MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	WELSPUN TRADINGS LIMITED
Formerly Known As :	SEAGULL GLOBAL TRADING PRIVATE LIMITED
Registered Office :	Welspun City, Village Versamedi, Taluka Anjar, Kutch – 370110, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.05.2001
Com. Reg. No.:	04-039513
Capital Investment / Paid-up Capital :	Rs. 50.134 Millions
CIN No.: [Company Identification No.]	U72200GJ2001PLC039513
TAN No.: [Tax Deduction & Collection Account No.]	RKTW00193E
PAN No.: [Permanent Account No.]	AAKCS0328J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Steel Products.
No. of Employees :	Information declined by Management,

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 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “WELSPUN CORP LIMITED”, INDIA. It is an established company having satisfactory track record. Profitability of the company is low. However, the rating takes into consideration company’s improved operational performance during 2013 marked by its adequate liquidity position and managerial as well as financial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding support, the company can be considered for business dealings 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

Management non co – operative. 91-22- 66136000

LOCATIONS

Registered Office :	Welspun City, Village Versamedi, Taluka Anjar, Kutch – 370110, Gujarat, India
Tel. No.:	91-2836-279071/ 74/ 41/ 44
Fax No.:	91-2836-279060
E-Mail :	priya_pakhare@welspun.com sales_wcl@welspun.com
Website :	http://www.welspuncorp.com

DIRECTORS

As on: 24.09.2013

Name :

Mr. Brijgopal Raghunath Jaju

Designation :

Director

Address :

C-1201, 12^th Floor, Oberoi Woods, Mohan Gokhale Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

25.03.1951

Qualification :

19.07.2010

DIN No.:

00061367

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	U51900MH1991PTC059851	GOVISH TRADING AND INVESTMENT P LTD	Director	04/11/1996	04/11/1996	-	Active	NO
2	U33112PN1995PTC093837	COLOGICX SYSTEMS Private Limited	Director	01/12/2003	01/12/2003	15/03/2008	Active	NO
3	U31100MH1996PLC100151	CG ENERGY MANAGEMENT LIMITED	Director	03/09/2004	03/09/2004	-	Active	NO
4	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Director	19/07/2010	03/05/2010	05/03/2014	Active	NO
5	U52100MH2010PTC211290	AADAR TRADING PRIVATE LIMITED	Director	23/12/2010	23/12/2010	03/11/2012	Active	NO
6	U51101GJ2012PLC072578	WELSPUN ENTERPRISES LIMITED	Director	24/09/2013	15/03/2013	21/02/2014	Active	NO

Name :

Mr. Abhishek Rajesh Mandawewala

Designation :

Director

Address :

161/171-B, Tanna Residrnscy, Bay View, Prabhadevi, Mumabi – 400025, Maharashtra, India

Date of Birth/Age :

11.03.1987

Qualification :

19.07.2010

DIN No.:

00737785

PAN No.:

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	U70109MH1994PTC076675	TAIPAN INVESTMENTS P LTD	Director	01/09/2006	01/09/2006	-	Active	NO
2	U70200MH1994PTC076671	BABASU INVESTMENTS PVT LTD	Director	01/09/2006	01/09/2006	-	Active	NO
3	U26960MH2007PTC167560	GIANT REALTY PRIVATE LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
4	U40109MH2008PTC178769	Welspun Solar AP Private Limited	Director	21/07/2009	21/07/2009	-	Active	NO
5	U70109MH2007PTC168489	WELSPUN REALTY PRIVATE LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
6	U70102MH2008PTC177859	WORLI REALTY PRIVATE LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
7	U70102MH2008PLC178765	WELSPUN INFRA DEVELOPERS LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
8	U45400GJ2008PTC066246	WELSPUN INFRA PROJECTS PRIVATE LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
9	U70102MH2008PTC177812	KALYAN REALTY AND DEVELOPERS PRIVATE LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
10	U45200MH2008PTC178766	WELSPUN CONSTRUCTION PRIVATE LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
11	U55100MH1999PTC120529	MGN Estates Private Limited	Director	21/07/2009	21/07/2009	-	Active	NO
12	L65910DL1987PLC019341	WELSPUN FINANCE LIMITED	Director	30/09/2010	19/07/2010	-	Active	NO
13	U22210GJ1995PLC027871	WELSPUN ANJAR SEZ LIMITED	Director	28/09/2010	19/07/2010	-	Active	NO
14	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO
15	L27100GJ1993PLC020358	RMG Alloy Steel Limited	Director	01/04/2013	04/09/2010	-	Active	NO
16	U25200GJ2005PTC046696	ANGEL POWER AND STEEL PRIVATE LIMITED	Director	29/09/2012	21/11/2011	-	Active	NO

Name :

Mr. Raj Kumar Jain

Designation :

Nominee Director

Address :

A/1601, Abrol Vastu, Evershine Nagar, Malad (West), Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

19.07.1956

Date of Appointment :

24.09.2013

DIN No.:

00026544

PAN No.:

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	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	27/01/1999	27/01/1999	-	Active	NO
2	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	30/07/2002	30/07/2002	-	Active	NO
3	U85100MH2002PTC138087	ARIHANT MEDICAL SERVICES PRIVATE LIMITED	Director	03/12/2002	03/12/2002	-	Active	NO
4	L25200GJ1993PLC020880	SHREE RAMA MULTI-TECH LIMITED	Nominee director	31/07/2006	31/07/2006	05/05/2009	Active	NO
5	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	28/09/2010	16/12/2009	-	Active	NO
6	U67120MH1993PTC073246	ALTIUS FINSERV PRIVATE LIMITED	Director	20/09/2010	16/12/2009	-	Active	NO
7	L26100GJ1988PLC011663	GUJARAT BOROSIL LIMITED	Alternate director	10/05/2011	10/05/2011	23/06/2011	Active	NO
8	U27200MH1986PLC040468	BHARAT WIRE ROPES LIMITED	Director	25/09/2012	15/11/2011	20/02/2014	Active	NO
9	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Nominee director	24/09/2013	13/12/2012	-	Active	NO
10	U74920HR1999PLC034168	DLF EMPORIO LIMITED	Nominee director	22/05/2014	22/05/2014	-	Active	NO

Name :

Mr. Viswanathan Hariharan Kollengode

Designation :

Nominee Director

Address :

Flat No. 4, Kalyani Uttam Society, St. Anatomy Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

11.05.1962

Date of Appointment :

13.12.2012

DIN No.:

00391263

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	U74999DL2000PTC103655	RSM INDIA PRIVATE LIMITED	Director	08/02/2000	08/02/2000	-	Active	NO
2	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
3	U74140MH2006PTC161645	RSM ASTUTE CONSULTING (CHENNAI) PRIVATE LIMITED	Director	05/05/2006	05/05/2006	-	Active	NO
4	U74999MH2007PTC169098	RSM ASTUTE CONSULTING INTERNATIONAL PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
5	U74140MH2007PTC171807	RSM Astute Consulting Plus Private Limited	Director	24/09/2008	30/08/2007	-	Active	NO
6	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	28/09/2010	15/09/2009	-	Amalgamated	NO
7	U71210GJ2004PLC045144	WELSPUN GLOBAL BRANDS LIMITED	Director	30/09/2011	30/08/2011	-	Active	NO
8	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Nominee director	24/09/2013	13/12/2012	-	Active	NO

Name :

Mr. Utsav Baijal

Designation :

Nominee Director

Address :

C-501, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

11.12.1976

Date of Appointment :

13.12.2012

DIN No.:

02592194

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	U45400MH2007PTC176833	AGM India Advisors Private Limited	Director	29/09/2009	21/03/2009	-	Active	NO
2	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Nominee director	17/12/2011	17/12/2011	15/10/2013	Active	NO
3	U45400MH2007PLC170350	WELSPUN INFRATECH LIMITED	Director	29/02/2012	29/02/2012	-	Active	NO
4	U51909GJ2002PTC041136	WELSPUN ENERGY Private Limited	Director	21/09/2012	10/05/2012	-	Active	NO
5	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Alternate director	18/10/2012	18/10/2012	-	Active	NO
6	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	24/09/2013	10/11/2012	-	Active	NO
7	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Nominee director	24/09/2013	13/12/2012	-	Active	NO

Name :

Mr. Ram Gopal Sharma

Designation :

Nominee Director

Address :

E-707, Lok Sarita Military Road, Off. Marol Maroshi Raod, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

11.09.1940

Date of Appointment :

29.05.2013

DIN No.:

00026514

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	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	30/10/2004	30/10/2004	-	Active	NO
2	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
3	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	30/09/2009	25/08/2008	-	Active	NO
4	L27100GJ1993PLC020358	RMG Alloy Steel Limited	Director	29/04/2009	29/04/2009	07/02/2013	Active	NO
5	U67120WB1951GOI020023	ALLBANK FINANCE LTD	Director	30/07/2009	30/07/2009	26/08/2011	Active	NO
6	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Director	14/09/2012	16/08/2011	-	Active	NO
7	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Nominee director	24/09/2013	29/05/2013	-	Active	NO
8	U51101GJ2012PLC072578	WELSPUN ENTERPRISES LIMITED	Additional director	21/02/2014	21/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nilesh Javker
Designation :	Secretary
Address :	B-13, 3^rd Floor, Jai Deeplaxmi C.H.S. Limited, Devi Chowk, Shastri Nagar, Dombivali (West), Thane – 421202, Maharashtra, India
Date of Birth/Age :	27.12.1977
Date of Appointment :	19.03.2013

MAJOR SHAREHOLDERS

As on: 24.09.2013

Names of Shareholders	No. of Shares
Welspun Corp Limited (Holding company)	5,013,396
Shashikant Thorat (Nominee Of Welspun Corp Limited)	1
Devendra Patil	1
Ravindra More	1
Mohan Manikkan	1
Pradeep Joshi	1
Rajendra Sawant	1
Total	5,013,402

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Steel Products.

GENERAL INFORMATION

No. of Employees :	Information declined by Management,
Bankers :	Allahabad Bank Limited, Industrial Finance Branch, Allahabad Bank Bldg., 2ne Floor, 37, M S Marg, Fort, Mumbai – 400023, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	Sureka Associates Chartered Accountants
Address :	45 C, Mandhana Manor, Mogal Lane, Matunga Road [West], Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24306150/ 24327608
Fax No.:	91-22-24327608
E-Mail :	surekas@vsnl.com
Holding Company	Welspun Corp Limited
Others	· Welspun Developers and Infrastructure Private Limited · Welspun India Limited · Welspun Realty Private Limited · Welspun Steel Limited
Subsidiary Company	· Welspunglobal Trade Llc · Welspun Middle East Pipes Llc

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5050000	Equity Shares	Rs. 10/- each	Rs. 50.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5013402	Equity Shares	Rs. 10/- each	Rs. 50.134 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	50.134	50.134	50.134
(b) Reserves & Surplus	313.953	249.983	222.399
(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)	364.087	300.117	272.533
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.070	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.597	0.000	0.000
Total Non-current Liabilities (3)	2.667	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5165.046	1589.757	719.559
(c) Other current liabilities	1254.173	2510.583	420.984
(d) Short-term provisions	0.038	0.000	45.272
Total Current Liabilities (4)	6419.257	4100.340	1185.815
TOTAL	6786.011	4400.457	1458.348
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.270	0.000	0.000
(ii) Intangible Assets	0.028	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.085	0.085	0.085
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.383	0.085	0.085
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	327.562	2033.711	28.911
(c) Trade receivables	4313.634	1560.780	195.424
(d) Cash and cash equivalents	270.301	3.811	54.100
(e) Short-term loans and advances	1719.867	802.070	1179.828
(f) Other current assets	151.264	0.000	0.000
Total Current Assets	6782.628	4400.372	1458.263
TOTAL	6786.011	4400.457	1458.348

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operation	27470.749	5459.076	17602.837
		Other Income	38.383	23.841	37.895
		TOTAL (A)	27509.132	5482.917	17640.732
Less	EXPENSES
		Purchases of Stock-in-Trade	22729.014	7152.420	12497.173
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1706.148	(2004.799)	3552.585
		Employees benefits expense	42.880	0.000	0.000
		Other expenses	2821.440	293.332	1445.515
		TOTAL (B)	27299.482	5440.953	17495.273
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		209.650	41.964	145.459
Less	FINANCIAL EXPENSES (D)		111.957	1.779	1.173
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		97.693	40.185	144.286
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.070	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		97.623	40.185	144.286
Less	TAX (H)		33.653	12.601	45.099
	PROFIT AFTER TAX (G-H) (I)		63.970	27.584	99.187
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export		20565.409	4093.492	13038.105
	Earnings Per Share (Rs.)		12.76	5.50	19.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.23	0.50	0.56
Net Profit Margin (PBT/Sales)	(%)	0.36	0.74	0.82
Return on Total Assets (PBT/Total Assets}	(%)	1.44	0.91	9.89
Return on Investment (ROI) (PBT/Networth)		0.27	0.13	0.53
Current Ratio (Current Asset/Current Liability)		1.06	1.07	1.23

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	50.134	50.134	50.134
Reserves & Surplus	222.399	249.983	313.953
Net worth	272.533	300.117	364.087
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	17602.837	5459.076	27470.749
		-68.988	403.212

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	17602.837	5459.076	27470.749
Profit	99.187	27.584	63.970
	0.56%	0.51%	0.23%

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	No
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10452429	21/09/2013	350,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BLDG,,  2ND FLOOR, 37, M S MARG, FORT,, MUMBAI, MAHARASHTR  A - 400023, INDIA	B86411873

FIXED ASSETS

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 :	KAR
Report Prepared by :	YOG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.