MIRA INFORM REPORT

Report No. :	320433
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	SIKKIM FERRO ALLOYS LIMITED
Registered Office :	2^nd Floor Apsara Cinema Building, Dr. D. B Marg Grant Road, Mumbai – 400007, Maharashtra
Tel No.:	91-22-67377000
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.03.1998
Com. Reg. No.:	11-113802
Capital Investment / Paid-up Capital :	Rs.18.000 Million
CIN No.: [Company Identification No.]	U28910MH1998PLC113802
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS43397E
PAN No.: [Permanent Account No.]	AAGCS8115B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer and Trader of Ferrous and Non Ferrous Metal.
No. of Employees :	Above 20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has failed to file latest financials of FY14, with the government department. As per available record, the company has seen a significant increases in its sales volume whereas, the profit margin seems to be low. However, the general financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered fir 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	12.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	12.12.2014

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 (GENERAL DETAILS)

Name :	Mr. K. P. Raju
Designation :	Finance Manager
Contact No.:	91-9619986286

LOCATIONS

Registered/ Head Office :	2^nd Floor Apsara Cinema Building, Dr. D. B Marg Grant Road, Mumbai – 400007, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9619986286 (Mr. K. P. Raju)
Fax No.:	Not Available
E-Mail :	info@sikkimferroalloys.com info@trisonsimpex.com prascs@gmail.com prascs12@yahoo.co.in trisonsimpex@yahoo.co.in
Website:	www.sikkimferroalloys.com
Area :	7000 Sq. Ft.
Location :	Owned
Godown 1:	Gala No.2, Thakkar Compound, Anjur Phala Road, Val – Village, Taluka – Bhiwandi, Thane, Maharashtra, India
Godown 2:	Gala No.11, Diamond Industrial Estate, Ahmedabad Mumbai Highway Road, Near Almoat Factory, Vasai, Thane, Maharashtra, India
Branch Office 1:	Block No. C-123, Zaveri Industrial Estate, Behind C.L. Vidahlaya, Kathwada, Ahmedabad, Gujarat, India
Tel. No.:	91-79-22901098
Branch Office 2:	Door No.10/11-70, G.P. Complex No.15, Fathenagar, Hyderabad - 500016, Andhra Pradesh, India
Tel. No.:	91-40-6617 4764
Email:	info@sikkimferroalloys.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Jitendra Champalal Kanungo

Designation :

Director

Address :

56/64, Gainson Building, 1st Floor, Nanubhai Desai Road, Mumbai – 400004, Maharashtra, India

Qualification :

Under Graduate

Date of Appointment :

26.09.2003

PAN No.:

ACMPK0190K

DIN No.:

00447436

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	U72900MH1989PTC054265	Fortune Intech Private Limited	Director	20/09/1997	20/09/1997	10/06/2011	Active	NO
2	U28910MH1998PLC113802	SIKKIM FERRO ALLOYS LIMITED	Director	26/09/2003	26/09/2003	-	Active	NO
3	U45101TG2006PTC050660	Gorlas Infrastructure Private Limited	Additional director	18/08/2009	18/08/2009	-	Active	NO
4	U72200TG2005PLC048391	Gorlas Techno Space Limited	Additional director	18/08/2009	18/08/2009	-	Active	NO
5	U65994MH1991PTC064193	MANE FINANCE PRIVATE LIMITED	Additional director	28/06/2011	28/06/2011	-	Active	NO
6	U45201MH2006PTC166501	SHREE RAJLAXMI INFRASTRUCTURES PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	24/12/2012	Active	NO
7	U67120MH1984PTC034339	BIKRAMPUR INVESTMENTS AND TRADING PRIVATE LIMITED	Additional director	21/03/2012	21/03/2012	-	Active	NO

Name :

Mr. Hiralal Nagraj Kanungo

Designation :

Director

Address :

14, Mansabhai Bhawan, 3rd Floor, Nanubhai Road, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

12.09.1971

Qualification :

Under Graduate

Date of Appointment :

29.09.2003

DIN No.:

00426255

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	U72900MH1989PTC054265	Fortune Intech Private Limited	Director	20/09/1997	20/09/1997	10/06/2011	Active	NO
2	U28910MH1998PLC113802	SIKKIM FERRO ALLOYS LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO
3	U45200MP2012PTC028759	HITANSH REAL ESTATE PRIVATE LIMITED	Additional director	22/08/2013	22/08/2013	-	Active	NO

Name :

Mr. Kamlesh Manohar Kanungo

Designation :

Director

Address :

Shripati Arcade, 31st Floor, Flat-1, August Kranti Maidan, Nana Chowk, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

15.03.1977

Qualification :

B.Com

Date of Appointment :

04.03.1998

PAN No.:

ABBPK9675R

Voter ID No.:

ISD1638022

DIN No.:

00223181

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	U28910MH1998PLC113802	SIKKIM FERRO ALLOYS LIMITED	Director	04/03/1998	04/03/1998	-	Active	NO
2	U74899DL2001PTC109665	AARSHABH FERRO ALLOYS PRIVATE LIMITED	Director	01/10/2001	01/10/2001	21/08/2012	Active	NO
3	U51410MH2004PTC145350	STAINLESS METALEX INDIA PRIVATE LIMITED	Additional director	15/02/2012	26/03/2004	28/03/2012	Active	NO
4	U45201MH2006PTC164873	ROYAL BUNGLOWS PRIVATE LIMITED	Managing director	23/09/2006	23/09/2006	-	Active	NO
5	U45200MH1979PTC021090	SANJAY CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	15/07/2008	15/07/2008	15/12/2011	Active	NO
6	U45200MH2008PTC185624	AAHANA INFRASTRUCTURE PRIVATE LIMITED	Director	15/09/2008	15/09/2008	11/12/2013	Active	NO
7	U45101TG2006PTC050660	Gorlas Infrastructure Private Limited	Additional director	18/08/2009	18/08/2009	-	Active	NO
8	U72200TG2005PLC048391	Gorlas Techno Space Limited	Additional director	18/08/2009	18/08/2009	-	Active	NO
9	L26940BR1991PLC007980	LAKSHMI CEMENT & CERAMICS INDUSTRIES LIMITED	Director	25/09/2010	08/09/2010	-	Active	NO
10	U74120MH2010PTC209157	D3 FASHIONS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
11	U67120MH1984PTC034339	BIKRAMPUR INVESTMENTS AND TRADING  PRIVATE LIMITED	Additional director	01/11/2010	01/11/2010	-	Active	NO
12	U45202MH2010PTC204144	BUZZACTIVE INFRAPROJECTS PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
13	U31109MH2008PTC178288	KPC HI-TECH PRIVATE LIMITED	Director	08/06/2011	08/06/2011	30/08/2011	Active	NO
14	U65994MH1991PTC064193	MANE FINANCE  PRIVATE LIMITED	Additional director	28/06/2011	28/06/2011	-	Active	NO
15	U45400MH2011PTC224417	TRACE DEVELOPMENT PRIVATE LIMITED	Director	28/11/2011	28/11/2011	22/06/2012	Active	NO
16	U74999MH2012PTC232894	TECHNOSTAR CONSTRUCTION PRIVATE LIMITED	Director	03/07/2012	03/07/2012	-	Active	NO
17	U74999MH2012PTC232951	T3 CITY DEVELOPERS PRIVATE LIMITED	Director	04/07/2012	04/07/2012	-	Active	NO
18	U74900MH2012PTC233040	D3 ARCADE PRIVATE LIMITED	Director	05/07/2012	05/07/2012	-	Active	NO
19	U74120MH2012PTC232982	TRISONS CASA PROJECTS PRIVATE LIMITED	Director	05/07/2012	05/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K. P. Raju
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Manohar Poolchand Kanugo	25010
Kamlesh Manohar Kanugo	49940
Rajendra K Mehta	10
Prakash Sanghavi	10
Sunil Parikh	10
Jamnalal Dokwal	10
Sudhir Talati	10
Manohar Manak Alloya Limited, India	75000
Khaniyalal Sharma	34760
Priya Sharma	17380
Emreld Commercial Limited, India	12000
Global Capital Market Limited, India	16000
Kaivwal Nain Shaney	12000
Dimple Kamlesh Kanugo	110000
Javada India Impex Limited, India	70000
Alka Diamond Industries Limited, India	30000
Hema Trading Company Limited, India	60000
Jai Shelters Private Limited, India	181818
Wescon Finance Leasing Private Limited, India	242856
Megh Leasing Investment Limited, India	763213
Mr. Ajaychandran Nair	100000
Total	1800027

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.90
Bodies corporate	86.16
Directors or relatives of Directors	10.27
Other top fifty shareholders	0.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader of Ferrous and Non Ferrous Metal.

Products :

Product Description	Item Code No. (ITC Code)
Used in industries as raw material	73045910
S.S. Coils used in industries as raw material	72191111

• Concentrates
• Metals
• Metal Scraps
• High Nickle
• Ferro Alloys
• Stainless Steel

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Products :

Ferrous and Non Ferrous

Countries :

• Dubai
• Singapore
• UK

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Above 20 (Approximately)

Bankers :

• Axis Bank Limited, Axis House, Bombay Dyeing Mills Compund, Pandurang Budhakar Marg, Worli, Mumbai - 400025, Maharashtra, India Tel. No.: 91-22-24252525
• Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India
• Indian Bank Limited Nariman Point Branch, 8,Ground Floor, Embassy Centre, 207, Nariman Point, Mumbai - 400021, Maharashtra, India
• HDFC Bank Limited
• State Bank of India
• Kotak Mahindra Bank Limited
• Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	55.000
Rupee term loans from others	846.885	326.167
Loans taken for fixed assets	0.000	1.848
SHORT TERM BORROWINGS
Working capital loans from banks	578.255	383.809
Loans repayable on demand from banks	640.593	385.142
Total	2065.733	1151.966

Auditor :
Name :	Batliboi and Purohit Chartered Accountants
Address :	204, National Insurance Building, 2nd Floor, D N Road, Fort, Mumbai – 400001, Maharashtra, India
PAN No. :	AAAFB0915F
Memberships :	--
Collaborators :	--
Company in which KMP / Relatives of KMP can exercise significant influence :	Trisons Impex (Proprietary Concern) (Prop. Kamlesh Kanungo) Trisons Agencies (Proprietary Concern) (Prop. Kamlesh M. Kanungo HUF) Trisons Metalex Private Limited Gorlas Infrastructure Private Limited Gorlas Techno Space Limited Reliance Stainless Steel (Partnership Firm) Liberty Trading Company Movies N More India Private Limited Manohar Metal and Alloys Manohar Manak Alloys Private Limited Bikrampur Investments and trading Private Limited D3 Fashions Private Limited Mane Finance Private Limited Buzzactive Infraprojects Private Limited Trions Casa Projects Private Limited D3 Arcade Private Limited T3 City Developers Private Limited Allioth Infrastructure Private Limited Techostar Construction Private Limited Aadhyay Developers Private Limited ATS Property Information Beuro Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs.50.000 Million

Issued, Subscribed & Paid-up Capital : Rs.21.810 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800027	Equity Shares	Rs.10/- each	Rs.18.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	18.000	15.600	13.225
(b) Reserves & Surplus	748.042	540.005	399.065
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	120.000	95.000
Total Shareholders’ Funds (1) + (2)	766.042	675.605	507.290
(3) Non-Current Liabilities
(a) long-term borrowings	846.885	383.015	150.782
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.346	2.846	0.000
Total Non-current Liabilities (3)	852.231	385.861	150.782
(4) Current Liabilities
(a) Short term borrowings	1,294.278	768.951	86.059
(b) Trade payables	1,469.909	1,266.712	1,229.093
(c) Other current liabilities	68.496	19.047	0.000
(d) Short-term provisions	26.017	7.028	1.495
Total Current Liabilities (4)	2,858.700	2,061.738	1,316.647
TOTAL	4,476.973	3,123.204	1,974.719
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.720	11.448	12.643
(ii) Intangible Assets	0.033	0.015	0.004
(iii) Capital work-in-progress	5.000	2.500	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.733	0.501	0.114
(d) Long-term Loan and Advances	3.702	0.000	0.000
(e) Other Non-current assets	0.341	0.000	0.010
Total Non-Current Assets	19.529	14.464	12.771
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	801.910	851.279	766.983
(c) Trade receivables	3,371.202	2,105.226	1,013.711
(d) Cash and cash equivalents	281.553	147.999	181.249
(e) Short-term loans and advances	1.074	1.045	0.005
(f) Other current assets	1.705	3.191	0.000
Total Current Assets	4,457.444	3,108.740	1,961.948
TOTAL	4,476.973	3,123.204	1,974.719

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	18016.760	6749.048	4312.242
		Other Income	135.758	36.927	18.653
		TOTAL (A)	18152.518	6785.975	4330.895
Less	EXPENSES
		Purchases of stock-in-trade	17824.752	6712.215	4734.907
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	48.698	(88.933)	(522.826)
		Employee benefit expense	9.489	4.998	2.264
		Other expenses	61.150	43.714	49.595
		TOTAL (B)	17944.089	6671.994	4263.940
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		208.429	113.981	66.955
Less	FINANCIAL EXPENSES (D)		64.298	34.950	17.090
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		144.131	79.031	49.865
Less	DEPRECIATION/ AMORTISATION (F)		2.734	3.467	2.365
	PROFIT BEFORE TAX (E-F) (G)		141.397	75.564	47.500
Less	TAX (H)		50.960	27.249	17.227
	PROFIT AFTER TAX (G-H) (I)		90.437	48.315	30.273
	IMPORTS
		Raw Materials	NA	1044.981	1291.646
		TOTAL	NA	1044.981	1291.646
	Earnings Per Share (Rs.)		53.20	33.99	23.87

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.50	0.72	0.70
Operating Profit Margin (PBIDT/Sales)	(%)	1.16	1.69	1.55
Return on Total Assets (PBT/Total Assets}	(%)	3.16	2.42	2.41
Return on Investment (ROI) (PBT/Networth)		0.18	0.11	0.09
Debt Equity Ratio (Total Debt /Networth)		2.80	1.71	0.47
Current Ratio (Current Asset/Current Liability)		1.56	1.51	1.49

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	13.225	15.600	18.000
Reserves & Surplus	399.065	540.005	748.042
Share Application money pending allotment	95.000	120.000	0.000
Net worth	507.290	675.605	766.042
Long Term borrowings	150.782	383.015	846.885
Short Term borrowings	86.059	768.951	1294.278
Total borrowings	236.841	1151.966	2141.163
Debt/Equity ratio	0.467	1.705	2.795

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	4,312.242	6,749.048	18,016.760
		56.509	166.953

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	4,312.242	6,749.048	18,016.760
Profit	30.273	48.315	90.437
	0.70%	0.72%	0.50%

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	Yes
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	No
18]	Major customers	No
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	No
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
SHORT TERM BORROWINGS
Loans and advance from others	75.430	0.000
Total	75.430	0.000

CORPORATE INFORMATION:

Subject was incorporated in the year 1998. The company over the years has created a niche for providing industrial raw materials and caters to various industries and users like Foundries, Steel plants, Forgings, Pipe manufacturers, Mole convertors, Aluminum based industries etc. The company is currently into trading in all types of ferrous and non-ferrous metals: Stainless Steel Sheets, Plates, Coils, pipes, billets, H.R/C.R, Seamless/Welded, Prime/Seconds/Stock lots, Ferro Alloys, high Nickel scrap etc. Besides trading, company has also started providing some processing services such as slitting, shearing, metal cutting etc.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10466221	26/11/2013	250,000,000.00	Vijaya Bank	Overseas Branch,Maker Chambers-Iv, Nairman Point, Mumbai - 400021, Maharashtra, India	B91982975
2	10369855	06/08/2012	30,000,000.00	Union Bank Of India	Mumbai Samachar Marg Branch, 66/80, Mumbai Samac Har Marg, Fort, Mumbai - 400023, Maharashtra -, India	B45426715
3	10355354	09/05/2012	55,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra. India	B39519103
4	10273684	21/03/2012 *	300,000,000.00	State Bank Of India	Small And Medium Enterprises, Shivsagar, Estate Branch, Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B37593050
5	10141503	08/06/2013 *	750,000,000.00	Union Bank Of India	Mumbai Samachar Marg Branch, 66/80, Mumbai Samac Har Marg, Fort, Mumbai - 400023, Maharashtra -, India	B77168342

*Date of modification Charges

FIXED ASSETS:

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

· Other Equipments

· Computer software

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.63.20
UK Pound	1	Rs.91.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.