MIRA INFORM REPORT

Report No. :	308806
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	SHYAM METALICS AND ENERGY LIMITED (w.e.f. 05.01.2010)

Formerly Known As :	SHYAM D R I POWER LIMITED

Registered Office :	"Trinity Tower", 83 Topsia Road, 7^th Floor, Kolkata – 700046, West Bengal

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	11.12.2002

Com. Reg. No.:	21-095491

Capital Investment / Paid-up Capital :	Rs.384.668 Millions

CIN No.: [Company Identification No.]	U40101WB2002PLC095491

TAN No.: [Tax Deduction & Collection Account No.]	CALS18182D

PAN No.: [Permanent Account No.]	AAHCS5841D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter of Sponge Iron, Billets, Thermo-Mechanically treated steel bars and Ferro Alloys.

No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1100000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having fine track. Management of the company has failed to file its latest financial with the government department for FY 2014. Mr. Vikas Jain (Finance Head) has provided general information and denied to disclose financial details to us. As per indirect source available to us (i.e. crisil), we found that profit margin of the company is fair during FY 2014. The rating also takes into consideration good liquidity position of the company during FY 2013. Trade relations are reported as fair. Business is active. Payments 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 rating: (A-)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	26.12.2014

Rating Agency Name	CRISIL
Rating	Short term rating: (A2)
Rating Explanation	Strong degree of safety and low credit risk.
Date	26.12.2014

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

Name :	Mr. Vikas Jain
Designation :	Finance Head
Contact No.:	91-9007813851
Date :	19.02.2015

LOCATIONS

Registered Office:	"Trinity Tower", 83 Topsia Road, 7^th Floor, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-40164001
Mob. No.	91-9007813851 (Mr. Vikas Jain)
Fax No.:	91-33-40164025
E-Mail :	cs@shyamgroup.com seltmt@shyamgroup.com sel.tmt@shyamngroup.com shyam_sel@rediffmail.com info@shyamgroup.com

Corporate Office:	“Viswakarma”, 86 C, Topsia Road, 1^st Floor, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-40113000
Fax No.:	91-33-22852212

Factory :	Villa Pandler, P.O. Lapanga, District Sambalpur – 768212, Orissa, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Brij Bhushan Agrawal
Designation :	Managing director
Address :	3-B, Ashoka Road, 2^nd Floor, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	13.09.1972
Date of Appointment :	11.12.2002
PAN No.:	ACGPA0365A
DIN No.:	01125056

Name :	Mr. Bajrang Lal Agarwal
Designation :	Director
Address :	CA – 54, Sector – I, Salt Lake City, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	20.01.1951
Date of Appointment :	14.08.2010
PAN No.:	ACWP3142K
DIN No.:	00235978

Name :	Mr. Sanjay Agarwal
Designation :	Director
Address :	CA – 54, Sector – I, Salt Lake City, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	27.03.1976
Date of Appointment :	11.12.2002
PAN No.:	AJHPA0837H
DIN No.:	00232938

Name :	Mr. Deepak Kumar Agarwal
Designation :	Whole-time Director
Address :	33A, Chandra Nath Chatterjee Street,, Flat-1a, North Block, Kolkata – 700025, West Bengal, India
Date of Birth/Age :	06.01.1974
Date of Appointment :	14.07.2014
PAN No.:	ADBPA4042Q
DIN No.:	00560010

Name :	Mr. Bhagwan Shaw
Designation :	Director
Address :	Tapoban, Block – H, 31, L B L Township, Kolkata – 700081, West Bengal, India
Date of Birth/Age :	20.01.1973
Date of Appointment :	07.03.2013
PAN No.:	ASIPS4461P
DIN No.:	03419298

Name :	Mr. Kiran Vimal Agarwal
Designation :	Director
Address :	Vimal Sadan, Opposite Ketav Auto Service Station, Dr. V S Road, Ambawadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	18.04.1967
Date of Appointment :	30.09.2014
DIN No.:	00424400

Name :	Mr. Dev Kumar Tiwari
Designation :	Director
Address :	Saraswati Vihar, Ambika Nagar, P.O Ainthapali, Sambalpur – 768004, Orissa, India
Date of Birth/Age :	01.01.1971
Date of Appointment :	10.04.2009
PAN No.:	ADKPT0309E
DIN No.:	02432511

KEY EXECUTIVES

Name :	Mr. Vikas Jain
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Bajrang Lal Agarwal	500
Sanjay Kumar Agarwal	1500
Mahabir Prasad Agarwal	500
Brij Bhushan Agarwal	3980500
Mittu Agarwal	500
Conventary Commodeal (Private) Limited, India	858000
Dorite Tracon (Private) Limited, India	1872000
Kalpataru House Fin. And Trading Private Limited, India	1359000
Narantak Dealcomm Limited	1375000
Subham Capital Private Limited	6736367
Shaily Sales And Services Private Limited, India	1301500
Subham Buildwell Private Limited, India	14519450
Pitamber Commercial Company Private Limited, India	5213000
Gulmohar Complex Private Limited, India	570000
Avam Trades and Services Private Limited, India	58400

Total	37846217

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	89.64
Directors or relatives of Directors	10.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sponge Iron, Billets, Thermo-Mechanically treated steel bars and Ferro Alloys.

Products / Services :

Item Code No.	Product Description
72021900	Ferro Manganese
72141090	TMT Bars
72071920	Billets
72031000	Sponge Iron

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

Korea
Taiwan
Nepal

Imports :

Products :

Raw Material

Countries :

Australia
South Africa
China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers
Retailers
End Users

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

No. of Employees :

2000 (Approximately)

Bankers :

ABN Amro Bank N.V.DLF Centre, Sansad Marg, New Dlehi - 110001, West Bengal, India
Union Bank of India, Industrial Finance Branch, 1/1, Camac Street, 1st Floor, Kolkata - 700016, West Bengal, India
HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loan	31.03.2013 Rs. in Millions	31.03.2012 Rs. in Millions
Long-term Borrowings
Rupee term loans from banks	402.474	590.254
Foreign currency term loans from banks	2594.912	2630.334
Long-term maturities of finance lease obligations	0.248	2.077

Short-term borrowings
Loans repayable on demand from banks	752.711	44.718
Other loans and advances, others	655.957	627.942
Working capital loans from banks	678.083	646.603

Total	5084.385	4541.928


Auditors :
Name :	S.K .Patodi and Company Chartered Accountants
Address :	8 / 1 B, Chowringhee Lane, 4^th Floor , Kolkata – 700016, West Bengal, India
PAN No.:	ACCFS1217P

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary Company:	Shyam Minimet Africa Private Limited

Joint Venture Company:	MJSJ Coal Limited, India [U10200OR2008GOI010250]

Associate Company:	Subhlabh Commercial Private Limited, India [U51909WB1996PTC076966] Shyam Sel and Power Limited Avam Trades and Services Private Limited, India [U51109WB1991PTC051255] Vedansh Mineral and Metals Private Limited Meghana Vyapar Private Limited, India [U51909WB1995PTC075497]

Enterprise over which key management personnel and/or their relatives have significant influence:	Conventary Commdeal Private Limited, India [U51109WB1994PTC064130] Dorite Tracon Private Limited, India [U51909WB1995PTC070771] Kalinga Energy and Power Limited, India [U40105OR2007PLC009567] Kalinga Infra-Projects Limited, India [U45201OR2008PLC010323] Shyam Energy Limited, India [U40102WB2002PLC094303] Shyam Solar Appliances Private Limited, India [U40106WB2008PTC126637] Inforev Software Private Limited, India [U72900WB2004PTC099459] Narantak Dealcomm Limited, India [U67120WB1994PLC064811] Puri Port Limited Shaily Sales and Services Private Limited, India [U51109WB1995PTC069472] Subham Buildwel Private Limited, India [U70101WB2007PTC117530] Shyam Ferro Alloys Limited, India [U27109WB1995PLC071548] Eskay Business Private Limited Toplight Mercantile Private Limited Ponni Trexim Private Limited, India [U51109WB1994PTC063946] Shyam Emco Infrastructure Limited Subham Capital Private Limited, India [U51909WB1994PTC066014] Shyam Century Cement Industries Limited Kalpataru Housefin Private Limited Essel Plywood Private Limited Shyam Business Solution Private Limited Shyam Greenfield Developers Private Limited Swarnrekha Energy and Steel Private Limited Whispering Developers Private Limited Gandhini Housing Private Limited Gumla Alumunium Private Limited Shyam Century Multi Projects Limited Sindbad Hydro Power Private Limited Eureka Hydro Power Private Limited Goodlife Hydro Power Private Limited Britasia Hydro Power Private Limited Renaissance Hydro Power Private Limited

CAPITAL STRUCTURE

After as on 30.09.2014

Authorized Capital: Rs. 734.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 434.895 Millions

AS ON 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount

73400000	Equity Shares	Rs.10/- each	Rs.734.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

37846217	Equity Shares	Rs.10/- each	Rs.378.462 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	384.668	338.443	316.443
(b) Reserves & Surplus	4467.958	3740.212	3240.481
(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)	4852.626	4078.655	3556.924

(3) Non-Current Liabilities
(a) long-term borrowings	2997.634	3222.665	2111.441
(b) Deferred tax liabilities (Net)	227.037	142.543	103.215
(c) Other long term liabilities	365.122	79.809	13.098
(d) long-term provisions	8.521	8.670	6.090
Total Non-current Liabilities (3)	3598.314	3453.687	2233.844

(4) Current Liabilities
(a) Short term borrowings	2086.751	1319.263	1586.041
(b) Trade payables	608.925	539.192	539.004
(c) Other current liabilities	1287.014	1084.240	836.546
(d) Short-term provisions	50.094	60.682	15.625
Total Current Liabilities (4)	4032.784	3003.377	2977.216

TOTAL	12483.724	10535.719	8767.984

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5624.817	4100.586	3408.645
(ii) Intangible Assets	0.080	0.127	0.009
(iii) Capital work-in-progress	1102.586	1315.784	872.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	567.149	544.855	517.618
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	335.651	458.479	389.907
(e) Other Non-current assets	0.115	16.985	1.406
Total Non-Current Assets	7630.398	6436.816	5189.685

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2112.554	1882.092	1806.992
(c) Trade receivables	832.344	757.355	895.982
(d) Cash and cash equivalents	604.763	326.679	160.219
(e) Short-term loans and advances	1266.953	1077.216	700.232
(f) Other current assets	36.712	55.561	14.874
Total Current Assets	4853.326	4098.903	3578.299

TOTAL	12483.724	10535.719	8767.984

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	7328.088	6779.633	4974.639
	Other Income	161.337	82.744	110.815
	TOTAL	7489.425	6862.377	5085.454

Less	EXPENSES
	Cost of Materials Consumed	5187.664	4736.882	3426.934
	Purchases of Stock-in-Trade	71.807	175.287	234.885
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.360	(129.286)	(283.546)
	Employees benefits expense	190.226	188.465	172.941
	Other expenses	603.767	722.050	489.111
	TOTAL	6054.824	5693.398	4040.325

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1434.601	1168.979	1045.129

Less	FINANCIAL EXPENSES	396.013	312.772	253.375

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1038.588	856.207	791.754

Less	DEPRECIATION/ AMORTISATION	664.901	514.385	353.866

	PROFIT/ (LOSS) BEFORE TAX	373.687	341.822	437.888

Less	TAX	108.192	40.090	20.317

	PROFIT/ (LOSS) AFTER TAX	265.495	301.732	417.571

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1830.624	1528.892	1111.321

	Balance Carried to the B/S	2096.119	1830.624	1528.892

	Earnings / (Loss) Per Share (Rs.)	7.42	9.53	13.20

Particulars

31.03.2014

Net Sales

430.900

Profit After Tax

99.000

The above information has been parted by Mr. Vikas Jain (Finance Head)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.62	4.45	8.39

Operating Profit Margin (PBIDT/Sales)	(%)	19.58	17.24	21.01

Return on Total Assets (PBT/Total Assets}	(%)	3.46	3.94	5.93

Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.12

Debt Equity Ratio (Total Debt /Networth)		1.05	1.11	1.04

Current Ratio (Current Asset/Current Liability)		1.20	1.36	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

{{{{{ copy & paste table &

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	316.443	338.443	384.668
Reserves & Surplus	3240.481	3740.212	4467.958
Net worth	3556.924	4078.655	4852.626

long-term borrowings	2111.441	3222.665	2997.634
Short term borrowings	1586.041	1319.263	2086.751
Total borrowings	3697.482	4541.928	5084.385
Debt/Equity ratio	1.040	1.114	1.048

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	4974.639	6779.633	7328.088
		36.284	8.090

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	4974.639	6779.633	7328.088
Profit	417.571	301.732	265.495
	8.39%	4.45%	3.62%

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	Yes
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	No
34]	External Agency Rating, if available	Yes

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Claims against company not acknowledged as debt	91.972
Guarantees	162.954
Other money for which company is contingently liable	452.299
Total	707.225

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494689	28/02/2014	1,952,600,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	C04538237
2	10469342	20/12/2013	750,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST FLOOR, KOLKATA, WEST BENGAL - 700016, INDIA	B93206126
3	10448154	21/08/2013	320,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST FLOOR, KOLKATA, WEST BENGAL - 700016, INDIA	B84620996
4	10443455	16/08/2013	1,350,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B82307935
5	10393788	27/09/2013 *	4,457,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B86428091
6	10389344	27/11/2012	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B63104152
7	10389888	06/11/2012	1,140,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3^RD FLOOR,, KOLKATA, WEST BENGAL - 700071, INDIA	B63285589
8	10378945	24/09/2012	825,000,000.00	DBS BANK LTD.	4A, NANDLAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	B59052225
9	10382297	27/07/2013 *	290,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, WEST BENGAL - 700071, INDIA	B82167511
10	10373264	06/07/2012	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B56686868
11	10366643	28/06/2012	5,612,500,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B44221950
12	10360480	12/06/2012	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B41569385
13	10278114	28/03/2011	3,730,000,000.00	ORIENTAL BANK OF COMMERCE (LEAD BANK)	PARK STREET BRANCH,, 107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA	B09894239
14	10176362	19/08/2013 *	820,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, KOLKATA, 21, HEMANTA BASU SARANI, CENTRE POINT, 1ST FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA	B86193364
15	10173845	28/03/2013 *	2,641,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B75512087
16	10114036	27/09/2013 *	8,281,100,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B87764767
17	10018413	01/08/2006	700,000,000.00	ORIENTAL BANK OF COMMERCE LTD.	PARK STREET BRANCH, 107/1 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	A04189528
18	90256577	02/11/2007 *	664,200,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, MC LEOD HOUSE, 3, NETAJI SUBHAS ROAD,, KOLKATA, WEST BENGAL - 700001, INDIA	A26889279
19	90256503	03/11/2007 *	932,500,000.00	ORIENTAL BANK OF COMMERCE	PARK STREET BRANCH, 107/1 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	A29892890

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Motor vehicles

· Office equipment

· 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 records 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.62.25
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	SUM

Report Prepared by :	MTN

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	7
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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

Unit