MIRA INFORM REPORT

Report Date :

23.09.2014

IDENTIFICATION DETAILS

Name :	GALLIUM INDUSTRIES LIMITED
Registered Office :	24, Ishwar Nagar, New Friends Colony, New Delhi - 110065
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.07.1985
Com. Reg. No.:	55-021377
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U74899DL1985PLC021377
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of tube mills, along with complete cold drawing plants and other strip processing lines like HR/CR Slitting lines and other related equipment.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There are accumulated loss recorded by the company during 2013. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some caution.

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.

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 PARTED BY

Name :	Mr. J N Singal
Designation :	Chief Executive Officer
Contact No.:	91-9811320204
Date :	22.09.2014

LOCATIONS

Registered Office :	24, Ishwar Nagar, New Friends Colony, New Delhi – 110065, India
Tel. No.:	Not Available
Mobile No.:	91-9811320204 (Mr. J N Singal)
Fax No.:	Not Available
E-Mail :	mktg@galliumindia.com ykbhatia@galliumindia.com
Website :	www.galliumindia.com
Factory:	Plot No 117, Sector 59, Ballabgarh, Faridabad – 121004, Haryana, India
Tel. No.:	91-129-2309933/2309934
Fax No.:	91-129-2309619

DIRECTORS

As on 28.10.2013

Name :

Mr. Morihiro Kusakabe

Designation :

Director

Address :

8-3, Noda- Dori, Tarumi-Ku, Kobe, 6512241, Japan

Date of Appointment :

28.07.2001

DIN No.:

00110063

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	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Director	28/07/2001	28/07/2001	-	Active	NO
2	U27109HR2003PTC035250	MARUICHI KUMA STEEL TUBE PRIVATE LIMITED	Director	25/11/2003	25/11/2003	27/10/2009	Active	NO
3	U29253HR2009FTC039557	KUSAKABE INDIA PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO

Name :

Mr. Rajesh Meena

Designation :

Additional director

Address :

D‐I I /2 Sanchar Path, Bhagat Singh Marg Cscheme, Jaipur - 302001, Rajasthan, India

Date of Appointment :

23.05.2014

DIN No.:

00834499

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	U27109HR2004PTC035523	P S RAJ STEELS PRIVATE LIMITED	Director	09/11/2004	09/11/2004	12/10/2008	Active	NO
2	U27310DL2005PTC133247	NEW LOOK METAL MILLS PRIVATE LIMITED	Managing director	01/12/2008	06/11/2008	-	Active	NO
3	U29253HR2010PTC041330	NEWLOOK METALTECH PRIVATE LIMITED	Director	01/10/2010	01/10/2010	07/11/2011	Active	NO
4	U74140HR2010PTC041376	NEW LOOK BUSINESS SOLUTIONS PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
5	U74999WB2011PTC158153	INTEGERATED ENGINEERING SOLUTION PRIVATE LIMITED	Director	01/02/2011	01/02/2011	01/06/2013	Active	NO
6	U27107DL2008PTC184665	PROLIFIQUE ROLLS PRIVATE LIMITED	Director	31/05/2012	31/05/2012	05/02/2014	Active	NO
7	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Additional director	23/05/2014	20/06/2013	-	Active	NO
8	U74999HR2013PTC050779	GALLIUM ENGINEERING AND MANAGEMENT SERVICE PRIVATE LIMITED	Director	25/10/2013	25/10/2013	-	Active	NO

Name :

Mr. Yogesh Kumar Bhatia

Designation :

Managing director

Address :

H.No.24, IInd Floor, Ishwar Nagar, New Friends Colony, New Delhi, 110065, Delhi, India

Date of Appointment :

01.04.2009

DIN No.:

00856648

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	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Managing director	01/04/2009	01/07/1985	-	Active	NO
2	U27109HR2003PTC035250	MARUICHI KUMA STEEL TUBE PRIVATE LIMITED	Director	25/11/2003	25/11/2003	27/10/2009	Active	NO
3	U29253DL2006PTC155375	SAMCO MACHINERY INDIA PRIVATE LIMITED	Director	10/11/2006	10/11/2006	29/09/2008	Active	NO
4	U27107DL2008PTC184665	PROLIFIQUE ROLLS PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
5	U74999HR2013PTC050779	GALLIUM ENGINEERING AND MANAGEMENT SERVICE PRIVATE LIMITED	Director	21/01/2014	21/01/2014	-	Active	NO

Name :

Mr. Yukio Kusakabe

Designation :

Director

Address :

1‐13,3 Sakagami Tarumi Kukobejapan, Kobe, 6580084, Japan

Date of Appointment :

28.07.2001

DIN No.:

01448754

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	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Director	28/07/2001	28/07/2001	23/05/2014	Active	NO
2	U27109HR2003PTC035250	MARUICHI KUMA STEEL TUBE PRIVATE LIMITED	Director	25/11/2003	25/11/2003	25/10/2011	Active	NO
3	U29253DL2006PTC155375	SAMCO MACHINERY INDIA PRIVATE LIMITED	Director	29/09/2007	31/01/2007	29/09/2008	Active	NO
4	U29253HR2009FTC039557	KUSAKABE INDIA PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO

Name :

Mr. Sanjay Naveen Gowan

Designation :

Nominee director

Address :

House of Shri S.C.Gupta,68‐B,First Floor, Rajpur Road, Dehradun, 248001, Uttarakhand, India

Date of Appointment :

22.01.2013

DIN No.:

02306942

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	U75132UR2002SGC026813	STATE INFRASTRUCTURE AND INDUSTRIAL DEVELOPMENT CORPORATION OF UTTARAKHAND LIMITED	Nominee director	02/01/2008	02/01/2008	05/03/2010	Active	NO
2	U55102UP1989PLC010412	LEISURE HOTELS LIMITMD	Nominee director	14/08/2008	14/08/2008	01/09/2009	Active	NO
3	U65999KA2004PTC035329	UJJIVAN FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	26/08/2011	26/08/2011	03/07/2012	Active	NO
4	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Nominee director	22/01/2013	22/01/2013	-	Active	NO
5	U74899DL1985PLC204749	HARDICON LIMITED	Nominee director	26/07/2013	26/07/2013	-	Active	NO
6	U74899DL1993PTC052165	SHIKHAR MICROFINANCE PRIVATE LIMITED	Nominee director	18/09/2013	22/08/2013	-	Active	NO

Name :

Mr. Angshuman Dutta

Designation :

Director

Address :

H. No. 760, I Floor, Sector 21 A, Faridabad, 121004, Haryana, India

Date of Appointment :

06.07.2011

DIN No.:

02345044

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	U72900DL2008PTC184661	CYBERKNOTS SOLUTIONS PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
2	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO
3	U74999HR2013PTC050779	GALLIUM ENGINEERING AND MANAGEMENT SERVICE PRIVATE LIMITED	Director	21/01/2014	21/01/2014	-	Active	NO

Name :

Mr. Antara Dutta

Designation :

Director

Address :

4 Lake Shore LN, Landenberg PA, Landenberg PA, 19350, United States OF America

Date of Appointment :

22.06.2007

DIN No.:

03494410

KEY EXECUTIVES

Name :	Mr. J N Singal
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.10.2013

Names of Shareholders	No. of Shares
Yogesh Kumar Bhatia	45000
Arun Dutta	2800
Aniq Husain	29800
Rekha Bhatia	40000
Sabiha Husain	55000
Neeta Batra	40000
Angsuman Dutta	10000
Kusakabe Electric Machine Company Limited	765000
Sushil Gupta	130000
Seshagari Natarajan	31000
Sarda Natarajan	4000
Subhanker Dutta	177200
Antra Dutta	170000
Sidbi	200
Total	1500000

Equity Share Break up (Percentage of Total Equity)

As on 28.10.2013

Category	Percentage
Bodies corporate	51.01
Directors or relatives of Directors	48.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of tube mills, along with complete cold drawing plants and other strip processing lines like HR/CR Slitting lines and other related equipment.
Exports :
Products :	Finished Goods
Countries :	· UK · USA · Spain · Poland · Turkey · Chin · Nepal · Japan · Greece · Oman · Taiwan · Thailand · Malaysia · Zimbabwe
Imports :
Products :	Raw Material
Countries :	· Germany · Italy · Japan
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· Cement Limited

· Kusakabe Electric and Machinery Company Limited, Japan

Customers :

· Bhushan Power and Steel Limited

· Tata Steel Limited

No. of Employees :

200 (Approximately)

Bankers :

· Small Industries Development Bank of India (SIDBI), Videocon Tower, Ground Floor, E- 1, Rani Jhansi Road, Jhandewalan Extension, New Delhi - 110055, Delhi, India

· State Bank of Patiala, Commercial Branch, Neelam Bata Road, Nit Faridabad, Faridabad - 122001, Haryana, India

· State Bank of Patiala, MID Corporate Branch, Shubham Complex, Neelam Bata Road, Nit, Faridabad - 121002, Haryana, India

· Indian Overseas Bank, Market No.1 Nit, Faridabad, Haryana, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Hongkong and Shanghai Banking Corporation Limited, 25, Barakhamba Road, New Delhi - 110001, Delhi, India

· ABN Amro Bank N.V, Hansalya Building, 15 Barakhamba Road, New Delhi - 110001, Delhi, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
ICICI Bank	0.000	0.754
Term Loans Others	1.165	0.000
TATA Capital Limited	0.000	0.971
Short-term borrowings
Working capital loan from bank Cash credit facilities	315.321	334.475
Total	316.486	336.200

Banking Relations :
Auditors :
Name :	P. Swarup and Company Chartered Accountants
Address :	Piot No-108,Garg Plaza, Bhera Enclave, New Delhi – 110087, India
Tel. No.:	91-11-25644890
Mobile No.:	91-9810540577
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPC2723B
Holding Company:	Kusakabe Electric Machine Company Limited
Subsidiary Company:	Prolifique Rolls Private Limited [U27107DL2008PTC184665]

CAPITAL STRUCTURE

AFTER 28.10.2013

Authorised Capital : Rs. 31.500 Millions

Issued, Subscribed & Paid-up Capital : Rs. 30.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	(5.411)	(5.982)	77.944
(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)	9.589	9.018	92.944
(3) Non-Current Liabilities
(a) long-term borrowings	104.194	107.511	111.758
(b) Deferred tax liabilities (Net)	6.072	4.582	9.091
(c) Other long term liabilities	299.701	0.000	0.000
(d) long-term provisions	8.958	11.407	6.347
Total Non-current Liabilities (3)	418.925	123.500	127.196
(4) Current Liabilities
(a) Short term borrowings	315.321	334.475	316.250
(b) Trade payables	44.415	68.621	117.547
(c) Other current liabilities	298.877	375.401	324.378
(d) Short-term provisions	1.294	1.069	1.238
Total Current Liabilities (4)	659.907	779.566	759.413
TOTAL	1088.421	912.084	979.553
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.662	116.911	126.326
(ii) Intangible Assets	0.000	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	1.866	1.866
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.419	0.405
(e) Other Non-current assets	12.508	0.000	0.000
Total Non-Current Assets	124.170	119.196	128.597
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	711.484	615.484	545.065
(c) Trade receivables	62.647	58.452	151.939
(d) Cash and cash equivalents	34.106	24.890	18.105
(e) Short-term loans and advances	156.014	94.062	135.540
(f) Other current assets	0.000	0.000	0.307
Total Current Assets	964.251	792.888	850.956
TOTAL	1088.421	912.084	979.553

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	548.461	411.844	359.668
	Other Income	12.757	2.772	15.684
	TOTAL (A)	561.218	414.616	375.352
Less	EXPENSES
	Cost of Materials Consumed	414.370	381.409	219.931
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(76.001)	(134.993)	(48.204)
	Employees benefits expense	73.581	74.988	49.172
	Other expenses	67.676	103.198	85.952
	TOTAL (B)	479.626	424.602	306.851
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	81.592	-9.986	68.501
Less	FINANCIAL EXPENSES (D)	72.377	71.164	61.547
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	9.215	-81.150	6.954
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.653	7.285	4.981
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.562	(88.435)	1.973
Less	TAX (I)	1.991	(4.510)	(0.641)
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.571	(83.925)	2.614
	Earnings / (Loss) Per Share (Rs.)	0.38	(55.59)	1.74

Particulars	31.03.2014
Sales Turnover (Approximately)	700.000

The above information has been parted by Mr. J N Singal (Chief Executive Officer)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.10	(20.24)	0.70
Net Profit Margin (PBT/Sales)	(%)	0.47	(21.47)	0.55
Return on Total Assets (PBT/Total Assets}	(%)	0.24	(9.72)	0.20
Return on Investment (ROI) (PBT/Networth)		0.27	(9.81)	0.02
Debt Equity Ratio (Total Debt /Networth)		43.75	49.01	4.61
Current Ratio (Current Asset/Current Liability)		1.46	1.02	1.12

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	15.000	15.000	15.000
Reserves & Surplus	77.944	(5.982)	(5.411)
Net worth	92.944	9.018	9.589
long-term borrowings	111.758	107.511	104.194
Short term borrowings	316.250	334.475	315.321
Total borrowings	428.008	441.986	419.515
Debt/Equity ratio	4.605	49.012	43.750

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	359.668	411.844	548.461
		14.507	33.172

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	359.668	411.844	548.461
Profit	2.614	(83.925)	0.571
	0.73%	(20.38%)	0.10%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

EX.P. 275/2011

CENTRAVIS PRODUCTION UKRAINE..... Decree Holder

Through: Mr Amit Bansal and Mr Senjul Khanna, Advs.

versus

GALLIUM INDUSTRIES LIMITED ..... Judgement Debtor

Through: Mr Kewal Singh Ahuja, Adv.

CORAM:

HON'BLE MR. JUSTICE RAJIV SHAKDHER

Order   
27.08.2014
List on 15.10.2014.

Counsels for the parties will file their written submissions not exceeding two pages, before the next date of hearing.

RAJIV SHAKDHER, J

AUGUST 27, 2014

 kk

$ 27

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Debentures	97.500	100.000
From director, Shareholders, relatives and other from bank	6.443	5.786
Less: Current Maturities of long term debt	(0.914)	0.000
Total	103.029	105.786

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10332755	16/01/2012	100,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	VIDEOCON TOWER, GROUND FLOOR,, E- 1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA	B30908776
2	10151731	25/03/2009	1,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	GROUND FLOOR, VIDEOCON TOWER, RANI JHANSI ROAD, J HANDEWALAN EXTN., NEW DELHI, DELHI - 110055, INDIA	A60182706
3	10083598	16/04/2013 *	305,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH,, SHUBHAM COMPLEX, NEELAM BATA ROAD, NIT, FARIDABAD, HARYANA - 121002, INDIA	B74396540
4	10065902	22/08/2007	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15 ASHOK MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	A22061774
5	10066615	22/08/2007	100,000,000.00	INDUSIND BANK LTD.	NEHRU PLACE BRANCH, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	A22433585
6	10042308	10/07/2008 *	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	A59949289

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Cooler and Fans

· Cars

· Computers

· Office Equipment’s

· Weighing Scale

· Television

· Fax and Xerox Machine

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CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.79
UK Pound	1	Rs.99.30
Euro	1	Rs.78.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	HTL
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.