MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	MITC ROLLING MILLS PRIVATE LIMITED (w.e.f. 14.12.2006)
Formerly Known As :	NEW BOMBEY ISPAT UDYOG PRIVATE LIMITED
Registered Office :	B-2/2 M I D C, Cpalkhed Road, Dindori, Nashik - 422202, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.04.1985
Com. Reg. No.:	11-036042
Capital Investment / Paid-up Capital :	Rs. 107.374 Millions
CIN No.: [Company Identification No.]	U51420MH1985PTC036042
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09574F
PAN No.: [Permanent Account No.]	AAACN1731C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel
No. of Employees :	Information Declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 940000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject in 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. Profit and Loss of 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.

INFORMATION DECLINED BY

Name :	Ms. Nandini
Designation :	Operator
Date :	17.10.2011

LOCATIONS

Registered Office/ Factory :	B-2/2 M I D C, Cpalkhed Road, Dindori, Nashik - 422202, Maharashtra India
Tel. No.:	91-2557-952557 / 221996 / 221850
Fax No.:	91-2557-221979 / 952557
E-Mail :	mitc_nasik@rediffmail.com mitcsteel@gmail.com
Head Office :	Garodia Market, ground Floor, Plot No.8, Dr. Sandhu Marg, Near Parel Hotel, Chembur (East), Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-61571234
Fax No.:	91-22-61571230
E-Mail :	mitcsteel@gmail.com cmshah@bom3.vsnl.net.in
City Office : Pune Office :	19, Steelyard House, Sant Tukaram Road, Mumbai – 400009, Maharashtra, India Tel No.: 91-22-23433143 / 23421038 449, Mangalwar Peth, Pune – 411011, Maharashtra, India Tel No.: 91-20-26126024 Fax No.: 91-20-26121235

DIRECTORS

As on : 22.09.2010

Name :

Mr. Atul C. Shah

Designation :

Director

Address :

A-14, Jayesh, R.B. Mehta Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

28.09.1969

Date of Appointment :

12.06.1999

Din No.:

00400466

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U65993MH1988PTC047066	MITC ROLLING MILLS PRIVATE LIMITED(AMAL)	Director	12-06-99	12-06-99	Amalgamated	NO
U51420MH1985PTC036042	MITC ROLLING MILLS PRIVATE LIMITED	Director	12-06-99	12-06-99	Active	NO

Name :

Mr. Chetan Damji Lodaya

Designation :

Director

Address :

Yasotaraj Bunglow 1^st Floor Maneshsha Nagar, Near Dwarka Circle, Nasik – 422011, Maharashtra, India

Date of Birth/Age :

07.12.1970

Date of Appointment :

01.12.2004

Din No.:

00272236

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U65993MH1988PTC047066	MITC ROLLING MILLS PRIVATE LIMITED(AMAL)	Director	01-12-04	01-12-04	Amalgamated	NO
U51420MH1985PTC036042	MITC ROLLING MILLS PRIVATE LIMITED	Director	01-12-04	01-12-04	Active	NO

Name :

Mrs. Champshi M. shah

Designation :

Director

Address :

A-14, Jayesh, R.B. Mehta Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

16.12.1943

Date of Appointment :

12.06.1999

Din No.:

00400338

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U65993MH1988PTC047066	MITC ROLLING MILLS PRIVATE LIMITED(AMAL)	Director	12-06-99	12-06-99	Amalgamated	NO
U51420MH1985PTC036042	MITC ROLLING MILLS PRIVATE LIMITED	Director	12-06-99	12-06-99	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 22.09.2009

Names of Shareholders	No. of Shares
Among Family Trust	2200
Atul C. Shah	233828
Atul C. Shah (HUF)	500
Champshi M. Shah	1269350
Champshi M. Shah (HUF)	252800
Damyanti C. Shah	174541
Harish D. Dand	104304
Jasmine A. Shah	200
Jayesh Gala	1
Madhvi C. Shah	14000
Praful D. Dand	5600
Pratap D. Dand	36500
Ramesh Swamy	10
Vithal K. Pai	2
Asha H. Mehta	10
B. Raghuram	10
B. Shankar / B. Visalakhi and Balsubramanium and Balsubramanium and Rukmani R. Ramswamy, Mumbai	50
Daksha S. Rawal	10
Girish Dhanji Momya	10
Hansaben Praful Shah	10
Hasmukh M. Mehta	10
J.J. Sales, Mumbai	10
Kalpesh Pravin Mehta	10
Kanjbhai Bhikaji Chauhan	10
Kashiram B. Inamdar HUF	10
Mahesh G. Goradia	100
Meghji Shivaji Mehta	10
Nirmal Vasant Rajgor	10
Parul Madhusudan Bhura	10
Power Kid Trust, Mumbai	10
Pravin Vishnu Assurkar	10
Rahul Khona	10
Rajesh Raman	20
Rajul Ashwin Doshi	10
Rupali Kisan Shinde	10
Sunita K. Inamdar	10
Sushilaben K. Raval	10
Swati Sharad Mehta	10
Techno Kid Trust, Mumbai	10
Urja A. Shah	10
Vasant M. Rajgor	10
Zankhana Himatlal Shah	10
TOTAL	2094256

Equity Share Break – up

As on : 22.09.2010

Category	Percentage
Directors or relatives of Directors	99.87
Other top fifty shareholders	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
TMT Bars	MT	77825.871
Round Bars	MT	1546.306
C.I. Casting	MT	1734.925

GENERAL INFORMATION

No. of Employees :

Information Declined by the Management

Bankers :

Canara Bank, Ghatkopar (East), Bombey – 400077, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Canara Bank (Secured Against Bank Guarantee [ Against Margin Money] issued by Canara Bank, Ghatkopar Branch)	13.762	13.762
Total	13.762	13.762
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loans From Members	50.460	82.198
Sales Tax Differed Loan	51.306	51.306
Unsecured Debenture	141.389	141.389
Inter Corporate Deposit	221.015	71.000
Total	494.171	345.894

Banking Relations :	--
Auditors :
Name :	Sumaria and Sumaria Chartered Accountants
Address :	1, Mulund Vaibhav, Zaver Cross Road, Adjacent To RLY Station, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel No.:	91-22-25616029
Fax No.:	91-22-65540872
E-Mail :	jsnuria@gmail.com

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

Equity Shares :

No. of Shares	Type	Value	Amount
2216865	Equity Shares	Rs.10/- each	Rs. 22.168 Millions
36270	10% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 0.362 Million
	Total		Rs. 22.530 Millions

Preference Shares :

No. of Shares

Type

Value

Amount

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2094256	Equity Shares (Out of the Above 198964 Equity Shares of 10 issued for Consideration other than in cash.)	Rs.10/- each	Rs.20.942 Millions
	Pending Allotment
	10% Non Cumulative Redeemable Preference Shares	Rs. 10/-each	Rs. 3.537 Millions
	Share Application Money		Rs.82.894 Millions
	Total		Rs. 107.374 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		107.373	97.319	24.479
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		126.872	108.933	82.779
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		234.245	206.252	107.258
LOAN FUNDS
1] Secured Loans		13.762	13.762	0.00
2] Unsecured Loans		494.171	345.894	276.099
TOTAL BORROWING		507.933	359.656	276.099
DEFERRED TAX LIABILITIES		20.731	18.439	10.688
TOTAL		762.909	584.347	394.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		312.223	332.487	237.639
Capital work-in-progress		26.527	0.474	0.000
INVESTMENT		6.351	13.066	4.676
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.524	27.378	189.884
	Sundry Debtors	393.469	293.347	280.890
	Cash & Bank Balances	51.415	2.236	0.231
	Other Current Assets	0.000	0.000	42.457
	Loans & Advances	67.162	41.839	7.114
Total Current Assets		642.570	364.800	520.576
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	151.059	119.593	129.614
	Other Current Liabilities	55.213	(6.288)	229.272
	Provisions	18.532	13.232	10.030
Total Current Liabilities		224.804	126.537	368.916
Net Current Assets		417.766	238.263	151.660
MISCELLANEOUS EXPENSES		0.042	0.058	0.070
TOTAL		762.909	584.347	394.045

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	3.12	2.35	6.01
Current Ratio (Current Asset/Current Liability)	2.85	2.88	1.41

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Capital Goods and Stores and others	0.530	1.218	3.439
Sundry Creditors for raw Material	0.082	0.101	33.176
Sundry Creditors foe expenses	46.023	34.665	92.999
Sundry Creditors for Trading goods	104.421	83.609	--
Total	151.059	119.593	129.614

FUTURE EXPANSION :

This is again an year of consolidation and expansion. Coming years will be consolidation growth and expansion. They are looking at embarking on further expansion projects as well as future consolidating their position in the market.

Form : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U51420MH1985PTC036042
Name of the company	MITC ROLLING MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-2/2 MIDC, Palkhed Road, Dindori, Nasik-422202, Maharashtra, India
This form is for	Modification of Charge
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Canara Bank, 112, Jayachamarajendra Road, Bangalore – 560002, Branch, 77, Prabha, R.B. Mehata Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement Dated 23.12.2009 (Nature of Facility : Cash Credit/ Letter of Credit/ Guarantee / Guarantee(ST) : 305.000 millions
Date of instrument Creating the charge	23.12.2009
Amount secured by the charge	Rs. 305.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge : The charge is operative and modified up to Rs. 305.000 millions Others : Nil
Short Particulars of the property charged	All Stock of Goods such as raw materials, goods
Date of instrument modifying the charge	13.09.2007
Particulars of the present modification	By this modification, the limits have been increased from Rs. 262.400 millions to Rs. 305.000 millions and charge id further secured by way of equitable mortgage of collateral securities by way of immovable and movable property.

FIXED ASSETS :

• Goodwill
• Land
• Flat
• Factory Building
• Furniture and Fixture
• Plant and Machinery
• Electrical Installat and equipments
• Lab Equipments
• Office Equipments
• Zerox Machine
• Fax Machine
• Telephone
• Typewriter
• Air Condition
• Mobile Phone
• Dumper
• Motor Car
• Motor Cycle
• Truck
• Computer

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. 49.13
UK Pound	1	Rs. 77.58
Euro	1	Rs. 67.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.