MIRA INFORM REPORT

Report Date :

03.09.2011

IDENTIFICATION DETAILS

Name :	AGRASEN ISPAT PRIVATE LIMITED
Registered Office :	Near Balaji Plastics, Boriya Road, Santoshi Nagar, Raipur – 492001, Chattisgarh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.08.2007
Com. Reg. No.:	10-020362
Paid-Up Capital :	Rs. 0.763 Million
CIN No.: [Company Identification No.]	U27100CT2007PTC020362
TAN No.: [Tax Deduction & Collection Account No.]	JBPA02338A
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader, Exporter and Importer of Iron and Steel Products.
No. of Employees :	50 (approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 32000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, 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.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Vipin Aggarwal
Designation :	Director
Contact No.:	91-9009999222
Date :	25.08.2011

LOCATIONS

Registered Office :	Near Balaji Plastics, Boriya Road, Santoshi Nagar, Raipur – 492001, Chattisgarh, India
Tel. No.:	91-771-3269330/4242000 (20 Lines)/4269340
Mobile No.:	91-9009999222 (Mr. Vipin Aggarwal)
Fax No.:	91-771-4269330
E-Mail :	vineetnayak@sify.com adb.company@sify.com
Website :	www.agrasenispat.com
Location :	Rented

DIRECTORS

As On 30.09.2010

Name :	Mr. Vipin Kumar Ganga Dhar Aggarwal
Designation :	Director
Address :	MPTI Nagar, Raipur – 492001, Chhattisgarh, India
Date of Birth/Age :	13.09.1986
Date of Appointment :	13.08.2007
DIN No.:	01671150
Name :	Mr. Nand Kishore Aggarwal
Designation :	Director
Address :	Moti Nagar, Boriya Road, Raipur – 492001, Chattisgarh, India
Date of Birth/Age :	01.05.1966
Date of Appointment :	13.08.2007
DIN No.:	01548492
Name :	Mr. Vikash Kumar Aggarwal
Designation :	Managing Director
Address :	Boriya Road, Moti Nagar, Raipur – 492001, Chattisgarh, India
Date of Birth/Age :	15.07.1982
Date of Appointment :	18.11.2007
DIN No.:	01789293
Name :	Mr. Arvind Kumar Ganga Dhar Aggarwal
Designation :	Director
Address :	Santoshi Nagar, Tikarapara, Raipur – 492001, Chattisgarh, India
Date of Birth/Age :	19.12.1983
Date of Appointment :	01.04.2008
DIN No.:	01939817
Name :	Mr. Ganga Dhar Ram Chander Aggarwal
Designation :	Director
Address :	Boriya Road, Moti Nagar, Raipur – 492001, Chattisgarh, India
Date of Birth/Age :	14.02.1963
Date of Appointment :	01.04.2008
DIN No.:	02274163

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Vipin Kumar Aggarwal	200
Vipin Kumar Aggarwal (HUF)	200
Arvind Kumar Aggrawal	200
Arvind Kumar Aggrawal (HUF)	200
Gangadhar Aggrawal	200
Pushpa Devi Aggrawal	200
Gaytri Devi	200
Suman Devi Aggrawal	200
Gangadhar Aggrawal (HUF)	1520
Mohit Garg	3700
Dhiraj Agrawal	1700
Kamal Agrawal	200
Vishnu Agrawal	200
Prem Lata Agrawal	200
Gajanand Agrawal	200
Niti Agrawal	200
Subhash Chandra Agrawal (HUF)	200
Vijay Laxmi Devi Agrawal	200
Nand Kishore Aggrawal	5200
Vipin Aggrawal	5200
N.K. Agrawal(Huf)	4000
Agrasen Iron And Steels Private Limited – India	52000
Total	76320

As On 24.02.2011

List of Allotees	No. of Shares
Gill Khera Hire Purchase Private Limited – India	16000
Gleam Finance Private – India	29000
Sagun Commercial Private Limited – India	10000
Gulzar Hire Purchase Private Limited – India	10000
Total	65000

As On 11.02.2011

List of Allotees	No. of Shares
Gill Khera Hire Purchase Private Limited – India	20000
Gleam Finance Private – India	5000
Total	25000

As On 30.09.2010

Category	Percentage
Bodies corporate	68.13
Directors or relatives of Directors	31.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of Iron and Steel Products.

Products :

· TOR Bars

· MS Beams:

o I Beams

o H Beams

· Hot Deep Galvanized Materials

· Thermo Mechanically Treated (TMT) Bars

· MS Channels:

o U Channels

o C Channels

· MS Flat Sections:

· MS Black Flat Sections

· MS Angles:

o Equal Angles

o Unequal Angles

o T Angles

· MS Bars:

o Circular Cross Sections

o Bright Shaft Round Bars

o Bright Shaft Square Bars, etc.

Item Code No.	Product Description
72169990	MS Angle
72165000	MS Channel
72169990	MS Joist

Exports :

Products :

· Iron and Steel Product

Countries :

· Singapore

· Thailand

· China

Imports :

Products :

· Iron and Steel Product

Countries :

· China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· Agrawal Enterprises

· Agrawal Steel Industries

· Avinash Ispat Private Limited

· Arvind Kumar Aggarwal (Salary)

· A.V. Steel Private Limited

· Balajee Structurals (India) Limited

· Gangadhar Aggarwal

· Harshit Ispat and Developers

· Indian Ispat Works Private Limited

· Ishwar Ispat Industries Private Limited

· Nandh Kishore

· Shivam Steel Corporation

Customers :

End Users

· Ashutosh Steels

· Balajee Steel Syndicate

· Baldev Alloys Private Limited

· BMM Ispat Limited

· Bhandari Foils Tubes Limited

· Bhuwalaka Trade Links Private Limited

· Hi-Power Gear and Control Private Limited

· International Steel Exchange Private Limited

· Ishwar Ispat Industries Private Limited

· Kavita Enterprises

· Kirorimal and Company

· Laharia Iron and Steel Company

No. of Employees :

50 (approximately)

Bankers :

· Karnataka Bank Limited - Fafadin Chowk, Raipur – 492001, Chattisgarh, India

· HDFC Bank

· Kotak Mahindra Bank

· ICICI Bank

· Axis Bank Limited – Block B-1, Pujari Chambers, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Karnataka Bank Limited, Raipur C/C A/c (Secured by way of Hypothecation of Stock-in-trade and assignment of Book Debts and Equitable mortgage on vacant land and personal guarantee of the directors)	16.078	10.144
Karnataka Bank Limited, Raipur LC A/c 2 (Secured by way of Hypothecation of Stock-in-trade and assignment of Book Debts and Equitable mortgage on vacant land and personal guarantee of the directors)	2.466	0.000
ICICI Bank (Vehicle Loan A/c) (Secured by way of vehicle financed by it and personal guarantee of directors)	0.195	0.345
Total	18.739	10.489

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors
Arvind Kumar Aggarwal	0.735	0.065
Gangadhar Aggarwal	0.544	0.300
Nand Kishore Aggarwal	1.029	0.235
Nand Kishore Agawal (HUF)	0.100	0.000
Vikas Kumar Aggarwal	0.167	0.700
Vipin Kumar Aggarwal	0.056	0.100
Vikas Kumar Aggarwal H U F	0.773	0.075
From Shareholders	0	0
Arvind Kumar Aggarwal H U F	0.233	0.075
Dheeraj Kumar Aggarwal	0.200	0.200
Gangadhar Vikas Vipin Sb A/C	0.039	1.353
Gangadhar Aggarwal Huf	0.585	0.225
Gangadhar, Pushoa Devi, Vikas, Vipin	1.829	0.000
Mohit Kumar Aggarwal	0.150	0.150
Kaushalya Bajaj	0.194	0.000
Sanjay Bajaj	0.291	0.000
Ms. Gaytri Devi	0.321	0.150
Ms. Pushpa Devi Aggarwal	0.848	0.600
Ms. Ritu Aggarwal	0.200	0.000
Ms. Suman Devi Aggarwal	0.449	0.243
Ms. Vijay Laxmi Devi	0.592	0.020
Vishnhu Aggarwal	0.250	0.250
Total	9.585	4.741

Banking Relations :	-
Auditors :
Name :	A D B and Company Chartered Accountant
Address :	Fist Floor, Mahavir Gaushala Complex, Moudhapar, K. K. Road, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2524621/2888043/2880522
Fax No.:	91-771-2524621
E-mail :	cacs23@rediffmail.com
Pan No.:	AAFFB2714B
Associates/Subsidiaries (As On 31.03.2009) :	· Shree Shiv Steel, Raipur

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66320	Equity Shares (Opening balance)	Rs.10/- each	Rs.0.663 Million
10000	Equity Shares (addition during the year)	Rs.10/- each	Rs. 0.100 Million
	Total		Rs. 0.763 Million

After 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1153200	Equity Shares	Rs.10/- each	Rs.11.532 Million

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		0.763	0.663	0.203
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.463	5.408	1.013
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.226	6.071	1.216
LOAN FUNDS
1] Secured Loans		18.739	10.489	0.221
2] Unsecured Loans		9.585	4.741	0.000
TOTAL BORROWING		28.324	15.230	0.221
DEFERRED TAX LIABILITIES		0.004	0.001	0.009
TOTAL		36.554	21.302	1.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.591	0.592	0.457
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.799	0.050	0.000
	Sundry Debtors	36.937	42.534	25.881
	Cash & Bank Balances	0.797	1.747	2.406
	Other Current Assets	0.010	0.010	0.0.10
	Loans & Advances	2.238	0.751	0.132
Total Current Assets		52.781	45.092	28.429
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.857	24.400	27.460
	Other Current Liabilities	1.333	0.000	0.000
	Provisions	0.722	0.090	0.101
Total Current Liabilities		16.912	24.490	27.561
Net Current Assets		35.869	20.602	0.868
MISCELLANEOUS EXPENSES		0.094	0.108	0.121
TOTAL		36.554	21.302	1.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	514.585	261.769	100.367
		Other Income	0.809	0.388	0.068
		TOTAL (A)	515.394	262.157	100.435
Less	EXPENSES
		Purchases less returns	518.114	258.370	99.556
		Office, General and Administrative Expenses	6.130	2.713	0.679
		Increase/(Decrease) in Finished Goods	(12.750)	(0.049)	0.000
		TOTAL (B)	511.494	261.034	100.235
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.900	1.123	0.200
Less	FINANCIAL EXPENSES (D)		2.106	0.508	0.027
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.794	0.615	0.173
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.118	0.195	0.039
	PROFIT BEFORE TAX (E-F) (G)		1.676	0.420	0.134
Less	TAX (I)		0.521	0.165	0.050
	PROFIT AFTER TAX (G-I) (J)		1.155	0.255	0.084
	Earnings Per Share (Rs.)		24.77	8.35	NA

Particulars	31.03.2011
Sales Turnover (approximately)	1240.000

The above information has been parted by Mr, Vipin Aggarwal (Director)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.22	0.09	0.08
Net Profit Margin (PBT/Sales)	(%)	0.33	0.16	0.13
Return on Total Assets (PBT/Total Assets}	(%)	3.14	0.91	0.46
Return on Investment (ROI) (PBT/Networth)		0.20	0.06	0.11
Debt Equity Ratio (Total Liability/Networth)		5.50	6.54	22.85
Current Ratio (Current Asset/Current Liability)		3.12	1.84	1.03

LOCAL AGENCY FURTHER INFORMATION

FUTURE PROSPECTS:

It is expected that business of the Company will further increase during the current financial year and the company will achieve good results.

FORM 8:

Corporate identity number of the company	U27100CT2007PTC020362
Name of the company	AGRASEN ISPAT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Near Balaji Plastics, Boriya Road, Santoshi Nagar, Raipur – 492001, Chattisgarh, India
This form is for	Creation of Charge
Type of charge	Floating Charge Book Debts Movable Property
Particular of charge holder	Axis Bank Limited – Block B-1, Pujari Chambers, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India biswarup.mookherjee@axisbank.com
Nature of instrument creating charge	Hypothecation of current assets and movables (composite)
Date of instrument Creating the charge	08.02.2011
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: CASH CREDIT: 3.50% above base rate ( the base rate applicable at present being 8.25% p.a.) i.e. presently 11.75% p.a. payable at monthly rest LETTER OF CREDIT : At Standard rate of the Bank Terms of repayment: Payable on Demand Margin: Cash Credit- 25% On Stocks 25% On Receivables (Receivables Upto 90 Days Will Be Eligible For Drawing Power ILC-25% Cash Margin Extent and Operation of the charge: Exclusive Charge By Way Of Hypothecation On Entire Current Assets (Both Present and Future) Of The Company Exclusive Charge By Way Of Hypothecation On Entire Free Moveable Fixed Asset Of The Company Excluding Assets Financed By Other Bank/FIS Equitable Mortgage As Per Sanctiion Letter Ref No AXISB/SME/RPR/101/2010-11 Dated 04.02.2011 Others As per sanctiion letter ref no AXISB/SME/RPR/101/2010-11 dated 04.02.2011
Particulars of the property charged	Commercial Land Situated At Kh.No. 259/2,260,261/3,,Ph No. 119, Old Dhamtari Road,Raipur (C.G.) Belonging To Ms.. Vijaylaxmi Kondoi, Shri Nand Kishore Kandoi (Agrawal) and Ms.. Suman Agrawal Residential Land Situated At Kh.No. 219/3/2,220/2/2, 221/1/2. At Mouza Boriyakhurd,Raipur (C.G.) Belonging To Ms.. Gayatri Devi Agrawal. Residential Land Situated At Plot No.B-14 (12), Kh. No. 202,203/2 Ward No 13 Shaheed Bhagat Singh Ward, Tatibandh Raipur Belonging To Shri Vishnu Kumar Agrawal. Residential Land Situated At Kh No. 10/275 Mauza Jora,Raipur (C.G) Belonging To Shri Arvind Agrawal. Commercial Land Situated At Kh.No. 818/1 Abhanpur Raipur Belonging To Shri Gangadhar Garg and Satish Sawariya. Charge By Hypothecation On Entire Current Assets (Both Present And Future) Of The Company. Charge By Hypothecation On Entire Free Moveable Fixed Asset Of The Company Excluding Assets Financed By Other Bank/FIS

FIXED ASSETS:

· Car

· Computer

· Mobile

· Two Wheeler

· Office equipment

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.45.90
UK Pound	1	Rs.74.31
Euro	1	Rs.65.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.