MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	BANSAL ALLOYS AND METALS PRIVATE LIMITED
Registered Office :	G T Road, Sirhind Side, Mandi Govindgarh, Fatehgarh Sahib – 147 301, Punjab
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.07.1985
Com. Reg. No.:	16-006338
Capital Investment / Paid-up Capital :	Rs. 14.932 Millions
CIN No.: [Company Identification No.]	U27101PB1985PTC006338
TAN No.: [Tax Deduction & Collection Account No.]	PTLB11015E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of highly engineered components, both alloy and non alloy castings and forgings.
No. of Employees :	500 Approximately (In office + In factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 96000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Directors are reported to be experienced and respectable businessmen. 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 good for normal 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 – 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 (General Details)

Name :	Mr. Rajiv Kumar Bansal
Designation :	Director
Contact No.:	91-9814016600
Date :	12.11.2011

LOCATIONS

Registered Office/ Factory :	G T Road, Sirhind Side, Mandi Govindgarh, Fatehgarh Sahib – 147 301, Punjab, India
Tel. No.:	91-1765-255001/2/3/5 / 255013/ 256215
Mobile No.:	91-9814016600 (Mr. Rajiv Kumar Bansal – Director)
Fax No.:	91-1765-255004
E-Mail :	bansalalloys@yahoo.com info@bansalalloys.com skumar_080@yahoo.co.in
Website :	http://www.bansalalloys.com
Location :	Owned

DIRECTORS

As on 29.09.2010

Name :

Mr. Raj Kumar Bansal

Designation :

Managing Director

Address :

Ward No.17, House No 394, Mandi Gobindgarh, – 147301, Punjab, India

Date of Birth/Age :

01.03.1945

Date of Appointment :

02.07.1985

DIN No.:

00231761

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	U27101PB1985PTC006338	Bansal Alloys and Metals Private Limited	Managing director	02-07-85	02-07-85	-	Active	NO
2	U27320PB1992PTC012673	P R Castings Private Limited	Director	26-10-92	26-10-92	-	Active	NO
3	U92490PB1993ULL013846	Mandi Gymkhana Club Limited	Director	25-08-06	25-08-06	-	Active	NO
4	U70100CH2004PTC027236	Jagan Realtors Private Limited	Director	15-01-08	15-01-08	-	Active	NO

Name :

Mr. Vijay Kumar Bansal

Designation :

Director

Address :

Ward No.18, Mandi Gobindgarh, – 147301, Punjab, India

Date of Birth/Age :

02.09.1962

Date of Appointment :

11.03.1991

DIN No.:

00231736

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	U27101PB1985PTC006338	Bansal Alloys and Metals Private Limited	Director	02-07-85	02-07-85	-	Active	NO
2	U27320PB1992PTC012673	P R Castings Private Limited	Director	26-10-92	26-10-92	-	Active	NO
3	U70100CH2004PTC027236	Jagan Realtors Private Limited	Director	15-01-08	15-01-08	-	Active	NO

Name :

Mr. Prem Chand Bansal

Designation :

Director

Address :

Ward No 15, House No.96, Sector 3 A, Mandi Gobindgarh, – 147301, Punjab, India

Date of Birth/Age :

20.07.1940

Date of Appointment :

02.07.1985

DIN No.:

00542742

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	U27101PB1985PTC006338	Bansal Alloys and Metals Private Limited	Director	02-07-85	02-07-85	-	Active	NO
2	U27320PB1992PTC012673	P R Castings Private Limited	Director	26-10-92	26-10-92	-	Active	NO
3	U70100CH2004PTC027236	Jagan Realtors Private Limited	Director	15-01-08	15-01-08	-	Active	NO

Name :

Mr. Rajiv Kumar Bansal

Designation :

Director

Address :

Ward No.17, Mandi Gobindgarh, – 147301, Punjab, India

Date of Birth/Age :

14.07.1969

Date of Appointment :

01.10.1990

DIN No.:

00730063

Name :

Mr. Rajesh Kumar Bansal

Designation :

Director

Address :

Ward No.18, Mandi Gobindgarh, – 147301, Punjab, India

Date of Birth/Age :

19.01.1965

Date of Appointment :

01.01.1990

DIN No.:

00730111

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	U27101PB1985PTC006338	Bansal Alloys and Metals Private Limited	Director	01-10-90	01-10-90	-	Active	NO
2	U70100CH2004PTC027236	Jagan Realtors Private Limited	Director	15-01-08	15-01-08	-	Active	NO
3	U27100CH2008PTC031303	Chandigarh Ferrous Metals Private Limited	Director	10-07-08	10-07-08	01-09-10	Active	YES

Name :

Mr. Sanjay Kumar Bansal

Designation :

Director

Address :

Ward No.18, Mandi Gobindgarh, – 147301, Punjab, India

Date of Birth/Age :

06.05.1971

Date of Appointment :

01.07.1992

DIN No.:

00730180

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	U27101PB1985PTC006338	Bansal Alloys and Metals Private Limited	Director	01-07-92	01-07-92	-	Active	NO
2	U27320PB1992PTC012673	P R Castings Private Limited	Director	25-04-05	25-04-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Prem Chand Bansal	13199
Raj Kumar Bansal	18680
Ram Kumar Bansal	2750
Rajesh Kumar Bansal	9866
Sunil Kumar Bansal	14580
Rajiv Kumar Bansal	17120
Vijay Kumar Bansal	11308
Prem Chand Bansal	4000
Raj Kumar Bansal	3950
Sheela Devi Bansal	6000
Sunita Devi Bansal	3500
Rekha Bansal	10050
Maya Devi Bansal	1100
Ram Gopal Bansal	1500
Vijay Kumar Bansal	1500
Rajesh Kumar Bansal	1500
Bansal Rani Uma	10900
Bansal Kumar Sanjay	9250
Bansal Soni	3000
Bansal Asha	4000
Bansal Kavita	50
Bansal Shailja	15
Bansal Kumar Rajiv	1500
TOTAL	149318

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of highly engineered components, both alloy and non alloy castings and forgings.

Products :

Alloy steel rounds Alloy steel squares Alloy steel flats Rolls/Rings: Alloy steel (adamite) and SGI rolls, rings, barrels, etc. Structure steel: Channels, joists, angles, etc. Ingots and forging ingots: Mild steel ingots, alloy steel ingots, etc. Special castings: Casting machinery parts for sugar machinery, rubber mill, rolling mill, cement mill, paper mill, etc. Forged products (forged and steel ingots): Forged rolls, alloy steel rolls, DPIC/ICCI rolls, adamite rolls, S.G. iron rolls, forged cranks, gear, couplings, rolling mill stands, ingot moulds, furnace bed plates, heavy fly wheels (up to 25 tons), pulleys, pinions and reduction, gears, etc

GENERAL INFORMATION

No. of Employees :	500 Approximately (in Office + In factory)
Bankers :	State Bank of Patiala, Main Branch, GT Road, Mandi Gobindgarh – 147301, Punjab, India

Banking Relations :	--
Auditors :
Name :	Datta Singla and Company Chartered Accountant
Address :	Battan Lal Road, Battan Lal Mill Complex, Mandi Gobindgarh – 147301, Punjab, India
PAN.:	AAAFD8577H

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.100/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
149318	Equity Shares	Rs.100/- each	Rs.14.932 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		14.932	14.931	14.932
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		223.913	166.894	112.087
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		238.845	181.825	127.019
LOAN FUNDS
1] Secured Loans		105.543	41.091	38.884
2] Unsecured Loans		114.483	65.666	98.336
TOTAL BORROWING		220.026	106.757	137.220
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		458.871	288.582	264.239
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.825	36.556	34.297
Capital work-in-progress		0.000	0.000	1.742
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.814	1.887	1.889
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	384.377	210.593	367.412
	Sundry Debtors	120.316	69.541	91.780
	Cash & Bank Balances	25.104	30.891	21.044
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	320.008	286.699	67.212
Total Current Assets		849.805	597.724	547.448
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	399.128	315.815	290.665
	Other Current Liabilities
	Provisions	31.445	31.770	30.472
Total Current Liabilities		430.573	347.585	321.137
Net Current Assets		419.232	250.139	226.311
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		458.871	288.582	264.239

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
		Turnover	1574.311	2442.732	1739.357
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		115.043	111.288	100.147
Less	INTEREST (D)		21.716	19.504	13.143
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		93.327	91.784	87.004
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.461	5.685	5.812
	PROFIT BEFORE TAX (E-F) (G)		87.866	86.099	81.192
Less	TAX (H)		30.825	31.237	29.986
	PROFIT AFTER TAX (G-H) (I)		57.041	54.862	51.206
	Earnings Per Share (Rs.)		382.01	367.42	342.93

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	9.90	13.57	13.96
Return on Investment (ROI) (PBT/Networth)		0.37	0.47	0.64
Debt Equity Ratio (Total Liability/Networth)		2.72	2.49	2.53
Current Ratio (Current Asset/Current Liability)		1.97	1.71	1.70

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year Of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type Of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	No
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

FORM 8

Corporate identity number of the company	U27101PB1985PTC006338
Name of the company	BANSAL ALLOYS AND METALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G T Road, Sirhind Side, Mandi Govindgarh, Fatehgarh Sahib – 147 301, Punjab, India Email : BANSALALLOYS@YAHOO.COM
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10246425
Type of charge	Others
Particular of charge holder	State Bank of Patiala, G.T. Road, Mandi Gobindgarh, Punjab – 147 301, India Email : b5023@sbp.co.in
Nature of instrument creating charge	1. Guarantee Agreement (SME-3) Dated 21.05.2011 2. Letter of Arrangement (SME-1) Dated 21.05.2011
Date of instrument Creating the charge	21.05.2011
Amount secured by the charge	Rs. 246.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: NA Terms of Repayment: NA Margin : NA Extent and operation of the charge: 100% Others: The Company has given corporate guarantee of Rs.246.000 millions in respect of loan obtained by M/s BansaL Ispat Udyog, Mandi gobindgarh. MTL-I (Existing) Rs. 70.000 millions MTL-II (Fresh) Rs. 26.000 millions Cash Credit Rs. 150.000 millions Total Limit Rs. 246.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Corporate Guarantee Of Rs. 246.000 millions in favour of M/s BansaL Ipsat Udyog, Mandi Gobindgarh
Date of instrument modifying the charge	21.09.2010
Particulars of the present modification	Corporate Guarantee Of Rs. 176.000 millions enhanced to Rs.246.000 millions in favour of M/s BansaL Ipsat Udyog, Mandi Gobindgarh

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

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.