MIRA INFORM REPORT

Report Date :

11.04.2011

IDENTIFICATION DETAILS

Name :	INDRAYANI FERROCAST PRIVATE LIMITED
Registered Office :	Gat No.225, Alandi Markal Road, Village Dhanore, Taluka Khed, Pune – 412 105, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.05.1995
Com. Reg. No.:	11-088354
CIN No.: [Company Identification No.]	U27320MH1995PTC088354
TAN No.: [Tax Deduction & Collection Account No.]	PNEI00834B
PAN No.: [Permanent Account No.]	AAACI8271N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Steel and Iron, Carbon Alloy and Alloy Steel.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 523000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses incurred by the company in current year. However the networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Sachin D. Oswal
Designation :	Director
Contact No.:	91-9922675555
Date :	09.04.2011

LOCATIONS

Registered Office/ Factory :	Gat No.225, Alandi Markal Road, Village Dhanore, Taluka Khed, Pune – 412 105, Maharashtra, India
Tel. No.:	91-2135-668926
Mobile No.:	91-9922675555 (Mr. Sachin Oswal)
Fax No.:	91-2135-668950
E-Mail :	amd_cs@rediffmail.com csadeshpande@gamil.com
Website :	www.indrayani.in
Area :	10000 sq ft
Location :	Owned
Branch Office :	Vakrewadi, Kohinoor Estate, Pune, Maharashtra, India

DIRECTORS

Name :	Mr. Vinod Goyal
Designation :	Director
Address :	S. No. 13, H.No.1+2+3+4, Kohinoor Residency, 3 Phase Planet Near Spicer College Aundh, Pune-411007, Maharashtra, India
Date of Birth/ Age :	52 Years
Qualification :	Graduate
Date of Appointment :	29.07.2001
Name :	Mr. Ashok Sonraj Oswal
Designation :	Director
Address :	586/A, Flat No. 1 DCYFL-7, Girija Nayak Society, Gultekadi, Pune-411037, Maharashtra, India
Date of Birth/ Age :	26.12.1963
Qualification :	Graduate
Date of Appointment :	01.04.2008
Name :	Mr. Ashwin Goyal
Designation :	Director
Date of Birth/ Age :	48 Years
Qualification :	Graduate
Name :	Mr. Sachin D. Oswal
Designation :	Director
Address :	586/A, Flat No. 1 DCYFL-7, Girija Nayak Society, Gultekadi, Pune-411037, Maharashtra, India
Date of Birth/ Age :	11.02.1981
Qualification :	MBA
Date of Appointment :	01.04.2008
Name :	Mr. Deepchand Oswal
Designation :	Director
Date of Birth/ Age :	52 Years
Qualification :	Graduate

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Ashok Sohanraj Oswal	2010
Aditya Arunkumar Poddar	1001
Amit Ashok Agarwal	1419
Arunkumar Ramkumar Poddar	983
Ashwinikumar Ramkumar Poddar	1001
Darshanadevi M. Agarwal	951
Deepchand Sonraj Oswal	1001
Gayatridevi A. Garg Agarwal	951
Madhu Arunkumar Poddar	2301
Neeru Agarwal	1
Prakash Sonraj Oswal	2001
Premprakash Lacchiram Goyal	1001
Punita Ashwinikumar Poddar	1401
Rajesh Sonraj Oswal	2001
Renuka Amit Garg Agarwal	938
Sangeeta Vijay Oswal	101
Sanjay Sonraj Oswal	2001
Savitridevi Ramkumar Poddar	3311
Sonraj Tarachand Oswal	1518
Uttamchand Sonraj Oswal	2001
Vijay Sonraj Oswal	1001
Vikas Premprakash Goyal	3249
Vinod Vedprakash Goyal	2449
Yatindra Ramesh Agarwal	1420
Yogesh Vedprakash Goyal	3801
Ajinkya Electromelt Private Limited, India	3001
Kashyap Ashwinikumar Poddar	636
Aakash Premprakash Goyal	2000
Total	45450

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	6.60
Directors or relatives of directors	80.90
Other top fifty shareholders	12.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Steel and Iron, Carbon Alloy and Alloy Steel.
Products :	M.S. Ingots Runner Riser M.S. Billets
Exports :
Products :	M.S. Ingots Runner Riser M.S. Billets
Countries :	African Country
Imports :
Products :	Raw Materials
Countries :	UK USA South Africa Singapore
Terms :
Selling :	Depend on Party
Purchasing :	L/C and 180 days (Import)

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
M.S. Billets	M.T.	105897.000

GENERAL INFORMATION

Suppliers :

• Angel Engineering Works
• Parag Gases and Chemicals Private Limited
• Ramco Automatics
• S.M. Rolling Works
• Spark Engineering Company
• Rai Enterprises
• Mamta Steel Traders
• Eltek Engineers
• Agni Auto Components
• Creative Engineers
• A.S. Enterprises
• Fortune Vision
• Gemini Impex
• Hans Trading Company
• Hydra Care Point
• Neelam Roadways
• Vivek Ferro Private Limited
• Windals Auto Private Limited

Customers :

Home Consumption Unit

No. of Employees :

225 (In office – 25, In factory – 200) (Approximately)

Bankers :

• The Cosmos Co-Operative Bank Limited (Khadki Branch), 269/270, Shaniwar Peth, Pune - 411 030, Maharashtra, India
• HDFC Bank Limited, Pune Branch
• State Bank of India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
The Cosmos Co-Operative Bank Limited
Cash Credit A/C No. 002105117210011	123.183	124.592
Term Loan A/C No.00275180596	0.000	9.014
Term Loan A/C No.00275100329 (Building)	14.821	18.610
Term Loan A/C No.00275180505 (Plant and Machinery)	48.582	66.601
Total	186.586	218.817

Note: Cash credit facility is secured by hypothecation of stock and book debts and others movable assets both present and future. And further supported by personal guarantees of directors.

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Ajinkya Electromel Private Limited	28.791	25.775
Arun Poddar	3.153	12.567
Ashwinkumar Poddar	11.355	13.017
Jas Capital Service Private Limited	33.328	0.000
Madhu Poddar	3.278	2.911
Mayank Goyal	4.442	0.805
Parul Goyal	1.448	1.247
Prem Goyal	0.442	2.604
Sales Tax Deferral Loan	45.958	45.722
Sant Gyaneshwar Steel Private Limited	0.000	0.078
Savitridevi R. Poddar	5.057	14.264
Shraddha Ispat Private Limited	14.226	30.860
Sushma Goyal	1.902	1.689
Vat Deferral Loan	9.146	9.146
Vinod Goyal	1.535	3.541
Yogesh V. Goyal	6.671	6.151
Total	170.732	170.377

Banking Relations :	--
Auditors :
Name :	V.K. Gujarathi and Company Chartered Accountants
Address :	Poonam Plaza, 403/4/5, Market Yard Road, Gultekdi, Pune - 411 037, Maharashtra, India
Tel. No.:	91-20-24275398/ 99
Associates/ Subsidiaries :	Pushpak Steel Industries

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45450	Equity Shares	Rs.100/- each	Rs.4.545 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.545	4.545	4.545
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		126.295	78.842	122.649
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.840	83.387	127.194
LOAN FUNDS
1] Secured Loans		186.586	218.817	86.310
2] Unsecured Loans		170.732	170.377	86.564
TOTAL BORROWING		357.318	389.194	172.874
DEFERRED TAX LIABILITIES		1.059	0.000	0.000
TOTAL		489.217	472.581	300.068
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		201.364	225.432	63.834
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		24.407	32.814	8.422
DEFERREX TAX ASSETS		0.000	18.929	0.032
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.558	67.016	58.644
	Sundry Debtors	112.001	33.118	62.016
	Cash & Bank Balances	2.744	5.186	0.751
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	53.961	104.643	107.392
Total Current Assets		314.264	209.963	228.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	19.168	(32.255)	(37.664)
	Provisions	31.650	46.812	38.687
Total Current Liabilities		50.818	14.557	1.023
Net Current Assets		263.446	195.406	227.780
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		489.217	472.581	300.068

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	2447.406	1515.245
		Other Income	23.395	6.624
		TOTAL (A)	2470.801	1521.869
Less	EXPENSES
		Cost of Sales	2333.660	1541.550
		Sales, Administrative Expenses and Other Expenses	27.291	21.374
		TOTAL (B)	2360.951	1562.924
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.850	(41.055)
Less	INTEREST (D)		32.343	21.239
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		77.507	(62.294)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.550	0.371
	PROFIT BEFORE TAX (E-F) (G)		76.957	(62.665)
Less	TAX (H)		29.026	(18.858)
	PROFIT AFTER TAX (G-H) (I)		47.931	(43.806)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		78.842	122.649
Less	APPROPRIATIONS		0.479	--
	BALANCE CARRIED TO THE B/S		126.294	78.842
	Earnings Per Share (Rs.)		1055.00	NA

Expected Sales (2010-11): Rs.3400.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.94	(2.88)	NA
Net Profit Margin (PBT/Sales)	(%)	3.14	(4.14)	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.92	(14.39)	NA
Return on Investment (ROI) (PBT/Networth)		0.59	(0.75)	NA
Debt Equity Ratio (Total Liability/Networth)		3.12	4.84	1.37
Current Ratio (Current Asset/Current Liability)		6.18	14.42	223.66

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods Supplied	42.469	16.875	3.195
Less: Advances to Suppliers	24.742	49.581	41.264
	17.727	(32.706)	(38.069)
Other Creditors	1.441	0.451	0.406

OPERATIONS:

The unit has received very good response and the directors are hopeful for better working for next years.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27320MH1995PTC088354
Name of the company	INDRAYANI FERROCAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.225, Alandi Markel Road, Village Dhanore Taluka Khed, Pune - 412 105, Maharashtra, India E-Mail: csadeshpande@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10087914
Type of charge	Book Debts Movable Property Others (All tangible movable property)
Particular of charge holder	The Cosmos Co-Operative Bank Limited (Khadki Branch), 269/270, Shaniwar Peth, Pune-411 030, Maharashtra, India E-Mail: sunil.panse@cosmosbank.in
Nature of description of the instrument creating or modifying the charge	Supplementary Deed of Hypothecation of Stock, Book Debts and Machinery dated 15^th May, 2010
Date of instrument Creating the charge	15/05/2010
Amount secured by the charge	Rs.40.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Commission as per bank rules Terms of Repayment: As per bank guarantee terms/review with in 12 months Margin: 15% Extent and Operation of the charge : Type of facility:- Bank Guarantee Others: As per terms and conditions
Short particulars of the property charged	All that piece and parcel of property at S.No. 225 Adm Abt 85r and S.No. 224 Adm Abt 89R and out of the said total land part thereof Adm Abt 44.5R and land at S.No. 226 Adm Abt 1H 24R and out of the said Total land part thereof Adm Abt 83R, situated at Village Dhanore Tal Khed District Pune together with the building and structure standing thereon (present and future) along with all rights, titles and interests. And hypothecation of stock book debts, plant and machineries, import material.
Particulars of the present modification	hypothecation to and in favour of the Bank, all the stock in trade, row materials, goods in process, book debts, outstanding money, receivables, claims bills and movable machinery, plant and equipments, accessories, spare parts (both present and future), and all tangible movable property belonging to the borrower/s and lying at the borrower/s place of business at Gat No. 225, Alandi Markal Road, Village Pune Additional B.G. Limit of Rs.10.000 million making total bank guarantee limit of Rs.40.000 millions.

Name of the company	INDRAYANI FERROCAST PRIVATE LIMITED
Presented By	The Cosmos Co-Operative Bank Limited
1) Date and description of instrument creating the change	Agreement of hypothecation of tangible goods/movable property to secure a demand cash credit account/ demand overdraft account/ demand loan account dated 1^st October 2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs.11.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Borrower both hereby hypothecation to and in favour of the Bank stocks thereof the time being whether raw or manufactured or in process of manufacture and also all products, goods and any every tangible movable property of the Borrowers whether laying or at any premises and godwons at Gat No. 225, Alandi Market Road, Village Dhanore Taluka Khed, District Pune or any where else the same may be or be held by any party any where to the order and disposition of the Borrower or in course of transit.
4) Gist of the terms and conditions and extent and operation of the charge.	Facility : Term Loan Interest Rate: 16% p.a. or as may be fixed by the Bank from time to time. Repayment: On demand and if not demanded then with 66 months. Installment: Rs.0.267 Millions p.m.
5) Name and Address and description of the person entitled to the charge.	The Cosmos Co-Operative Bank Limited, Khadki Branch, Khadki, Pune-411030, Maharashtra, India.
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

TRADE REFERENCES:

· EMR (Overseas Party)

· Seams (Overseas Party)

· MPC Mathani (Domestic Party)

FIXED ASSETS:

• Factory Building
• Factory Land
• Furniture
• Electrical Installations
• Plant and Machinery (Excise on Plant)
• Plant and Machinery (Others)
• Plant and Machinery
• Computers
• Office Equipments
• Car
• Two Wheeler

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 records 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 records 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.44.04
UK Pound	1	Rs.72.20
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.