MIRA INFORM REPORT

Report No. :	331293
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	AMBICA STEELS LIMITED

Registered Office :	C-54/1, Mezzanie Floor, Wazirpur Industrial Area, New Delhi - 110052
Tel. No.:	91-11-47034400

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.07.1970

Com. Reg. No.:	55-005345

Capital Investment / Paid-up Capital :	Rs. 116.358 Million

CIN No.: [Company Identification No.]	U27109DL1970PLC005345

TAN No.: [Tax Deduction & Collection Account No.]	DELA13737D

PAN No.: [Permanent Account No.]	AAACA9942Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of steel products, Iron, steel, steel metal products, tools, electrical and mechanical machines, sugar, cotton, oil seeds machinery and fittings.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2750000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company incorporate during the year 1970. It has a fine track record. For the financial year ended 2014, the company has strong operational activities along with decent sales turnover and good profitability margin. However, the rating reflects company’s long business track record along with strong financial risk profile backed by upstanding net worth position and good trade receivables. Trade relations are reported as fair. Payments terms are regular. In view of aforesaid, 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 – 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

NOT AVAILABLE

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 31-03-2013.

LOCATIONS

Registered Office :	C-54/1, Mezzanie Floor, Wazirpur Industrial Area, New Delhi - 110052, India
Tel. No.:	91-11-47034400 (30 lines)
Fax No.:	91-11-47034450
E-Mail :	info@ambicasteels.com agupta@ambicasteels.com dgupta@ambicasteels.com sudhirgarg@ambicasteels.com
Website :	http://www.ambicasteels.com

Factory 1 / Melting, Refining and Casting Division:	Plot no.51/2, Site – 4, UPSIDC Industrial Area, Sahibabad – 201010, District Ghaziabad, Uttar Pradesh, India.
Tel. No.:	91-120-4189300 (30 lines)
Fax No.:	91-120-4189399

Factory 2 :	Plot No. 32, Site-2, Loni Road, Industrial Area, Mohan Nagar, Ghaziabad – 201007, Uttar Pradesh, India.
Tel. No.:	91-120-4189200 (30 lines)
Fax No.:	91-120-4189222

Factory 3 :	Plot No. 30, Site -4, UPSIDC Industrial Area, Sahibabad – 201010, District Ghaziabad, Uttar Pradesh, India.
Tel. No.:	91-120-4564585 (4 lines)

Godown 1 :	Plot No 935, Road No.10, Village Kalamboli Taluka Panvel, Distt. Raigad, Navi Mumbai, Maharashtra, India

Godown 2 :	Plot No. 845 G, Village Kalamboli Taluka Panvel, Distt. Raigad, Navi Mumbai, Maharashtra, India

Godown 3 :	A-13, Central Market, RBH Colony Bhiwadi, Rajasthan, India

Godown 4 :	G-642, Basni, Phase-II, Jodhpur - 342005, Rajasthan, India

Overseas Offices :	Located at: · Europe · Singapore · Hong Kong · China · Italy

DIRECTORS

AS ON 30.09.2014

Name :

Mrs.Seema Gupta

Designation :

Additional Director

Address :

H.No.9, East Avenue Road,, East Punjabi Bagh, Delhi - 110026, India

Date of Birth/Age :

09.05.1966

Date of Appointment :

20.03.2015

DIN No.:

01527894

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	U74899DL1985PLC020703	UPHAR STEELS LIMITED	Director	20/03/1998	20/03/1998	-	Active	NO
2	U27106DL2004PLC131284	AMBICA STAINLESS STEEL LIMITED	Director	15/12/2004	15/12/2004	29/12/2014	Active	NO
3	U70102DL2007PTC165431	SHRI GAJANAN DREAM LAND PRIVATE LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
4	U40106DL2013PTC260036	SUN SWITCH INDIA PRIVATE LIMITED	Director	07/11/2013	07/11/2013	-	Active	NO
5	U45400DL2007PTC169228	LOTUS DEVCON PRIVATE LIMITED	Director	29/12/2014	29/12/2014	-	Converted to LLP and dissolved	NO
6	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Additional director	20/03/2015	20/03/2015	-	Active	NO
7	AAD-5904	LOTUS DEVCON LLP	Designated Partner	21/03/2015	21/03/2015	-	Active	NO

Name :

Mr. Mahesh Gupta

Designation :

Whole-Time Director

Address :

Flat No. E - 302 Pearl Gateway Tower, Sector 44, Noida Gautam Budh Nagar - 201303, Uttar Pradesh, India

Date of Birth/Age :

30.03.1970

Qualification :

Graduate

Date of Appointment :

01.04.2013

PAN No.:

AAIPG5152D

DIN No.:

00009849

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	Company/ LLP Status	Defaulting status
1	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	02/05/1995	Active	NO
2	U40106DL2013PTC260036	SUN SWITCH INDIA PRIVATE LIMITED	Director	01/05/2014	01/05/2014	Active	NO
3	U37100DL2010PLC204397	WORLD METAL RECYCLING LIMITED	Additional director	29/12/2014	29/12/2014	Active	NO

Name :

Mr. Ajay Kumar

Designation :

Whole-Time Director

Address :

Tgb Meghdutam Plot No. F-21c, Flat No. Z-12 A, Sector 50, Noida Gautam Budh Nagar - 201301, Uttar Pradesh, India

Date of Birth/Age :

01.02.1964

Qualification :

Graduate

Date of Appointment :

01.04.2013

PAN No.:

ALSPK9944J

DIN No.:

00009973

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	Company/ LLP Status	Defaulting status
1	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	15/05/2000	Active	NO
2	U40106DL2013PTC260036	SUN SWITCH INDIA PRIVATE LIMITED	Director	01/05/2014	01/05/2014	Active	NO
3	U37100DL2010PLC204397	WORLD METAL RECYCLING LIMITED	Additional director	29/12/2014	29/12/2014	Active	NO

Name :

Mr. Satya Parkash Tyagi

Designation :

Whole-time director

Address :

F - 103, Alaknanda Appartments,, Rampuri, Gaziabad - 201010, Uttar Pradesh, India

Date of Birth/Age :

01.01.1960

Qualification :

Graduate

Date of Appointment :

01.04.2013

PAN No.:

ADTPT1485A

DIN No.:

01736605

Name :

Mr. Chander Parkash

Designation :

Managing director

Address :

H. No. 9, East Avenue Road, East Punjabi Bagh, New Delhi - 110026, India

Date of Birth/Age :

12.10.1960

Qualification :

Graduate

Date of Appointment :

29.07.2014

PAN No.:

ABLPC7455P

DIN No.:

01715253

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Managing director	29/07/2014	19/10/1999	-	Active	NO
2	U27106DL2004PLC131284	AMBICA STAINLESS STEEL LIMITED	Director	17/01/2005	17/01/2005	29/12/2014	Active	NO
3	U37100DL2010PLC204397	WORLD METAL RECYCLING LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
4	U74899DL1985PLC020703	UPHAR STEELS LIMITED	Director	22/07/2010	22/07/2010	-	Active	NO
5	U70102DL2007PTC165431	SHRI GAJANAN DREAM LAND PRIVATE LIMITED	Director	29/12/2014	29/12/2014	-	Active	NO

Name :

Mr. Pawan Kumar Gupta

Designation :

Director

Address :

C - 115 Block - C, Mahendru Enclave, Delhi - 110009, India

Date of Birth/Age :

24.02.1955

Date of Appointment :

29.08.2014

DIN No.:

06925758

KEY EXECUTIVES

Name :	Mr. Surjit Singh
Designation :	Secretary
Address :	41/3, 1st Floor, Paschim Puri, Delhi, 110063, India
Date of Appointment :	16.06.2014
PAN No.:	BNGPS2994M

Name :	Mr. Davesh Chander
Designation :	Chief Financial Officer
Address :	2/46, Roop Nagar, Delhi, 110007, India
Date of Appointment :	29.07.2014
PAN No.:	AAAPG4857F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Mahender Pal (HUF)	35450
Mahender Pal Gupta	96820
Seema Gupta	86900
Chander Prakash Gupta	333890
Chander Prakash (HUF)	34200
Anand Swarup Gupta	124600
Mahesh Gupta	51000
Ajay Kumar Singhal	20000
Uphar Steels Limited	102100
Futureplan Industrial Private Limited	77850
Ashish Bansal	1200
Swati Gupta	46290
Ramesh Kumar	4000
Suman Singhal	5000
Anand Gupta HUF	58020
Ajay Kumar and Sons HUF	5000
Sunita Singhal	8000
Richa Gupta	13000
Narender Mohan Gupta	17500
Anuj Singhal	8300
Abhinav Gupta	19000
Ankush Singhal	5360
M R Gupta and Sons HUF	100
Mahesh Gupta HUF	10000

Total	1163580

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	15.46
Directors or relatives of Directors	84.54

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of steel products, Iron, steel, steel metal products, tools, electrical and mechanical machines, sugar, cotton, oil seeds machinery and fittings.

Products :

ITC Code No.

Product Descriptions

7222

Other Bar and Rods of Stainless Steel, Angles, Shapes and Sections of Stainless Steel

Brand Names :

Agencies Held :

Exports :

Imports :

Terms :

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (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:	--

· Oriental Bank of Commerce, A-Block, Connaught Place, New Delhi – 110001, Delhi, India

· Bank of Baroda, Corporate Financial Services Branch, 16, Sansad Marg, New Delhi – 110001, Delhi, India

· Bank of Maharashtra, B – 29, Connaught Place, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan	215.909	143.394

SHORT TERM BORROWINGS
Foreign Currency Term loan from Others	1067.923	1109.683
Loans repayable on demand	422.803	0.000

Total	1706.635	1253.077

Banking Relations :	--

Auditors :
Name :	Rajindera K. Goel and Company Chartered Accountants
Address :	J 288, Ground Floor, Saket, New Delhi – 110017, India
Tel. No.:	91-11-26531642/29555354
Fax No.:	91-11-29555036
Income-tax PAN of auditor or auditor's firm :	AAEFR3835Q

Subsidiary company :	World Metal Recycling Limited, India (CIN: U37100DL2010PLC204397)

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Lotus Devcon Private Limited [U45400DL2007PTC169228] · Uphar Steels Limited [U74899DL1985PLC020703]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1200000	Equity Shares	Rs. 100/- each	Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1163580	Equity Shares	Rs. 100/- each	Rs. 116.358 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	116.358	116.358	116.358
(b) Reserves & Surplus	847.780	751.298	692.213
(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)	964.138	867.656	808.571

(3) Non-Current Liabilities
(a) Long-term borrowings	336.689	257.144	219.804
(b) Deferred tax liabilities (Net)	122.756	97.967	68.829
(c) Other long term liabilities	26.290	78.857	42.541
(d) long-term provisions	13.850	8.324	6.641
Total Non-current Liabilities (3)	499.585	442.292	337.815

(4) Current Liabilities
(a) Short term borrowings	1490.726	1109.683	1029.237
(b) Trade payables	298.235	247.446	362.647
(c) Other current liabilities	148.579	159.330	159.977
(d) Short-term provisions	18.220	9.923	13.322
Total Current Liabilities (4)	1955.760	1526.382	1565.183

TOTAL	3419.483	2836.330	2711.569

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1062.018	1005.566	721.842
(ii) Intangible Assets	0.987	1.618	1.712
(iii) Capital work-in-progress	0.000	0.000	184.744
(iv) Intangible assets under development	0.000	12.630	0.000
(b) Non-current Investments	21.263	21.263	21.263
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32.144	33.724	49.345
(e) Other Non-current assets	18.638	15.208	13.708
Total Non-Current Assets	1135.050	1090.009	992.614

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	797.384	679.864	649.900
(c) Trade receivables	896.293	729.306	789.830
(d) Cash and cash equivalents	164.313	100.698	102.106
(e) Short-term loans and advances	418.940	230.523	169.499
(f) Other current assets	7.503	5.930	7.620
Total Current Assets	2284.433	1746.321	1718.955

TOTAL	3419.483	2836.330	2711.569

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5327.534	4458.207	5075.572
		Other Income	24.373	19.854	17.664
		TOTAL (A)	5351.907	4478.061	5093.236

Less	EXPENSES
		Cost of Materials Consumed	3838.706	3397.032	3532.161
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(60.447)	(154.273)	217.051
		Employees benefits expense	163.123	112.537	80.766
		Other expenses	1043.960	817.775	850.453
		TOTAL (B)	4985.342	4173.071	4680.431

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		366.565	304.990	412.805

Less	FINANCIAL EXPENSES (D)		156.474	159.566	224.321

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		210.091	145.424	188.484

Less/ Add	DEPRECIATION/ AMORTISATION (F)		63.494	56.880	48.326

	PROFIT BEFORE TAX (E-F) (G)		146.597	88.544	140.158

Less	TAX (H)		50.115	29.460	45.729

	PROFIT AFTER TAX (G-H) (I)		96.482	59.084	94.429

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1811.197	1029.613	1463.481

	IMPORTS
		Raw Materials	235.543	1584.09	1476.198
		Stores & Spares	32.401	9.379	8.067
		Capital Goods	0.000	90.217	130.154
	TOTAL IMPORTS		267.944	1683.686	1614.419

	Earnings Per Share (Rs.)		82.92	50.78	81.15

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	42.352	62.935	98.932

Cash Generated from Operations	NA	NA	NA

Net Cash Flow from used in Operations	(129.294)	173.956	280.822

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.81	1.33	1.86

Operating Profit Margin (PBDIT/Sales)	(%)	6.88	6.84	8.13

Return on Total Assets (PBT/Total Assets}	(%)	4.31	3.16	5.59

Return on Investment (ROI) (PBT/Networth)		0.15	0.10	0.17

Debt Equity Ratio (Total Liability/Networth)		1.94	1.65	1.67

Current Ratio (Current Asset/Current Liability)		1.17	1.14	1.10

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	116.358	116.358	116.358
Reserves & Surplus	692.213	751.298	847.780
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	808.571	867.656	964.138

Long-term borrowings	219.804	257.144	336.689
Short term borrowings	1029.237	1109.683	1490.726
CURRENT MATURITIES OF LONG-TERM DEBTS	98.932	62.935	42.352
Total borrowings	1347.973	1429.762	1869.767
Debt/Equity ratio	1.667	1.648	1.939

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5075.572	4458.207	5327.534
		(12.163)	19.499

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5075.572	4458.207	5327.534
Profit	94.429	59.084	96.482
	1.86%	1.33%	1.81%

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	No
8	Designation of contact person	No
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	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10561552	13/04/2015	156,000,000.00	ORIENTAL BANK OF COMMERCE	HARSHA BHAWAN, E-BLOCK, GR. AND 1ST FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	C50118728
2	10374750	28/06/2013 *	2,244,500,000.00	ORIENTAL BANK OF COMMERCE	IFB BRANCH A-30-33 A BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B81968703
3	10374748	24/08/2012	105,000,000.00	ORIENTAL BANK OF COMMERCE	A-BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B57384877
4	10280902	02/03/2011	207,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	DELHI, INDIA, NEW DELHI - 110001, INDIA	B10734747
5	10250714	29/09/2010	100,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	DELHI, INDIA, NEW DELHI - 110001, INDIA	A98936164
6	10188276	08/10/2009	75,000,000.00	ORIENTAL BANK OF COMMERCE	30-33 IST FLOOR, A-BLOCK CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A74037995
7	10185232	25/09/2009	180,000,000.00	ORIENTAL BANK OF COMMERCE	30-33, 1ST FLOOR, A-BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A73260861
8	10098733	20/03/2008	135,000,000.00	ORIENTAL BANK OF COMMERCE	HARSHA BHAWAN, E-BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A36765592
9	80012140	14/12/2005	40,400,000.00	ORIENTAL BANK OF COMMERCE	A- BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	-
10	80012144	14/12/2005	42,700,000.00	ORIENTAL BANK OF COMMERCE	CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	-
11	80012139	14/12/2005	52,700,000.00	ORIENTAL BANK OF COMMERCE	CONNAUGHT PLACE, A -BLOCK, NEW DELHI - 110001, INDIA	-
12	90044439	09/11/2004	26,800,000.00	ORIENTAL BANK OF COMMERCE	A - BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loan and Advances from related parties	120.780	113.750

Total	120.780	113.750

FIXED ASSETS:

Land and Ware House
Plant and Machinery
Pollution Control Equipment’s
Building
Electric Installation
Rolls
Office Equipment
Truck
Furniture and Fixture
Tools
Scooter
Car
Computer
Cycle
Office complex (DLF)

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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		63

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

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