MIRA INFORM REPORT

Report Date :

06.01.2011

Note:

The company changed its registered office from Apeejay House, 6^th Floor, 3, Dinshaw Waccha Road, Churchgate, Mumbai – 400 020, Maharashtra to Block No.16, Garden Court Complex, Phoenix Mill Compound, Mumbai – 400 013, Maharashtra, it has again been shifted to the present address.

IDENTIFICATION DETAILS

Name :	STEMCOR INDIA PRIVATE LIMITED
Registered Office :	10B and C, Nirmal, 241/ 242, Backbay Reclamation, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.10.2003
Com. Reg. No.:	11-142850
CIN No.: [Company Identification No.]	U51420MH2003PTC142850
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36507C
PAN No.: [Permanent Account No.]	AAHCS9299R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Steel Products.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1608000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. The company had recorded some accumulated losses in the previous years. However with some improvement in the financial position it has been successful in wiping off those losses. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Profit and loss account of the company for the current year is not available.

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 :	Ms. Reshma
Designation :	Accounts Department
Date :	05.01.2011

LOCATIONS

Registered Office :	10B and C, Nirmal, 241/ 242, Backbay Reclamation, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-67406666
Fax No.:	91-22-67406699
E-Mail :	angie.fernandes@stemcor.com
Website :	www.stemcor.com
Branch Office :	Johar Building, 9^th Floor, P–1, Hide Lane, Hyde Lane, Kolkata – 700 073, West Bengal, India
Tel. No.:	91-33-22364601 / 22370935 / 22046666
Fax No.:	91-33-22364602 / 22046669
E-Mail :	contact@aryanmining.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Matthew Graham Stock
Designation :	Managing Director
Address :	Block 16, Garden Court Complex, Phoenix Mills Compound, 462 S B Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Date of Birth/Age :	10.04.1968
Date of Appointment :	23.10.2003
Name :	Mr. William John Attenborough
Designation :	Director
Address :	Stemcor M.E.S.A.P.O. Box 37324, Suite 707, City Tower 1, Shaikh Zayed Road, Dubai NA, UAE
Date of Birth/Age :	10.07.1952
Date of Appointment :	23.10.2003
Name :	Mr. Vineet Mehra
Designation :	Director
Address :	Apeejay House, 6^th Floor, 3, Dinshaw Waccha Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	10.12.1980
Date of Appointment :	30.09.2008

KEY EXECUTIVES

Name :	Ms. Reshma
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Stemcor Holdings Limited, UK	4452969
Ralph Oppenheimer	50001
Stemcor UK Limited	25723244
Stemcor Mesa DMCC	508792
Total	30735006

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	Trader of Steel Products.
Exports :
Products :	Steel Products
Countries :	Singapore, China
Imports :
Products :	Raw Materials and H.R. Coils
Countries :	Singapore
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :	Corporates
No. of Employees :	30 (In office – 20, In Branch – 10) (Approximately)
Bankers :	Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001, India
Facilities :	Term Loan – 20 millions US$

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	Todarwal and Todarwal Chartered Accountants
Address :	112, Maker Bhavan No. 3, 21, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Holding Company :	Stemcor Holdings Limited, UK
Associates/Subsidiaries :	Aryan Mining and Trading Corporation Private Limited Johar Building, 8^th Floor, P / 1, Hide Lane, Kolkata – 700 073, West Bengal, India Tel. No.: 91-33-22364601/ 22370935 Fax No.: 91-33-22364602 E-Mail: contact@aryanmining.in
Group Companies :	Brahmani River Pellets Limited 5^th and 6^th Floor, Ipicol Annex Building, Ipicol House, Janpath, Bhubaneswar –751 022, Orissa, India Tel. No.: 91-674-6542235 Fax No.: 91-674-2543398

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30735006	Equity Shares	Rs.10/- each	Rs.307.350 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		307.350	307.350	307.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.606	0.000	36.378
4] (Accumulated Losses)		0.000	(101.632)	0.000
NETWORTH		401.956	205.718	343.728
LOAN FUNDS
1] Secured Loans		552.402	534.476	265.665
2] Unsecured Loans		202.927	221.923	284.512
TOTAL BORROWING		755.329	756.399	550.177
DEFERRED TAX LIABILITIES		1.209	0.000	1.660
TOTAL		1158.494	962.117	895.565
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.308	75.293	67.175
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		853.443	1062.192	173.632
DEFERREX TAX ASSETS		0.000	1.659	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.754	49.163	12.974
	Sundry Debtors	161.817	148.766	30.778
	Cash & Bank Balances	335.630	385.052	419.632
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1091.441	1159.492	997.069
Total Current Assets		1635.642	1742.473	1460.453
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1372.013	1911.668	61.634
	Other Current Liabilities			724.132
	Provisions	24.886	7.832	19.929
Total Current Liabilities		1396.899	1919.500	805.695
Net Current Assets		238.743	(177.027)	654.758
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1158.494	962.117	895.565

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008
	SALES
		Sales Turnover	148.554
		Commission	113.874
		Other Income	52.868
		Closing Stock	12.974
		TOTAL (A)	328.270
Less	EXPENSES
		Opening Stock	6.259
		Direct Expenses	182.336
		Employee Costs	20.936
		Administrative Expenses	56.056
		Loss on Sales of Fixed Asset	0.523
		Prior Period Expenses	0.302
		TOTAL (B)	266.412
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		61.858
Less	FINANCIAL EXPENSES (D)		5.532
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		56.326
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.719
	PROFIT BEFORE TAX (E-F) (G)		49.607
Less	TAX (H)		17.300
	PROFIT AFTER TAX (G-H) (I)		32.307
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.071
	BALANCE CARRIED TO THE B/S		36.378
	Earnings Per Share (Rs.)		1.59

Particulars	31.03.2010 (Approximately)	31.03.2009 (Approximately)
Sales Turnover	68.400 (Due to recession)	223.300

Expected Sales (2010-2011): Rs.600.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	9.84
Net Profit Margin (PBT/Sales)	(%)	NA	NA	33.39
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	3.25
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.14
Debt Equity Ratio (Total Liability/Networth)		5.35	13.01	3.94
Current Ratio (Current Asset/Current Liability)		1.17	0.91	1.81

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 Expenses:	NA	NA	61.634
Stemcor SEA- Export	NA	NA	22.873
Todarwal and Todarwal			0.040
AFL Private Limited			0.001
A.K. Travels and Tours Private Limited			0.972
Auto Hirers			0.005
Bothra Shipping Services			27.526
Canon India Private Limited			0.004
Dedhia And Gala			0.001
Hotel Keshari			0.003
Masuta Tours and Travels			0.016
Nikhil Comforts			0.015
Padma Logistic and Khanji Private Limited			6.259
Prime Network Computing			0.007
TPS Infrastructure Limited			0.159
U.B. Express Couriers			0.011
Weedone Stationers			0.022
Metso Minerals 200TPH			0.468
Provision For Expenses			2.234
AMTC			0.054
CESC			0.013
Chhibber Travels			0.002
Devyani Jaiswal			0.006
Eastern Logica Infoway Limited			0.277
Paradeep Port Trust			0.297
Seatrans Marine Private Limited			0.310
Senator Travels Private Limited			0.031
Tata Indicom			0.007
Vodafone			0.021

Form 8:

Bankers Charges Report as per Registry

Corporate identity number of the company	U51420MH2003PTC142850
Name of the company	STEMCOR INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Apeejay House, 6^th Floor, 3, Dinshaw Waccha Road, Churchgate, Mumbai – 400 020, Maharashtra, India E-Mail: angie.fernandes@in.stemcor.com
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property Book Debts Others (DSRA and Escrow Account)
Particular of charge holder	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India E-Mail: itsl@idbitrustee.co.in
Nature of description of the instrument creating or modifying the charge	Security Trustee Agreement
Date of instrument Creating the charge	29/06/2010
Amount secured by the charge	Rs.2970.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As stated in the agreement dated 29th June, 2010 Terms of Repayment: As stated in the agreement dated 29th June, 2010 Margin: As stated in the agreement dated 29th June, 2010 Extent and Operation of the charge: The charge has been created to secure the due repayment and discharge of loans together with all interest, liquidated damages, fees, and other amounts including Security Trustee's remuneration as stipulated under the relevant documents and will rank pari passu with existing charge holders.
Short particulars of the property charged	The immovable property and interest therein situated at pali bearing Plot No. 27 admeasuring 196.80 sq.mtrs. as stated in the agreement. Current assets both present and future. DSRA and Escrow Account.

Name of the company	STEMCOR INDIA PRIVATE LIMITED
Presented By	--
1) Date and description of instrument creating the change	Charge over collection account agreement dated 10.10.2005 executed by the company, acting as collection agent for Stemcor Pte Limited in favour of Standard Chartered Bank, UK
2) Amount secured by the charge/amount owing on the securities of charge	Stemcor has entered into a Limited Recourse Facility Agreement dated 04.10.2005 wherein the lenders therein have agreed to grant Stemcor a Limited recourse facility of up to US $ 20000000 upon the terms set out therein.
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	As security for the Facility, the Collection Agent, in its capacity as collection agent for Stemcor, a charge is created on the right, title and interest to all funds, present and future, in the Collection Account as account of the company held with Standard Chartered Bank at its Mumbai branch in favour of the Security Trustee, duly authorised to take up and of the security interest created herein on behalf of the Lenders.
4) Gist of the terms and conditions and extent and operation of the charge.	As continuing security for the prompt and complete payment and performance when due of the secured Obligations and the due and punctual performance and observance by Stemcor of any and all of their obligations under the facility agreement the company creates a charge and hypothecates to the security trustee and grants and creates a first priority security interest in favour of the security trustee as and by way of a first priority fixed charge on all present and future right title and interest of Stemcor in and to the said account and to all the monies deposited in the said account. The said account shall be exclusively charged as security by the company in favour of the security trustee and shall be specifically and exclusively appropriated for the due payment and discharge of the secured obligations in the manner set out in the aforesaid charge agreement.
5) Name and Address and description of the person entitled to the charge.	Standard Chartered Bank, in its capacity security trustee 17, Parliament Street New Delhi – 110001, India
6) Date and brief description of instrument modifying the charge	Nil
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.	Nil

This form is for	Creation of charge
Corporate identity number of the company	U51420MH2003PTC142850
Name of the company	STEMCOR INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block 16, Garden Court Complex, Phoenix Mills Compound, 462 S B Marg, Lower Parel, Mumbai – 400013, Maharashtra
Particular of charge holder	Standard Chartered Bank Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India
Nature of description of the instrument creating or modifying the charge	Charge over the Mumbai Collection Account
Date of instrument Creating the charge	09.01.2007
Amount secured by the charge	Rs. 270.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per the terms set out in the agreement between the Stemcor India Private Limited and Standard Chartered Bank Term of Repayment : As per the terms and conditions set out in the agreement between the SIPL and SCB Margin : As may be notified by the Bank Extent and operation of the charge : Charge by way of an exclusive first priority charge in favour of SCB
Short particulars of the property charged	First Priority charge on all the funds in the Mumbai Collection Account

FIXED ASSETS:

· Motor Car

· Electrical Equipment

· Office Equipment

· Telephone System

· Computers

· Furniture and Fixtures

· Plant and Machinery

· Air Conditioner

· Renovation of Office and Res.

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] 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.45.20
UK Pound	1	Rs.70.27
Euro	1	Rs.59.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.