MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	SURYA GLOBAL STEEL TUBES LIMITED
Registered Office :	302, 3^rd Floor, Padma Tower-I, Rajendra Place, New Delhi – 110 008
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	09.05.2008
Com. Reg. No.:	55-177870
Capital Investment / Paid-up Capital :	Rs.1455.100 millions
CIN No.: [Company Identification No.]	U28999DL2008PLC177870
TAN No.: [Tax Deduction & Collection Account No.]	DELS36567G
PAN No.: [Permanent Account No.]	AAMCS1258B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Steel Pipes, Steel Tubes, Lighting Products, Bulb and Cold Rolled Steel.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 6200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves of the company is low. However, there is improvement in financial profile as reflected by growth in scale of operation and profit. Trade relations are reported to be fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	09.04.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	09.04.2014

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 31-03-2012.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-1276-241540/ 541, Mobile No.: 91-9099914514)

LOCATIONS

Registered Office :	302, 3^rd Floor, Padma Tower-I, Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-47108000/ 25810093
Fax No.:	Not Available
E-Mail :	deepakgoyalcs@gmail.com bbsingal@gmail.com
Website :	http://www.suryaglobal.com
Factory :	Survey No.188, Anjar Mundra Highway Village-Bhuvad, Taluka Anjar, District Kutch – 370 130, Gujarat, India
Tel. No.:	91-2836-289222/ 289506/ 289508/ 289507
Fax No.:	91-2836-289444

DIRECTORS

AS ON 15.02.2013

Name :

Mr. Jai Prakash Agarwal

Designation :

Director

Address :

36/78, West Punkabi Bagh, New Delhi – 110 026, India

Date of Birth/Age :

10.07.1951

Date of Appointment :

31.03.2014

DIN No.:

00041119

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	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Whole-time director	29-10-2012	08-09-1975	-	Active	NO
2	U70101DL1996PTC080815	ADAMPUR PROPERTIES PRIVATE LIMITED	Director	18-04-2006	18-04-2006	15-03-2010	Active	NO
3	U45201DL2005PLC141841	SURYA DUROBUILD LIMITED	Director	18-07-2007	18-07-2007	11-05-2008	Active	NO
4	U27100DL2008PLC176607	SURYA GLOBAL STEEL AND GENPOWER LIMITED	Director	10-04-2008	10-04-2008	-	Strike off	NO
5	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	31-03-2014	09-05-2008	-	Active	NO
6	U45200DL2008PLC183087	SURYA GLOBAL INFRASTRUCTURE LIMITED	Director	09-09-2008	09-09-2008	16-12-2011	Active	NO
7	U26940DL2008PLC183118	SURYA GLOBAL CEMENT LIMITED	Director	11-09-2008	11-09-2008	-	Strike off	NO
8	U45200DL2008PLC184368	SURYA ROADLINK AND INFRA LIMITED	Director	21-10-2008	21-10-2008	-	Strike off	NO
9	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17-12-2009	17-12-2009	-	Active	NO
10	U40102DL2010PLC198599	SURYA GUJARAT POWER LIMITED	Director	02-02-2010	02-02-2010	31-05-2011	Strike off	NO
11	U27100DL2010PLC198591	SURYA CHHATTISGARH POWER LIMITED	Director	02-02-2010	02-02-2010	-	Strike off	NO
12	U26990DL2010PLC202244	SURYA VIJAYNAGAR CEMENT LIMITED	Director	03-05-2010	03-05-2010	-	Active	NO
13	U27100DL2010PLC202242	SURYA CHHATTISGARH STEEL AND POWER LIMITED	Director	03-05-2010	03-05-2010	-	Under Process of Striking off	NO
14	U31506DL2010PLC204630	SURYA SHIMOGA LIGHTING LIMITED	Director	24-06-2010	24-06-2010	-	Strike off	NO
15	U27205DL2010PLC205942	SURYA SHIMOGA STEEL PIPES LIMITED	Director	16-07-2010	16-07-2010	-	Strike off	NO
16	U51109WB2007PTC113333	PUNARVASU TIE-UP PRIVATE LIMITED	Director	30-09-2011	01-06-2011	-	Active	NO
17	U51109WB2007PTC114266	CLITORIA VANIJYA PRIVATE LIMITED	Director	30-09-2011	01-06-2011	-	Active	NO
18	U51109WB2007PTC114283	SAGNIK VYAPAAR PRIVATE LIMITED	Director	30-09-2011	01-06-2011	-	Active	NO

Name :

Mr. Raju Bista

Designation :

Director

Address :

18/75, Road No.75, Punjabi West, Delhi – 110 026, India

Date of Birth/Age :

03.01.1986

Date of Appointment :

13.07.2009

DIN No.:

01299297

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	U45201DL2005PLC141841	SURYA DUROBUILD LIMITED	Director	02-09-2008	15-02-2007	25-10-2008	Active	NO
2	U74899HR1999PLC048371	SURYA SOFT-TECH LIMITED	Director	30-03-2007	30-03-2007	05-09-2008	Active	NO
3	U74899DL1994PTC062470	SWADESHI MERCANTILE PRIVATE LIMITED	Additional director	28-12-2007	28-12-2007	25-10-2008	Active	NO
4	U74899DL1994PTC057515	JASMINE ISPAT PRIVATE LIMITED	Director	18-09-2008	28-12-2007	25-10-2008	Active	NO
5	U74899DL1986PTC023320	DK ROLLING MILLS PRIVATE LIMITED	Director	17-09-2008	29-12-2007	25-10-2008	Active	NO
6	U74140WB1995PTC070465	PRAJIN BARTER PRIVATE LIMITED	Director	10-07-2008	20-05-2008	01-11-2008	Active	NO
7	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13-07-2009	29-08-2008	-	Active	NO
8	U45200DL2008PLC183087	SURYA GLOBAL INFRASTRUCTURE LIMITED	Director	01-11-2008	01-11-2008	16-12-2011	Active	NO
9	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Managing director	01-01-2013	18-06-2009	-	Active	NO
10	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17-12-2009	17-12-2009	-	Active	NO
11	U27100DL2010PLC198591	SURYA CHHATTISGARH POWER LIMITED	Director	02-02-2010	02-02-2010	05-11-2012	Strike off	NO
12	U27100DL2010PLC202242	SURYA CHHATTISGARH STEEL AND POWER LIMITED	Director	03-05-2010	03-05-2010	26-10-2012	Under Process of Striking off	NO
13	U26990DL2010PLC202244	SURYA VIJAYNAGAR CEMENT LIMITED	Director	03-05-2010	03-05-2010	-	Active	NO
14	U31506DL2010PLC204630	SURYA SHIMOGA LIGHTING LIMITED	Director	24-06-2010	24-06-2010	05-11-2012	Strike off	NO
15	U27205DL2010PLC205942	SURYA SHIMOGA STEEL PIPES LIMITED	Director	16-07-2010	16-07-2010	26-10-2012	Strike off	NO
16	U51109WB2007PTC114266	CLITORIA VANIJYA PRIVATE LIMITED	Director	30-09-2011	01-06-2011	-	Active	NO
17	U51909DL2010PTC267633	BRIGHTSTAR VINTRADE PRIVATE LIMITED	Director	20-08-2011	20-08-2011	18-10-2012	Active	NO
18	U51109DL2008PTC267556	SEABIRD TRACOM PRIVATE LIMITED	Director	29-09-2012	20-08-2011	17-10-2012	Active	NO
19	U51909WB2010PTC147210	EQUAL VINIMAY PRIVATE LIMITED	Director	20-08-2011	20-08-2011	18-10-2012	Active	NO
20	U51909DL2008PTC264119	NETRA AGENCY PRIVATE LIMITED	Director	01-09-2011	01-09-2011	17-10-2012	Active	NO

Name :

Mr. Krishan Kumar Narula

Designation :

Director

Address :

A-25, Preet Vihar, New Delhi – 110 092, India

Date of Birth/Age :

01.04.1939

Date of Appointment :

13.07.2009

DIN No.:

00098124

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	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	29-03-2000	29-03-2000	-	Active	NO
2	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13-07-2009	29-08-2008	-	Active	NO

Name :

Mr. Ravinder Kumar Narang

Designation :

Director

Address :

14/81, West Punjabi Bagh, New Delhi – 110 028, India

Date of Birth/Age :

20.01.1939

Date of Appointment :

13.07.2009

DIN No.:

02318041

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	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Director	13-07-2009	29-08-2008	-	Active	NO
2	U51909WB1985PLC038845	BANSAL NATUREVEST LIMITED	Whole-time director	01-08-2009	18-05-2009	07-06-2011	Active	NO
3	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	24-09-2009	18-06-2009	-	Active	NO

Name :

Mr. Mukesh Tripathi

Designation :

Whole-Time Director

Address :

D-11, Bhagaya Vihar, Madan Pur, Dabas Extension, New Delhi – 110 081, India

Date of Birth/Age :

26.04.1977

Date of Appointment :

15.03.2012

DIN No.:

01951272

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	U51909WB1994PTC066537	BUDHIYA MARKETING PRIVATE LIMITED	Director	13-12-2007	13-12-2007	17-09-2011	Active	NO
2	U74899DL2005PLC144063	REAL FINCAP LIMITED	Director	19-09-2008	29-12-2007	01-02-2009	Active	NO
3	U74899DL1994PTC058267	LUXE TRADING AND HOLDING (INDIA) PRIVATE LIMITED	Additional director	05-01-2008	05-01-2008	10-11-2008	Active	NO
4	U74899DL1994PTC058338	LUSH TRADERS PRIVATE LIMITED	Director	27-09-2008	07-01-2008	01-02-2009	Active	NO
5	U74899DL1992PTC050214	SHAKSHI TRADING CO PRIVATE LIMITED	Additional director	09-05-2008	09-05-2008	10-11-2008	Active	NO
6	U51909DL1993PTC053632	SWATI MERCHANTS PRIVATE LIMITED	Director	15-09-2008	09-05-2008	01-02-2009	Active	NO
7	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	27-09-2013	18-06-2009	-	Active	NO
8	U27101DL2009PLC197083	SURYA VIJAYNAGAR STEEL AND POWER LIMITED	Director	17-12-2009	17-12-2009	-	Active	NO
9	U28999DL2008PLC177870	SURYA GLOBAL STEEL TUBES LIMITED	Whole-time director	15-03-2012	14-02-2011	-	Active	NO
10	U51109WB2007PTC113333	PUNARVASU TIE-UP PRIVATE LIMITED	Director	30-09-2011	01-06-2011	-	Active	NO
11	U51909DL2008PTC264119	NETRA AGENCY PRIVATE LIMITED	Director	01-09-2011	01-09-2011	22-12-2012	Active	NO
12	U52100DL2010PTC264120	EDITION SUPPLIERS PRIVATE LIMITED	Director	01-09-2011	01-09-2011	22-12-2012	Active	NO
13	U52100DL2010PTC264118	DEPOSE VINCOM PRIVATE LIMITED	Director	01-09-2011	01-09-2011	22-12-2012	Active	NO
14	U51109WB1995PTC069589	DICORD COMMODEAL PRIVATE LIMITED	Director	10-09-2012	30-08-2012	-	Active	NO
15	U40102DL2010PLC198599	SURYA GUJARAT POWER LIMITED	Director	27-09-2012	31-08-2012	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Gajender Mahavir Gupta
Designation :	Company Secretary
Address :	B-28, Pink Apartment, Paschim Vihar, New Delhi – 110 063, India
Date of Birth/Age :	01.04.1983
Date of Appointment :	01.03.2013
PAN No.:	AONPG8534N
Email :	csgajender@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.02.2013

Names of Shareholders (Equity Shares)	No. of Shares
Jai Prakash Agarwal	25000
Satya Narain Bansal	5000
Surya Roshni Limited, India	50000000
Arvind Bansal	5000
Anil Kumar Bansal	5000
Pramod Kumar Jain	5000
Dicord Commodeal Private Limited, India	29010000
Sahej Tieup Private Limited, India	14000000
Total	93055000
Names of Shareholders (Preferences Shares)	No. of Shares
Zatco Vyapar Private Limited, India	1798500
Sadabahar Tradecomm Private Limited, India	1599000
Diwakar Marketing Private Limited, India	900000
Jai Prakash Agarwal	500000
Clitoria Vanijya Private Limited, India	115000
Punarvasu Tie Up Private Limited	100000
Sagnik Vyapaar Private Limited	135000
Sahej Tie Up Private Limited	98000
Total	5245500

AS ON 28.02.2013

Equity Shares Break – up

Category	Percentage
Bodies corporate	99.95
Directors or relatives of directors	0.03
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Steel Pipes, Steel Tubes, Lighting Products, Bulb and Cold Rolled Steel.

Products :

Products Description	Item Code No.
Steel Tubes and Pipes	73041010

PRODUCTION STATUS (AS ON 30.09.2012)

Particulars	Unit	Actual Production
ERW Pipes / Spiral Pipes	MT	102

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of Patiala, Commercial Branch, SCO 103-106, Sector - 17B, Chandigarh – 160 017, Chandigarh, India

· Bank of Baroda, Community Centre, Club Road, Punjabi Bagh, Delhi – 110 026, India

· Punjab National Bank (Lead Bank), BO: ECE House, 28-A, Kasturba Gandhi Marg, New Delhi – 110 001, India

· Axis Bank Limited, Punjabi Bagh, New Delhi, India

· IDBI Bank Limited, Indian Red Cross Society Building, 1, Red Cross Road, New Delhi – 110 001, India

Facilities :

Secured Loans	30.09.2012	30.09.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Loans repayable on demand from banks (Secured by 1^st pari-passu Charge on all Immovable assets of the company (present and Future) and Guaranteed by Managing Director and Holding Company (Surya Roshni Limited)	1535.471	1951.421
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Working capital loans from Banks are secured against hypothecation of present and future stock of raw material, stock in process, finished goods, spare & stores, book debts etc guaranteed by managing director of the company and further secured by way of second charge on the company's immovable assets.)	888.401	889.179
Total	2423.872	2840.600

Banking Relations :	--
Auditors :
Name :	Ashok Kumar Goyal and Company Chartered Accountants
Address :	S.C.F. 104, Green Square Market, Hisar – 125 001, Haryana, India
PAN No.:	AABFA7551P
Holding Company :	Surya Roshni Limited, India CIN No.: L31501HR1973PLC007543
Associate Company :	Surya Global Infrastructure Limited, India CIN No.: U45200DL2008PLC183087

CAPITAL STRUCTURE

AFTER 15.02.2013

Authorised Capital : Rs.1865.000 millions

Issued, Subscribed & Paid-up Capital : Rs.1613.250 millions

AS ON 15.02.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 millions
5250000	Preference Shares	Rs.100/- each	Rs.525.000 millions
	Total		Rs.1775.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
93055000	Equity Shares	Rs.10/- each	Rs.930.550 millions
5245500	Preference Shares	Rs.100/- each	Rs.524.550 millions
	Total		Rs.1455.100 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2012	30.09.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1455.100	930.550
(b) Reserves & Surplus	91.867	13.453
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	439.550
Total Shareholders’ Funds (1)+(2)	1546.967	1383.553
(3) Non-Current Liabilities
(a) long-term borrowings	2035.471	2311.421
(b) Deferred tax liabilities (Net)	25.725	5.162
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	8.092	3.963
Total Non-current Liabilities (3)	2069.288	2320.546
(4) Current Liabilities
(a) Short term borrowings	888.401	889.179
(b) Trade payables	226.643	471.386
(c) Other current liabilities	555.006	439.712
(d) Short-term provisions	15.649	1.874
Total Current Liabilities (4)	1685.699	1802.151
TOTAL	5301.954	5506.250
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3424.553	3387.065
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4.893	4.089
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.245
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.754	5.734
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3431.200	3397.133
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1155.211	1756.729
(c) Trade receivables	399.813	76.789
(d) Cash and cash equivalents	1.629	59.650
(e) Short-term loans and advances	314.101	215.949
(f) Other current assets	0.000	0.000
Total Current Assets	1870.754	2109.117
TOTAL	5301.954	5506.250

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		930.550
2] Share Application Money		293.450
3] Reserves & Surplus		7.352
4] (Accumulated Losses)		0.000
NETWORTH		1231.352
LOAN FUNDS
1] Secured Loans		2296.777
2] Unsecured Loans		260.000
TOTAL BORROWING		2556.777
DEFERRED TAX LIABILITIES		4.707
TOTAL		3792.836
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1517.883
Capital work-in-progress		1046.682
INVESTMENT		0.400
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	733.803
	Sundry Debtors	293.008
	Cash & Bank Balances	89.696
	Other Current Assets	0.000
	Loans & Advances	280.286
Total Current Assets		1396.793
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	133.570
	Other Current Liabilities	30.532
	Provisions	4.820
Total Current Liabilities		168.922
Net Current Assets		1227.871
MISCELLANEOUS EXPENSES		0.000
TOTAL		3792.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2012	30.09.2011	30.09.2010
	SALES
		Income	6103.142	5024.686	968.406
		Other Income	0.015	0.015	0.026
		TOTAL (A)	6103.157	5024.701	968.432
Less	EXPENSES
		Cost of materials consumed	4799.695	2823.269	856.021
		Purchases of stock-in-trade	15.180	1868.042
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	79.488	(366.068)
		Employee benefit expense	195.874	131.002
		Other expenses	282.392	219.185
		TOTAL (B)	5372.629	4675.430	856.021
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		730.528	349.271	112.411
Less	FINANCIAL EXPENSES (D)		350.521	217.252	65.826
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		380.007	132.019	46.585
Less/ Add	DEPRECIATION/ AMORTISATION (F)		281.029	125.463	34.526
	PROFIT BEFORE TAX (E-F) (G)		98.978	6.556	12.059
Less	TAX (H)		20.563	0.455	4.707
	PROFIT AFTER TAX (G-H) (I)		78.415	6.101	7.352
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.453	7.352	0.000
	BALANCE CARRIED TO THE B/S		91.868	13.453	7.352
	EARNINGS IN FOREIGN CURRENCY
		F.O.B value of Exports	760.659	656.613	362.274
	TOTAL EARNINGS		760.659	656.613	362.274
	IMPORTS
		Stores & Spares	5.844	16.993	2.307
		Raw Materials	916.114	1031.717	651.722
		Capital Items	0.000	257.865	749.973
	TOTAL IMPORTS		921.958	1306.575	1404.002
	Earnings Per Share (Rs.)		0.84	0.07	0.10

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
PAT / Total Income	(%)	1.28	0.12	0.76
Net Profit Margin (PBT/Sales)	(%)	1.62	0.13	1.25
Return on Total Assets (PBT/Total Assets}	(%)	1.87	0.12	0.41
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	0.01
Debt Equity Ratio (Total Debt/Networth)		1.89	2.31	2.08
Current Ratio (Current Asset/Current Liability)		1.11	1.17	8.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.09.2011	30.09.2012
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	930.550	1455.100
Reserves & Surplus	13.453	91.867
Share Application money pending allotment	439.550	0.000
Net worth	1383.553	1546.967
Long-term borrowings	2311.421	2035.471
Short term borrowings	889.179	888.401
Total borrowings	3200.600	2923.872
Debt/Equity ratio	2.313	1.890

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	30.09.2011	30.09.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	968.406	5024.686	6103.142
		418.862	21.463

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	30.09.2011	30.09.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	968.406	5024.686	6103.142
Profit	7.352	6.101	78.415
	0.76%	0.12%	1.28%

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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472583	27/11/2013	350,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8-C, CHANDIGARH, CHANDIGARH - 160009, INDIA	B94383536
2	10449760	27/12/2013 *	250,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B92839992
3	10259666	29/11/2011 *	350,000,000.00	PUNJAB NATIONAL BANK	BO : ECE HOUSE, 28-A, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	B30444145
4	10243532	29/11/2011 *	200,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B28379709
5	10248139	29/11/2011 *	200,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH SCO 103-107, SECTOR 8-C, CHANDIGARH, CHANDIGARH - 160009, INDIA	B29555745
6	10223723	23/12/2013 *	4,000,000,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, A-28,, KASTURBA GANDHI MARG,, NEW DELHI, DELHI - 110001, INDIA	B96630850
7	10210887	12/03/2010	330,000,000.00	PUNJAB NATIONAL BANK	BO : ECE HOUSE, 28-A, ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	A82314089
8	10210886	12/03/2010	500,000,000.00	PUNJAB NATIONAL BANK	BO : ECE HOUSE, 28-A, ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	A82313941
9	10201752	27/12/2013 *	1,614,100,000.00	STATE BANK OF INDIA	SCO 103-106,, SECTOR 17 - B,, CHANDIGARH, CHANDIGARH - 160017, INDIA	B96001649
10	10159674	21/07/2009 *	1,350,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	BO : ECE HOUSE, 28 - A, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	A67205377

* Date of charge modification

UNSECURED LOANS

Particulars	30.09.2012	30.09.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from others	500.000	360.000
Total	500.000	360.000

OPERATIONAL REVIEW

In the fiscal year, the Sales of the Company increased to Rs.6103.100 millions from Rs.5024.700 millions last year, registering an increase of 21.46%. Profit after tax is increased to Rs.78.415 millions as compared to Rs.6.101 millions last year registering a phenomenal increase of 1185.28%.

STATUS OF PROJECTS UNDER IMPLEMENTATION

All the three Projects i.e. Spiral, ERW and ERW API have been already installed and commissioned.

Further Company is in process of renovation and technology upgradation of ERW-API Plant. After up gradation of the technology Company will be able to supply the API grade pipes to Oil and Gas sector customers. The GI Pipes demand is increasing day by day in domestic as well as international market. To meet enhanced demand of GI Pipes, Company has installed two new GI Plant at the existing production set-up. It will help to meet the demand of GI Pipes and Company will be able to improve its margin, because GI Pipes have better margin.

FUTURE PROSPECTS

In view of thrust of the Government of India on Water, Gas, Petroleum Infrastructure and Export Sectors, there is a tremendous scope for growth in Spiral Pipes as well as ERW pipes and export to USA and other European Countries and Company has taken steps for exploring the international market to get maximum export orders.

FIXED ASSETS:

· Land

· Building

· Office Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipments

· Computer 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.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	SMN

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	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	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		42

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.