MIRA INFORM REPORT

Report No. :	324077
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	SYNERGY STEELS LIMITED (w. e. f. 21.03.2002)
Formerly Known as :	PALIWAL MINI-STEEL (INDIA) LIMITED
Registered Office :	55-B, Rama Road, Industrial Area, New Delhi - 110015
Tel. No.:	91-11-32597555/25934261
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.04.1973
Com. Reg. No.:	55-210670
Capital Investment / Paid-up Capital :	Rs. 95.996 Million
CIN No.: [Company Identification No.]	U27107DL1973PLC210670
IEC No.:	502012609
TAN No.: [Tax Deduction & Collection Account No.]	DELS16643E
PAN No.: [Permanent Account No.]	AAGCS1923D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Steel, Stainless Steels, Steels Bars, Stripes, Sheets, etc.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2688400
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. 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	CRISIL
Rating	Long term rating=BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	15.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	15.12.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sachin Mittal
Designation :	Chief Executive Officer
Contact No.:	91-11-32597555
Date :	25.05.2015

LOCATIONS

Registered Office :	55-B, Rama Road, Industrial Area, New Delhi – 110015, India
Tel. No.:	91-11-32597555/25934261
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	farik.rk@synergy.com rs.tomer@synergysteels.com
Website :	http://www.synergysteels.com
Plant Office :	2, Matsya Industrial Area, Alwar-301030, Rajasthan, India
Tel. No.:	91-144-2881717

DIRECTORS

AS ON: 29.09.2014

Name :

Mr. Subhash Chander Kathuria

Designation :

Managing Director

Address :

3, Poorvi Marg, Vasant Vihar, New Delhi – 11057, India

Date of Birth/Age :

02.06.1947

Date of Appointment :

04.08.2014

PAN No :

AAJPK0171B

DIN No.:

00125337

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	U74899DL1983PTC016057	NAVIN-VIKAS PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
2	U74899DL1985PTC022507	GEETANJALI PROPERTIES PRIVATE LTD	Director	14/11/1985	14/11/1985	-	Active	NO
3	U74899DL1986PTC023812	BASERA PROPERTIES PRIVATE LTD.	Director	21/04/1986	21/04/1986	-	Active	NO
4	U27107RJ1977PTC001746	ALWAR ROLLING MILLS PVT LTD	Director	11/12/1990	11/12/1990	18/02/2008	Active	NO
5	U27107DL1973PLC210670	SYNERGY STEELS LIMITED	Managing director	04/08/2014	19/12/1990	-	Active	NO
6	U70101DL1997PTC086659	AAKAR TECHNOBUILD PRIVATE LIMITED	Director	01/07/1997	01/07/1997	-	Active	NO
7	U74899DL1987PTC030022	RAMNIKA ESTATES PVT LTD	Director	01/07/1997	01/07/1997	-	Active	NO
8	U24239DL1997PTC089350	LIFE MEDICARE AND BIOTECH PRIVATE LIMITED	Director	29/08/1997	29/08/1997	-	Active	NO
9	U27105DL1999PTC100029	KATHURIA SPECIAL STEELS ROLLING MILL PVT LTD	Director	31/05/1999	31/05/1999	-	Amalgamated	NO
10	U27109DL2004PTC127593	SYNERGY ISPAT PRIVATE LIMITED	Director	15/07/2004	15/07/2004	-	Active	NO
11	U27109DL2003PTC123464	KATHURIA CASTINGS PRIVATE LIMITED	Additional director	11/06/2010	20/08/2004	-	Active	NO
12	U27106DL2005PTC143027	SYNERGY GLOBAL STEEL PRIVATE LIMITED	Director	28/11/2005	28/11/2005	-	Active	NO
13	L45201DL1990PLC040945	PARSVNATH DEVELOPERS LIMITED	Director	19/05/2006	11/03/2006	30/03/2009	Active	NO
14	U70101DL1987PTC026676	HIMALAYA ESTATE PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
15	U72200DL2000PTC106450	WONDER SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	18/08/2006	18/08/2006	-	Active	NO
16	U45201DL2005PTC132530	RPK BUILDERS PRIVATE LIMITED	Director	04/09/2006	04/09/2006	24/08/2012	Active	NO
17	U70109DL2006PTC153390	MIRACLE BUILDWELL PRIVATE LIMITED	Director	25/01/2007	25/01/2007	08/02/2007	Active	NO
18	U85100DL2007PTC163547	FRESH PET PRIVATE LIMITED	Director	17/05/2007	17/05/2007	10/10/2011	Active	NO
19	U74999DL2004PTC127110	GREENLAM PROPERTIES PRIVATE LIMITED	Director	25/09/2008	14/11/2007	14/06/2012	Active	NO
20	U74899DL1995PTC065408	SHARESTREET (INDIA) PRIVATE LIMITED	Director	05/12/2007	05/12/2007	06/08/2012	Active	NO
21	U11201DL2008PTC175813	Synergy Oil and Gas Exploration Private Limited	Director	25/03/2008	25/03/2008	-	Active	NO
22	L51494DL1984PLC019684	CHAMAK HOLDINGS LIMITED	Director	29/09/2010	14/08/2010	-	Active	NO

Name :

Mr. Subhash Jain

Designation :

Director

Address :

H-2/84-85, Sector-16, Rohini, New Delhi, India

Date of Birth/Age :

18.08.1951

Date of Appointment :

02.09.2013

PAN No :

ADSPJ7030J

DIN No.:

00176960

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	U27107DL1973PLC210670	SYNERGY STEELS LIMITED	Director	02/09/2013	17/12/2003	-	Active	NO
2	U24239DL1997PTC089350	LIFE MEDICARE AND BIOTECH PRIVATE LIMITED	Director	14/08/2009	16/06/2008	-	Active	NO
3	U27105DL1999PTC100029	KATHURIA SPECIAL STEELS ROLLING MILL PRIVATE LIMITED	Additional director	10/01/2012	10/01/2012	-	Amalgamated	NO
4	U27109DL2004PTC127593	SYNERGY ISPAT PRIVATE LIMITED	Director	28/09/2012	13/02/2012	-	Active	NO

Name :

Mr. Satish Kumar Seth

Designation :

Director

Address :

1216 Pocket-1, Sector-6, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

30.03.1955

Date of Appointment :

29.09.2012

PAN No :

ABLPS9999J

DIN No.:

01769534

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	U74899DL2004PLC130270	SOM TOBACCO INDIA LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
2	U16009DL2007PLC157582	SOM SUGANDH INDUSTRIES LIMITED	Director	31/08/2007	31/08/2007	-	Active	NO
3	U70101DL2010PTC197982	ILC INFRACON PRIVATE LIMITED	Director	02/12/2010	02/12/2010	22/09/2014	Active	NO
4	U45400DL2010PTC202195	JASMINE BUILDMART PRIVATE LIMITED	Director	28/09/2011	13/01/2011	-	Active	NO
5	U45400DL2008PTC175331	BRAHMA CITY PRIVATE LIMITED	Additional director	17/05/2011	17/05/2011	09/08/2012	Active	NO
6	U27107DL1973PLC210670	SYNERGY STEELS LIMITED	Director	29/09/2012	28/11/2011	-	Active	NO
7	U70200DL2010PTC203692	KRRISH REALTECH PRIVATE LIMITED	Additional director	26/12/2011	26/12/2011	-	Active	NO
8	U45400DL2010PTC203693	KRRISH REALTYNIRMAN PRIVATE LIMITED	Director	21/09/2012	22/05/2012	-	Active	NO
9	U51909WB2009PTC132993	CHIN PURNI SALES PRIVATE LIMITED	Director	03/10/2012	03/10/2012	05/11/2012	Active	NO
10	U51909WB2010PTC149011	WRINKLE TRADECOMM PRIVATE LIMITED	Director	03/10/2012	03/10/2012	05/11/2012	Active	NO
11	U74120WB2010PTC149779	KAMALKUNJ INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	05/10/2012	05/10/2012	05/11/2012	Active	NO
12	U45201DL2005PTC138574	RAJ BUILDMART PRIVATE LIMITED	Additional director	31/12/2012	31/12/2012	-	Active	NO
13	U55101DL2008PTC186184	Vicinity Hotels Private Limited	Director	30/09/2013	19/07/2013	-	Active	NO
14	U45400DL2010PTC198687	KRRISH AASHIYANA PRIVATE LIMITED	Additional director	15/10/2013	15/10/2013	19/12/2014	Active	NO

KEY EXECUTIVES

Name :	Raju Singh Tomer
Designation :	Company Secretary
Address :	117-118, Pocket-6, Ground Floor, Rohini, Sector-21, Delhi, India
Date of Birth/Age :	22.11.1976
Date of Appointment :	12.03.2014
PAN No:	ADAPT6396H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 29.09.2014

Names of Shareholders	No. of Shares
Subhash Chander Kathuria	5097660
Anita Kathuria	447768
Monica Sareen	5000
Yasha Sood	65000
Rimple Lohia	5000
Anubhav Kathuria	631000
Subhash Chander Kathuria (HUF)	98700
Anita International (Proprietor SCK)	1000000
Alwar Rolling Mills Private Limited	200000
Surya Fin-Vest Private Limited	1081215
Kathuria Casting Private Limited	430263
B.K. Lal	10
DC Pandey	10
Ram Talwar	10
M.L.A. Aggarwal	10
Alka Impex	245000
Alka Creation Private Limited	50000
Katyani Image India Private Limited	37648
Himalaya Estate Private Limited	155263
Wonder Software Private Limited	50000
Total	9599557

As on: 26.02.2015

Names of Allottees	No. of Shares
Himalaya Estate Private Limited	300000
Aakar Techno build Private limited	200000
Kathuria Casting Private Limited	100000
Synergy Global Private Limited	200000
Subhash Chander Kathuria	100000
Total	900000

Equity Share Break up (Percentage of Total Equity)

AS ON: 29.09.2014

Category	Percentage
Bodies corporate	20.33
Directors or relatives of Directors	79.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Steel, Stainless Steels, Steels Bars, Stripes, Sheets, etc.
Products :	Steel Stainless Steels Steels Bars Stripes Sheets
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Products :	Raw Materials
Country :	UK China Singapore
Terms :	Not Divulged

PRODUCTION STATUS

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 :	Not Divulged
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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

125 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	70 Golf Link, New Delhi - 110003, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken for Vehicles	2.189	5.212
SHORT TERM BORROWING
Loans Repayable on Demand from banks	339.020	316.612
Total	341.209	321.824

Auditors :
Name :	B. Bhushan and Company Chartered Accountants
Address :	Ba-5, Stutee Building, Bank Street, Karol Bagh, New Delhi, India
PAN No.:	AAIPA0327Q
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Life Medicare and Biotech Private Limited, India CIN- U24239DL1997PTC089350 Kathuria Castings Private Limited, India CIN- U27109DL2003PTC123464 Ramnika Estates Private Limited, India CIN- U74899DL1987PTC030022 Geetanjali properties Private Ltd, India CIN-U74899DL1985PTC022507 Synergy Global Steel Private Limited, India CIN- U27106DL2005PTC143027 HIMALAYA ESTATE PRIVATE LIMITED, India CIN- U70101DL1987PTC026676 KATYAINI IMAGES (INDIA) PRIVATE LIMITED, India CIN-U17291DL1997PTC091349 Surya Fin-vest Private Limited, India CIN-U65921DL1997PTC086509 Synergy Ispat Private Limited, India CIN- U27109DL2004PTC127593 AAKAR TECHNOBUILD PRIVATE LIMITED, India CIN- U70101DL1997PTC086659

CAPITAL STRUCTURE

AFTER: 29.09.2014

Authorized Capital - Rs. 120.000 Million

Paid up Capital - Rs. 112.595 Million

AS ON: 31.03.2014

Authorized Capital :

No. of Shares	Type	Value	Amount
10750000	Equity Shares	Rs.10/- each	Rs. 107.500 Million
20000	Preference Shares	Rs.100/- each	Rs. 2.000 Million
10770000	Total		Rs.109.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
9599557	Equity Shares	Rs.10/- each	Rs. 95.996 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	95.996	95.996	93.890
(b) Reserves & Surplus	844.944	829.004	794.714
(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)	940.940	925.000	888.604
(3) Non-Current Liabilities
(a) long-term borrowings	2.189	5.212	0.249
(b) Deferred tax liabilities (Net)	19.267	17.889	15.031
(c) Other long term liabilities	11.969	22.978	0.271
(d) long-term provisions	3.050	2.516	2.575
Total Non-current Liabilities (3)	36.475	48.595	18.126
(4) Current Liabilities
(a) Short term borrowings	607.492	481.112	316.494
(b) Trade payables	178.981	144.649	173.919
(c) Other current liabilities	59.931	136.093	81.171
(d) Short-term provisions	0.730	7.077	7.392
Total Current Liabilities (4)	847.134	768.931	578.976
TOTAL	1824.549	1742.526	1485.706
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	359.619	385.703	412.425
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.672	0.008	0.714
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.038	2.261	0.277
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	101.507	84.847	74.483
(e) Other Non-current assets	41.946	42.806	53.184
Total Non-Current Assets	510.782	515.625	541.083
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	549.166	734.082	473.364
(c) Trade receivables	573.387	376.149	360.808
(d) Cash and cash equivalents	64.418	38.910	35.272
(e) Short-term loans and advances	125.629	77.368	74.935
(f) Other current assets	1.167	0.392	0.244
Total Current Assets	1313.767	1226.901	944.623
TOTAL	1824.549	1742.526	1485.706

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4379.413	3935.890	3712.378
	Other Income	8.525	6.401	10.671
	TOTAL (A)	4387.938	3942.291	3723.049
Less	EXPENSES
	Cost of Materials Consumed	3310.124	3525.350	2964.264
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	318.010	(383.788)	48.964
	Employees benefits expense	44.139	39.221	28.137
	Other expenses	598.995	646.605	583.401
	TOTAL (B)	4271.268	3827.388	3624.766
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	116.670	114.903	98.283
Less	FINANCIAL EXPENSES (D)	32.957	25.794	17.166
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	83.713	89.109	81.117
Less	DEPRECIATION/ AMORTISATION (F)	31.648	36.070	29.161
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	52.065	53.039	51.956
Less	TAX (H)	17.073	17.453	17.069
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	34.992	35.586	34.887
	Earnings / (Loss) Per Share (Rs.)	3.65	3.71	NA

Particulars	31.03.2015
Sales Turnover	4700.000

The above information has been denied by Mr. Sachin Mittal

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	3.023	2.986	0.466
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.80	0.90	0.94
Operating Profit Margin (PBIDT/Sales)	(%)	2.66	2.92	2.65
Return on Total Assets (PBT/Total Assets}	(%)	2.87	3.05	3.50
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.06
Debt Equity Ratio (Total Debt /Networth)		0.65	0.53	0.36
Current Ratio (Current Asset/Current Liability)		1.55	1.60	1.63

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	93.890	95.996	95.996
Reserves & Surplus	794.714	829.004	844.944
Net worth	888.604	925.000	940.940
long-term borrowings	0.249	5.212	2.189
Short term borrowings	316.494	481.112	607.492
Current Maturities of long-term debts	0.466	2.986	3.023
Total borrowings	317.209	489.310	612.704
Debt/Equity ratio	0.357	0.529	0.651

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	3712.378	3935.890	4379.413
		6.021	11.269

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	3712.378	3935.890	4379.413
Profit	34.887	35.586	34.992
	0.94%	0.90%	0.80%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short Term Borrowings:
Loans and Advances from Directors	164.185	140.000
Loans and Advances from Others	104.287	24.500
Total	268.472	164.500

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10524161	25/08/2014	934,700,000.00	Indian Overseas Bank	GOLF LINK BRANCH, NEW DELHI, Delhi - 110003, INDIA	C26280586
2	90070905	19/04/2013 *	450,000,000.00	Indian Overseas Bank	70 Glolf link, New Delhi, Delhi - 110003, INDIA	B74249194

FIXED ASSETS:

• Buildings
• Factory building
• Plant and equipment
• Other pollution reduction equipment
• Other plant and equipment
• Furniture and fixtures [
• Vehicles
• Office equipment
• Computer equipment
• Other equipment
• Leasehold improvements

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. 63.83
UK Pound	1	Rs. 97.10
Euro	1	Rs. 69.74

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RAS
Report Prepared by :	THR

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
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.