MIRA INFORM REPORT

Report No. :	303859
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	SHRI RATHI STEEL LIMITED (w.e.f. 10.01.2002)
Formerly Known As :	STATIC HOLDING LIMITED
Registered Office :	Flat No. J-1/202, DDA Flats, Kalkaji, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.01.1992
Com. Reg. No.:	11-046954
Capital Investment / Paid-up Capital :	Rs. 94.500 Millions
CIN No.: [Company Identification No.]	U65993DL1992PLC046954
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS4554L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of M.S. Bars and Allied Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, profitability of the company seems to be low. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Term Loans: “BBB”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	LC/ BG Limits: “A3+”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	September, 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 DECLINED

MANAGEMENT NON-COOPERATIVE (Contact No.: 91-120-3291938)

LOCATIONS

Registered Office :	Flat No. J-1/202, DDA Flats, Kalkaji, New Delhi – 110019, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	2014compliances@gmail.com career@shrirathigroup.com
Website :	www.shrirathigroup.com
Corporate Office:	A-29, Sector-65, Noida, Uttar Pradesh, India
Tel. No.:	91-120-4744644
Fax No.:	91-120-4744699
Factory 1 :	Plot E, Phase III, UPSIDC Industrial Area Masuri- Gulawathi Road, Ghaziabad, Uttar. Pradesh, India
Tel. No.:	91-120-3291938-41
E-Mail :	purchase@shrirathigroup.com
Branch Offices :	Located At: · Delhi · Roorkee · Faridabad · Gurgaon · Rudarpur

DIRECTORS

As on 06.09.2014

Name :

Mr. Gopal Rathi

Designation :

Whole-Time Director

Address :

24, Sadhna Enclave, New Delhi- 110017, India

Date of Birth/Age :

26.05.1981

Qualification :

Bsc. (Hons) Business Studies

Date of Appointment :

19.12.2007

DIN No. :

00072755

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Whole-time director	19-12-2007	05-07-2001	-	Active	NO
2	U65921DL1992PTC047365	COMERO LEASING AND FINANCIALS PRIVATE LIMITED	Director	28-06-2003	28-06-2003	-	Active	NO
3	U74899DL2001PTC109803	AAKARSHAN EXPORTS PRIVATE LIMITED	Director	30-01-2004	30-01-2004	-	Active	NO
4	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	30-09-2004	30-09-2004	-	Active	NO
5	U70109DL2006PTC149346	DHRUV REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	31-05-2006	31-05-2006	-	Active	NO
6	U74899DL2005PTC143442	INDIGO ADVERTISING PRIVATE LIMITED	Director	24-06-2008	24-06-2008	-	Active	NO
7	U51501DL2009PLC186703	RADHA MADHAV EXIM LIMITED	Director	03-11-2009	15-01-2009	-	Active	NO
8	U45201DL2006PTC146348	DIGVIJAY REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	30-09-2009	18-03-2009	09-12-2011	Active	NO
9	U51909DL2007PTC158856	HANUMAN TRADELINK PRIVATE LIMITED	Director	15-02-2010	15-02-2010	-	Active	NO
10	U51101DL2007PTC158796	MAA SANTOSHI TRADELINK PRIVATE LIMITED	Director	15-05-2012	15-05-2012	-	Strike off	NO
11	AAC-4317	TRADESEA XPORT LLP	Designated Partner	04-07-2014	04-07-2014	-	Active	NO

Name :

Mr. Anil Kumar Rathi

Designation :

Director

Address :

24, Sadhna Enclave, New Delhi – 110017, India

Date of Birth/Age :

28.12.1955

Qualification :

B. Com. (Hons)

Date of Appointment :

05.07.2001

DIN No. :

00072761

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Director	05-07-2001	05-07-2001	-	Active	NO
2	U51311DL2004PTC125324	DIGVIJAY EXIM PRIVATE LIMITED	Director	22-03-2004	22-03-2004	19-05-2009	Active	NO
3	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	30-09-2004	30-09-2004	-	Active	NO
4	U29248DL2013PTC250790	ASHTMURTI EXIM PRIVATE LIMITED	Director	23-08-2014	23-08-2014	-	Active	NO
5	AAC-4317	TRADESEA XPORT LLP	Designated Partner	04-07-2014	04-07-2014	-	Active	NO

Name :

Mr. Dhruv Rathi

Designation :

Director

Address :

24, Sadhna Enclave, New Delhi – 110017, India

Date of Birth/Age :

29.08.1982

Qualification :

MBA

Date of Appointment :

08.08.2003

DIN No. :

00072762

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Director	08-08-2003	08-08-2003	-	Active	NO
2	U51311DL2004PTC125324	DIGVIJAY EXIM PRIVATE LIMITED	Director	22-03-2004	22-03-2004	19-05-2009	Active	NO
3	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	30-09-2004	30-09-2004	-	Active	NO
4	U45201DL2006PTC146348	DIGVIJAY REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	06-07-2006	06-07-2006	18-03-2009	Active	NO
5	U70109DL2006PTC149346	DHRUV REAL ESTATE DEVELOPERS PVT. LTD.	Director	31-05-2007	31-05-2007	-	Active	NO
6	U32109DL2004PTC126063	VAP ELECTRONICS PRIVATE LIMITED	Director	30-09-2008	20-08-2007	-	Active	NO
7	U28994DL1998PTC093445	NOIDA HARDWARE PRIVATE LIMITED	Director	30-09-2008	21-03-2008	-	Active	NO
8	U74899DL2005PTC143442	INDIGO ADVERTISING PRIVATE LIMITED	Director	24-06-2008	24-06-2008	-	Active	NO
9	U70102DL2009PTC195992	SEEMA INFRATECH PRIVATE LIMITED	Additional director	04-03-2013	04-03-2013	-	Active	NO
10	U29248DL2013PTC250790	ASHTMURTI EXIM PRIVATE LIMITED	Director	23-08-2014	23-08-2014	-	Active	NO
11	AAC-4317	TRADESEA XPORT LLP	Designated Partner	04-07-2014	04-07-2014	-	Active	NO

Name :

Mr. Bipin Behari Srivastava

Designation :

Additional Director

Address :

D-102, Plot No. 6, Mayurdhwaj Appt., I.P. Extn., Patparganj, New Delhi – 110092, India

Date of Birth/Age :

17.08.1953

Date of Appointment :

22.07.2013

DIN No. :

06655851

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2014

Names of Shareholders	No. of Shares
Anil Rathi	194000
Anil Rathi (HUF)	203000
Gopal Rathi	1107225
Dhruv Rathi	1093225
Asimit Exports Private Limited, India	875000
Urmil Rathi	1197750
KCM Leasing and Finance Private Limited, India	120000
Shri Sindhu Swarna Investment Private Limited, India	630000
Murli Manohar Trade Private Limited, India	1150000
Radhey Tradelink Private Limited, India	950000
Neelkanth Tradelink Private Limited, India	1225000
Indigo Advertising Private Limited, India	504800
VAP Electronics Private Limited, India	200000
Total	9450000

As on 06.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	60.00
Directors or relatives of Directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of M.S. Bars and Allied Products.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

· NBCC

· NTPC

· Delhi Metro Rail Corporation

· Airport Authority of India Limited

· DLF Group

· Gammon India Limited

· Gannon Dunkerley and Company Limited

· Larsen and Toubro Limited

· Unitech

· Sahara India

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Corporation Bank, M-41, Connaught Circus, New Delhi - 110001, India

· Bank of Baroda, MID Corporate Branch, New Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	3.945	0.926
SHORT TERM BORROWINGS
Rupee term loans from banks	1.411	12.198
Total	5.356	13.124

NOTE

LONG TERM BORROWINGS

Car loan is secured by hypothecation of Vehicles mortgaged thereunder. All car loans are repaid as per different payment schedule

SHORT TERM BORROWINGS

(a) Working Capital Facilities from Corporation Bank are secured by hypothecation of entire inventory and book debts of the company on pari passu basis with bank of baroda and second charge on all past, present and future immovable fixed assets of the Company on pari passu basis with bank of Baroda. These are further secured by collateral security in the shape of commercial land and building and corporate gaurantee of Aakarshan Exports (Private) Limited on pari passu basis with bank of baroda and by personal guarantee of three Directors of the Company.

(b) Working Capital Facilities from Bank of Baroda are secured by first pari passu charge by way of hypothecation of inventory and book debts of the company with corporation bank.It is further secured by second charge on pari passu basis on all fixed assets of the Company with corporation bank and first pari passu charge by way of equitable mortgage on commercial land and building and corporate gaurantee of Aakarshan Exports (Private) Limited with corporation bank. It is further secured by personal guarantee of three Directors of the Company.

Banking Relations :	--
Financial Institution :	Uttar Pradesh Financial Corporation, 14/88, Civil Lines, Kanpur - 208001, Uttar Pradesh, India
Auditors :
Name :	A . K . Maheshwari and Associates Chartered Accountants
Address :	Suite No. 4G, Uppals' M6 Plazajasola District Centre, Jasola, New Delhi – 110025, India
Income-tax PAN of auditor or auditor's firm :	AYDPM1409J
Memberships :	--
Collaborators :	--
Associates :	· VAP Electronics Private Limited CIN No.: U32109DL2004PTC126063 · Radha Madhav Exim Limited CIN No.: U51501DL2009PLC186703
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Shri Rathi Steel (Dakshin) Limited CIN No.: U74899DL1992PLC050960 · Indigo Advertising Private Limited · Aakarshan Export Private Limited

CAPITAL STRUCTURE

As on 06.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9,750,000	Equity Shares	Rs.10/- each	Rs. 97.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,450,000	Equity Shares	Rs.10/- each	Rs. 94.500 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	94.500	94.500	94.500
(b) Reserves & Surplus	135.268	117.456	103.106
(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)	229.768	211.956	197.606
(3) Non-Current Liabilities
(a) Long-term borrowings	147.741	137.167	156.171
(b) Deferred tax liabilities (Net)	20.248	19.101	15.658
(c) Other long term liabilities	1.252	0.251	0.252
(d) Long-term provisions	1.847	1.782	1.405
Total Non-current Liabilities (3)	171.088	158.301	173.486
(4) Current Liabilities
(a) Short term borrowings	371.297	334.891	321.878
(b) Trade payables	337.347	319.530	127.862
(c) Other current liabilities	110.649	102.270	92.002
(d) Short-term provisions	16.814	12.756	19.567
Total Current Liabilities (4)	836.107	769.447	561.309
TOTAL	1236.963	1139.704	932.401
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	167.846	195.684	175.741
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.656	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.609	5.109	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.512	10.379	7.157
(e) Other Non-current assets	3.902	2.171	11.162
Total Non-Current Assets	198.525	213.343	194.060
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	243.863	202.071	167.105
(c) Trade receivables	677.113	615.848	449.242
(d) Cash and cash equivalents	20.865	24.282	14.595
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	96.597	84.160	107.399
Total Current Assets	1038.438	926.361	738.341
TOTAL	1236.963	1139.704	932.401

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4468.679	4306.391	3692.126
		Other Income	13.370	8.679	7.105
		TOTAL (A)	4482.049	4315.070	3699.231
Less	EXPENSES
		Cost of Materials Consumed	3353.611	3419.497	2575.934
		Purchases of Stock-in-Trade	767.427	538.824	788.943
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.750)	(43.052)	(1.124)
		Employees benefits expense	34.285	27.372	29.558
		Other expenses	210.684	251.680	203.352
		Prior Period Items	0.144	0.247	0.000
		Exceptional Items	9.806	3.872	1.889
		TOTAL (B)	4375.207	4198.440	3598.552
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		106.842	116.630	100.679
Less	FINANCIAL EXPENSES (D)		31.283	48.571	41.247
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.559	68.059	59.432
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.942	31.974	31.757
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		41.617	36.085	27.675
Less	TAX (H)		12.822	10.789	9.255
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		28.795	25.296	18.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.456	35.606	31.172
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.500	2.500
		Interim Dividend	4.725	4.725	0.467
		Proposed Dividend	4.725	4.725	9.450
		Dividend Distribution Tax	1.533	1.496	1.569
	BALANCE CARRIED TO THE B/S		62.768	47.456	35.606
	EARNINGS IN FOREIGN CURRENCY		229.140	164.127	21.974
	Earnings / (Loss) Per Share (Rs.)		3.05	2.68	2.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.64	0.59	0.50
Operating Profit Margin (PBDIT/Sales)	(%)	2.39	2.71	2.73
Return on Total Assets (PBT/Total Assets}	(%)	3.41	3.18	2.97
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.14
Debt Equity Ratio (Total Debt/Networth)		2.26	2.23	2.42
Current Ratio (Current Asset/Current Liability)		1.24	1.20	1.32

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	94.500	94.500	94.500
Reserves & Surplus	103.106	117.456	135.268
Net worth	197.606	211.956	229.768
long-term borrowings	156.171	137.167	147.741
Short term borrowings	321.878	334.891	371.297
Total borrowings	478.049	472.058	519.038
Debt/Equity ratio	2.419	2.227	2.259

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	3692.126	4306.391	4468.679
		16.637	3.769

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	3692.126	4306.391	4468.679
Profit	18.420	25.296	28.795
	0.50%	0.59%	0.64%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10416640	14/03/2013	40,000,000.00	CORPORATION BANK	M-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B72254642
2	10369900	15/06/2012	22,500,000.00	CORPORATION BANK	M-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B45440641
3	10218739	30/07/2012 *	200,526,000.00	BANK OF BARODA	TOWER-2, STELLAR IT PARK, C-25, SECTOR-62, NOIDA, UTTAR PRADESH - 201301, INDIA	B45225976
4	10219279	29/03/2014 *	430,000,000.00	z		C11442191
5	10151083	27/03/2009	200,000,000.00	BANK OF BARODA	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A60219961
6	10012685	31/05/2006	441,480.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	A02293769
7	80009607	19/05/2008 *	144,200,000.00	CORPORATION BANK	M-41,CONNAUGHT CIRCUS BRANCH, NEW DELHI, DELHI - 110001, INDIA	A39099254

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from others	143.796	136.242
SHORT TERM BORROWINGS
Working capital loans from banks	369.886	322.692
Total	513.682	458.934

CHANGE OF ADDRESS

The registered office of the company has been shifted from F-55/D, GTB Enclave, New Delhi-110093, India to the present address w.e.f. 22.07.2013.

BUSINESS OPERATIONS OVERVIEW AND OUTLOOK:

During the year, turnover achieved was higher by 3.76% from Rs. 4306.400 Millions to Rs. 4468.600 Millions during 2012-13, owing to diversified product portfolio and wider market reach. Operating profit (profit before tax) has also increased by 15.33% from Rs. 36.085 Millions to Rs. 41.616 Millions during the year.

The Directors remain confident that strong demand across various housing standards and tremendous demand from infrastructure sector would keep driving future of the sector, in which your company operates and we shall remain motivated to scale up for growth and minimize cost for higher profits.

Company efforts to create niche identity for self among industry has been well received in the market. Privately held brands namely Eurotherm 500, and Eurotherm 500+, co used by us with our Associate Company and Mera Steel, a customized product for end users is well acknowledged in the market.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
A (i)Demands raised and disputed towards Excise/ Service Tax	74.410	61.704
(ii)Demands raised and disputed towards Sales Tax/VAT	172.496	220.259
(iii)Demands raised and disputed towards Entry Tax	30.667	21.339
(iv)Demands raised and disputed towards Income Tax	1.099	1.099
Total	278.672	304.401

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· 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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		46

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.