MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	SYNERGY STEELS LIMITED (w.e.f. 21.03.2002)
Formerly Known As :	PALIWAL MINI-STEEL (INDIA) LIMITED
Registered Office :	55-B, Rama Road, Industrial Area, New Delhi - 110015
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.04.1973
Com. Reg. No.:	55-210670
Capital Investment / Paid-up Capital :	Rs. 95.996 Millions
CIN No.: [Company Identification No.]	U27107DL1973PLC210670
TAN No.: [Tax Deduction & Collection Account No.]	DELS16643E
PAN No.: [Permanent Account No.]	AAGCS1923D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Steel, Stainless Steels, Steels Bars, Stripes, Sheets.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 3700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by establishment position in the stainless steel segment, its promoter’s extensive industry experience, and its strong relationships with customers and suppliers. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – 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	CRISIL
Rating	Long term rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	July 24, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Moderate degree of safety and high credit risk
Date	July 24, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Management Non-Cooperative

Contact No.: 91-11-32597555

LOCATIONS

Registered Office :	55-B, Rama Road, Industrial Area, New Delhi – 110015, India
Tel. No.:	91-11-25934261/ 32597555
Fax No.:	Not available
E-Mail :	tiwari.arvind@synergysteels.com rs.tomer@synergysteels.com synergysteels55@gmail.com
Works :	2, Matsya Industrial Area, Alwar – 301030, Rajasthan, India
Tel. No.:	91-144-2881717 / 144-2881450 / 2881845
Mobile :	91-9315730218 (Mr. Rungnathn R Subramanian)

DIRECTORS

As on: 29.09.2012

Name :

Mr. Subhash C. Kathuria

Designation :

Managing director

Address :

3, Poorvi Marg, Vasant Vihar, New Delhi – 11057, India

Date of Birth/Age :

02.06.1947

Date of Appointment :

01.10.2009

PAN No.:

AAJPK0171B

DIN No.:

00125337

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	U74899DL1983PTC016057	NAVIN-VIKAS PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
2	U74899DL1985PTC022507	GEETANJALI PROPERTIES PRIVATE LTD	Director	14/11/1985	14/11/1985	-	Active	NO
3	U74899DL1986PTC023812	BASERA PROPERTIES PRIVATE LTD.	Director	21/04/1986	21/04/1986	-	Active	NO
4	U27107RJ1977PTC001746	ALWAR ROLLING MILLS PVT LTD	Director	11/12/1990	11/12/1990	18/02/2008	Active	NO
5	U27107DL1973PLC210670	SYNERGY STEELS LIMITED	Managing director	01/10/2009	19/12/1990	-	Active	NO
6	U74899DL1987PTC030022	RAMNIKA ESTATES PVT LTD	Director	01/07/1997	01/07/1997	-	Active	NO
7	U70101DL1997PTC086659	AAKAR TECHNOBUILD PRIVATE LIMITED	Director	01/07/1997	01/07/1997	-	Active	NO
8	U24239DL1997PTC089350	LIFE MEDICARE AND BIOTECH PRIVATE LIMITED	Director	29/08/1997	29/08/1997	-	Active	NO
9	U27105DL1999PTC100029	KATHURIA SPECIAL STEELS ROLLING MILL PVT LTD	Director	31/05/1999	31/05/1999	-	Amalgamated	NO
10	U27109DL2004PTC127593	SYNERGY ISPAT PRIVATE LIMITED	Director	15/07/2004	15/07/2004	-	Active	NO
11	U27109DL2003PTC123464	KATHURIA CASTINGS PRIVATE LIMITED	Additional director	11/06/2010	20/08/2004	-	Active	NO
12	U27106DL2005PTC143027	SYNERGY GLOBAL STEEL PRIVATE LIMITED	Director	28/11/2005	28/11/2005	-	Active	NO
13	L45201DL1990PLC040945	PARSVNATH DEVELOPERS LIMITED	Director	19/05/2006	11/03/2006	30/03/2009	Active	NO
14	U70101DL1987PTC026676	HIMALAYA ESTATE PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
15	U72200DL2000PTC106450	WONDER SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	18/08/2006	18/08/2006	-	Active	NO
16	U45201DL2005PTC132530	RPK BUILDERS PRIVATE LIMITED	Director	04/09/2006	04/09/2006	24/08/2012	Active	NO
17	U70109DL2006PTC153390	MIRACLE BUILDWELL PRIVATE LIMITED	Director	25/01/2007	25/01/2007	08/02/2007	Active	NO
18	U85100DL2007PTC163547	FRESH PET PRIVATE LIMITED	Director	17/05/2007	17/05/2007	10/10/2011	Active	NO
19	U74999DL2004PTC127110	GREENLAM PROPERTIES PRIVATE LIMITED	Director	25/09/2008	14/11/2007	14/06/2012	Active	NO
20	U74899DL1995PTC065408	SHARESTREET (INDIA) PRIVATE LIMITED	Director	05/12/2007	05/12/2007	06/08/2012	Active	NO
21	U11201DL2008PTC175813	Synergy Oil & Gas Exploration Private Limited	Director	25/03/2008	25/03/2008	-	Active	NO
22	L65999DL1984PLC019684	CHAMAK HOLDINGS LIMITED	Director	29/09/2010	14/08/2010	-	Active	NO

Name :

Mr. Subhash Jain

Designation :

Director

Address :

H-84-85, Sector-16, Rohini, New Delhi, India

Date of Birth/Age :

18.08.1951

Date of Appointment :

02.09.2013

PAN No.:

ADSPJ7030J

DIN No.:

00176960

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	U27107DL1973PLC210670	SYNERGY STEELS LIMITED	Director	02/09/2013	17/12/2003	-	Active	NO
2	U24239DL1997PTC089350	LIFE MEDICARE AND BIOTECH PRIVATE LIMITED	Director	14/08/2009	16/06/2008	-	Active	NO
3	U27105DL1999PTC100029	KATHURIA SPECIAL STEELS ROLLING MILL PVT LTD	Additional director	10/01/2012	10/01/2012	-	Amalgamated	NO
4	U27109DL2004PTC127593	SYNERGY ISPAT PRIVATE LIMITED	Director	28/09/2012	13/02/2012	-	Active	NO

Name :

Mr. Satish Kumar Seth

Designation :

Director

Address :

1216 Pocket-1, Sector-6, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

30.03.1955

Date of Appointment :

29.09.2012

PAN No.:

ABLPS9999J

DIN No.:

01769534

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	U74899DL2004PLC130270	SOM TOBACCO INDIA LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
2	U16009DL2007PLC157582	SOM SUGANDH INDUSTRIES LIMITED	Director	31/08/2007	31/08/2007	-	Active	NO
3	U70101DL2010PTC197982	ILC INFRACON PRIVATE LIMITED	Director	02/12/2010	02/12/2010	-	Active	NO
4	U45400DL2010PTC202195	JASMINE BUILDMART PRIVATE LIMITED	Director	28/09/2011	13/01/2011	-	Active	NO
5	U45400DL2008PTC175331	BRAHMA CITY PRIVATE LIMITED	Additional director	17/05/2011	17/05/2011	09/08/2012	Active	NO
6	U27107DL1973PLC210670	SYNERGY STEELS LIMITED	Director	29/09/2012	28/11/2011	-	Active	NO
7	U70200DL2010PTC203692	KRRISH REALTECH PRIVATE LIMITED	Additional director	26/12/2011	26/12/2011	-	Active	NO
8	U45400DL2010PTC203693	KRRISH REALTYNIRMAN PRIVATE LIMITED	Director	21/09/2012	22/05/2012	-	Active	NO
9	U51909WB2010PTC149011	WRINKLE TRADECOMM PRIVATE LIMITED	Director	03/10/2012	03/10/2012	05/11/2012	Active	NO
10	U51909WB2009PTC132993	CHIN PURNI SALES PRIVATE LIMITED	Director	03/10/2012	03/10/2012	05/11/2012	Active	NO
11	U74120WB2010PTC149779	KAMALKUNJ INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	05/10/2012	05/10/2012	05/11/2012	Active	NO
12	U45201DL2005PTC138574	RAJ BUILDMART PRIVATE LIMITED	Additional director	31/12/2012	31/12/2012	-	Active	NO
13	U55101DL2008PTC186184	Vicinity Hotels Private Limited	Additional director	19/07/2013	19/07/2013	-	Active	NO
14	U45400DL2010PTC198687	KRRISH AASHIYANA PRIVATE LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Sh. Arvind Kumar Tiwari
Designation :	Company Secretary
Address :	194 A, Ward No. 2410, Shivalik Apartment, Mehrauli, New Delhi – 110030, India
Date of Birth/Age :	03.05.1972
Date of Appointment :	24.01.2011
PAN No.:	ACZPT8825D

Name :	Raju Singh Tomer
Designation :	Company Secretary
Address :	117-118, PKT-6, GF, Rohini, Sector-21, Delhi – 110086, India
Date of Birth/Age :	22.11.1976
Date of Appointment :	12.03.2014
PAN No.:	ADAPT6396H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
S.C Kathuria	5097660
Anita Kathuria	447768
Monica Sareen	5000
Yasha Sood	65000
Rimple Lohia	5000
Anubhav Kathuria	631000
S. C. Kathuria (HUF)	98700
Anita International (proprietor SCK)	500000
Anita international (proprietor SCK)	500000
Alwar Rolling Mills Private Limited	200000
Surya Finvest Private Limited	1081215
Kathuria Castinq Private Limited	325000
B K Lai	10
DC Pandey	10
Ram Talwar	10
M.L. Aggarwal	10
Alka Impex	245000
Alka Creation Private limited	50000
Katyani Image (India) Private Limited	37648
Mangal Kafas Services Private Limited	25000
Soft Indiqo Sowftware Private Limited	25000
Himalya Estate Private Limited	50000
Total	9389031

Date of Allottees 6.11.2012

Names of Allottee	No. of Shares
Kathuria Casting Private Limited, India	105263
Total	105263

Date of Allottees 06.03.2013

Names of Allottee	No. of Shares
Himalaya Estate Private Limited, India	105263
Total	105263

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	32.35
Directors or relatives of directors	67.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Steel, Stainless Steels, Steels Bars, Stripes, Sheets.

Products :

· Steel

· Stainless Steels

· Steels Bars

· Stripe

ITC Code	Product or Services
7218	Stainless Steel In Ingots or Other Primary
72189910	Billets And Flats

PRODUCTION STATUS AS ON 31.03.2013

Particulars	Unit	AS ON 31.03.2013	AS ON 31.03.2012
S. S. Billets	MT	73,222.00	66,815.00
S. S. Flats	MT	64,436.55	64,568.69
Foundry-Steel Casting	MT	1,012.14	944.98

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Indian Overseas Bank, 70 , Golf Link, New Delhi - 110003, India

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loan taken for fixed assets	5.212	0.249
SHORT TERM BORROWINGS
Working capital loans from banks	316.611	259.643
Total	321.823	259.892

Banking Relations :	--
Auditors :
Name :	B. Bhushan and Company Chartered Accountants
Address :	303, Padma Tower -II, Rajendra Place, New Delhi-110 008, India
PAN No.:	AAIPA0327Q
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Life Medicare and Biotech Private Limited CIN No. U24239DL1997PTC089350 · Kathuria Castings Private Limited CIN No. U27109DL2003PTC123464 · Ramnika Estates Private Limited CIN No. U74899DL1987PTC030022 · Geetanjali Properties Private Limited CIN No. U74899DL1985PTC022507 · Kathuria Special Steels Rolling Mill Private Limited CIN No. U27105DL1999PTC100029 · Synergy Global Steel Private Limited CIN No. U27106DL2005PTC143027 · Alwar Rolling Mills Private Limited CIN No. U27107RJ1977PTC001746 · Ascent Vyapaar Private Limited CIN No. U51909WB2005PTC101582 · Vibrant vyapaar Private Limited CIN No. U51909WB2005PTC101628 · Anita International (Proprietorship conern)* · Himalaya Estate Private Limited · Katyani Images (India) Private Limited · Surya Finvest Private Limited · Synergy Global Steels Private Limited

CAPITAL STRUCTURE

As on : 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10750000	Equity Shares	Rs.10/- each	Rs.107.500 Millions
20000	Preference Shares	Rs.100/- each	Rs. 2.000 Million
	Total		Rs. 109.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9599557	Equity Shares	Rs.10/- each	Rs. 95.996 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	95.996	93.890	86.833
(b) Reserves & Surplus	829.004	794.713	645.540
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	144.134
Total Shareholders’ Funds (1) + (2)	925.000	888.603	876.507
(3) Non-current liabilities
(a) long-term borrowings	5.212	0.249	0.716
(b) Deferred tax liabilities (Net)	17.889	15.031	12.874
(c) Other long term liabilities	22.978	0.271	15.339
(d) long-term provisions	2.516	2.575	2.089
Total Non-current Liabilities (3)	48.595	18.126	31.018
(4) Current liabilities
(a) Short term borrowings	481.111	316.493	265.933
(b) Trade payables	144.649	173.919	147.306
(c) Other current liabilities	128.447	81.171	199.961
(d) Short-term provisions	7.078	7.392	6.777
Total Current Liabilities (4)	761.285	578.975	619.977
TOTAL	1734.880	1485.704	1527.502
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	385.703	412.424	397.398
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.008	0.713	3.608
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.261	0.278	2.821
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	84.847	74.482	85.106
(e) Other Non-current assets	42.806	53.184	54.181
Total Non-Current Assets	515.625	541.081	543.114
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	734.082	473.364	501.383
(c) Trade receivables	376.149	360.808	355.053
(d) Cash and cash equivalents	38.909	35.272	49.682
(e) Short-term loans and advances	69.723	74.935	78.013
(f) Other current assets	0.392	0.244	0.257
Total Current Assets	1219.255	944.623	984.388
TOTAL	1734.880	1485.704	1527.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operation	3935.889	3712.378	3293.144
		Other Income	6.402	10.670	2.981
		TOTAL (A)	3942.291	3723.048	3296.125
Less	EXPENSES
		Cost of material consumed	3525.349	2964.263	2752.554
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(383.788)	48.963	(67.927)
		Employee benefit expenses	39.221	28.137	22.136
		Other expenses	646.605	583.401	497.474
		TOTAL (B)	3827.387	3624.764	3204.237
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		114.904	98.284	91.888
Less	FINANCIAL EXPENSES (D)		25.794	17.167	15.215
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.110	81.117	76.673
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.071	29.161	26.720
	PROFIT BEFORE TAX (E-F) (G)		53.039	51.956	49.953
Less	TAX (H)		17.453	17.069	16.463
	PROFIT AFTER TAX (G-H) (I)		35.586	34.887	33.490
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		155.248	120.361	86.871
	BALANCE CARRIED TO THE B/S		190.834	155.248	120.361
	Earnings Per Share (Rs.)		3.77	3.98	3.87

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.90	0.93	1.01
Net Profit Margin (PBT/Sales)	(%)	1.35	1.40	1.51
Return on Total Assets (PBT/Total Assets}	(%)	3.06	3.50	3.28
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.06
Debt Equity Ratio (Total Debt/Networth)		0.53	0.36	0.31
Current Ratio (Current Asset/Current Liability)		1.60	1.63	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	86.833	93.890	95.996
Reserves & Surplus	645.540	794.713	829.004
Share Application money pending allotment	144.134	0.000	0.000
Net worth	876.507	888.603	925.000
long-term borrowings	0.716	0.249	5.212
Short term borrowings	265.933	316.493	481.111
Total borrowings	266.649	316.742	486.323
Debt/Equity ratio	0.304	0.356	0.526

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 operations	3,293.144	3,712.378	3,935.889
		12.731	6.021

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 operations	3,293.144	3,712.378	3,935.889
Profit After Tax	33.490	34.887	35.586
	1.02%	0.94%	0.90%

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	Yes
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

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

RFA 77/2014

M/S SOFTLINE CREATIONS………Appellant

Through : Mr. C.S. Parashar, Advocate

Versus

M/S SYNERGY STEELS LIMITED ……Respondent

Through : None.

CORAM :

HON’BLE MS. JUSTIC HIMA KOHLI

ORDER

27.03.2014

C.M.No. 4126/2014 (Exemption)

Subject to the appellant filing the certified copies of the documents placed on record within four weeks, the application is allowed and disposed of.

C.M.No. 4125/2014 (for condonation of delay of 301 days in filing the appeal)

Notice be issued to the respondent, on filing of process fee by the appellant within one week, by Regd. AD post, through courier and by ordinary process, returnable on 5^th September, 2014.

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90070905	19/04/2013 *	450,000,000.00	Indian Overseas Bank	70 Glolf Link, New Delhi - 110003, India	B74249194

* Date of charge modification

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Intercorporate borrowing	24.500	5.500
Loans and advance from director	140.000	51.350
Total	164.500	56.850

BUSINESS REVIEW:

INDIAN OUTLOOK

During the year, the steel market in India has been competitive because of bulk import from various countries especially from China. The stainless steel in various shapes and sizes is being dumped in Indian market by the Chinese manufacturers at a very competitive price specially because the Chinese Government is offering huge subsidies on exports; the industry collectively has represented to the Government for dumping duty which is under active consideration by the Government of India.

CAPITAL AND FINANCE

During the year, the Issued and Paid-up capital of the company has been increased to Rs.95.996 Millions from Rs.93.890 Millions by making allotment of 2,10,526 equity shares of Rs.10/- each at a premium of Rs.85/- per share. There is no changes has been made in the Authorised capital of the company.

FIXED ASSETS

· Land and Building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· 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 records 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] 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. 59.03
UK Pound	1	Rs. 98.91
Euro	1	Rs. 80.31

INFORMATION DETAILS

Information Gathered by :	HTL
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	5
--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	YES
--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		47

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.