MIRA INFORM REPORT

Report No. :	347170
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	TIGER STEEL ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	4^th Floor, Building No.5, Sector 3, Millennium Business Park, Mahape, Navi Mumbai – 400710, Maharashtra
Tel. No.:	91-22-27780574 / 27780576 / 67311300
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	27.10.1995
Com. Reg. No.:	11-093973
Capital Investment / Paid-up Capital :	Rs.258.396 Million
CIN No.: [Company Identification No.]	U28112MH1995PTC093973
IEC No.:	0396050638
TAN No.: [Tax Deduction & Collection Account No.]	MUMT05073F
PAN No.: [Permanent Account No.]	AAACT2537J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pre-Fabricated Steel Buildings, Other Structure and Parts of Structure of Iron and Steel
No. of Employees :	425 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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 a wholly owned subsidiary of Tiger Steel Engineering LLC, in UAE, the flagship company of Tiger Group. It is promoted by Mr. Aziz S. Nasr who is the chairman and Managing Director in Tiger Group Companies. It is an established company having fine track record. Rating takes into consideration the sound financial risk profile of the company marked by adequate net worth base and comfortable gearing. Further, management has reported decent revenue base along with fair profit margin in FY14. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	Short Term Bank Facilities = A1+ (SO)
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	03.03.2015

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Celine Bhatkar Department
Designation :	Senior Executive Secretarial
Contact No.:	91-22-27780575
Date :	26.10.2015

LOCATIONS

Registered Office/ Corporate Office :	4^th Floor, Building No.5, Sector 3, Millennium Business Park, Mahape, Navi Mumbai – 400710, Maharashtra, India
Tel. No.:	91-22-27780574 / 27780576 / 67311300
Fax No.:	91-22-27780539
Mobile No.:	91-9820236498 (Mr. P K Nagarajan)
E-Mail :	tseil@vsnl.com celine@tseil.com
Website :	http://www.tiger-group.com http://www.tseil.com
Area :	8900 sq. ft.
Location :	Owned
Locality :	Industrial
Factory 1 :	Plot No. K-9, Addl. MIDC, Kudavali Village, Murbad Dist. Thane -421201, India
Tel. No.:	91-2524 -224818
Fax No.:	91-2524 -222621
E-Mail :	tseplant@vsnl.net
Area :	15000 sq. ft.
Location :	Owned
Factory 2:	Plot No. 4, Sector – 12, SIDCUL, Haridwar, Uttra Khand, India
Tel. No.:	91-1334-235362
Fax No.:	91-1334-235363
E-Mail :	tseilharidwar@vsnl.net
Area :	15000 sq. ft.
Location :	Owned
Corporate Office :	4^th Floor,Building No.5,Sector – III,Millennium Business Park,Mahape,Navi Mumbai – 400710,India
Tel. No.:	91-22 -27780574 / 67311300
Fax No.:	91-22- 27780539
E-Mail :	tseil@vsnl.com
Marketing Office 1 :	6,3^rd Floor,Fagun Chambers,26,C-In-C Road Egmore,Chennai - 600105
Tel. No.:	91-44-52146563
Fax No.:	91-44-52146562
E-Mail :	tseilchennai@yahoo.com
Marketing Office 2 / Sales Office 1:	709 B Wing, Mittal Towers, 7th Floor, MG Road, Bangalore – 560 001, India
Tel. No.:	91-80 - 51133359
Marketing Office 3 :	430,4^th Floor,Ansal Chamber – III,6 Bhikaji Cama Place,New Delhi – 110066
Tel. No.:	91-11 – 26182409-11
Fax No.:	91-11 - 26182408
E-Mail :	tseildelhi@satyam.net.in
Sales Office 2 :	4B, EGA Trade Centre, 809 P.H., Road, Kilpauk, Chennai – 600010, Tamilnadu, India
Tel. No.:	91-44-43418585
Fax No.:	91-44-43418595
E-Mail :	tseilchennai@yahoo.com
Sales Office 3 :	404, Suneja Toaer -1, Distt. Centre, janakpuri, New Delhi – 110058, India
Tel. No.:	91-11-25553235
Fax No.:	91-11-25553238
E-Mail :	ashwani@tseil.com
BRANCHES :
New Delhi:	Suneja Tower-1, 4^th Floor, Distt. Centre, Janakpuri, New Delhi – 110058, India
Tel. No.:	91-11-25553235/25553236
Fax No.:	91-11-25553238
Bangalore :	No. 243, 1^st Floor Above Ellen Medicals, 6^th Main, 4^th Block, Jaynagar, Bangalore – 560011, India
Tel. No.:	91-80-41133359
Chennai :	10A, Ega Trade Centre, 809, P.H. Road, Kilpauk, Chennai – 600010, Tamilnadu, India
Tel. No.:	91-44-43418585
Fax No.:	91-44-43418595

DIRECTORS

As on 22.09.2014

Name :

Mr. Aziz Said Nasr

Designation :

Director

Address :

AL Futtaim Estate Co 124-23D DAR Albatteen BHD Bristol Hotel, Dubai, UAE

Date of Birth/Age :

12.06.1947

Date of Appointment :

24.06.2013

DIN :

00353742

Email :

aziz@tiger-group.com

Name :

Mr. Dinesh K. Bhasin

Designation :

Director

Address :

B-1/175, Janak Puri, New Delhi – 110058, India

Date of Birth/Age :

08.08.1965

Date of Appointment :

18.03.2014

DIN :

00354754

Email :

dinesh@tiger-group.com

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	U28112MH1995PTC093973	TIGER STEEL ENGINEERING (INDIA) PRIVATE LIMITED	Managing director	18/03/2014	01/05/2002	-	Active	NO
2	U45400DL2008PTC180631	SIGNATURE COUNTY DEVELOPERS PRIVATE LIMITED	Director	30/09/2013	15/10/2012	-	Active	NO

Name :

Mr. Krishna Murthy Pudupadi Nagrajan

Designation :

Director

Address :

B-501, Mahavir Amrut, Sector – 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra, India

Date of Birth/Age :

21.08.1961

Date of Appointment :

22.09.2014

DIN No.:

06937348

KEY EXECUTIVES

Name :	Mr. Kulbhushan Aggarwal
Designation :	Company Secretary
Address :	Flat No.: 8/901 Building, No. 8, Seawoods, Estate, Nerul Navi Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	03.05.1961
Date of Appointment :	26.02.2001
PAN No.:	ADAPA5298D
Email :	kba@tseil.com
Name :	Mr. Celine Bhatkar Department
Designation :	Senior Executive Secretarial

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
Tiger Steel Engineering LLC	25839606
Claude R. Nasr (Nominee Shareholder on Behalf of Tiger Steel Engineering LLC)	01
Aziz Nasr (Nominee Shareholder on Behalf of Tiger Steel Engineering LLC)	01
Dinesh K. Bhasin (Nominee Shareholder on Behalf of Tiger Steel Engineering LLC)	01
Total	25839609

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pre-Fabricated Steel Buildings, Other Structure and Parts of Structure of Iron and Steel
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Product :	Finished Goods
Countries :	Algeria Australia
Imports :
Product :	Raw Material
Countries :	· China · Korea
Terms :
Selling :	L/C (60 Days)
Purchasing :	L/C

PRODUCTION STATUS NOT AVAILABLE

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Build Up	--	36000	--	10893
Cold Form	--	34000	--	5804

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 :

425 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-22662205 (Ringing)
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)	Cash / Credit – Rs. 740.800 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• ICICI Bank Limited, Smalle Enterprises Group – ACC, 4^th Floor, South Tower, ICICI Bank Tower, Mumbai – 400051, Maharashtra, India
• Standard Chartered Bank, 90, M.G Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from Bank		44.939
Other loans and Advances		2.382
Short-term borrowings
Loans and repayable on demand from banks		128.491
Total	269.043	175.812

Auditors :

Name :

Chaturvedi Sohan and Company

Chartered Accountants

Address :

320, Tulsiani Chambers, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFC7158A

Memberships :

Not Available

Collaborators :

Not Available

Holding Company :

Name:	Tiger Steel Engineering LLC
Address :	P.O Box No. 6169, Sharjah, United Arab Emirates

Subsidiary Company :

· Tiger Profiles & Insulations LLC, United Arab Emirates

· Tiger Steel Industries LLC, United Arab Emirates

Name:	Alnimr Steel Trading LLC
Address :	P.O Box No. 18444, Sharjah, United Arab Emirates
LOB :	Traders and Stokiest of Structural Steel.

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25839609	Equity Shares	Rs.10/- each	Rs.258.396 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015
SHAREHOLDERS FUNDS
1] Share Capital		258.396
2] Share Application Money		0.000
3] Reserves & Surplus		405.299
4] (Accumulated Losses)		0.000
NETWORTH		663.695
LOAN FUNDS
1] Secured Loans		269.043
2] Unsecured Loans		0.000
TOTAL BORROWING		269.043
DEFERRED TAX LIABILITIES		23.543
TOTAL		956.281
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		742.937
Capital work-in-progress		22.420
INVESTMENT		0.500
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	596.875
	Sundry Debtors	463.022
	Cash & Bank Balances	48.106
	Other Current Assets	161.867
	Loans & Advances	257.048
Total Current Assets		1526.918
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	1300.926
	Provisions	35.568
Total Current Liabilities		1336.494
Net Current Assets		190.424
MISCELLANEOUS EXPENSES		0.000
TOTAL		956.281

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	258.396	258.396
(b) Reserves & Surplus	413.472	230.337
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	671.868	488.733
(3) Non-Current Liabilities
(a) long-term borrowings	115.401	131.282
(b) Deferred tax liabilities (Net)	16.908	3.864
(c) Other long term liabilities	106.906	91.628
(d) long-term provisions	14.965	14.434
Total Non-current Liabilities (3)	254.180	241.208
(4) Current Liabilities
(a) Short term borrowings	128.491	234.364
(b) Trade payables	1056.226	546.291
(c) Other current liabilities	236.791	97.845
(d) Short-term provisions	9.643	6.685
Total Current Liabilities (4)	1431.151	885.185
TOTAL	2357.199	1615.126
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	704.723	551.124
(ii) Intangible Assets	8.378	12.487
(iii) Capital work-in-progress	8.350	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.390	0.390
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	19.654	0.000
Total Non-Current Assets	741.495	564.001
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	411.140	423.700
(c) Trade receivables	952.256	461.717
(d) Cash and cash equivalents	47.101	52.438
(e) Short-term loans and advances	140.199	97.730
(f) Other current assets	65.008	15.540
Total Current Assets	1615.704	1051.125
TOTAL	2357.199	1615.126

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1765.167
	Other Income	5.285
	TOTAL	1770.452	2002.800	1962.800
Less	TOTAL EXPENSES	1742.713	1964.600	1929.600
	PROFIT/ (LOSS) BEFORE TAX	27.739	38.200	33.200
Less	TAX	2.986	6.700	(8.100)
	PROFIT/ (LOSS) AFTER TAX	24.753	31.500	41.300
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	229.605	515.500	404.200
	TOTAL EARNINGS	229.605	515.500	404.200
	IMPORTS
	Raw Materials	228.385	NA	NA
	Capital Goods	35.941	NA	NA
	TOTAL IMPORTS	264.326	NA	NA
	Earnings / (Loss) Per Share (Rs.)	--	315.17	413.14

Expected Sales (2015-2016) : Rs. 2250.000 Million

The above information has been parted by Mr. Sanjay Warang (Account Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	56.711	0.606
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	209.386	(0.026)
Net cash flow from operating activities	NA	241.646	31.501

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.40	1.57	2.10
Return on Total Assets (PBT/Total Assets}	(%)	1.22	1.63	2.06
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.07
Debt Equity Ratio (Total Debt /Networth)		0.41	0.36	0.75
Current Ratio (Current Asset/Current Liability)		1.14	1.13	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	258.396	258.396	258.396
Reserves & Surplus	230.337	413.472	405.299
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	488.733	671.868	663.695
long-term borrowings	131.282	115.401	269.043
Short term borrowings	234.364	128.491	0.000
Total borrowings	365.646	243.892	269.043
Debt/Equity ratio	0.748	0.363	0.405

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1962.800	2002.800	1770.452
		2.038	(11.601)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1962.800	2002.800	1770.452
Profit	41.300	31.500	24.753
	2.10%	1.57%	1.40%

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	Yes
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	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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Unit No. 203-204, Sector-II, Building No. 5, Millennium Business Park, Mahape, Navi Mumbai – 400709, Maharashtra, India to the present address w.e.f. 18.08.2008.

TRADE REFERENCE

1. SMNN Construction India Limited, Office No.201, II Floor, Plot No. D-1, Ras Vilas, Saket District Centre, New Delhi – 110017, India

2. Shree Shubham Logistics Limited, Unit No-72, 7^th Floor, Kalpataru Square, Kondivata Road, Off. Andheri, Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India

3. Maruti Suzuki India Limited, Old Palam Gurgaon Road, Gurgaon – 122015, Haryana, India

4. L and T Limited, North Block-1, Ground Floor, Gala No.1, Powai Campus, Saki Vihar Road, Mumbai – 400072, India

5. Godrej and Boyce Manufacturer Company Limited, Pirojshanagar, Vikhroli, Mumbai – 400079, Maharashtra, India

BUSINESS:

Operating in a volatile and uncertain environment, the Company has demonstrated the resilience of its business model. The company has registered 2% growth in Sales Turnover during the year 2013-14 over the previous year and has generated the Cash Profit of Rs. 74.600 Million as against Rs.69.600 Million in the previous year.

The company has registered a Profit before Tax of Rs. 38.200 Million with 15% growth over previous year.

MARKETING OPERATIONS:

Due to low level of economic activity last year, there was a Demand Compression in the PEB Industry. With a Stable Government at Centre, with an agenda to spur Growth and development, PEB industry can look forward to Growth in demand for PEB in the Years to come. The Main Growth Drivers will be:

- Government Initiatives in Infrastructure Development

- Domestic Retail Sector

- Manufacturing Industry

- Service Industry (Logistics & Warehousing).

While the scope for Growth in the PEB industry is High given the Opportunity in the Market Place, there is a need to assess the realistic Growth from the Point of view where they are today, and the way the new Government tackles the reforms agenda, and create investment friendly atmosphere. In their opinion the PEB will grow at the rate of 20% PA in the medium term.

With the opening up of FDI in retail, big International and Indian corporate, are planning to setting up their Network in India. This will create a demand for Distribution Warehouse, Cash and Carry Stores etc. However the bigger Demand for Warehouses will come from Agricultural and Manufacturing, together with demand from retail Sector, Warehousing will be a Huge Demand Driver for PEB. Some of the Applications are:

Dry Warehouse Storage for Agri Products.

· Cold storages for Agri and Non Agri Products

· Supply Chain Logistics for the Manufacturing Sector.

-Backend Infrastructure for retails

· Cargo Warehousing at Sea Ports and airports

The company’s intensified and focused marketing efforts in new areas of PEB growth have been successfully rewarded and the order backlog is strongly placed at INR 2000.000 Million as on date.

The company has planned to enhance the product range and services offered to the customers. During the year 2013-14 it has successfully implemented Design and Build Model. During the forthcoming year it is planning to introduce Decking Sheet solution and K Span Sheeting system for which machineries are imported and will be commissioned in second half of the year 2014-15.

OPERATIONS:

The company has placed the orders for modernizing its Z purlin lines, Plate Punching and drilling operation. These machines will not only enhance the productivity but also provide a better quality of Product to customer and new business opportunity for the Company.

The company has been supported by SBI by renewal of working capital limits and providing Rs. 50.000 Million as Corporate Loan to ease up the Working capital pressure in operations and the Term Loan for import of machineries.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from Bank	0.000	68.080
Short-term borrowings
Loans repayable on demand	0.000	0.000
Total	0.000	68.080

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90160391	18/08/2004	12,700,000.00	STATE BANK OF INDIA	118-121 FIRST FLOOR, SWASTIL CHA;MBERS SION TROM  DAYROAD, MUMBAI, Maharashtra - 400071, INDIA	-
2	90159745	14/11/2013 *	740,800,000.00	State Bank of India	Commercial Branch, 2nd Floor, N. G. N. Vaidya Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 4  00001, INDIA	B93462950
3	90158906	09/11/2003 *	2,000,000.00	STATE BANK OF INDIA	MAHUL ROAD, MUMBAI, Maharashtra - 400074, INDIA	-
4	90156945	12/08/1998	20,000,000.00	STATE BANK OF INDIA	MAHUL ROAD, MUMBAI, Maharashtra - 400074, INDIA	-
5	90156763	28/07/2004 *	2,000,000.00	STATE BANK OF INDIA	MAHUL ROAD, MUMBAI, Maharashtra - 400074, INDIA	-

FIXED ASSETS

Tangible Assets

- Land

- Buildings

- Factory building

- Plant and equipment

- Furniture and fixtures

- Vehicles

- Motor vehicles

- Office equipment

- Computer equipments

- Other equipments

Intangible Assets

- Computer software

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.64.95
UK Pound	1	Rs.99.73
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	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		52

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.