Shares	Rs.100/- each	Rs. 116.358 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	116.358	116.358	116.358
(b) Reserves & Surplus	751.299	692.214	597.785
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	867.657	808.572	714.143
(3) Non-Current Liabilities
(a) long-term borrowings	257.144	219.804	209.517
(b) Deferred tax liabilities (Net)	97.967	68.829	64.087
(c) Other long term liabilities	78.856	42.541	0.000
(d) long-term provisions	8.324	6.641	6.391
Total Non-current Liabilities (3)	442.291	337.815	279.995
(4) Current Liabilities
(a) Short term borrowings	1,109.683	1,029.237	833.625
(b) Trade payables	247.446	362.647	599.055
(c) Other current liabilities	159.330	159.976	212.266
(d) Short-term provisions	9.923	13.322	3.667
Total Current Liabilities (4)	1,526.382	1,565.182	1,648.613
TOTAL	2,836.330	2,711.569	2,642.751
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,005.566	721.842	704.535
(ii) Intangible Assets	1.618	1.712	2.145
(iii) Capital work-in-progress	12.630	184.744	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21.263	21.263	7.795
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.724	49.345	70.390
(e) Other Non-current assets	15.208	13.708	0.000
Total Non-Current Assets	1,090.009	992.614	784.865
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	679.864	649.901	868.427
(c) Trade receivables	729.306	789.830	666.332
(d) Cash and cash equivalents	100.698	102.106	102.216
(e) Short-term loans and advances	230.523	169.499	218.256
(f) Other current assets	5.930	7.619	2.655
Total Current Assets	1,746.321	1,718.955	1,857.886
TOTAL	2,836.330	2,711.569	2,642.751

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operation	4458.207	5075.572	4003.688
		Other Income	19.854	17.664	10.755
		TOTAL	4478.061	5093.236	4014.443
Less	EXPENSES
		Cost of materials consumed	3397.032	3532.161	3104.573
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(154.273)	217.051	(176.196)
		Employee benefit expense	112.536	80.765	54.372
		Other Expenses	817.775	850.453	748.123
		TOTAL	4173.070	4680.430	3730.872
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		304.991	412.806	283.571
Less	FINANCIAL EXPENSES		159.567	224.321	132.020
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		145.424	188.485	151.551
Less/ Add	DEPRECIATION/ AMORTISATION		56.880	48.326	45.008
	PROFIT BEFORE TAX		88.544	140.159	106.543
Less	TAX		29.459	45.730	34.724
	PROFIT AFTER TAX		59.085	94.429	71.819
	BALANCE CARRIED TO THE B/S		59.085	94.429	71.819
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1022.777	1463.481	1196.057
	TOTAL EARNINGS		1022.777	1463.481	1196.057
	IMPORTS
		Raw Materials	1584.090	1476.198	975.068
		Components and Spare Parts	9.379	8.067	9.716
		Capital Goods	90.217	130.154	18.401
	TOTAL IMPORTS		1683.686	1614.419	1003.185
	Earnings Per Share (Rs.)		50.78	81.15	61.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.32	1.85	1.79
Net Profit Margin (PBT/Sales)	(%)	1.99	2.76	2.66
Return on Total Assets (PBT/Total Assets)	(%)	3.16	5.59	4.04
Return on Investment (ROI) (PBT/Networth)		0.10	0.17	0.14
Debt Equity Ratio (Total Debt /Networth)		1.57	1.54	1.46
Current Ratio (Current Asset/Current Liability)		1.14	1.10	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	116.358	116.358	116.358
Reserves & Surplus	597.785	692.214	751.299
Net worth	714.143	808.572	867.657
long-term borrowings	209.517	219.804	257.144
Short term borrowings	833.625	1,029.237	1,109.683
Total borrowings	1,043.142	1,249.041	1,366.827
Debt/Equity ratio	1.461	1.545	1.575

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operation	4003.688	5075.572	4458.207
		26.772	(12.163)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operation	4003.688	5075.572	4458.207
Profit After Tax	71.819	94.429	59.085
	1.79%	1.86%	1.33%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------------------
22]	Litigations that the firm / promoter involved in	------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------------------
26]	Buyer visit details	-------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10374750	28/06/2013 *	2,244,500,000.00	ORIENTAL BANK OF COMMERCE	IFB BRANCH A-30-33 A BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B81968703
2	10374748	24/08/2012	105,000,000.00	ORIENTAL BANK OF COMMERCE	A-BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B57384877
3	10280902	02/03/2011	207,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	DELHI, INDIA, NEW DELHI - 110001, INDIA	B10734747
4	10250714	29/09/2010	100,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	DELHI, INDIA, NEW DELHI - 110001, INDIA	A98936164
5	10188276	08/10/2009	75,000,000.00	ORIENTAL BANK OF COMMERCE	30-33 IST FLOOR, A-BLOCK CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A74037995
6	10188275	08/10/2009	1,125,000,000.00	ORIENTAL BANK OF COMMERCE	30-33 IST FLOOR, A-BLOCK CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A74037599
7	10185232	25/09/2009	180,000,000.00	ORIENTAL BANK OF COMMERCE	30-33 IST FLOOR, A-BLOCK CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A73260861
8	10144597	10/02/2009	272,500,000.00	Bank of Baroda	CORPORATE FINANCIAL SERVICES BRANCH, 16, SANSAD MARG, NEW DELHI - 110001, INDIA	A57633570
9	10135761	24/12/2008	2,496,300,000.00	ORIENTAL BANK OF COMMERCE	30-33 IST FLOOR, A-BLOCK CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A53813952
10	10119070	09/08/2008	66,500,000.00	BANK OF MAHARASHTRA	B-29, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A44448579

* Date of charge modification

REPORT ON STRATEGIC BUSINESS UNITS AND EXPANSION PROJECTS

During the year, your Company has expanded its production facilities of value added products which will enhance the export of the company and improve the margins.

During the year, the Company has participated in various International Trade Fairs for business development.

The Company foresees better growth in near future.

UNSECURED LOANS:

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate deposits	94.100	87.000
Loans and advances from directors	19.650	20.350
Total	113.750	107.350

FIXED ASSETS

• Land and Ware House
• Plant and Machinery
• Pollution Control Equipments
• Building
• Electric Installation
• Rolls
• Office Equipment
• Truck
• Furniture and Fixture
• Tools
• Scooter
• Car
• Computer
• Cycle
• Office complex (DLF)

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. 60.37
UK Pound	1	Rs. 102.48
Euro	1	Rs. 81.87

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.