MIRA INFORM REPORT

Report No. :	351795
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	META ROLLS AND COMMODITIES PRIVATE LIMITED C/N (w.e.f. 17.08.2006)

Formerly Known As :	META ROLLS (JALNA) PRIVATE LIMITED

Registered Office :	Gut No. 48, Adjacent to MIDC, Phase II, Daregaon, Jalna- 431203, Maharashtra
Tel. No.:	91-2482-220036, 220112

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	05.04.2002

Com. Reg. No.:	11-135427

Capital Investment / Paid-up Capital :	Rs. 71.801 Million

CIN No.: [Company Identification No.]	U27101MH2002PTC135427

IEC No.:	3104015503

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCM3474C

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Importer and Trader of TMT Rebars and Steel Billets. (Confirmed by management)

No. of Employees :	Approximately 428 (In Office : 47, In Factory : 381)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1924000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2002. It is engaged in the business of manufacturer, importer and trader of TMT Rebars and Steel Billets. For the financial year ended 2014, the company has healthy operational activity marked by decent top line growth along with good profit earnings. The company has established track record of promoters in steel industry. It has comfortable financial base, adequate networth position along with favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 bank facilities : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	26.10.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	26.10.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nitin Baheti
Designation :	Senior Manager
Contact No.:	91-9552316811
Date :	27.11.2015

LOCATIONS

Registered Office/ Factory :	Gut No. 48, Adjacent to MIDC, Phase II, Daregaon, Jalna- 431203, Maharashtra, India
Tel. No.:	91-2482-220036, 220112
Mobile No.:	91-9552316811 (Mr. Nitin Baheti)
Fax No.:	91-2482-220036
E-Mail :	info@metarolls.com dbsoni@metarolls.com ajbhala@gmail.com nlbaheti@metarolls.com
Website :	http://metarolls.com www.rajuristeel.com
Location :	Owned

Branch Office:	203, Gokul Building, Baroda Street, Masjid (East), Mumbai – 400009, Maharshtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Dwarkaprasad Bhikulalji Soni

Designation :

Managing Director

Address :

H. No. 13, Manik Nagar, Near Sambhaji Nagar, Jalna – 431203, Maharashtra, India

Date of Birth/Age :

04.06.1966

Qualification :

BE (Mechanical)

Experience :

22 Years

Date of Appointment :

25.06.2014

PAN No.:

AEOPS4005F

DIN No. :

00349479

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	U27101MH2002PTC135427	META ROLLS AND COMMODITIES PRIVATE LIMITED C/N	Managing director	25/06/2014	21/06/2004	-	Active	NO
2	U30009MH2004PTC150226	MAMMADEVI STEEL ALLOYS PRIVATE LIMITED	Director	27/12/2004	27/12/2004	-	Active	NO
3	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	08/05/2006	08/05/2006	06/10/2010	Active	NO
4	U52190MH2009PTC190773	D B S COMMERCE PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
5	U45400MH2009PTC191152	A J B REALTIES PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
6	U80900MH2010NPL198574	RISHI VIDYA EDUCATIONAL FOUNDATION	Director	06/01/2010	06/01/2010	-	Active	NO
7	U74900MH2006PTC165860	SUNEEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	14/06/2011	20/01/2012	Active	NO

Name :

Mr. Ashish Jugalkishore Bhala

Designation :

Director

Address :

Mamata Hospital, Shivaji Statute Road, Jalna – 431203, Maharashtra, India

Date of Birth/Age :

25.03.1975

Qualification :

B.Com, DBM

Experience :

17 Years

Date of Appointment :

15.09.2008

PAN No.:

AHMPB3683K

DIN No. :

00171086

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	U70109WB1993PTC058194	NEVERLOOSE PROPERTIES AND INVESTMENT PRIVATE LIMITED	Director	17/09/2007	17/09/2007	04/10/2007	Active	NO
2	U27300MH2004PTC147506	SAPTASHRUNGI ALLOY PRIVATE LIMITED	Director	04/01/2008	04/01/2008	01/02/2009	Active	NO
3	U27101MH2002PTC135427	META ROLLS AND COMMODITIES PRIVATE LIMITED C/N	Director	15/09/2008	15/09/2008	-	Active	NO
4	U52190MH2009PTC190773	D B S COMMERCE PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
5	U45400MH2009PTC191152	A J B REALTIES PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
6	U80900MH2010NPL198574	RISHI VIDYA EDUCATIONAL FOUNDATION	Director	06/01/2010	06/01/2010	-	Active	NO
7	U74900MH2006PTC165860	SUNEEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	14/06/2011	02/04/2012	Active	NO
8	U27200MH2010PTC207037	KUBERLAXMI STEEL AND ALLOYS PRIVATE LIMITED	Director	25/09/2012	14/01/2012	-	Active	NO
9	U51109WB2007PTC119960	PARIJAT TIE-UP PRIVATE LIMITED	Director	10/02/2012	10/02/2012	25/05/2015	Active	NO

Name :

Mr. Pankajkumar Kesharchand Patodi

Designation :

Additional Director

Address :

C/O Smt Patodi Sangeeta Kesharchand H No. 114,, J.V.B. Hos. Society, Jai Vishwabharati Colony, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

07.04.1980

Qualification :

B.Com

Experience :

9 Years

Date of Appointment :

25.06.2014

DIN No. :

00302438

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	U27101MH2002PTC135427	META ROLLS AND COMMODITIES PRIVATE LIMITED C/N	Additional director	25/06/2014	01/12/2004	-	Active	NO
2	U27300MH2004PTC147506	SAPTASHRUNGI ALLOY PRIVATE LIMITED	Director	30/09/2015	11/04/2011	-	Active	NO
3	U28910MH2009PTC192313	ASTLAXMI RE-ROLLS JALNA PRIVATE LIMITED	Director	20/09/2012	19/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Baheti
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	81.30
Directors or relatives of Directors	18.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Trader of TMT Rebars and Steel Billets. (Confirmed by management)

Products :

Item Code No.	Product Description
72249091	MS Billets

Brand Names :

METAROLL 500
METAROLL 500D
RAJURI 500
RAJURI 500D

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Raw Material

Countries :

Saudi Arabia
United Arab Emirates
United Kingdom
United States of America

Terms :

Selling :

Cash , Credit (Advance or 2-3 Days) (30-45 Days)

Purchasing :

L/C, Cash, Credit (90 Days)

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Wholesalers, End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Approximately 428 (In Office : 47, In Factory : 381)

Bankers :

Bank Name 1	Bank of India (Pune Mid Corporate Branch)
Branch	1162/6, Shivaji Nagar, University Road, Pune-411005, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-20-25510394 (Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Rs. 763.800 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Bank Name 2	Janata Sahakari Bank Limited
Branch	Pune, Bagga Chember, Opposite of Aakashwani Kendra, Jalna Road, Aurangabad-431001, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-240-2364545
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Rs. 295.200 Million
Account Operation	Not Available
Remarks (If any)	Concern Person is on leave till 2 week.

Syndicate Bank (Railway Station Road Branch), Sarada Arcade, Dr. Bhapkar Marg, Friends Colony, Aurangabad-431001, Maharashtra, India

Credit Limit : Rs. 214.000 Million

Bank of India Mid Corporate Branch, 1162/6, Near Hardikar Hospital, University Road, Shivaji Nagar, Pune - 411005, Maharashtra, India

State Bank of India, Industrial Finance Branch, Jaggi's Building, Kranti Chowk, Aurangabad - 431005, Maharashtra, India

Small Industries Development Bank of India, 1st Floor, Jeevan Suman Building, N-5, CIDCO, Aurangabad, Aurangabad - 431003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans from Banks		142.951
Other Loans and advances		0.256
SHORT TERM BORROWINGS
Term loans from Banks		241.257
Total	NA	384.465

Auditors :

Name :

S.M. Bangad and Company

Chartered Accountants

Address :

1st Floor, Tapadia Terraces, Adalat Road, Aurangabad-431005, Maharashtra, India

Tel. No.:

91-240-2328467, 2333140

Fax No.:

91-240-6608875

E-Mail :

nitin_bangad@rediffmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

AAMFS9561J

Memberships :

Collaborators :

Other Related Parties (As on 31.03.2014) :

Mammadevi Steel Alloys Private Limited

CIN No.: U30009MH2004PTC150226

Saptrishi Suppliers Private Limited

CIN No.: U51109WB1996PTC078624

Associates/Subsidiaries (Confirmed by the management) :

Name :	Rajuri Steels Private Limited
Address :	F-12, MIDC, Jalna-431203, Maharashtra, India
Line of Business :	Manufacturing of TMT Bars and Other Steel Products

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

7,500,000	Equity Shares	Rs.10/- each	Rs. 750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2,346,767	Equity Shares	Rs.10/- each	Rs. 23.467 Million

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 71.801 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	71.801	71.301	38.551
(b) Reserves & Surplus	601.494	446.415	204.671
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	168.000
Total Shareholders’ Funds (1) + (2)	673.295	517.716	411.222

(3) Non-Current Liabilities
(a) long-term borrowings	641.036	303.580	76.762
(b) Deferred tax liabilities (Net)	17.125	25.646	13.930
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	658.161	329.226	90.692

(4) Current Liabilities
(a) Short term borrowings	282.280	241.257	129.941
(b) Trade payables	267.951	168.362	83.118
(c) Other current liabilities	159.340	109.168	60.864
(d) Short-term provisions	25.907	14.503	9.851
Total Current Liabilities (4)	735.478	533.290	283.774

TOTAL	2066.934	1380.232	785.688

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	959.872	378.541	209.982
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.946	514.246	92.936
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.924	6.538	6.539
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.508	1.258	1.220
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	983.250	900.583	310.677

(2) Current assets
(a) Current investments	29.902	10.962	9.037
(b) Inventories	422.684	142.027	150.886
(c) Trade receivables	435.940	221.602	259.018
(d) Cash and cash equivalents	49.269	70.304	26.920
(e) Short-term loans and advances	145.889	34.754	29.150
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1083.684	479.649	475.011

TOTAL	2066.934	1380.232	785.688

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income
		Other Income
		TOTAL (A)	3626.275	2444.122	2354.579

Less	EXPENSES
		Cost of Materials Consumed	2681.808	1958.295
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(129.291)	(35.695)
		Employees benefits expense	36.358	15.855
		Other expenses	862.831	419.200
		Prior Period income / (Loss)	0.000	0.648
		TOTAL (B)	3451.706	2358.303	2286.080

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		174.569	85.819	68.499

Less	FINANCIAL EXPENSES (D)		98.409	26.468	12.984

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		76.160	59.351	55.515

Less/ Add	DEPRECIATION/ AMORTISATION (F)		46.281	19.186	9.841

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		29.879	40.165	45.674

Less	TAX (H)		(1.901)	20.959	15.151

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		31.780	19.206	30.523

	Earnings / (Loss) Per Share (Rs.)		13.38	13.01	23.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	255.533	(0.389)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Total Income)	(%)	0.88	0.79	1.30

Operating Profit Margin (PBIDT/ Total Income)	(%)	4.81	3.51	2.91

Return on Total Assets (PBT/Total Assets}	(%)	1.46	4.67	6.66

Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.11

Debt Equity Ratio (Total Debt /Networth)		1.37	1.05	0.50

Current Ratio (Current Asset/Current Liability)		1.47	0.90	1.67

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	38.551	71.301	71.801
Reserves & Surplus	204.671	446.415	601.494
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	168.000	0.000	0.000
Net worth	411.222	517.716	673.295

long-term borrowings	76.762	303.580	641.036
Short term borrowings	129.941	241.257	282.280
Total borrowings	206.703	544.837	923.316
Debt/Equity ratio	0.503	1.052	1.371

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2354.579	2444.122	3626.275
		3.803	48.367

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2354.579	2444.122	3626.275
Profit	30.523	19.206	31.780
	1.30%	0.79%	0.88%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

Note:

The Registered office of the company has been shifted Mamta Hospital Complexshivaji Statute Jalna – 431203, Maharashtra, India to the present address w.e.f. 28.04.2006

REVIEW OF OPERATION:

In FY 2013-14 the global economy showed signs of recovery with growth in demand from the developed countries in the second half of the year. Emerging markets including India had to face multiple challenges of rising current account deficit, depreciation of the local currency and additional pressure due to capital inflows. It's a project phase this year.

Despite domestic challenges, Meta Rolls continued its growth path. The company achieved a record revenue of Rs. 2444.122 Million, as compared to the previous year’s figures of Rs. 2354.579 Millions. The company has earned Cash Profit of Rs. 59.999 Million as compared to previous year’s cash profit of Rs. 54.561 Million. The company has earned a Profit before taxation of Rs. 40.812 Million as compared to the previous year Profit of Rs. 44.720 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10538071	17/12/2014	30,000,000.00	Bank of India MID Corporate Branch	1162/6, Near Hardikar Hospital, University Road, Shivaji nagar., Pune, Maharashtra - 411005, INDIA	C37743887
2	10501561	13/05/2014	613,000,000.00	Bank of India Pune Mid Corporate Branch	MID CORPORATE BRANCH, at 1162/6, Shivajinagar University Road, PUNE, Maharashtra - 411005, INDIA	C05939863
3	10501546	18/03/2015 *	660,000,000.00	Bank of India Pune Mid Corporate Branch	Mid Corporate Branch, at 1162/6, Shivajinagar University Road, PUNE, Maharashtra - 411005, INDIA	C47270566
4	10484698	22/02/2014	15,000,000.00	Bank of India MIDCORP BRANCH	Near Hardikar Hospital, 1162/6, SHIVAJINAGAR, Pune, Maharashtra - 411005, INDIA	C00443499
5	10397176	13/12/2012	180,000,000.00	Bank of India Mid Corp Branch	1162/6, Near Hardikar Hospital, University Road, Shivaji Nagar, Pune, Maharashtra - 411005, INDIA	B65958498
6	10331037	16/01/2012	390,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, JAGGI'S BUILDING, KRA NTI CHOWK, AURANGABAD, Maharashtra - 431005, INDIA	B30330930
7	10332462	13/01/2012	390,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, JAGGI'S BUILDING, KRA NTI CHOWK, AURANGABAD, Maharashtra - 431005, INDIA	B30783971
8	10188247	13/12/2012 *	380,000,000.00	Bank of India Mid Corp Branch	1162/6,Shivaji Nagar Near Hardikar Hospital, University Road,Shivaji Nagar,, Pune, Maharashtra - 411005, INDIA	B65960981

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Intercorporate deposits	NA	121.783
Loans and advances from related parties	NA	38.590
Total	NA	160.373

FIXED ASSETS

Land
Buildings
Office building
Factory building
Plant and equipment
Factory equipments
Other plant and equipment
Furniture and fixtures
Office equipment
Computer equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	TRI

Report Prepared by :	JYTK

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		47

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

INDEX OF CHARGES

Unit