MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	GOYAL IRON AND STEEL (NAGPUR) PRIVATE LIMITED [w.e.f. 30.05.2002]
Formerly Known As :	GOYAL IRON INDUTRIES PRIVATE LIMITED
Registered Office :	SG-1, “Gulmohar”, Opposite Hislop College, Civil Lines, Nagpur - 440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.1995
Com. Reg. No.:	11-087081
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U29100MH1995PTC087081
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel
No. of Employees :	25 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba [45]

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

Maximum Credit Limit :	USD 49000
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. 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 PARTED BY

Name :	Mr. Dheeraj
Designation :	Key Executive
Contact No.:	91-712-2527749
Date :	16.11.2011

LOCATIONS

Registered / Corporate Office :	SG-1, “Gulmohar”, Opposite Hislop College, Civil Lines, Nagpur - 440001, Maharashtra, India
Tel. No.:	91-712-2527749 / 50
Fax No.:	91-712-2530406
E-Mail :	goyaliron@hotmail.com
Website :	http://www.goyalironsteel.com
Factory 1 :	E-5, MIDC, Buti Bori Industrial Area, Nagpur, Maharashtra, India
Tel. No.:	91-7104-265340
E-Mail :	gdupl@goyalironsteel.com
Factory 2 :	70/2 Kapsi (Khurd), Bhandara Road, Nagpur – 441102, Maharashtra, India
Tel. No.:	91-7109-278084

DIRECTORS

As on 09.09.2011

Name :

Mr. Ashokkumar Ramswaroop Agrawal

Designation :

Director

Address :

Flat No.203, Gulmohar Apartment, Chitnavis Marg, Civil Lines, Sadar Nagpur - 440001, Maharashtra, India

Date of Birth/Age :

18.07.1956

Date of Appointment :

28.02.1998

DIN :

00082564

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	U51420MH1989PTC052822	GOYAL DHATU UDYOG PRIVATE LIMITED	Director	10/11/1994	10/11/1994	-	Active	NO
2	U29100MH1995PTC087081	GOYAL IRON AND STEEL (NAGPUR) PRIVATE LIMITED	Director	28/02/1998	28/02/1998	-	Active	NO
3	U45200MH2006PTC159253	JAGDAMBA TOWNSHIP PRIVATE LIMITED	Director	1/9/2006	1/9/2006	-	Active	NO
4	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Additional director	22/10/2008	22/10/2008	1/10/2009	Active	NO

Name :

Mr. Rajendrakumar Ramswaroop Agrawal

Designation :

Director

Address :

103, Heritage Apartments, Ravi Nagar, Near – MLA Hostel, Civil lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

10.04.1955

Date of Appointment :

03.04.1995

DIN :

00082477

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29100MH1995PTC087081	GOYAL IRON AND STEEL (NAGPUR) PRIVATE LIMITED	Director	3/4/1995	3/4/1995	Active	NO
2	U51420MH1989PTC052822	GOYAL DHATU UDYOG PRIVATE LIMITED	Director	1/4/1999	1/4/1999	Active	NO

Name :

Mrs. Purnima Ashokkumar Agrawal

Designation :

Director

Address :

Flat No.203, Gulmohar Apartment, Chitnavis Marg, Civil Lines, Sadar Nagpur - 440001, Maharashtra, India

Date of Birth/Age :

19.11.1960

Date of Appointment :

01.03.2002

DIN :

00082997

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51420MH1989PTC052822	GOYAL DHATU UDYOG PRIVATE LIMITED	Director	1/4/1999	1/4/1999	Active	NO
2	U29100MH1995PTC087081	GOYAL IRON AND STEEL (NAGPUR) PRIVATE LIMITED	Director	1/3/2002	1/3/2002	Active	NO

Name :

Mrs. Pushpa Rajendra Agrawal

Designation :

Director

Address :

103, Heritage Apartments, Ravi Nagar, Near – MLA Hostel, Civil lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

16.12.1958

Date of Appointment :

01.04.1997

DIN :

00082969

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51420MH1989PTC052822	GOYAL DHATU UDYOG PRIVATE LIMITED	Director	1/4/1997	1/4/1997	Active	NO
2	U29100MH1995PTC087081	GOYAL IRON AND STEEL (NAGPUR) PRIVATE LIMITED	Director	1/4/1997	1/4/1997	Active	NO

KEY EXECUTIVES

Name :	Mr. Dheeraj
Designation :	Key Executive
Name :	Mr. Ramanuj Asawa
Designation :	Company Secretary
Address :	#205, Himalaya Enclave, 1, Shivaji Nagar, Nagpur – 440010, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2011

Names of Shareholders	No. of Shares
Ashokkumar Ramswaroop Agrawal	4982
Rajendrakumar Ramswaroop Agrawal	3810
Purnima Ashokkumar Agrawal	5000
Pushpa Rajendra Agrawal	6185
Rajendrakumar R. Agrawal [HUF]	1
Ashok.Kumar R. Agrawal [HUF]	1
Ramswaroop Rejendra Agrawal and Sons [HUF]	1
Ramswaroop Ashok. Agrawal and Sons [HUF]	1
Ramswaroop G. Agrawal [HUF]	1
Saurabh A. Agrawal	1
Sushma R. Agrawal	1
Suruchi R. Agrawal	1
Sitadevi S. Agrawal	1
Shyam Kishor P. Agrawal	1
Omprakash R. Agrawal	1
Economic Explosives Limited, India	1
Abad D. Bapuna	1
Brinekshg. Agrawal	1
Narayandas Jhawar [HUF]	1
Jitendra B Sarda	1
Mukesh D. Gupta	1
Ramesh B.Santani	1
Sumit L. Sarda	1
Sharmiladevi J. Sighania	1
Sushilkumar Agrawal [HUF]	1
Sania A. Bapuna	1
Paresh M. Vaid	1
Total	20000

As on 09.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	99.94
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Iron and Steel

Products :

Products Description	ITC Code No.
Hard Coke of Coal	27040003
Ferrous Waste and Other Scrap	72042909

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :

Manufacturing Companies

No. of Employees :

25 [Approximately]

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India
• Union Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Union Bank of India, Civil Line Branch Nagpur, Cash Credit Account (Secured against hypothecation of Raw Material, Stock, Book debts and all current assets of the company.)	0.000	13.709
HDFC Bank Limited, Nagpur Cash Credit Account (Secured against hypothecation of Raw Material, Stock, Book debts and all current assets of the company.)	25.492	0.000
HDFC Bank Limited, Nagpur	28.044	0.000
HDFC Bank Limited (Car Loan Account)	0.000	0.297
HDFC Bank Limited (Car Loan Account) (Secured against hypothecation of Car)	0.321	0.000
Magma Shrachi Finance Limited (Car Loan Account) (Secured against hypothecation of Car)	0.000	0.128
Total	53.857	14.134
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	29.098	2.371
From Share holders and relatives of Directors	53.633	20.049
Total	82.731	22.420

Banking Relations :	--
Auditors :
Name :	K P R K and Associates Chartered Accountants
Address :	181, Chitle Marg, Near State Bank of Travancore, Dhantoli, Nagpur - 440001, Maharashtra, India
Tel. No.:	91-712-2451533
PAN :	AAGFG6923Q
Associates :	Goyal Dhatu Udyog Private Limited Address : SG-1, “Gulmohar”, Opposite Hislop College, Civil Lines, Nagpur - 440001, Maharashtra, India Activity : Manufacturing Company Aman Trust

CAPITAL STRUCTURE

As on 09.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs.100/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs.100/- each	Rs.2.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.000	1.080	1.080
2] Share Application Money		0.000	0.920	0.920
3] Reserves & Surplus		10.439	8.921	7.958
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.439	10.921	9.958
LOAN FUNDS
1] Secured Loans		53.857	14.134	16.841
2] Unsecured Loans		82.731	22.420	16.884
TOTAL BORROWING		136.588	36.554	33.725
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		149.027	47.475	43.683
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.926	1.793	2.186
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.100	1.100	1.100
DEFERREX TAX ASSETS		0.024	0.038	0.084
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.285	0.530	0.371
	Sundry Debtors	152.502	56.573	98.036
	Cash & Bank Balances	0.562	1.156	3.233
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.502	1.786	1.668
Total Current Assets		161.851	60.045	103.308
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.373	15.173	60.576
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.501	0.328	2.419
Total Current Liabilities		15.874	15.501	62.995
Net Current Assets		145.977	44.544	40.313
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		149.027	47.475	43.683

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	604.559	241.172	201.435
		Other Income
		TOTAL (A)	604.559	241.172	201.435
Less	EXPENSES
		Office Expenses
		Administrative Expenses	594.922	235.756	193.785
		Advertising Expenses
		TOTAL (B)	594.922	235.756	193.785
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.637	5.416	7.650
Less	FINANCIAL EXPENSES (D)		7.004	3.480	4.464
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.633	1.936	3.186
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.371	0.416	0.558
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		2.262	1.520	2.628
Less	TAX (H)		0.743	0.558	0.977
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		1.519	0.962	1.651
	Earnings/[Loss] Per Share (Rs.)		75.93	89.13	152.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	0.40	0.82
Return on Total Assets (PBT/Total Assets}	(%)	1.38	2.46	2.49
Return on Investment (ROI) (PBT/Networth)		0.18	0.14	0.26
Debt Equity Ratio (Total Liability/Networth)		12.26	4.77	9.71
Current Ratio (Current Asset/Current Liability)		10.19	3.87	1.64

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Total outstanding dues to micro small and medium enterprises units	4.991	3.137	4.012
Total outstanding dues to other than micro small and medium enterprises units	10.382	12.036	56.564
Total	15.373	15.173	60.576

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	Yes
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	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Bankers Charges Report as per Registry

Corporate identity number of the company	U29100MH1995PTC087081
Name of the company	GOYAL IRON & STEEL (NAGPUR) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sg-1, "Gulmohar", Opposite Hislop College, Civil Lines, Nagpur – 440001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India Email : RBBform8@hdfcbank.com CIN : L65920MH1994PLC080618
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.112.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment – On Demand Margin - As may be stipulated by the Bank from time to time. Extent and Operation of the charge - The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.112.500 millions, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Others - Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property being Survey No. 70/2 C, adm. 3019.33 Sq mtr out land adm 2 acre (0-8 hr) Class I, Mouza Kapasi Khurd, Ph No. 35 tah Nagpur Gramin and District Nagpur.

Trade References :

• Mahindra and Mahindra

FIXED ASSETS :

Land

Building

Plant and Machinery

Furniture and Fixtures

Computer

Vehicles

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.50.90
UK Pound	1	Rs.60.30
Euro	1	Rs.68.47

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	5
--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	YES
--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
-	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.