MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	TIRUPATI STRUCTURALS LIMITED
Registered Office :	81, Basement Floor, Functional Industrial Estates, Patparganj, New Delhi – 110092
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.12.1988
Com. Reg. No.:	55-117190
Capital Investment / Paid-up Capital :	Rs.102.944 Millions
CIN No.: [Company Identification No.]	U25209DL1988PLC117190
TAN No.: [Tax Deduction & Collection Account No.]	DELT01779B
PAN No.: [Permanent Account No.]	AAACT3842C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of PVC pipes and HDPE pipes and water tank.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. The company is progressing well. Trade relations are reported to be usually correct. The company can be considered normal 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	CRISIL
Rating	Long Term Rating=BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	26.05.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A2
Rating Explanation	Strong degree of safety and carry lowest credit risk.
Date	26.05.2014

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 PARTED BY

Name :	Mr. Subhash Jain
Designation :	Group General Manager
Contact No.:	91-11-43041404
Date :	25.09.2014

LOCATIONS

Registered Office :	81, Basement Floor, Functional Industrial Estates, Patparganj, New Delhi-110092, Delhi, India
Tel. No.:	91-11-22145760
Mobile No.:	91-9312316985 (Mr. V. S. Chary)
Fax No.:	91-11-22145978
E-Mail :	vivek@advane.co.in info@tirupatipipes.com
Website :	http://www.triupatipipes.com
Location :	Owned
Factory 1 :	A-6 and 6/5, Site-IV, Industrial Area, Sahibaba, Ghaziabad-201010, Uttar Pradesh, India
Tel. No.:	91-120-2896998 / 2897561
Fax No.:	91-120-2897517
Factory 2 :	50/5 and 50/6, Industrial Area, Site-4, Sahibaba, Ghaziabad-201010, Uttar Pradesh, India
Factory 3 :	Plot No.214, Khasra No.212-216, Lakeshwari Industrial Area, Paragana Bhagwanpur, Roorkee, District Haridwar, Uttrakhand

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Lalit Agarwal

Designation :

Director

Address :

B-16, Swasthya Vihar, New Delhi – 110092, Delhi, India

Date of Birth/Age :

07.10.1960

Date of Appointment :

01.01.2012

DIN No.:

00109920

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	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	03/11/2011	14/11/1987	-	Active	NO
2	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	05/04/1990	05/04/1990	-	Active	NO
3	U51109UP1992PTC014655	ADVANCE ENTERPRISES PRIVATE LIMITED	Director	19/08/1992	19/08/1992	-	Active	NO
4	U15142UP1998PTC023241	ADVANCE HIGHTECH AGRO PRODUCTS PRIVATE LIMITED	Director	18/03/1998	18/03/1998	-	Active	NO
5	U65999DL1995PTC210168	VISHAL EQUITY SERVICES PVT.LTD.	Director	03/07/1998	03/07/1998	-	Active	NO
6	L65929WB1990PLC048280	MARDA COMMERCIAL & HOLDINGS LTD	Director	05/04/2000	05/04/2000	-	Active	NO
7	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Managing director	01/01/2012	30/09/2002	-	Active	NO
8	L52110DL1985PLC020059	SOPHIA EXPORTS LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
9	U27101DL2004PTC129044	GAURISHANKAR ALLOYS PRIVATE LIMITED	Director	10/06/2008	10/06/2008	20/03/2012	Active	NO
10	U45200DL2009PTC195712	Phool Chand Infrastructure Private Limited	Additional director	10/04/2010	10/04/2010	-	Active	NO
11	U72300DL2007PTC168466	UNITRON SOFTECH PRIVATE LIMITED	Additional director	04/05/2013	04/05/2013	-	Active	NO

Name :

Mr. Ashish Aggarwal

Designation :

Director

Address :

B-16, Swasthya Vihar, New Delhi – 110092, Delhi, India

Date of Birth/Age :

03.04.1973

Date of Appointment :

30.09.2002

DIN No.:

00026311

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	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	01/01/1995	01/01/1995	-	Active	NO
2	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Whole-time director	01/10/1998	01/10/1998	-	Active	NO
3	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
4	U25111DL2006PTC148317	IST SOFTECH PRIVATE LIMITED	Director	05/04/2006	05/04/2006	31/01/2007	Active	NO
5	U45400DL2001PTC111908	ADVANCE INFRASOLUTIONS PRIVATE LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
6	U45201DL2006PTC147066	VN REALTORS PRIVATE LIMITED	Additional director	20/11/2006	20/11/2006	-	Active	NO
7	U01400DL2007PTC164367	VN NATURAL RESOURCES PRIVATE LIMITED	Additional director	04/01/2008	09/08/2007	-	Active	NO
8	U40300DL2007PTC169566	DAHEGAON COAL AND POWER PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO
9	U01120DL2008PTC181659	DEVAASHISH NATURAL RESOURCES PRIVATE LIMITED	Director	04/08/2008	04/08/2008	-	Strike off	NO
10	U74120DL2010PTC202152	ADVANCE STIMUL ENGINEERING PRIVATE LIMITED	Director	29/04/2010	29/04/2010	-	Active	NO
11	U13209DL2010PTC207314	SS & AA MINERALS PRIVATE LIMITED	Director	19/08/2010	19/08/2010	-	Active	NO
12	U13204DL2010PTC207421	R S A MINERALS PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Strike off	NO
13	U01403AS2010PTC010304	SHIDHI VINAYAK AGRICULTURAL PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
14	U70200DL2011PTC218480	SHUBHAM INFRADEVELOPERS PRIVATE LIMITED	Director	02/05/2012	07/09/2011	-	Active	NO
15	AAB-1288	OVERSEAS INFRAPROJECTS LLP	Body corporate as Designated Partner	21/09/2012	21/09/2012	-	Active	NO
16	AAC-0322	JUBLIANT REALTY AND VENTURES LLP	Designated Partner	27/01/2014	27/01/2014	-	Active	NO

Name :

Mr. Romil Agarwal

Designation :

Director

Address :

A-93, Swasthya Vihar, New Delhi – 110092, Delhi, India

Date of Birth/Age :

05.08.1975

Date of Appointment :

22.08.2005

DIN No.:

00586202

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	U00899DL1992PTC138021	ADVANCE STEEL STRIPS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Amalgamated	NO
2	U65999DL1995PTC210168	VISHAL EQUITY SERVICES PVT.LTD.	Director	03/07/1998	03/07/1998	-	Active	NO
3	L52110DL1985PLC020059	SOPHIA EXPORTS LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
4	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
5	U01400DL2007PTC164367	VN NATURAL RESOURCES PRIVATE LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
6	U45400DL2001PTC111908	ADVANCE INFRASOLUTIONS PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
7	U40300DL2007PTC169566	DAHEGAON COAL AND POWER PRIVATE LIMITED	Additional director	28/09/2010	28/09/2010	-	Active	NO
8	U01403AS2010PTC010304	SHIDHI VINAYAK AGRICULTURAL PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO

Name :

Mr. Naresh Chand Maheshwari

Designation :

Director

Address :

KU-112, Vishakha Enclave, Pitampura, New Delhi – 110034, Delhi, India

Date of Birth/Age :

08.07.1958

Date of Appointment :

20.01.2007

DIN No.:

00218051

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	U74899DL1995PLC064697	FARSIGHT SECURITIES LIMITED	Director	15/09/1995	15/09/1995	-	Active	NO
2	U72209DL2001PTC109078	SUKRITI INFOTECH PRIVATE LIMITED	Director	01/06/2006	01/06/2006	30/04/2013	Active	NO
3	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Director	29/09/2007	20/01/2007	-	Active	NO
4	U67190MH1996GAP101555	ASSOCIATION OF NATIONAL EXCHANGES MEMBERS OF INDIA	Director	01/04/2014	29/03/2008	-	Active	NO
5	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	29/09/2012	03/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Kumar
Designation :	Secretary
Address :	A 125 S1, Dilshad Colony, New Delhi – 110092, Delhi, India
Date of Birth/Age :	21.07.1975
Date of Appointment :	20.01.2008
PAN No.:	AOOPK6329Q
Name :	Mr. Subhash Jain
Designation :	Group General Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
D.N. Agarwal	1333800
Vatsal Agarwal	1309000
Devraj Agarwal (HUF)	890000
Salini Agarwal	750000
Romil Agarwal	862000
Ashish Agarwal	892800
Lalit Agarwal	890000
Marda Commercial and Holdings Limited	1447900
Lalit Agarwal (HUF)	375000
Shyama Devi Agarwal	140000
Suyash Agarwal	554800
Shashi Agarwal	280000
Laxmi Devi Agarwal	252000
Suchita Agarwal	140000
Daulat Ram Agarwal	140000
Ananya Agarwal	35000
Himani Bansal	2100
Total	10294400

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	14.06
Directors or relatives of Directors	85.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC pipes and HDPE pipes and water tank.

Products :

Product Description	Item Code
PVC/HDPE/Fittings and Water Tank	3904

Exports :

Countries :

· Nepal

· Bangladesh

Imports :

Products :

PUC Resin

Countries :

· China

· USA

· Korea

Terms :

Selling :

Cash and Credit (30 / 60 / 90 Days)

Purchasing :

Cash and Credit (30 / 60 / 90 Days)

GENERAL INFORMATION

Suppliers :

· Reliance Industries Limited

· Gulshan Sugars and Chemicals Limited

Customers :

· Siemens Limited

· A.B.B. Limited

No. of Employees :

300 (Approximately)

Bankers :

· Punjab National Bank, Patparganj, Delhi, India

· ICICI Bank Limited, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	53.151	52.651
Other Loans and Advances	5.810	8.028
Less: Long Term Maturities of Finance Lease Obligations	(14.753)	(16.246)
Short Term Borrowings
Working Capital Loans from Banks	220.879	278.309
Loans repayable on demand	5.529	0.000
Total	270.616	322.742

Banking Relations :	--
Auditors :
Name :	Y. Agrawal and Company Chartered Accountant
Address :	4346/4C, Ansari Road, New Delhi-110002, Delhi, India
Tel. No.:	91-11-23282990 / 23280296
PAN No.:	AAAFY0393A
Associates :	· Advance steel Tubes limited · Advance stimul Engineering private Limited · Advance Enterprises private Limited · Sophia exports Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kaveri tube

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10294400	Equity Shares	Rs.10/- each	Rs.102.944 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	102.944	102.944	102.944
(b) Reserves & Surplus	375.730	343.271	319.629
(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)	478.674	446.215	422.573
(3) Non-Current Liabilities
(a) long-term borrowings	179.102	198.347	200.493
(b) Deferred tax liabilities (Net)	1.616	2.075	2.565
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.284	3.396	3.615
Total Non-current Liabilities (3)	185.002	203.818	206.673
(4) Current Liabilities
(a) Short term borrowings	226.408	278.309	248.724
(b) Trade payables	93.878	134.377	175.342
(c) Other current liabilities	30.925	31.035	38.139
(d) Short-term provisions	13.260	13.414	63.753
Total Current Liabilities (4)	364.471	457.135	525.958
TOTAL	1028.147	1107.168	1155.204
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	236.462	249.704	219.919
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	76.440	70.762	76.331
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.323	23.847	25.053
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.510	2.155	3.837
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	350.735	346.468	325.140
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	229.757	306.855	324.060
(c) Trade receivables	302.195	330.151	341.925
(d) Cash and cash equivalents	68.425	50.681	50.780
(e) Short-term loans and advances	69.855	69.400	111.154
(f) Other current assets	7.180	3.613	2.145
Total Current Assets	677.412	760.700	830.064
TOTAL	1028.147	1107.168	1155.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1480.550	1331.037	1826.659
		Other Income	10.052	7.068	10.486
		TOTAL (A)	1490.602	1338.105	1837.145
Less	EXPENSES
		Cost of Materials Consumed	1038.026	941.690	1349.564
		Purchase of Stock-in-trade	76.234	84.153	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	9.089	(15.157)	(7.270)
		Employee Benefits Expenses	50.975	43.033	41.768
		Other Expenses	208.591	178.606	231.082
		TOTAL (B)	1382.915	1232.325	1615.144
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.687	105.780	222.001
Less	FINANCIAL EXPENSES (D)		39.183	43.022	47.782
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		68.504	62.758	174.219
Less	DEPRECIATION/ AMORTISATION (F)		32.013	29.915	28.065
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		36.491	32.843	146.154
Less	TAX (H)		1.041	6.210	24.511
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		35.450	26.633	121.643
	Earnings Per Share (Rs.)		3.44	2.59	11.82

Particulars	31.03.2014
Sales Turnover (Approximately)	2060.000

Expected Sales ( 2014-2015 ) : Rs.2500.000 Millions

The above information has been parted by Mr. Subhash Jain.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.38	1.99	6.62
Net Profit Margin (PBT/Sales)	(%)	2.46	2.47	8.00
Return on Total Assets (PBT/Total Assets}	(%)	3.95	3.24	13.87
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.35
Debt Equity Ratio (Total Debt /Networth)		0.85	1.07	1.06
Current Ratio (Current Asset/Current Liability)		1.86	1.66	1.58

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	102.944	102.944	102.944
Reserves & Surplus	319.629	343.271	375.730
Net worth	422.573	446.215	478.674
long-term borrowings	200.493	198.347	179.102
Short term borrowings	248.724	278.309	226.408
Total borrowings	449.217	476.656	405.510
Debt/Equity ratio	1.063	1.068	0.847

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	1,826.659	1,331.037	1,480.550
		(27.133)	11.233

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	1,826.659	1,331.037	1,480.550
Profit	121.643	26.633	35.450
	6.66%	2.00%	2.39%

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	Yes
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	----------
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:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate Borrowings	0.888	1.443
Loans and Advances from related parties	134.006	152.471
Total	134.894	153.914

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483115	17/02/2014	10,000,000.00	PUNJAB NATIONAL BANK	MOHAN NAGAR, GHAZIABAD, UTTAR PRADESH - 201007, INDIA	B98686009
2	10472533	28/12/2013	48,300,000.00	STANDARD CHARTERED BANK	9-10, BAHADUR SHAH ZAFAR MARG, 1ST FLOOR, EXPRESS BUILDING, DELHI, DELHI - 110002, INDIA	B94346244
3	10462186	13/02/2014 *	50,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	B96511886
4	10362286	31/05/2012	19,400,000.00	PUNJAB NATIONAL BANK	MOHAN NAGAR, GHAZIABAD, UTTAR PRADESH - 210012, INDIA	B42275537
5	10292978	13/06/2011 *	20,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B15321904
6	10262175	13/06/2011 *	227,800,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI,BARODA, GUJARAT - 390015, INDIA	B15324692
7	10181241	05/09/2009	4,800,000.00	PUNJAB NATIONAL BANK	MOHAN NAGAR, GHAZIABAD, UTTAR PRADESH - 210012, INDIA	A71929608
8	90054740	24/04/2014 *	340,000,000.00	PUNJAB NATIONAL BANK	MOHAN NAGAR, GAZIABAD, UTTAR PRADESH - 201012, INDIA	C04041646
9	80007443	28/03/2008 *	60,000,000.00	PUNJAB NATIONAL BANK	MOHAN NAGAR, GHAZIZBAD, UTTAR PRADESH - 210012, INDIA	A35769561

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Vehicle

· Office Equipment

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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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		49

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.