MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	ANMOL STEEL PROCESSORS PRIVATE LIMITED
Registered Office :	D-15, MIDC, Taloja, Raigad – 400 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	05.05.1994
Com. Reg. No.:	11-78196
Capital Investment / Paid-up Capital :	Rs. 54.942 Millions
CIN No.: [Company Identification No.]	U27100MH1994PTC078196
TAN No.: [Tax Deduction & Collection Account No.]	MUMA10071F / MUMA19941F
PAN No.: [Permanent Account No.]	AAACA8336Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Steel Iron.
No. of Employees :	48 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 382648
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the latest financials of the company with the Government Departments and denied to disclose the same. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION PARTED BY (General Details)

Name :	Mr. Amar
Designation :	Director
Date :	17.06.2011

LOCATIONS

Registered Office/ Warehouse :	D-15, MIDC, Taloja, Raigad – 400 057, Maharashtra, India
Tel. No.:	91-22-56368708 / 56368709 / 66368709 / 66368708
Mobile No.:	91-9870262225 (Mr. Amar Shah)
E-Mail :	anmolsteel@gmail.com prdipkjain@gmail.com amarshah@gmail.com singhaniamum@gmail.com
Area :	2000 Sq. ft.
Location :	Leased
Corporate Office :	101/102 Joshi Chamber, Ahmedabad Street, Masjid Bunder, Mumbai – 400 009, Maharashtra, India
Area :	1500 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2009

Name :	Mr. Dinesh Lalbhai Shah
Designation :	Director
Address :	201/202, Anuradha Apartments, 183 TPS Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	25.04.1949
Qualification :	S.S.C.
Date of Appointment :	05.05.1994
Name :	Mr. Amar D. Shah
Designation :	Director
Address :	201/202, Anuradha Apartments, 183 TPS Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	04.03.1979
Qualification :	Graduate
Date of Appointment :	01.08.2003
Name :	Mr. Paras D Shah
Designation :	Director
Address :	201/202, Anuradha Apartments, 183 TPS Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	07.12.1974
Qualification :	Graduate
Date of Appointment :	01.04.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Dinesh Lalbhai Shah	1914270
Amar D. Shah	1579950
Paras D Shah	1750000
Bindu Ben Shah	250000
Total	5494220

AS ON 30.09.2009

Equity share breakup
Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Steel Iron.
Products :	Iron Steel Stainless Steel Carbon Steel Alloy Steel
Terms :
Selling :	Cash and Credit (30-60-90 Days)
Purchasing :	Cash and Credit (30-60-90 Days)

GENERAL INFORMATION

Suppliers :

· Drolla Mineral Industries Private Limited

· Ispat Industries Limited

· N G Traders

· Punsunl Agents Private Limited

· P G Traders

· Ushdev International Limited

· LKP System Engineering

· M S Cabrol Movers

· Nidhi Resourses

· Ranjeet Enterprises

· Suyog Enterprises

· Welt Automation

· New Core Steels Private Limited

· D M Jani and Company

· ATC Global Finance

· Suchi Enterprises

· Dee Tee Industries

Customers :

Wholesalers, OEM’s and End Users.

· ABN Corporation

· Active Steel

· Ajay Iron and Steel Traders

· Balaji Enterprises

· Mausam Steels

· Mody Associates

· Pioneer Steels

· P H Enterprises

· Om Sai Traders

No. of Employees :

48 (Approximately)

Bankers :

· Punjab and Maharashtra Co-operative Bank Limited, Carnac Bunder Branch, Mumbai – 400009, Maharashtra, India

· Bank of Baroda, Byculla Branch, 18-1, 19/20, Byculla House, Clare Road, Byculla, Mumbai – 400 008, Maharashtra, India

· The Jain Sahakari Bank Limited, S. V. P. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India

· Union Bank of India

· The Sahyadri Sahakari Bank

· ICICI Bank Limited

· Standard Chartered Bank

· HDFC Bank Limited

Facilities :

Secured Loan	31.03.2009 (Rs. In Millions)	31.03.2008 (Rs. In Millions)
Motor Car Loan
Kotak Mahindra Primus Limited	0.217
Bank of Baroda	1.290
ICICI Bank Limited	1.040	2.435
Business Loan
Cholamandalum DBS Finance Limited	0.539
Citi Bank Loan	0.604
Total	3.690	2.435
Unsecured Loan
From Director	0.077	50.532
From shareholders	22.493
Total	22.570	50.532

Banking Relations :	--
Auditors :
Name :	Dilip M. Jani and Company Chartered Accountant
Address :	Chaman Chambers, 3^rd Floor, 10-A, Cinema Road, Dhobi Talao, Mumbai – 400 020, Maharashtra, India
Associates/Subsidiaries :	· Shah Steel Corporation, Masjid Bandar · Teco Industries, Navi Mumbai · SRCO Steel Private Limited, Carnac Bunder, Mumbai

CAPITAL STRUCTURE

AS ON 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Share	Rs.10/- Each	Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5494220	Equity Share	Rs.10/- Each	Rs.54.942 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		54.942	24.942	24.942
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.720	27.662	12.828
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.662	52.604	37.770
LOAN FUNDS
1] Secured Loans		3.690	2.435	11.242
2] Unsecured Loans		22.570	50.532	0.000
TOTAL BORROWING		26.260	52.967	11.242
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		121.922	105.571	49.012
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.292	24.808	19.555
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.546	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	306.123	303.633	0.000
	Sundry Debtors	485.481	51.144	0.000
	Cash & Bank Balances	2.988	2.265	5.852
	Other Current Assets	74.883	503.076	288.926
	Loans & Advances	0.288	1.000	0.000
Total Current Assets		869.763	861.118	294.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	756.503	753.893	NA
	Current Liabilities	26.630	26.903	265.321
	Provisions	0.000	0.105	0.000
Total Current Liabilities		783.133	780.901	265.321
Net Current Assets		86.630	80.217	29.457
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		121.922	105.571	49.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	3398.728	3509.376	923.991
		Other Income	185.550	73.736	18.509
		TOTAL (A)	3584.278	3583.112	942.500
Less	EXPENSES
		Cost of Goods Sold	3426.174	3414.307	904.632
		Salaries, Wages, Bonus, etc.	1.464	1.220	0.735
		Transport charges	29.536	35.674	3.333
		Motor Expenses	0.446	0.282	0.284
		Rebate and Discount	3.763	4.526	3.223
		Printing and Stationery	0.110	0.116	0.080
		Legal and Professional Fees	1.039	0.429	4.572
		Directors Remuneration	4.200	4.200	1.260
		Other Expenditure	102.250	103.603	19.872
		TOTAL (B)	3568.982	3564.357	937.991
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.296	18.755	4.509
Less	FINANCIAL EXPENSES (D)		0.692	2.928	0.355
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.604	15.827	4.154
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.395	0.993	0.728
	NET PROFIT (E-F) (G)		13.209	14.834	3.426
	Earnings Per Share (Rs.)		2.40	5.95	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	0.37	0.41	0.36
Net Profit Margin (PBT/Sales)	(%)	0.39	0.42	0.37
Return on Total Assets (PBT/Total Assets}	(%)	1.46	1.67	1.09
Return on Investment (ROI) (PBT/Networth)		0.14	0.28	0.09
Debt Equity Ratio (Total Liability/Networth)		8.46	15.85	7.32
Current Ratio (Current Asset/Current Liability)		1.11	1.10	1.11

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. in Millions)

Particulars	31.03.2009	31.03.2008	31.03.2007
Creditors for Goods	522.089	493.208	NA
Creditors for Expenses	234.414	260.685	NA
	756.503	753.893	NA

Bankers Charges Report as per Registry

Name of the company	ANMOL STEEL PROCESSORS PRIVATE LIMITED
Presented By	Punjab and Maharashtra Cooperative Bank Limited Carnac Bunder Branch, Mumbai – 400009, Maharashtra, India
1) Date and description of instrument creating the change	Agreement Dated 08.04.2003 for · Hypothecation of Tangible Movable Property · Charge and Hypothecation of Book Debts (Both theses Agreement together constitute a single charge)
2) Amount secured by the charge/amount owing on the securities of charge	Rs.40.000 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	All tangible movable property such as all types of iron steel and other metals sheet, colls including pickled and skin passed sheets and colls etc. Including therein the stocks thereof for the time being whether raw manufacturer or process to manufacturer and also all products goods and any every tangible movable property of the borrower. All present and future, book Debts, outstanding, moneys receivable claims and bills due to the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To secure Letter of Credit Facility Granted by the Bank of Borrower.
5) Name and Address and description of the person entitled to the charge.	Punjab and Maharashtra Co-operative Bank Limited Carnac Bunder Branch, Mumbai – 400009, 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

Corporate identity number of the company	U27100MH1994PTC078196
Name of the company	ANMOL STEEL PROCESSORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-15, MIDC, Taloja, Raigad – 400 057, Maharashtra, India
This form is for	Modification of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Number of charge holder (s)	1
Particular of charge holder	Bank of Baroda Byculla Branch, 18-1, 19/20, Byculla House, Clare Road, Byculla, Mumbai – 400 008, Maharashtra, India
Nature of instrument creating charge	Supplemental memorandum of entry
Date of instrument Creating the charge	02.01.2008
Amount secured by the charge	Rs.175.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest 0.85% below BPLR i.e. 12.40% with monthly rests – Cash Credit facility. 2% over CC rate – Drawing against uncleared effect. · Terms of repayment Terms of repayment On Demand · Margin 25% on Stock 40% on Book Debts 20% Cash margin for LC · Extent and operation of the charge The First charge is created to secure the due repayment, discharge and redemption of the Cash Credit limit of Rs.20.000 millions (with sub-limit : Drawing against uncleared effect (DAUE) – Rs.10.000 millions) and Letter of Credit limit of Rs.155.000 millions, aggregating to Rs.175.000 millions together with interest, additional interest, further interest by way of liquidated damages, penal interest, compound interest, commission, costs, charges, expenses and other moneys payable thereon by the company to the Bank. · Others Commission on Letter of Credit facility is as per Bank’s Guidelines.
Particulars of the property charged	Stocks, both P and F and including all stocks of RMs, WIP, SFGs and FGs, such as all types of alloys and metals, sheets, strips, processed steel etc. and all the P and F book debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities etc. all the tangible movable machinery and lease hold rights in the piece and parcel of land known as Plot no. D-15 in the Taloja Industrial Area and Flat No. 702, 7^th Floor, admeasuring 844 sq. ft., Trisha Tower, Borivli (W)
Date of latest modification prior to the present modification	28.05.2007
Particulars of the present modification	The charge on immovable property is increased upto Rs.175.000 millions to cover cash credit limit of Rs.20.000 millions (increased from Rs.10.000 millions) (with sub-limit : Drawing against uncleared effect (DAUE) – Rs.10.000 millions) and Letter of credit limit of Rs.155.000 millions (Increased from Rs.70.000 millions) and additional security is created by way of deposit of title deeds in respect of Flat No. 702, 7^th Floor, admeasuring 844 Sq. ft. Trishla Tower, Borivli (W) to secure above mentioned credit facilities.

TRADE REFERENCES :

· Suchi Enterprises

· Nidhi Resources

Fixed Assets

· Computer

· Crane

· Factory Building and Electrical Installation

· Factory Equipment

· Machinery

· Motor Car (Accent)

· Motor Car (Innova)

· Office Furniture and Equipment

· Office Building

· Plot at Taloja

· Plot at MIDC Mahad

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.44.93
UK Pound	1	Rs.72.42
Euro	1	Rs.63.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.