MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	DHAMM STEEL SERVICES PRIVATE LIMITED [w.e.f. 26.02.2004]
Formerly Known As :	DHAMM INFOTECH PRIVATE LIMITED
Registered Office :	Onlooker Building, 1^st Floor, Room No. 7 and 8, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.02.2000
Com. Reg. No.:	11-124398
Capital Investment / Paid-up Capital :	Rs.2.878 Millions
CIN No.: [Company Identification No.]	U72200MH2000PTC124398
IEC No.:	0306031973
PAN No.: [Permanent Account No.]	AABCD0558L
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Steel, Wire Rod.
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 353000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

INFORMATION DECLINED BY

Name :	Mr. Dhruv Moondhra
Designation :	Director
Contact No.:	91-9967547745
Date :	02.11.2011

LOCATIONS

Registered/ Corporate Office :	Onlooker Building, 1^st Floor, Room No. 7 and 8, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-40696222 / 40696111 / 40696131 / 66311017
Mobile No.:	91-9967547745 (Mr. Dhruv Moondhra)
Fax No.:	91-22-40696299 / 40696199
E-Mail :	info@dhamm.com dmoondra@dhamm.com nsmani@dhamm.com info@dhamm.com dmoondhra@trailokay.com ragini.c@rediffmail.com
Website :	http://www.dhamm.com
Location :	Owned
Sales Office:	Khaitan Chambers, 3^rd Floor, 143/145, Mody Street, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-40696111
Fax No.:	91-22-40696199
Location :	Rented
Warehouse 1 :	Plot No. A-7/1, MIDC, Taleja, Thane – 410 208, Maharashtra, India
Location :	Rented
Warehouse 2 :	Plot No. 1450, Kalamboli Raigadh – 401 208, Maharashtra, India
Location :	Rented

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Sriratan Devkishan Moondhra

Designation :

Director

Address :

121, Laxmi Vilas, 87, Nepeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

09.05.1953

Qualification :

Bachelor of Science

Date of Appointment :

01.04.2006

DIN :

00152592

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70100MH1996PTC098547	TROIKA ESTATES PRIVATE LIMITED	Director	14/05/1996	14/05/1996	17/10/2011	Active	NO
2	U72200MH2000PTC124398	DHAMM STEEL SERVICES PRIVATE LIMITED	Director	1/4/2006	1/4/2006	-	Active	NO
3	U27109MH2001PTC133198	KUSUM INTERNATIONAL PRIVATE LIMITED	Director	1/4/2006	1/4/2006	-	Active	NO

Name :

Mr. Dhruv Sriratan Moondhra

Designation :

Director [Administrative/Purchasing/ Human Resources]

Address :

121, Laxmi Vilas, 87, Nepeansea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

17.02.1977

Qualification :

Bachelor of Arts [Economics]

Date of Appointment :

22.02.2000

DIN :

00151532

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200MH2000PTC124398	DHAMM STEEL SERVICES PRIVATE LIMITED	Director	22/02/2000	22/02/2000	-	Active	NO
2	U27109MH2001PTC133198	KUSUM INTERNATIONAL PRIVATE LIMITED	Director	30/08/2001	30/08/2001	-	Active	NO
3	U65993WB1984PTC038256	DHRUVA HOLDINGS PRIVATE LIMITED	Director	31/01/2003	31/01/2003	-	Dormant	NO
4	U65993WB1984PTC038065	DKM INVESTMENT AND TRADING PRIVATE LIMITED	Director	1/2/2003	1/2/2003	-	Dormant	NO
5	U70100MH1996PTC098547	TROIKA ESTATES PRIVATE LIMITED	Director	5/6/2006	5/6/2006	17/10/2011	Active	NO
6	U27107MH2007PTC176013	ARCELORMITTAL DHAMM PROCESSING PRIVATE LIMITED	Whole-time director	15/01/2009	19/11/2007	-	Active	NO
7	U74990MH2009PTC195588	STEEL MART INDIA PRIVATE LIMITED	Director	8/9/2009	8/9/2009	-	Active	NO

Name :

Mrs. Kusum S. Moondhra

Designation :

Director

Address :

121, Laxmi Vilas, 87, Nepeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

20.02.1953

Qualification :

Bachelor of Arts

Date of Appointment :

22.02.2000

DIN :

00152688

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993WB1984PTC038065	DKM INVESTMENT AND TRADING PRIVATE LIMITED	Director	16/10/1984	16/10/1984	-	Dormant	NO
2	U65993WB1984PTC038256	DHRUVA HOLDINGS PRIVATE LIMITED	Director	15/12/1984	15/12/1984	-	Dormant	NO
3	U70100MH1996PTC098547	TROIKA ESTATES PRIVATE LIMITED	Director	14/05/1996	14/05/1996	17/10/2011	Active	NO
4	U72200MH2000PTC124398	DHAMM STEEL SERVICES PRIVATE LIMITED	Director	22/02/2000	22/02/2000	-	Active	NO
5	U27109MH2001PTC133198	KUSUM INTERNATIONAL PRIVATE LIMITED	Director	30/08/2001	30/08/2001	-	Active	NO
6	U27107MH2007PTC176013	ARCELORMITTAL DHAMM PROCESSING PRIVATE LIMITED	Director	19/11/2007	19/11/2007	-	Active	NO
7	U74990MH2009PTC195588	STEEL MART INDIA PRIVATE LIMITED	Director	8/9/2009	8/9/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Dhruv Moondhra	143885
Kusum Moondhra	143885
Total	287770

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Steel, Wire Rod.
Products :	Hot Rolled Plates / Hot Rolled Sheets Wire Rod Tin Plate Hot Rolled Coils
Agencies Held :	Arcelor Mittal, India Saarstahl (Germany) Ferrosider Group, India Thyssen Krupp (Germany)

GENERAL INFORMATION

No. of Employees :

Information Declined by Management

Bankers :

• ICICI Bank Limited, ICICI Centre, 163, H. T. Parekh Marg, Backbay Reclamation, Churchgate, Mumbai - 400 020, Maharashtra, India
• HDFC Bank
• Bank of India
• State Bank of India

Facilities :

Secured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Banks
Buyers Credit	178.591	245.525
Total	178.591	245.525
Unsecured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Short Term Loan
From Others
Inter Corporate Loan	40.000	0.000
Other Loans and Advances
From Directors	0.162	5.162
Total	40.162	5.162

Financial Institution:	3i Infotech Trusteeship Services Limited, 6^th Floor, Akruti Centre, Point, MIDC Central Road, Next to Marol Telephone Exchange, Andheri (East), Mumbai-400093, Maharashtra, India 3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi, Mumbai - 400 703, Maharashtra, India TATA Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	N.A. Shah and Associates Chartered Accountants
Address :	65-C, Mital Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40733000
Fax No.:	91-22-40733090
E-Mail :	info@nashah.com
PAN :	AAAFN5380N
Memberships :	Engineering Export Promotion Council

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
287,770	Equity Shares	Rs.10/- each	Rs.2.878 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		2.878	2.878	2.878
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.605	40.240	95.571
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.483	43.118	98.449
LOAN FUNDS
1] Secured Loans		178.591	245.525	53.607
2] Unsecured Loans		40.162	5.162	10.005
TOTAL BORROWING		218.753	250.687	63.612
DEFERRED TAX LIABILITIES		0.000	0.019	0.201
TOTAL		307.236	293.824	162.262
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.012	4.042	5.390
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		36.331	38.683	38.768
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.401	94.576	108.042
	Sundry Debtors	213.062	113.094	130.857
	Cash & Bank Balances	59.510	69.889	34.109
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	121.389	79.362	29.333
Total Current Assets		467.362	356.921	302.341
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	185.093	97.927	157.435
	Other Current Liabilities	13.872	6.894	14.108
	Provisions	1.504	1.001	12.694
Total Current Liabilities		200.469	105.822	184.237
Net Current Assets		266.893	251.099	118.104
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		307.236	293.824	162.262

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
SALES
	Income
	Other Income
	TOTAL	1356.614	1235.411	893.762
NET PROFIT/[LOSS]		45.365	(55.330)	52.436
Earnings Per Share (Rs.)		157.64	(192.27)	182.21

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.34	(4.48)	5.87
Debt Equity Ratio (Total Liability/Networth)		4.74	8.27	2.52
Current Ratio (Current Asset/Current Liability)		2.33	3.37	1.64

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors :

Rs. In millions

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Total outstanding dues of micro and small enterprises	0.000	0.000	0.000
Total outstanding dues of creditors other than micro and small enterprises	185.093	97.927	157.435
Total	185.093	97.927	157.435

Note: The registered office of the company has been shifted from Simplex Mills Compound, 1^st Floor, K.K. Marg, Mumbai - 400 011, Maharashtra to the present address w.e.f. 07.07.2008.

OPERATIONS:

The total income for the current year was Rs.1356.614 Millions as compared to the income of Rs. 1235.411 Millions for the same period during the last year. During the year, the Company has made a net profit of Rs.45.365 Millions as compared to the net loss of Rs. 55.330 Millions for the last year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200MH2000PTC124398
Name of the company	DHAMM STEEL SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Onlooker Building, 1^st Floor, Room No. 7 and 8, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property
Particular of charge holder	TATA Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India Email : shailesh.rajadhyaksha@tatacapital.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 12.05.2011
Date of instrument Creating the charge	12.05.2011
Amount secured by the charge	Rs.150.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Short Term Lending Rate (STLR) @ 14.50% p.a Rate of Interest Payable Equal to STLR, subject to a minimum of 13.50% p.a Terms of Repayment: Principal and Interest amount to be repaid in 12 Months Margin: Margin @ 10 % for Letter of Credit Minimum Security cover of 1.25x should be maintained on the stocks and debtors. Extent and Operation of the charge: The charge extends to the due repayment of the loan of Rs.150.000 millions including interest, additional interest, costs, charges, expenses and all other monies payable by the Borrower under the Agreement dated 29.01.2011. In the event of default in payment of interest or repayment of principal amount of the Loan the Borrower shall pay to the Lender, further interest @ 6% p.a. as penal interest.
Short particulars of the property charged	All Present and future current Assets including Book debts, outstanding monies receivables, claims and bills, which are now due and owing to the Borrower. All the present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing, fixed Assets, other merchandise and whatsoever being movable properties now or at anytime hereafter belonging to the Borrower.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200MH2000PTC124398
Name of the company	DHAMM STEEL SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Onlooker Building, 1^st Floor, Room No. 7 and 8, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: ragini.c@rediffmail.com
This form is for	Creation of charge
Type of charge	Book Debts Others (Current Assets present and future)
Particular of charge holder	3i Infotech Trusteeship Services Limited, 6^th Floor, Akruti Centre Point, MIDC Central Road, Next to Marol Telephone Exchange, Andheri (East), Mumbai – 400 093, Maharashtra, India E-Mail: prashant.joshi@3i-itsl.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 18th February 2010 executed in favour of 3i Infotech Trusteeship Services Limited
Date of instrument Creating the charge	18/02/2010
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Not Applicable Terms of Repayment: 12 months Margin: Cash Margin Nil Extent and Operation of the charge: First and Exclusive Charge by way of hypothecation of the Borrower's entire stock of raw materials, semi finished and finished goods, consumable stores and spares and such other moveable current assets including book debts, bills whether documentary or clean outstanding monies receivables both present and future.
Short particulars of the property charged	First and Exclusive Charge by way of hypothecation of the Borrower's entire stock of raw materials, semi finished and finished goods, consumable stores and spares and such other moveable current asset including book debts, bills whether documentary or clean outstanding monies receivables both present and future situated at Mumbai or wherever else the same may be.

FIXED ASSETS:

· Computers

· Motor Car

· Furniture and Fixtures

· Office Equipments

· Electrical Installations

· Plant and Machinery

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

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	6
--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	NO
--AFFILIATION	YES/NO	NO
--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

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.