MIRA INFORM REPORT

Report No. :	332084
Report Date :	15.07.2015

IDENTIFICATION DETAILS

Name :	ARDENT STEEL LIMITED
Registered Office :	A-401, Lotus Corporate Park, Jay Coach Signal, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Mobile. No.:	91-9437076534 (Mr. Dilip Pandy)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.04.2007
Com. Reg. No.:	11-194166
Capital Investment / Paid-up Capital :	Rs.100.000 Million
CIN No.: [Company Identification No.]	U27310MH2007PLC194166
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The subject is engaged in manufacturing of Iron and Ore Pellets
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is subsidiary company of “Godawari Power and Ispat Limited (GPIL)”, GPIL is the flagship company of the “Hira Group” of Raipur. It incorporated in 2007, it is well established company having satisfactory track record. The ratings, derive strength from the rich experience of the promoters in the steel industry, strong financial risk profile of the company on account of healthy growth in its profitability in FY 14 and proximity of the plant to the key raw material sources as well as target markets. The rating are, however, constrained by higher reliance on working capital related bank borrowing, absence of captive sources of raw material and inherently cyclical nature of the steel industry. Trade relations are fair. Business is active. Payment terms are reported usually correct In view of sound operational as well as financials base, the company can be considered for business dealing 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	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	CARE
Rating	Long term Bank facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	January 2015

Rating Agency Name	CARE
Rating	Short term Bank facilities A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	January 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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Dilip Pandy
Designation :	Manager
Contact No.:	91-9437076534
Date :	14.07.2015

LOCATIONS

Registered Office :	A-401, Lotus Corporate Park, Jay Coach Signal, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9437076534 (Mr. Dilip Pandy)
Fax No.:	Not Available
E-Mail :	ycrao65@gmail.com
Corporate Office :	Plot No. 208, Jamuhota New Colony, Near NH-6, Keonjhar - 758001, Odisha, India
Tel. No.:	91-6766-258257 / 258198 / 258382
Fax No.:	91-6766-258473
E-Mail :	ardentsales@ardentsteel.com info@ardentsteel.com hr@ardentsteel.com

DIRECTORS

As on 20.09.2014

Name :

Shri Sanjay Gupta

Designation :

Whole time director

Address :

C-1/42, Rajasthani Appartments. Pitampura, Delhi, India

Date of Birth/Age :

08.05.1972

Date of Appointment :

01.07.2013

DIN No.:

01769054

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	U15549RJ2004PTC019746	PURE LINE FOODS PRIVATE LIMITED	Director	21/09/2005	21/09/2005	27/09/2010	Active	NO
2	U27310MH2007PLC194166	ARDENT STEEL LIMITED	Whole-time director	01/07/2013	30/04/2007	-	Active	NO
3	U60200OR2008PLC010068	SAG INTERNATIONAL LIMITED	Director	30/05/2008	30/05/2008	-	Active	NO
4	U25200DL2011PLC221201	keren polyplast india limited	Director	21/06/2011	21/06/2011	-	Active	NO
5	U74900DL2011PLC229403	HEDONE DESIGNS LIMITED	Director	28/12/2011	28/12/2011	-	Active	NO
6	U19123DL2013PLC257834	HEDONE FOOTWEARS LIMITED	Additional director	09/06/2014	09/06/2014	-	Active	NO

Name :

Shri Bhrigu Nath Ojha

Designation :

Director

Address :

C-102, Airlines CGHS, Plot – 27, Sector 10, Dwarka Phase-1, New Delhi, India

Date of Birth/Age :

01.01.1944

Date of Appointment :

04.02.2011

DIN No.:

02282594

Name :

Shri Dinesh Kumar Gandhi

Designation :

Director

Address :

A-701, Lakhschandi Heights CHS Limited, Gokuldham, Off Gen AKV Marg, Goregaon (East), Mumbai, Maharashtra, India

Date of Birth/Age :

16.11.1962

Date of Appointment :

27.09.2011

DIN No.:

01081155

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	L27106CT1999PLC013756	GODAWARI POWER AND ISPAT LIMITED	Director	09/11/2013	25/02/2005	-	Active	NO
2	U65921MP1987PTC004059	TWENTY FIRST CENTURY LEASING & CONSTRUCTION P. LTD	Director	10/08/2006	10/08/2006	-	Active	NO
3	U51909MH2006PTC163877	DMG CAPITAL SERVICES PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
4	U24292CT1999PLC013364	MARUTI CLEAN COAL AND POWER LIMITED	Director	30/09/2008	04/04/2008	04/04/2014	Active	NO
5	U40102CT2009PLC021285	GODAWARI GREEN ENERGY LIMITED	Whole-time director	10/11/2013	02/03/2011	-	Active	NO
6	U27310MH2007PLC194166	ARDENT STEEL LIMITED	Director	27/09/2011	23/06/2011	-	Active	NO
7	U40101MH2010PTC201084	SHOURYA POWER PRIVATE LIMITED	Director	21/02/2013	21/02/2013	-	Active	NO
8	AAA-1784	PRASITRAJ ASSOCIATES LLP	Designated Partner	12/07/2010	12/07/2010	28/01/2012	Active	NO
9	AAA-1784	PRASITRAJ ASSOCIATES LLP	Body corporate as Designated Partner	28/01/2012	28/01/2012	28/01/2012	Active	NO

Name :

Shri Sanjay Bothra

Designation :

Director

Address :

Villa 28, Banyan Tree Enclave, Kanchana Road, Khamardih, P.O., Shankar Nagar, Raipur (C.G), India

Date of Birth/Age :

14.10.1966

Date of Appointment :

22.09.2012

DIN No.:

01312158

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	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	07/01/2005	07/01/2005	27/10/2009	Active	NO
2	U51300CT2009PTC021110	MEGHRAJ COMMOTRADE PRIVATE LIMITED	Director	17/03/2009	17/03/2009	-	Active	NO
3	U40100CT2008PLC020552	GODAWARI ENERGY LIMITED	Director	30/09/2011	23/06/2011	-	Active	NO
4	U14200CT2008PLC020926	GODAWARI NATURAL RESOURCES LIMITED	Director	06/09/2012	15/02/2012	-	Active	NO
5	U27310MH2007PLC194166	ARDENT STEEL LIMITED	Director	22/09/2012	21/05/2012	-	Active	NO
6	U40102CT2009PLC021285	GODAWARI GREEN ENERGY LIMITED	Director	27/09/2014	22/05/2014	-	Active	NO

Name :

Shri Hari Om Haritash

Designation :

Director

Address :

H. No. 7164, Birla Office Flat 1^st Floor, Kamla Nagar, Delhi, India

Date of Birth/Age :

02.08.1950

Date of Appointment :

20.09.2010

DIN No.:

02474003

Name :

Ms. Bhavna Govindbhai Desai

Designation :

Director

Address :

1101, Floor 11, Plot G7, Fortune Royal, Prabhakar Sule Road, Udct College, Wadala, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

09.09.1962

Date of Appointment :

20.09.2014

DIN No.:

06893242

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	U27310MH2007PLC194166	ARDENT STEEL LIMITED	Director	20/09/2014	31/07/2014	-	Active	NO
2	U40102CT2009PLC021285	GODAWARI GREEN ENERGY LIMITED	Director	27/09/2014	31/07/2014	-	Active	NO
3	L27106CT1999PLC013756	GODAWARI POWER AND ISPAT LIMITED	Director	27/09/2014	09/08/2014	-	Active	NO
4	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	27/08/2014	27/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Pandy
Designation :	Manager
Name :	Ms. Niharika Verma
Designation :	Company Secretary
Address :	204, Royal Homes, Near Bottle House, Shankar Nagar, Raipur (C.G), India
Date of Birth/Age :	10.12.1984
PAN No.:	AHTPV8887G
Date of Appointment :	01.10.2010
Name :	Mr. Bibhu Prasanna Jena
Designation :	Chief Executive Officer
Address :	At/Po – Kalapada, Via-Sribaladev Jew, Ps/Dt-Kendrapara – 754212, Odissa, India
Date of Birth/Age :	01.03.1980
Date of Appointment :	23.05.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2014

Names of Shareholders	No. of Shares
Godawari Power and Ispat Limited, India	7500000
Maharathi Steel Private Limited, India	1204700
Realframe Infrastructure Private Limited, India	638300
Sangeeta Gulati	208800
Sumit Gupta	94900
Sanjay Gupta	71400
Hakrishan Dass (HUF)	58300
Nitin Kumar	49900
Laxmi Gupta	46100
Sushma Rani	33300
AAG Steels Private Limited, India	24300
Surendra Gupta	20300
Narender Kumar	15000
Chirag Gupta	11600
Saroj jain	8300
Rakesh Kumar	6600
Hari On Haritash	3300
Shri Manish Somani	3300
Mukesh Chand	1600
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Bodies corporate	93.67
Directors or relatives of Directors	2.73
Other top fifty shareholders	3.60
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in manufacturing of Iron and Ore Pellets

Products :

Item Code No.	Product Description
260111210	Iron Ore Pellet

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :
Remark:	Not Divulged

Customers :

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 :
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Axis Bank Limited
Branch	Corporate Banking Branch, Axis House. Ground Floor, Wadia International Centre, Worli, Mumbai – 400025, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	1082.811	619.400
Other Loans and Advances	4.363	9.008
Short-term borrowings
Working Capital Loans from banks	202.551	286.605
Total	1289.725	915.013

Auditors :
Name :	O.P. Singhania and Company Chartered Accountants
Address :	JDS Chambers, 1st Floor, 6-Central Avenue, Choubey Colony, Raipur (C.G.), India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFO3891P
Memberships :	--
Collaborators :	--
Holding company :	Godawari Power And Ispat Limited, India L27106CT1999PLC013756
Fellow Subsidiary company :	Hira Ferro Alloys Limited, India L27101CT1984PLC005837
Associates :	Sag International Limited (As on 31.03.2013)
Other Related Parties :	Hira Cement Limited Hira Power and Steels Limited

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 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	100.000	100.000	100.000
(b) Reserves & Surplus	976.133	833.273	528.992
(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)	1076.133	933.273	628.992
(3) Non-Current Liabilities
(a) long-term borrowings	1087.174	628.408	843.054
(b) Deferred tax liabilities (Net)	211.493	166.880	18.974
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.823	3.019	1.889
Total Non-current Liabilities (3)	1303.490	798.307	863.917
(4) Current Liabilities
(a) Short term borrowings	202.551	286.605	228.915
(b) Trade payables	355.531	409.134	504.420
(c) Other current liabilities	386.991	256.388	231.007
(d) Short-term provisions	59.988	12.589	5.929
Total Current Liabilities (4)	1005.061	964.716	970.271
TOTAL	3384.684	2696.296	2463.180
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1849.442	1865.534	1763.564
(ii) Intangible Assets	45.000	0.000	0.000
(iii) Capital work-in-progress	8.430	37.038	133.531
(iv) Intangible assets under development	3.301	0.000	0.000
(b) Non-current Investments	1.199	0.199	0.199
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.291	28.996	1.591
(e) Other Non-current assets	11.904	3.849	2.900
Total Non-Current Assets	1965.567	1935.616	1901.785
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	609.617	420.742	369.044
(c) Trade receivables	18.369	14.807	36.256
(d) Cash and cash equivalents	94.058	72.471	93.993
(e) Short-term loans and advances	696.275	251.800	62.006
(f) Other current assets	0.798	0.860	0.096
Total Current Assets	1419.117	760.680	561.395
TOTAL	3384.684	2696.296	2463.180

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	3676.850	4078.841	2359.692
	Other Income	58.021	12.770	1.626
	TOTAL (A)	3734.871	4091.611	2361.318
Less	EXPENSES
	Cost of Materials Consumed	1501.226	1816.405	1134.401
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(119.517)	(72.391)	(9.658)
	Employees benefits expense	111.738	87.534	65.525
	Other expenses	1341.189	1516.096	851.337
	TOTAL (B)	2834.636	3347.644	2041.605
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	900.235	743.967	319.713
Less	FINANCIAL EXPENSES (D)	194.554	190.752	174.336
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	705.681	553.215	145.377
Less/ Add	DEPRECIATION/ AMORTISATION (F)	110.201	97.689	88.883
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	595.480	455.526	56.494
Less	TAX (H)	210.440	151.246	18.330
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	385.040	304.280	38.164
	Earnings / (Loss) Per Share (Rs.)	38.5	30.43	3.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	8.543	399.078	471.607

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	10.47	7.46	1.62
Operating Profit Margin (PBIDT/Sales)	(%)	24.48	18.24	13.55
Return on Total Assets (PBT/Total Assets}	(%)	17.66	17.13	2.43
Return on Investment (ROI) (PBT/Networth)		0.55	0.49	0.09
Debt Equity Ratio (Total Debt /Networth)		1.20	0.98	1.70
Current Ratio (Current Asset/Current Liability)		1.41	0.79	0.58

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	100.000	100.000	100.000
Reserves & Surplus	528.992	833.273	976.133
Net worth	628.992	933.273	1076.133
long-term borrowings	843.054	628.408	1087.174
Short term borrowings	228.915	286.605	202.551
Total borrowings	1071.969	915.013	1289.725
Debt/Equity ratio	1.704	0.980	1.198

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	2359.692	4078.841	3676.850
		72.855	(9.856)

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	2359.692	4078.841	3676.850
Profit	38.164	304.280	385.040
	1.62%	7.46%	10.47%

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	No
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	No
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)	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	Yes
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

REVIEW OF OPERATIONS:

During the year, the Company has registered net sales turnover of Rs. 3676.850 Million as compared to net sales of Rs. 4078.841 Million during the previous year representing decrease of 10% mainly due to shut down of plant during the last quarter. The Company registered EBIDTA of Rs. 900.235 Million and net profit of Rs. 385.040 Million during the year as compared to EBIDTA of Rs. 743.966 Million and net profit of Rs. 304.280 Million during the previous year respectively.

During the last quarter of the financial year 2013-14, the company’s Rs.0.600 million pellet plant was shut down. Despite of the same the Company has achieved production of 546630 MTPA iron ore pellets during the year as against 537827 MTPA during the previous year.

In view of the improved performance, the board of directors of the Company declared and paid interim dividend @ 167%. (i.e. Rs.16.70 per) equity share of Rs 10/- each) to the shareholders in March, 2014. In addition to above, the directors have pleasure in recommending payment of final dividend @ 40% i.e. Rs. 4/- per equity share for yea, thereby taking the total dividend payment to 207%, which is 20.70% of the net profit of the Company during the year. The total outgo of funds on account of payment of dividend is Rs.2421.80 Million (including dividend tax of Rs.31.050 Million). The retained earnings shall be utilized for augmenting increased working capital requirements to sustain the higher volume of operations, repayment of existing long term debts and for pursuing the future growth plans of the Company. The shareholders are requested to approve the payment of dividend. The final dividend shall be paid to the shareholders whose name appears in the register of members as on the record date i.e. 12th September, 2014 fixed for the payment of dividend subject to its approval.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10524163	24/09/2014	900,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C26284307
2	10524168	24/09/2014	1,926,800,000.00	Axis Trustee Services Limited	Axis House, 2nd Floor, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	C26283028
3	10425861	08/05/2013	2,150,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST , MUMBAI, Maharashtra - 400013, INDIA	B75182956

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles

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.99.13
Euro	1	Rs.69.68

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KSH
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.