MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	HIRA STEELS LIMITED
Formerly Known As :	HIRA ISPAT LIMITED
Registered Office :	720/1 Rawabhata, Industrail Area, Raipur – 493221, Chattisgarh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.08.1994
Com. Reg. No.:	10-008555
Capital Investment / Paid-up Capital :	Rs.112.660 Millions
CIN No.: [Company Identification No.]	U27104CT1994PLC008555
TAN No.: [Tax Deduction & Collection Account No.]	JBPH00234D
PAN No.: [Permanent Account No.]	AAACH6166R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is mainly engaged in manufacturing of M.S. Bars (Round) in Coil, H.B. Wire and Generation of Electricity through Wind Mill
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company has incurred loss from its operation in the year 2013. However, rating continue to derive strength from experience of promoters (Hira Group) and management in steel industry. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of strong promoter, 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-7714082797)

LOCATIONS

Registered Office / Factory :	720/1 Rawabhata, Industrail Area, Raipur – 493221, Chhattisgarh, India
Tel. No. :	91-771-4082678 / 4082693
Fax No. :	91-771-4082693
E-Mail :	ycrao65@gmail.com hirasteels_ryp@rediffmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Amit Agrawal

Designation :

Managing director

Address :

5, Park Street, Choubey Colony, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

04.12.1974

Date of Appointment :

28.07.2004

DIN No. :

01075859

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	U27104CT1994PLC008555	HIRA STEELS LIMITED	Managing director	01/04/13	28/07/04	-	Active	NO
2	U31102CT2004PLC017093	SAGAR ENERGY AND STEELS LIMITED	Director	10/11/04	10/11/04	-	Active	NO
3	U45201CT2004PTC017092	SITA REALTY PRIVATE LIMITED	Director	10/11/04	10/11/04	-	Active	NO
4	U45201CT2004PTC017094	NISHA REALTY PRIVATE LIMITED	Director	10/11/04	10/11/04	-	Converted to LLP and dissolved	NO
5	U07010CT2004PTC017136	TASHU REALTY PRIVATE LIMITED	Director	03/12/04	03/12/04	-	Active	NO
6	U07010CT2004PTC017139	AMIT REAL ESTATE PRIVATE LIMITED	Director	03/12/04	03/12/04	-	Converted to LLP and dissolved	NO
7	U07010CT2004PTC017137	ALOK REALTY PRIVATE LIMITED	Director	03/12/04	03/12/04	-	Active	NO
8	U27104CT2004PTC016362	HIRA GLOBAL Private Limited	Director	12/05/06	12/05/06	05/02/08	Active	NO
9	U02710CT2004PTC016332	HIRA GLOBAL MARKETING Private Limited	Director	12/05/06	12/05/06	29/11/10	Active	NO
10	U13100CT2006PTC020005	JAGADAMBA MINES PRIVATE LIMITED	Director	05/06/06	05/06/06	-	Active	NO
11	U40109CT2006PLC020063	HIM SAGAR ENERGY LIMITED	Director	30/08/06	30/08/06	01/11/12	Active	NO
12	U10101CT2006PLC020065	HIM SAGAR MINERALS LIMITED	Director	31/08/06	31/08/06	-	Active	NO
13	U45202CT2008PTC020729	RICHA REALCON PRIVATE LIMITED	Director	27/06/08	27/06/08	30/07/11	Active	NO
14	U45201CT2008PTC020728	JAGDAMBA REALCON PRIVATE LIMITED	Director	27/06/08	27/06/08	-	Active	NO
15	U45202CT2008PTC020727	JAGDISH REALTY PRIVATE LIMITED	Director	27/06/08	27/06/08	-	Converted to LLP and dissolved	NO
16	U40100CT2008PLC020819	JAGDAMBA URJA LIMITED	Director	22/08/08	22/08/08	-	Converted to LLP and dissolved	NO
17	U40100CT2008PLC020818	JAGDAMBA VIDYUT LIMITED	Director	22/08/08	22/08/08	-	Active	NO
18	U40108CT2008PLC020817	JAGDAMBA TRANSMISSION AND POWER LIMITED	Director	22/08/08	22/08/08	-	Converted to LLP and dissolved	NO
19	U27100CT2008PLC020858	NARMADA ISPAT LIMITED	Director	09/09/08	09/09/08	03/10/08	Active	NO
20	U27100CT2008PLC020862	NARMADA FERRO ALLOYS LIMITED	Director	09/09/08	09/09/08	-	Converted to LLP and dissolved	NO
21	U27100CT2008PLC020859	YAMUNA STEELS LIMITED	Director	09/09/08	09/09/08	-	Converted to LLP and dissolved	NO
22	U27100CT2008PLC020857	MAHANADI ISPAT LIMITED	Director	09/09/08	09/09/08	-	Active	NO
23	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	28/09/11	04/04/11	03/07/12	Active	NO
24	U27310MH1985PLC037392	Bhadrawati Steel & Urja Limited	Director	25/04/11	25/04/11	27/04/11	Active	NO
25	U27106MH1986PLC039835	BHADRAWATI ISPAT & ENERGY LIMITED	Director	25/04/11	25/04/11	27/04/11	Active	NO
26	U70100CT2009PTC021458	M. T. REALTORS PRIVATE LIMITED	Director	08/03/13	08/03/13	-	Active	NO
27	AAA-0445	SHREE JAGDAMBA MINERAL RESOURCES LLP	Designated Partner	02/12/09	02/12/09	-	Active	NO
28	AAA-0453	SHREE JAGDAMBA ENERGY LLP	Designated Partner	04/12/09	04/12/09	-	Active	NO
29	AAA-3000	YAMUNA URJA LLP	Body corporate as Designated Partner	07/12/10	07/12/10	-	Active	NO
30	AAA-3027	SHREE JAGDAMBA SOLAR ENERGY LLP	Body corporate as Designated Partner	08/12/10	08/12/10	-	Under Process of Striking off	NO
31	AAA-3182	SHIVNATH ENERGY LLP	Body corporate as Designated Partner	23/12/10	23/12/10	-	Active	NO
32	AAA-3207	JAGDAMBA ENERGY LLP	Body corporate as Designated Partner	27/12/10	27/12/10	-	Active	NO
33	AAA-3381	JAGDAMBA URJA LLP	Designated Partner	13/01/11	13/01/11	-	Active	NO
34	AAA-3382	NARMADA FERRO ALLOYS LLP	Designated Partner	13/01/11	13/01/11	-	Active	NO
35	AAA-3387	JAGDAMBA TRANSMISSION AND POWER LLP	Designated Partner	13/01/11	13/01/11	-	Active	NO
36	AAA-3423	JAGDISH REALTY LLP	Designated Partner	18/01/11	18/01/11	-	Active	NO
37	AAA-3426	YAMUNA STEELS LLP	Designated Partner	18/01/11	18/01/11	-	Active	NO
38	AAA-4307	NISHA REALTY LLP	Designated Partner	31/03/11	31/03/11	-	Active	NO
39	AAC-0646	AMIT REAL ESTATE LLP	Designated Partner	07/02/14	07/02/14	-	Active	NO

Name :

Mr. Ajay Ahluwalia

Designation :

Whole-time directo

Address :

D - 143, M. R. Colony, Shailendra Nagar, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

02.04.1960

Date of Appointment :

28.07.2004

DIN No. :

01067260

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	U26942CT1983PLC002273	HIRA INDUSTRIES LIMITED	Director	01/03/01	01/03/01	-	Amalgamated	NO
2	U27104CT1994PLC008555	HIRA STEELS LIMITED	Whole-time director	16/10/11	28/07/04	-	Active	NO
3	U27100CT2008PLC020858	NARMADA ISPAT LIMITED	Director	30/09/09	03/10/08	10/06/11	Active	NO

Name :

Mr. Ajay Dubey

Designation :

Director

Address :

Kachari Chowk, Jail Road, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

26.07.1962

Date of Appointment :

03.07.2012

DIN No. :

01073809

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	U28112CT1987PLC003847	ALOK FERRO ALLOYS LIMITED	Director	05/05/05	05/05/05	-	Active	NO
2	U27100CT2008PLC020858	NARMADA ISPAT LIMITED	Director	28/09/11	20/05/11	-	Active	NO
3	U27100CT2009PLC021419	HIRA ALLOYS AND WIRES LIMITED	Director	27/09/11	20/05/11	-	Active	NO
4	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	03/07/12	03/07/12	16/08/12	Active	NO
5	U27104CT1994PLC008555	HIRA STEELS LIMITED	Director	03/07/12	03/07/12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Bajrang Lal Agrawal	100
Jagdish Prasad Agrawal	1211850
Narayan Prasad Agarwal	100
Kanika Agarwal	100
Hanuman Prasad Agrawal	200100
Hira Cement Limited, India	117500
Amit Agrawal	1122000
J.P. Agrawal, HUF	614000
H.P. Agrawal, HUF	100000
Godawari Power and lspat Limited	2240100
N.P.Agrawa1 HUF	200000
Ram Richhpal Agrawal HUF	1800000
Sita Devi Agrawal	1000000
Mamta Nath	200000
Dinesh Agrawal	100
Alok Agrawal,	810000
Bhadrawati Steel and Urja Limited	1460000
Bhadravati Ispat and Energy Limited	190000
Total	11265950

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	35.57
Directors or relatives of Directors	64.43
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is mainly engaged in manufacturing of M.S. Bars (Round) in Coil, H.B. Wire and Generation of Electricity through Wind Mill

Products :

Item Code No. (ITC Code)	Product Description
72170000	Bars and Rods of iron
98010003	Electricity

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• IDBI Bank Limited, Specialised Corporate Branch, First Floor, Simran Towers, Opposite LIC Main Building, Pandri, Raipur - 492001, Chhattisgarh, India
• State Bank Of India, Commercial Branch, Ravi Bhawan, Jai Stambh Chowk, Raipur - 492001, Chattisgarh, India
• Axis Bank Limited, Jeevan Bima Marg, Pandri, Raipur – 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	37.065	54.535
Other loans and advances	10.868	0.000
SHORT TERM BORROWINGS
Foreign currency term loans from banks	0.000	200.237
Working capital loans from banks	183.022	158.543
Total	230.955	413.315

Banking Relations :	--
Auditors :
Name :	Opsinghania and Company Chartered Accountants
Address :	JDS Chambers, 1st Floor, 6-Central Avenue Choube Colony, Raipur - 492001, Chhattisgarh, India
Tel. No. :	91-771-4041235 / 4041236
Fax No. :	91-771-406216
E-Mail :	opsinghania.co@mail.com
PAN No. :	AAAFO3891P
Enterprises where control exist :	v Hira Ferro Alloys Limited v Amit Real Estate Private Limited v Alok Ferro Alloys Limited v Jagdamba Power and Alloys Limited v Godawari Power and Ispat Limited v Him Sagar Energy v Hira Cement Limited v Jagdamba transmission and Power LLP v Jagdamba Urja LLP v Jagdamba Vidyut Limited v Jagdish Reality LLP v Jagdamba Mines Private Limited v Jagdamba Real Con Private Limited v Mahandi Ispat Limited v Narmada Ispat Limited v Narmada Ferro Alloys LLP v Yamuna Steels LLP v Richa Realcon Private Limited v Hira Global Marketing
Partnership firm :	v Shivnath Minerals and Chemicals

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12750000	Equity Shares	Rs.10/- each	Rs.127.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11265950	Equity Shares	Rs.10/- each	Rs.112.660 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	112.660	112.660	96.160
(b) Reserves & Surplus	435.817	443.856	212.104
(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)	548.477	556.516	308.264
(3) Non-Current Liabilities
(a) long-term borrowings	47.933	54.535	71.616
(b) Deferred tax liabilities (Net)	2.969	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.733	2.188	2.511
Total Non-current Liabilities (3)	53.635	56.723	74.127
(4) Current Liabilities
(a) Short term borrowings	747.884	610.670	166.501
(b) Trade payables	92.615	80.956	47.951
(c) Other current liabilities	36.539	25.307	22.861
(d) Short-term provisions	0.000	2.318	0.061
Total Current Liabilities (4)	877.038	719.251	237.374
TOTAL	1479.150	1332.490	619.765
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	269.437	151.153	165.720
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.246	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.250	0.750	0.750
(c) Deferred tax assets (net)	0.000	0.552	4.575
(d) Long-term Loan and Advances	11.439	10.453	8.426
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	284.372	162.908	179.471
(2) Current assets
(a) Current investments	0.000	201.754	0.000
(b) Inventories	71.071	119.359	130.973
(c) Trade receivables	256.686	198.638	184.662
(d) Cash and cash equivalents	27.104	38.046	67.208
(e) Short-term loans and advances	839.165	611.356	56.973
(f) Other current assets	0.752	0.429	0.478
Total Current Assets	1194.778	1169.582	440.294
TOTAL	1479.150	1332.490	619.765

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	3265.148	2813.637	1918.203
		Other Income	3.009	2.819	6.872
		TOTAL	3268.157	2816.456	1925.075
Less	EXPENSES
		Cost of Materials Consumed	2742.576	2365.801	1647.579
		Purchases of Stock-in-Trade	280.351	219.568	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.000)	(6.396)	89.567
		Employees benefits expense	24.108	19.317	16.244
		Other expenses	176.979	144.607	105.634
		TOTAL	3202.014	2742.897	1859.024
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		66.143	73.559	66.051
Less	FINANCIAL EXPENSES		39.837	39.744	16.460
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		26.306	33.815	49.591
Less/ Add	DEPRECIATION/ AMORTISATION		30.827	27.291	29.452
	PROFIT/ (LOSS) BEFORE TAX		(4.521)	6.524	20.139
Less	TAX		3.518	6.463	2.222
	PROFIT/ (LOSS) AFTER TAX		(8.039)	0.061	17.917
	Earnings / (Loss) Per Share (Rs.)		(0.62)	0.01	1.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.25)	0.00	0.93
Net Profit Margin (PBT/Sales)	(%)	(0.14)	0.23	1.05
Return on Total Assets (PBT/Total Assets}	(%)	(0.31)	0.49	3.28
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.01	0.07
Debt Equity Ratio (Total Debt/Networth)		1.45	1.20	0.77
Current Ratio (Current Asset/Current Liability)		1.36	1.63	1.85

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	96.160	112.660	112.660
Reserves & Surplus	212.104	443.856	435.817
Net worth	308.264	556.516	548.477
long-term borrowings	71.616	54.535	47.933
Short term borrowings	166.501	610.670	747.884
Total borrowings	238.117	665.205	795.817
Debt/Equity ratio	0.772	1.195	1.451

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	1918.203	2813.637	3265.148
		46.681	16.047

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	1918.203	2813.637	3265.148
Profit	17.917	0.061	(8.039)
	0.93%	0.00%	(0.25%)

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]	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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	564.862	251.890
Total	564.862	251.890

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10244589	18/10/2011 *	64,900,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BANCH, FIRST FLOOR, SIMRAN TOWERS, OPP. LIC MAIN BUILDING, PANDRI, RAIPUR, Chhattisgarh - 492001, INDIA	B24818635
2	10211787	19/03/2014 *	150,000,000.00	IDBI BANK LIMITED	IDBI BANK LIMITED, SIMRAN TOWER, OPP. LIC MAIN BU  ILDING, PANDRI, RAIPUR, Chhattisgarh - 492001, INDIA	C02649366
3	90207770	10/10/2014 *	206,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, Chhattisgarh - 492001, INDIA	C29829108

* Date of charge modification

FIXED ASSETS

œ Land

œ Buildings

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

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.61.35
UK Pound	1	Rs.98.93
Euro	1	Rs.77.92

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	ANK

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	4
--RESERVES	1~10	5
--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.