MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	MAHALAXMI TMT PRIVATE LIMITED (w.e.f 13.01.2009)
Formerly Known As :	MAHALAXMI INGOTS PRIVATE LIMITED
Registered Office :	B – 306, Dynasty Business Park, JB Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.08.2004
Com. Reg. No.:	11-147918
Capital Investment/ Paid-up Capital:	Rs. 40.100 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC147918
TAN No.: [Tax Deduction & Collection Account No.]	NSKM05379D
PAN No.: [Permanent Account No.]	AAECM8393D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Thermo Mechanical treated / MS Rods / Round, etc
No. of Employees:	1160 (360 In Office and 800 Contract Basis Worker) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 2600000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions. Profit and loss account of the company for the year 2010 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Yogesh
Designation :	Director
Contact No.:	91-9822060827
Date :	04.11.2011

LOCATIONS

Registered Office :	B – 306, Dynasty Business Park, JB Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel No:	Not Available
Mobile No.:	91-9822060827 (Mr. Yogesh)
Fax No:	Not Available
E-Mail :	mk.palaria@mahalaxmisteel.com
Location :	Owned
Branch Office :	190, Priyadarshini Colony Sambhaji Nagar, Jalana – 431203, Maharashtra, India
Email:	mtplaccount@gmail.com
Factory :	C - MIDC, Deoli, Wardha, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Ram Pal Soni
Designation :	Director
Address :	01, Main Sector, Shstri Nagar, Bhilwara – 311001, Rajasthan, India
Date of Birth/Age :	26.01.1946
Date of Appointment :	30.09.2010
DIN NO:	00401439

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	L17118RJ1984PLC003173	Sangam (India) Limited	Director	1/10/2006	31/12/1984	-	Active	NO
2	U74899DL1994PTC063903	Sangam Horticulture Private Limited	Director	2/1/1995	2/1/1995	-	Active	NO
3	U67120MH1995PLC086813	Sangam Capital Services Limited	Director	25/03/1995	25/03/1995	-	Active	NO
4	U64202RJ2000PLC016420	Sangaminfotech.Com Limited	Director	12/5/2000	12/5/2000	-	Active	NO
5	U64202RJ2000PLC016419	Sangam E-Com Limited	Director	12/5/2000	12/5/2000	-	Active	NO
6	U14101RJ2000PTC016160	Hari Om Marmo Grani Private Limited	Director	2/9/2002	2/9/2002	1/2/2011	Active	NO
7	U74899DL1994PTC063935	Bhilwara Estates Private Limited	Managing director	14/09/2002	14/09/2002	-	Active	NO
8	U92100RJ2001PTC016868	Shri Navchitra Distributors (Multiplex) Private Limited	Director	4/10/2004	4/10/2004	-	Active	NO
9	U17120MH1967PLC013669	Confederation of Indian Textile Industry	Director	29/06/2005	29/06/2005	30/09/2011	Active	NO
10	U40101RJ2006PLC023015	Sangam Energy Limited	Director	25/09/2006	25/09/2006	-	Strike off	NO
11	U45201RJ2006PLC023194	Sangam Infratech Limited	Director	9/10/2006	9/10/2006	-	Active	NO
12	U45203MP2006PLC019151	Keti Sangam Infrastructure (India) Limited	Director	21/12/2006	21/12/2006	-	Active	NO
13	U18101RJ2008NPL026261	Rajasthan Textile Industry Association	Director	1/4/2008	1/4/2008	-	Active	NO
14	U45200MH2008PTC182041	PKSS Infrastructure Private Limited	Director	9/5/2008	9/5/2008	-	Active	NO
15	U45202MH2008PLC187333	Kalyan Sangam Infratech Limited	Director	7/10/2008	7/10/2008	-	Active	NO
16	U70102MH2009PTC197744	Sangam Sai Ananya Developers Private Limited	Director	9/12/2009	9/12/2009	-	Active	NO
17	U27100MH2004PTC147918	Mahalaxmi TMT Private Limited	Director	30/09/2010	18/03/2010	-	Active	NO
18	U74899DL1993PTC056085	Rebecca Expo Investment Company Private Limited	Director	27/12/2010	27/12/2010	-	Active	NO

Name :	Mr. Sanjay Ramkishan Mantri
Designation :	Director
Address :	187, Priyadarshni Colony, Sambhaji Nagar, Jalna – 431203, Maharashtra, India
Date of Birth/Age :	23.01.1964
Date of Appointment :	10.08.2004
DIN NO:	01560657

Name :	Mr. Ramkishan Nanakram Mantri
Designation :	Director
Address :	187, Priyadarshni Colony, Sambhaji Nagar, Jalna – 431203, Maharashtra, India
Date of Birth/Age :	15.03.1941
Date of Appointment :	10.08.2004
DIN NO:	02620661
Name :	Mr. Yogesh Ramnivas Mandhani
Designation :	Director
Address :	H. No 1, 28, 4118, 3, Ramnivas, Karwa Nagar, Jalna – 431203, Maharashtra, India
Date of Birth/Age :	06.12.1976
Date of Appointment :	26.05.2008
DIN NO:	01691583

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Mr. Sanjay Ramkishan Mantri	5000
Mr. Ramkishan Nanakram Mantri	5000

Equity Share Break up (Percentage of Total Equity)

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	77.32
Directors or relatives of directors	0.24
Other top fifty shareholders	22.44
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Thermo Mechanical treated / MS Rods / Round, etc
Imports :
Products :	Raw Material
Countries :	Dubai and Turkey
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

• Abhinav Transport India Private Limited
• Aditya Air Products Private Limited
• Anand Traders, Jalna
• Anil Cargo Private Limited
• Balaji Trading Company
• CARE Rating
• Bhartiya Industries
• Cool Engineering
• Cospower Corporation
• Concast Oil Company
• Om Enterprises
• Nilon Valves Private Limited
• R N Bhutra and Company
• Neha Construction
• Pipe House
• S S Enterprises

Customers :

Distributor

No. of Employees :

1160 (360 In Office and 800 Contract Basis Worker) (Approximately)

Bankers :

• State Bank of Bikaner and Jaipur, 2^nd Floor, Tambi Towers, S. C. Road, Jaipur – 302001, Rajasthan, India
• State Bank of Hyderabad
• Union Bank of India
• IDBI Bank Limited
• Punjab National Bank

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Bank overdraft from State Bank of Hyderabad	30.972	0.000
Bank overdraft from Union Bank of India	44.008	0.000
Term loan from IDBI Bank Limited	50.553	0.000
Term loan from Punjab National Bank, Mumbai	149.977	0.000
Term Loan from State Bank of Hyderabad	49.999	0.000
Term Loan from Union Bank of India	206.112	0.000
Total	531.621	0.000
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Loan From Directors and Shareholders	0.000	51.954
Intercorporate Deposits	0.000	53.500
Total	0.000	105.454

Banking Relations :	--
Auditors :
Name :	R. N. Bhutra and Company Chartered Accountants
Address :	608-609, Chambers, Opposite Hotel Karan Palace, Sonawala Road, Goregaon, Mumbai – 400062, Maharashtra, India
PAN NO :	AJUPB5639F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Share	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4010000	Equity Share	Rs.10/- each	Rs. 40.100 Millions

After 30.09.2010

Authorised Capital: Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 80.100 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		40.100	0.100	0.100
2] Share Application Money		252.327	0.100	0.100
3] Reserves & Surplus		362.513	2.512	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		654.940	2.712	0.200
LOAN FUNDS
1] Secured Loans		531.621	0.000	0.000
2] Unsecured Loans		0.000	105.454	5.470
TOTAL BORROWING		531.621	105.454	5.470
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1186.561	108.166	5.670
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		1014.488	104.291	5.287
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.183	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	32.794	2.538	0.251
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	158.305	6.833	0.000
Total Current Assets		342.282	9.371	0.251
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	161.165	3.816	0.000
	Other Current Liability	0.000	0.000	0.000
	Provisions	9.044	1.828	0.016
Total Current Liabilities		170.209	5.644	0.016
Net Current Assets		172.073	3.727	0.235
MISCELLANEOUS EXPENSES		0.000	0.148	0.148
TOTAL		1186.561	108.165	5.670

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009
	SALES
		Income	0.000
		Other Income
		TOTAL	0.000
Less	EXPENSES
		Office Expenses	0.000
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.000
	PROFIT BEFORE TAX		0.000
Less	TAX		0.000
	PROFIT AFTER TAX		0.000
	Earnings Per Share (Rs.)		0.000

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	--	0.000	--
Net Profit Margin (PBT/Sales)	(%)	--	0.000	--
Return on Total Assets (PBT/Total Assets}	(%)	--	0.000	--
Return on Investment (ROI) (PBT/Networth)		--	0.000	--
Debt Equity Ratio (Total Liability/Networth)		1.07	40.96	27.43
Current Ratio (Current Asset/Current Liability)		2.01	1.16	15.68

LOCAL AGENCY FURTHER INFORMATION

Check List:

Check List by info Agents	Available in Report (Yes/ No)
1) Year of Establishment	Yes
2)Locality of the Firm	Yes
3)Constitution of the Firm	Yes
4)Premises Details	Yes
5)Type of Business	Yes
6)Line of Business	Yes
7)Promoter’s Background	------------------
8)No. of Employees	Yes
9)Name of Person Contacted	Yes
10)Designation of Contact person	Yes
11)Turnover of Firm for last three years	No
12)Profitability for last three years	No
13)Reason for variation <> 20%	----------------
14)Estimated for coming financial year	No
15)Capital in the Business	No
16)Details of Sister Concern	-----------------
17)Major Suppliers	No
18)Major Customer	Yes
19)Payment Terms	Yes
20)Export/ Import Details (if Applicable)	Yes
21)Market Information	------------------
22)Litigation that the Firm / Promoter	------------------
23)Banking Details	Yes
24)Banking facility details	Yes
25)Conduct of the Banking	-------------------
26)Buyer visit details	-------------------
27)Financials, if provided	Yes
28)Incorporation details, if applicable	-------------------
29)Last account filed at ROC	-------------------
30)Major Shareholders, if applicable	-------------------

Note:

The Registered Office of the company has been shifted from 190, Priyadarshini Colony Sambhaji Nagar, Jalana – 431203, Maharashtra, India to the present address w.e.f. 08.08.2011.

Operations : (As on 31.03.2009)

The company has undertaken implementation of a mini, steel Plant at Deoli in Wardha District of Maharashtra. The Director of the company have immense pleasure in informing that the company has successfully conducted the negotiations with the consortium of Bankers for sanction of credit facilities. The company has received overall sanction of Rs. 500.000 millions as term Loan, Rs. 250.000 millions as cash credit and Rs. 75.000 millions as bank Guarantee.

The construction and erection work is in full swing and it is expected that the same will be completed by December, 2009

Future Outlook : (As on 31.03.2009)

The company is setting up one of the biggest single location manufacturing capacity of the Billet manufacturing in central India. It is also in process to take up the project of manufacturing of TMT bars as a logical forward integration.

Considering the tremendous macro economic growth experienced by Indian Economy in the last decade and the trust of Indian Government on development of Infrastructure and Housing and increasing urbanization in the country, the demand for long steel products is expected to remain buoyant.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27100MH2004PTC147918
Name of the company	MAHALAXMI TMT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 306, Dynasty Business Park, JB Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India Email: mk.palaria@mahalaxmisteel.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of Bikaner and Jaipur, 2^nd Floor, Tambi Towers, S. C. Road, Jaipur – 302001, Rajasthan, India Email: nlpancharia@sbbj.co.in
Nature of instrument creating charge	Joint Deed of Hypothecation of goods and assets dated 27.08.2011
Date of instrument Creating the charge	27.08.2011
Amount secured by the charge	Rs. 2.990 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest shall be charged on the outstanding amount at such rate or rates as may be determined by respective banks from time to time, more particularly stated in clause 9 of the deed of hypothecation Terms of Repayment : On demand of clause 10 of the deed of hypothecation Margin : Raw material – 25% SIP/ Finished goods – 25% Book Debts (upto 45 days) – 25% Extent and operation of the charge : First pari passu charge by way of hypothecation over company and singular stock in trade comprising of raw material, semi finished goods, finished goods, stores and spares not relating to plant and machinery, bills receivables, book debts, claims, all money receivables and all other moveable and other current assets, present and future and 2^nd pari passu charge on all moveable fixed assets both present and future whether installed or laying loose.
Short Particulars of the property charged	First pari passu charge by way of hypothecation over company all current both present and future Second pari passu charge over moveable fixed assets of the company both present and future

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.49.38
UK Pound	1	Rs.79.19
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.