MIRA INFORM REPORT

Report Date :

29.03.2014

IDENTIFICATION DETAILS

Name :	UTTAM GALVA METALLICS LIMITED
Registered Office :	502, Global Foyer Building, Sector-43, Golf Course Road, Gurgaon – 122002, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.09.2007
Com. Reg. No.:	05-037927
Capital Investment / Paid-up Capital :	Rs. 7547.100 Millions
CIN No.: [Company Identification No.]	U27200HR2007PLC037927
PAN No.: [Permanent Account No.]	AAACU9269Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Hot Metal/ Pig Iron.
No. of Employees :	1500 (Approximately)

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 44500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems growth in the turnover. However, slight dip in the profit of the company during the financial year 2013. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term BBB- (Suspended)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	October 2013

Rating Agency Name	ICRA
Rating	Short term A3 (Suspended)
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	October 2013

REASON FOR SUSPENDED:

Inability to carry out rating in absence of the requisite information from the company.

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. Mayur Bansal
Designation :	Finance Department
Contact No.:	91-22-66563500
Date :	27.03.2014

LOCATIONS

Registered Office :	502, Global Foyer Building, Sector-43, Golf Course Road, Gurgaon – 122002, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mayor.bansal@uttamgalva.com mukesh.jaisani@uttamgalva.com
Website :	http://www.uttamgalva.com
Corporate Office :	Uttam House, 69, P. D'Mello Road, Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-66563500
Fax No.:	91-22-23485025
E-Mail :	marketing@uttamgalva.com
Factory :	Located at: · Khopoli, Maharashtra, India
Branch Offices :	Located at: · Ahmedabad · Chennai · Secunderabad · Indore · Pune · New Delhi · Bangalore

DIRECTORS

AS ON 25.09.2013

Name :	Mr. Rajinderkumar Uttamchand Miglani
Designation :	Director
Address :	21-B, Embassy Apartments, 46, Nepeansea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	08.04.1946
Qualification :	Graduate
Date of Appointment :	13.09.2007
PAN No.:	AABPM7288D
DIN No.:	00286788
Name :	Mr. Anuj Rajinder Miglani
Designation :	Director
Address :	21-B, Embassy Apartments, 46, Nepeansea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	01.04.1974
Qualification :	Graduate in Mechanical Engineering from the Imperial College of Science and Technology, London
Date of Appointment :	13.09.2007
PAN No.:	AABPM6332L
DIN No.:	00287097
Name :	Mr. Ankit Rajinderkumar Miglani
Designation :	Director
Address :	21-B, Embassy Apartments, 46, Nepeansea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	23.02.1979
Qualification :	Graduate in Economic with specialization in Finance from Wharton School, University of Pennsylvania, Philadelphia, U.S.A.
Date of Appointment :	13.09.2007
PAN No.:	AACPM1902D
DIN No.:	00444956
Name :	Mr. Omprakash Premdutt Ahuja
Designation :	Whole-time director
Address :	C/o. R. K. Flour Mills, 557, Bhandara, Lakadganj, Nagpur – 440008, Maharashtra, India
Date of Birth/Age :	30.12.1946
Qualification :	Graduate in Commerce
Date of Appointment :	05.05.2008
PAN No.:	ACQPA5172M
DIN No.:	00320978
Name :	Mr. Mitin Chandanmal Jain
Designation :	Nominee director
Address :	Gundecha Garden, G-Wing, 6^th Floor, Flat No. 602, Gas Company Lalbaug, Dattaram Khamkar Road, Parel, Mumbai – 400012, Maharashtra, India
Date of Birth/Age :	01.03.1981
Qualification :	Graduate in Commerce, MBA - Finance from Narsee Monjee Institute of Management Studies
Date of Appointment :	18.02.2013
DIN No.:	06390954
Name :	Mr. Shankar Ramakrishna
Designation :	Director
Address :	Building No. 7, Flat No. 1001, Seawoods Estate, Palm Beach Road, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	19.01.1960
Date of Appointment :	25.09.2013
DIN No.:	02695900
Name :	Mr. Shirishkumar Trilokchandra Parikh
Designation :	Director
Address :	Prakruti Kunj Society, Bhudarpura B/H Vikram Flats, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	22.10.1938
Date of Appointment :	25.09.2013
DIN No.:	00941756
Name :	Mr. Debkumar Krishnapada Goswami
Designation :	Director
Address :	Flat No. 501, Vigyanshila CHS Limited, Juhu Versova Link Road, Seven Bungalows, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	10.12.1946
Date of Appointment :	25.09.2013
DIN No.:	02390068

KEY EXECUTIVES

Name :	Mr. Mayur Bansal
Designation :	Finance Department
Name :	Mr. Mukesh Kumar Jaisani
Designation :	Secretary
Address :	171, Sanghvi Bhavan, R. B. Marg, Ferbuader, Cotton Green, Mumbai - 400033, Maharashtra, India
Date of Birth/Age :	03.06.1965
Date of Appointment :	30.01.2009
PAN No.:	ABAPJ1506B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2013

Names of Equity Shareholders	No. of Shares
Rajinder Miglani	20000
Anuj Miglani	14980
Ankit Miglani	14980
R Agrawal	10
B. B. Handa	10
Sunil Dodani	10
Ram Gaud	10
Liberty FE Trade DMCC, UAE	91033379
Archisha Investment Private Limited, India	111320000
Grow Well Mercantile Private Limited, India	42579600
Revive Buildzone and Dealers Private Limited, India	209817415
Prawas Leasing and Finance Private Limited, India	45451935
Liberty Commodities Limited, United Kingdom	20067670
Sanjeev Gupta	4000000
Sanjeev Gupta (NR)	1499500
Amit Bagadia	100
Kanta Bagadia	100
Narain Khatwani	100
Ashwini S Kapoor	100
Banyan Tree Growth Capital LLC, Mauritius	500
Liberty Steel Holdings Pte. Limited, Singapore	82881008
UD Industrial Holdings Pte. Limited, Singapore	111995278
Total	720696685

Names of Preference Shareholders	No. of Shares
Banyan Tree Growth Capital LLC, Mauritius	77311742
Banyan Tree Growth Capital II LLC, Mauritius	68693488
Total	146005230

AS ON 25.09.2013

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]	42.66
Bodies corporate	56.77
Directors or relatives of directors	0.01
Other top fifty shareholders	0.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hot Metal/ Pig Iron.

Products/ Services :

ITC Code No.	Product Descriptions
72051000	Pig Iron
27040000	Coke

Exports :

Products :

Finished Goods

Countries :

· Middle East

· Sri Lanka

· USA

Imports :

Products :

Raw Material

Countries :

Australia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

· Oriental Bank of Commerce

181-A, Maker Tower 'E', 18th Floor, Cuff Parade, Mumbai - 400005, Maharashtra, India

· State Bank of India

Commercial Branch, N. G. N. Vaidya Marg, Horniman Circle, Fort, Mumbai - 400001, Maharashtra, India

· United Bank of India

Corporate Finance Branch, 2nd Floor, United Bank of India Building, Sr. P. M. Raod Fort, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	15892.200	13395.500
Foreign currency term loans from banks	1027.700	1324.700
SHORT TERM BORROWINGS
Working capital loans from banks	1576.000	1397.900
Total	18495.900	16118.100
SHORT TERM BORROWINGS Working Capital Loans from Banks are secured by First charge on all Tangible, Moveable assets such as Raw Material, WIP, Finished Goods, Stock in Transit and Book Debts etc. and the Second charge on fixed assets of the Company.

Banking Relations :	--
Financial Institution :	· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Prakkash Muni and Associates Chartered Accountants
Address :	303, The Eagle's Flight, Suren Road, Off Andheri Kurla Road, Near Western Express Highway, Andheri [East], Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AANFP3965G
Subsidiary Company :	· First Wardha Steel Limited [U27106MH2007PLC172719] · Jwala Galva Steels Pte. Limited
Associates :	· Grow Well Mercantile Limited [U51900HR1997PLC047058] · Uttam Galva Steels Limited [L27104MH1985PLC035806] · Sainath Trading Company Private Limited [U51311MH1971PTC015460] · Archisha Steels Private Limited [U27205MH1981PTC025930] · Revive Buildzone And Dealers Private Limited [U45202HR2008PTC049526] · Kredence Multi Trading Limited [U51900HR1984PLC048132] · Uttam Value Steels Limited [L27100MH1970PLC014621] · Indrajit Power Private Limited [U45200MH1994PTC081267] · Atlantis International Services Company Limited · Metallurgical Engineering And Equipments Limited [U29248HR1981PLC050320 · Ultimate Logistics Solutions Private Limited [U60231HR2007PTC049951] · Uttam Galva Ferous Limited [U27100KA2010PLC053231]

CAPITAL STRUCTURE

AFTER 25.09.2013

Authorised Capital : Rs. 20000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 8906.392 Millions

AS ON 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000,000	Equity Shares	Rs. 10/- each	Rs. 15000.000 Millions
500,000,000	Preference Shares	Rs. 10/- each	Rs. 5000.000 Millions
	Total		Rs. 20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
720,696,685	Equity Shares	Rs. 10/- each	Rs. 7206.967 Millions
146,005,230	Preference Shares	Rs. 10/- each	Rs. 1460.052 Millions
	Total		Rs. 8667.019 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000,000	Equity Shares	Rs. 10/- each	Rs. 15000.000 Millions
500,000,000	Preference Shares	Rs. 10/- each	Rs. 5000.000 Millions
	Total		Rs. 20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
608,701,407	Equity Shares	Rs. 10/- each	Rs. 6087.000 Millions
146,005,230	Preference Shares	Rs. 10/- each	Rs. 1460.100 Millions
	Total		Rs. 7547.100 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	7547.100	5258.200	4342.200
(b) Reserves & Surplus	3579.000	2332.300	982.800
(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)	11126.100	7590.500	5325.000
(3) Non-Current Liabilities
(a) long-term borrowings	17294.900	15220.200	8733.200
(b) Deferred tax liabilities (Net)	577.600	406.600	31.000
(c) Other long term liabilities	1954.700	128.800	170.700
(d) long-term provisions	10.700	9.000	7.000
Total Non-current Liabilities (3)	19837.900	15764.600	8941.900
(4) Current Liabilities
(a) Short term borrowings	2656.200	1835.700	5100.100
(b) Trade payables	6561.100	4084.300	3787.600
(c) Other current liabilities	3366.200	3112.800	2320.300
(d) Short-term provisions	44.300	1.700	0.000
Total Current Liabilities (4)	12627.800	9034.500	11208.000
TOTAL	43591.800	32389.600	25474.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22568.100	22517.900	14313.200
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4945.900	1310.500	3088.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1944.700	18.300	10.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	405.600	520.800	407.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29864.300	24367.500	17819.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4159.200	3510.300	3964.600
(c) Trade receivables	4635.500	2229.500	1208.300
(d) Cash and cash equivalents	723.700	351.900	559.600
(e) Short-term loans and advances	4194.600	1917.200	1905.400
(f) Other current assets	14.500	13.200	17.800
Total Current Assets	13727.500	8022.100	7655.700
TOTAL	43591.800	32389.600	25474.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	20875.300	17288.900	7675.100
		Other Income	40.200	26.800	29.600
		TOTAL (A)	20915.500	17315.700	7704.700
Less	EXPENSES
		Cost of Materials Consumed	12073.900	12059.900	6979.900
		Purchases of Stock-in-Trade	2781.700	436.700	1005.900
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(121.500)	(178.900)	(730.100)
		Employees benefits expense	317.000	241.800	135.800
		Other expenses	1582.500	1457.600	(30.100)
		TOTAL (B)	16633.600	14017.100	7361.400
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4281.900	3298.600	343.300
Less	FINANCIAL EXPENSES (D)		2420.200	1521.600	79.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1861.700	1777.000	264.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1125.400	764.200	35.600
	PROFIT BEFORE TAX (E-F) (G)		736.300	1012.800	228.600
Less	TAX (H)		318.300	579.400	78.500
	PROFIT AFTER TAX (G-H) (I)		418.000	433.400	150.100
	IMPORTS
		Raw Materials	6492.800	7188.400	4036.900
		Capital Goods	0.000	338.900	152.700
	TOTAL IMPORTS		6492.800	7527.300	4189.600
	Earnings Per Share (Rs.)		0.76	0.98	0.40

Expected Sales (2013-2014): Rs. 23000.000 Millions

The above information has been parted by Mr. Mayur Bansal (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.00	2.50	1.95
Net Profit Margin (PBT/Sales)	(%)	3.53	5.86	2.98
Return on Total Assets (PBT/Total Assets}	(%)	2.01	3.26	1.02
Return on Investment (ROI) (PBT/Networth)		0.07	0.13	0.04
Debt Equity Ratio (Total Debt/Networth)		1.79	2.25	2.60
Current Ratio (Current Asset/Current Liability)		1.09	0.89	0.68

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	4342.200	5258.200	7547.100
Reserves & Surplus	982.800	2332.300	3579.000
Net worth	5325.000	7590.500	11126.100
long-term borrowings	8733.200	15220.200	17294.900
Short term borrowings	5100.100	1835.700	2656.200
Total borrowings	13833.300	17055.900	19951.100
Debt/Equity ratio	2.598	2.247	1.793

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)
Sales	7675.100	17288.900	20875.300
		125.260	20.744

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7675.100	17288.900	20875.300
Profit	150.100	433.400	418.000
	1.96%	2.51%	2.00%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	375.000	500.000
SHORT TERM BORROWINGS
Loans repayable on demand	1080.200	437.800
Total	1455.200	937.800

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from C-37, 3^rd Floor, Palam Vyapaar Kendra, Palam Vihar, Gurgaon – 122017, Haryana, India to the present address w.e.f.31.08.2010.

CORPORATE INFORMATION

The Company is a closely-held public limited company promoted by Miglani Family on 13th September 2007.

The company is primarily engaged into production of Hot Metal / Pig Iron. The company has set-up a Hot Metal / Pig Iron Plant (Blast Furnace) at Wardha, Maharashtra. The plant also consist of a Sinter Plant, Recovery type Coke Oven Plant, Captive Power Plant and a Top Gas Recovery Turbine.

The Company’s primary finished goods are Hot Metal, Pig Iron and Coke. Hot Metal and Pig Iron are produced from the Blast Furnace. Hot Metal and Pig Iron are intermediate products for making steel and is sold to end-users, i.e. foundries and secondary steel manufacturers. Coke is produced from the Coke Oven and major portion of it is used for production of Hot Metal as a fuel in Blast Furnace, while balance portion is sold to Steel Producers. Coke Oven Gas, Granulated Slag and Coal Tar are by-products generated during the production process.

The Registered Office of the Company is situated at 502, Global Foyer Building, Sector 43, Golf Course Road, Gurgaon, Haryana - 122002, and Corporate Office is situated at Uttam House, 69 P D? Mello Road, Carnac Bunder, Mumbai - 400009.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Letters of Credit outstanding	869.600	1287.900
(b) Bank Guarantees	157.300	113.600
(c) Custom Duty	28.500	0.000
Total	1055.400	1401.500

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 60.10
UK Pound	1	Rs. 99.85
Euro	1	Rs. 82.58

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--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.