MIRA INFORM REPORT

Report No. :	348257
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	GALLIUM INDUSTRIES LIMITED
Registered Office :	3488, Gali No. 81, Block E-2, Molar Band Extension, Badarpur, New Delhi - 110044
Tel. No.:	91-129-2309933/2309934
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.07.1985
Com. Reg. No.:	55-021377
Capital Investment / Paid-up Capital :	Rs.31.500 Million
CIN No.: [Company Identification No.]	U74899DL1985PLC021377
IEC No.:	0588031364
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG0108J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of tube mills, along with complete cold drawing plants and other strip processing lines like HR/CR Slitting lines and other related equipment.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Gallium Industries Limited was incorporated in the year 1985 and it is established company having moderate track record. The rating takes into account on company’s moderate financial risk profile marked by company huge external borrowing constrained on which has leveraged the balance sheet position of the company. Rating further constrained on company’s recorded accumulated losses over the years, resulting in the deterioration in capital structure due to significantly debt funded capex. Rating takes into account on company established track record, extensive industrial experience of the promoters and decent cliental list. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rajesh Meena
Designation :	Additional Director
Contact No.:	91-9811320204
Date :	05.11.2015

LOCATIONS

Registered Office :	3488, Gali No. 81, Block E-2, Molar Band Extension, Badarpur, New Delhi – 110044, India
Tel. No.:	Not Available
Mobile No.:	91-9811320204 (Mr. Rajesh Meena)
Fax No.:	Not Available
E-Mail :	mktg@galliumindia.com ykbhatia@galliumindia.com gilaccount@galliumindia.com
Website :	http://www.galliumindia.com
Factory :	Plot No. 117, Sector 59, HSIDC Industrial Estate, Faridabad-121004, Haryana, India
Tel. No.:	91-129 -4150117 (direct), 2309933, 2309934
Fax No.:	91-129-2309619

DIRECTORS

AS ON 22.09.2014

Name :

Mr. Yogesh Kumar Bhatia

Designation :

Managing Director

Address :

H.No.24, IInd Floor, Ishwar Nagar, New Friends Colony, New Delhi - 110065, India

Date of Appointment :

01.04.2009

DIN No.:

00856648

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	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Managing director	01/04/2009	01/07/1985	-	Active	NO
2	U27109HR2003PTC035250	Maruichi Kuma Steel Tube Private Limited	Director	25/11/2003	25/11/2003	27/10/2009	Active	NO
3	U29253DL2006PTC155375	Samco Machinery India Private Limited	Director	10/11/2006	10/11/2006	29/09/2008	Active	NO
4	U27107DL2008PTC184665	PROLIFIQUE ROLLS PRIVATE LIMITED	Director	04/11/2008	04/11/2008	17/01/2015	Active	NO
5	U74999HR2013PTC050779	GALLIUM ENGINEERING AND MANAGEMENT SERVICE PRIVATE LIMITED	Director	21/01/2014	21/01/2014	-	Active	NO

Name :

Mr. Morihiro Kusakabe

Designation :

Director

Address :

8-3, Noda- Dori, Tarumi-Ku, Kobe, 6512241, Japan

Date of Appointment :

28.07.2001

DIN No.:

00110063

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	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Director	28/07/2001	28/07/2001	-	Active	NO
2	U27109HR2003PTC035250	Maruichi Kuma Steel Tube Private Limited	Director	25/11/2003	25/11/2003	27/10/2009	Active	NO
3	U29253AP2009FTC095883	Kusakabe India Private Limited	Director	01/10/2009	01/10/2009	-	Active	NO

Name :

Mr. Rajesh Meena

Designation :

Additional director

Address :

D‐I I /2 Sanchar Path, Bhagat Singh Marg Cscheme, Jaipur - 302001, Rajasthan, India

Date of Birth :

02.07.1981

Date of Appointment :

23.05.2014

DIN No.:

00834499

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	U27109HR2004PTC035523	P S RAJ STEELS PRIVATE LIMITED	Director	09/11/2004	09/11/2004	12/10/2008	Active	NO
2	U27310DL2005PTC133247	NEW LOOK METAL MILLS PRIVATE LIMITED	Managing director	01/12/2008	06/11/2008	-	Active	NO
3	U29253HR2010PTC041330	NEWLOOK METALTECH PRIVATE LIMITED	Director	01/10/2010	01/10/2010	07/11/2011	Active	NO
4	U74140HR2010PTC041376	NEW LOOK BUSINESS SOLUTIONS PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
5	U74999WB2011PTC158153	INTEGERATED ENGINEERING SOLUTION PRIVATE LIMITED	Director	01/02/2011	01/02/2011	01/06/2013	Active	NO
6	U27107DL2008PTC184665	PROLIFIQUE ROLLS PRIVATE LIMITED	Director	31/05/2012	31/05/2012	05/02/2014	Active	NO
7	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Additional director	23/05/2014	20/06/2013	-	Active	NO
8	U74999HR2013PTC050779	GALLIUM ENGINEERING AND MANAGEMENT SERVICE PRIVATE LIMITED	Director	25/10/2013	25/10/2013	-	Active	NO

Name :

Mr. Angshuman Dutta

Designation :

Director

Address :

H. No. 760, I Floor, Sector 21 A, Faridabad, 121004, Haryana, India

Date of Appointment :

06.07.2011

DIN No.:

02345044

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	U72900DL2008PTC184661	CYBERKNOTS SOLUTIONS PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
2	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO
3	U74999HR2013PTC050779	GALLIUM ENGINEERING AND MANAGEMENT SERVICE PRIVATE LIMITED	Director	21/01/2014	21/01/2014	-	Active	NO

Name :

Mr. Antara Dutta

Designation :

Director

Address :

4 Lake Shore LN, Landenberg PA, Landenberg PA, 19350, United States of America

Date of Appointment :

22.06.2007

DIN No.:

03494410

Name :

Mukesh Kumar

Designation :

Additional director

Address :

H. No.-1458, Sector - 8, Faridabad - 121006, Haryana, India

Date of Appointment :

29.05.2014

DIN No.:

06896011

Name :

Kiran Arora

Designation :

Additional director

Address :

1J - 82, NIT, Faridabad - 121001, Haryana, India

Date of Appointment :

23.05.2014

DIN No.:

06912214

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	U74899DL1985PLC021377	GALLIUM INDUSTRIES LIMITED	Additional director	23/05/2014	23/05/2014	-	Active	NO
2	L65910HR1990PLC040431	SRS Real Infrastructure Limited	Director	28/08/2014	07/07/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares
Yogesh Kumar Bhatia	45000
Arun Dutta	2800
Aniq Husain	29800
Rekha Bhatia	190000
Sabiha Husain	55000
Neeta Batra	40000
Angsuman Dutta	10000
Kusakabe Electric Machine Company Limited	765000
Sushil Gupta	130000
Seshagari Natarajan	31000
Sarda Natarajan	4000
Subhanker Dutta	177200
Antra Dutta	170000
SIDBI	200
Rare Worldwide FZE	1500000
Total	3150000

AS ON 30.03.2015

Names of Allottees	No. of Shares
Rekha Bhatia	40000
Rajesh Meena	500000
Subhanker Dutta	420000
Total	960000

Equity Share Break up (Percentage of Total Equity)

AS ON 22.09.2014

Category	Percentage
Bodies corporate	72.00
Directors or relatives of Directors	28.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of tube mills, along with complete cold drawing plants and other strip processing lines like HR/CR Slitting lines and other related equipment.
Products :	Tube mills Complete cold drawing plants Other strip processing lines like HR/CR Slitting lines and other related equipment
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	United Kingdom United States of America Spain Turkey China Nepal Japan Greece Oman Taiwan Thailand Malaysia Zimbabwe
Imports :
Products :	Raw Material
Countries :	Germany Italy Japan
Terms :
Selling :	Advance Payment and L/C
Purchasing :	Advance Payment and L/C

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Cement Limited
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

Kusakabe Electric and Machinery Company Limited, Japan

Customers :

Reference :	Bhushan Power and Steel Limited
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

End User and OEMS

• Tata Steel Limited
• Jindal Stainless Limited
• Draw Bench
• Shear and Welder

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	State Bank of Patiala
Branch	MID Corporate Branch, Shubham Complex, Neelam Bata Road, Nit, Faridabad - 121002, Haryana, 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

• Yes Bank Limited, Nehru Centre, 9th Floor, Discovery of India, Dr. 
  Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

• Indusind Bank, Dr. Gopal Das Building, 28, Barakhamba Road, New Delhi - 110001, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from Bank
ICICI Bank	0.000	0.000
Term Loans Others
TATA Capital Limited	1.544	1.165
Short-term borrowings
Working capital loan from bank Cash credit facilities	320.097	315.321
Total	321.641	316.486

Auditors :
Name :	Arihant Jain and Company Chartered Accountants
Address :	1, First Floor, Govind Bhawan, 5R/4, Faridabad – 121001, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AASFA7826L
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Kusakabe Electric Machine Company Limited
Subsidiary company :	Prolifique Rolls Private Limited [U27107DL2008PTC184665]

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5650000	Equity Shares	Rs.10/- each	Rs.56.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4110000	Equity Shares	Rs.10/- each	Rs.41.100 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3150000	Equity Shares	Rs.10/- each	Rs.31.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3150000	Equity Shares	Rs.10/- each	Rs.31.500 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	31.500	15.000	15.000
(b) Reserves & Surplus	(0.858)	(5.411)	(5.982)
(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)	30.642	9.589	9.018
(3) Non-Current Liabilities
(a) long-term borrowings	78.879	104.194	107.511
(b) Deferred tax liabilities (Net)	6.645	6.072	4.582
(c) Long term Trade payables	11.396	24.133	0.000
(d) Other long term liabilities	64.167	275.568	0.000
(e) long-term provisions	3.655	8.958	11.407
Total Non-current Liabilities (3)	164.742	418.925	123.500
(4) Current Liabilities
(a) Short term borrowings	320.097	315.321	334.475
(b) Trade payables	150.593	44.415	68.621
(c) Other current liabilities	320.579	298.877	375.401
(d) Short-term provisions	0.000	1.294	1.069
Total Current Liabilities (4)	791.269	659.907	779.566
TOTAL	986.653	1088.421	912.084
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	104.457	111.662	116.911
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	1.866
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.419
(e) Other Non-current assets	0.000	0.000	0.000
(f) Long term receivables	13.468	12.508	0.000
Total Non-Current Assets	117.925	124.170	119.196
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	738.988	711.484	615.484
(c) Trade receivables	26.018	62.647	58.452
(d) Cash and cash equivalents	19.103	34.106	24.890
(e) Short-term loans and advances	84.619	156.014	94.062
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	868.728	964.251	792.888
TOTAL	986.653	1088.421	912.084

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	630.469	548.461	411.844
	Other Income	31.244	12.757	2.772
	TOTAL (A)	661.713	561.218	414.616
Less	EXPENSES
	Cost of Materials Consumed	489.871	414.370	381.409
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(21.983)	(76.001)	(134.993)
	Employees benefits expense	62.020	73.581	74.988
	Other expenses	43.329	67.676	103.198
	TOTAL (B)	573.237	479.626	424.602
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	88.476	81.592	(9.986)
Less	FINANCIAL EXPENSES (D)	75.941	72.377	71.164
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	12.535	9.215	(81.150)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.268	6.653	7.285
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.267	2.562	(88.435)
Less	TAX (H)	(0.285)	1.990	(4.510)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	4.552	0.572	(83.925)
	Earnings / (Loss) Per Share (Rs.)	1.45	0.38	(55.59)

Particulars	31.03.2015
Sales Turnover (Approximately)	630.000
	Due to market fluctuation

The above information has been parted by Mr. Rajesh Meena (Additional Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	28.027	4.813	2.155
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.72	0.10	(20.38)
Operating Profit Margin (PBIDT/Sales)	(%)	14.03	14.88	(2.42)
Return on Total Assets (PBT/Total Assets}	(%)	0.43	0.24	(9.72)
Return on Investment (ROI) (PBT/Networth)		0.14	0.27	(9.81)
Debt Equity Ratio (Total Debt /Networth)		13.94	44.25	49.25
Current Ratio (Current Asset/Current Liability)		1.10	1.46	1.02

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	15.000	15.000	31.500
Reserves & Surplus	(5.982)	(5.411)	(0.858)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	9.018	9.589	30.642
long-term borrowings	107.511	104.194	78.879
Short term borrowings	334.475	315.321	320.097
Current Maturities of Long Term Debt	2.155	4.813	28.027
Total borrowings	444.141	424.328	427.003
Debt/Equity ratio	49.250	44.252	13.935

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	411.844	548.461	630.469
		33.172	14.952

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	411.844	548.461	630.469
Profit/loss	(83.925)	0.572	4.552
	(20.38%)	0.10%	0.72%

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	Yes
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	Yes
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

$~8 * IN THE HIGH COURT OF DELHI AT NEW DELHI

+ EX.P. 275/2011 & EA(OS) 733/2015

CENTRAVIS PRODUCTION UKRAINE ..... Decree Holder

Through: Mr. Amit Bansal, Ms. Seema Dolo, Mr. Akhil, Advs.

Versus

GALLIUM INDUSTRIES LIMITED ..... Judgement Debtor

Through: Mr. Kishore M. Gajaria, Mr. Piyush Sachdeva, Adv. Mr. Deb Jyoti Basu, Mr. S. Mukherjee, Mohd. Ali, Advs.

CORAM:

HON'BLE MR. JUSTICE J.R. MIDHA

O R D E R

07.09.2015

Learned counsels for the parties submit that the judgment debtor has filed SLP(C) No.12312/2015 against the order dated 2nd December, 2014 passed by this Court in which notice has been issued. It is submitted that this case may be taken after the decision of the Special Leave Petition.

List for awaiting the outcome of the Special Leave Petition on 17th December, 2015.

J.R. MIDHA, J.

SEPTEMBER 07, 2015

dk

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from Bank
13.5% Optionally Convertible Debentures	99.799	97.500
From director, Shareholders, relatives and other from bank	5.563	6.443
Less: Current Maturities of long term debt	(28.027)	(0.914)
Total	77.335	103.029

FUTURE PROSPECTS

The Directors are optimistic and are making their utmost efforts to achieve the high targets.

Note : The registered office of the company has been shifted from 24, Ishwar Nagar, New Friends Colony, New Delhi – 110065, India to the present address.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10597903	22/03/2015	9,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C67667915
2	10581456	23/02/2015	50,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C59421370
3	10596932	23/02/2015	9,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C67229278
4	10554740	13/02/2015	71,900,000.00	INDUSIND BANK LTD.	DR. GOPAL DAS BUILDING, 28, BARAKHAMBA ROAD, NEW  DELHI - 110001, INDIA	C46502902
5	10332755	16/01/2012	100,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	VIDEOCON TOWER, GROUND FLOOR, E- 1, RANI JHANSI  ROAD, JHANDEWALAN EXTENSION, NEW DELHI - 110055, INDIA	B30908776
6	10151731	25/03/2009	1,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	GROUND FLOOR, VIDEOCON TOWER, RANI JHANSI ROAD, JHANDEWALAN EXTN., NEW DELHI - 110055, INDIA	A60182706
7	10083598	04/03/2015 *	394,900,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH, OM SHUBHAM TOWER, NIT FARIDABAD, FARIDABAD - 121001, HARYANA, INDIA	C51726107
8	10065902	22/08/2007	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15 ASHOK MARG, LUCKNOW - 226001, UTTAR PRADESH, INDIA	A22061774
9	10066615	22/08/2007	100,000,000.00	INDUSIND BANK LTD.	NEHRU PLACE BRANCH, NEHRU PLACE, NEW DELHI - 110019, INDIA	A22433585
10	10042308	11/05/2015 *	50,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C58255050

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Electric Installation
• Furniture and Fixtures
• Cooler and Fans
• Cars
• Computers
• Office Equipment’s
• Weighing Scale
• Television
• Fax and Xerox Machine
• Air Conditions

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.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	0
--CREDIT LINES	1~10	3
--MARGINS	-5~5	------
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.