MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	NIMIT STEELS AND ALLOYS PRIVATE LIMITED
Registered Office :	Kailash Esplanade, C-417A, 4th Floor, LBS Marg, Opp, Shreyas Talkes, Ghatkopar, Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.04.2003
Com. Reg. No.:	11-139994
Capital Investment / Paid-up Capital :	Rs. 45.000 millions
CIN No.: [Company Identification No.]	U27100MH2003PTC139994
TAN No.: [Tax Deduction & Collection Account No.]	MUMN10447D
PAN No.: [Permanent Account No.]	AABCN7969D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel Products Wire Rods, Round Bras, Billets, Bloom, and Structure.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 600000
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 and as per commitments. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Kailash Esplanade, C-417A, 4th Floor, LBS Marg, Opp, Shreyas Talkes, Ghatkopar, Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-30915889 / 91-22-42465401
Mobile No”	91-9004669600 (Akhay H Bhansali)
Fax No.:	91-22-25005441
E-Mail :	nsapl@hotmail.com
Godown 1 :	Located At: Dahisar, Mumbai
Godown 2 :	Plot No.572, Kalamboli Warehousingh Complex, Navi Mumbai – 410218, Indian

DIRECTORS

As on 30.09.2011

Name :

Mr. Haresh Pragji Bhansali

Designation :

Director

Address :

702, Siddhi Apartment Tilak Road, Ghatkopar (E), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

20.06.1979

Date of Appointment :

23.03.2010

DIN No.:

00222412

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH1998PTC115519	Hetal Steels Private Limited	Director	26/06/1998	26/06/1998	-	Active	NO
2	U27100MH2003PTC139994	NIMIT STEELS AND ALLOYS PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
3	U27100MH1996PTC102672	VEENAMIT STEEL PROCESSORS PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Amalgamated	NO

Name :

Mr. Akshay Haresh Bhansali

Designation :

Director

Address :

702, Siddhi Apartment Tilak Road, Ghatkopar (E), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

20.06.1979

Date of Appointment :

23.03.2010

DIN No.:

01864287

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH1996PTC102672	VEENAMIT STEEL PROCESSORS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	-	Amalgamated	NO
2	U27100MH2003PTC139994	NIMIT STEELS AND ALLOYS PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
3	U27100MH1998PTC115519	Hetal Steels Private Limited	Director	23/03/2010	23/03/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bhansali Akshay Hetal	441450
Bhansali Akshay Hetal	441450
Shah Amrutlal Dhanesh	1
Doshi I Bhanumati	1
Shah K Bhavesh	1
Desai S Champaklal	1
Haresh Pragaji Bhansali (HUF)	441450
Shah C. Harshad	1
Doshi A Hasmukh	1
Hasmukh G Doshi HUF	1
Sheth R Kalaben	1
Sanghvi Kantilal	1
Rawal MKusum	1
Doshi KTushar	1
Makwana A Meena	1
Shah M Monica	1
Mukesh J Mehta HUF	1
Nagda R. Bhavesh	1
P L Upadhyaya-HUF	1
Desai C Savitriben	1
Doshi J Shashikant	1
Sanjay V Varariya-HU F	1
VoraJVarsha	1
Kamar V Vivek	1
Akshay Haresh Bhansali (HUF)	441450
Dhirajlal V Doshi HUF	1
Doshi U Kishor	1
Krishna Kumar C Shah.	1
Niranjan N Shah (HUF)	1
Nirmala U Doshi	1
Padma k Doshi	1
Savala M. Shamji	2
Bhansali Haresh Akshay	441450
Shah Bharat kalpesh	441450
Bhansali Akshay Meru	441450
Bhansali Pragati Haresh	441450
Bhartiben D. Morabia	1
Laxmiben R Rambhia	1
Vimal S Savala	1
Bhansali Haresh Rajeshwari	441450
Mehta Jayantkumar Milan	441450
Mehta Vakktchand	85468
Total	4500000

As on As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	82.00
Other top fifty shareholders	18.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Iron and Steel Products Wire Rods, Round Bras, Billets, Bloom, and Structure.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank, Wadala Branch, India Printing House, 42, G. D. Ambekar Marg, Wadala (West), Mumbai - 400031, Maharashtra, India

· Bank of India, Sakinaka Mid Corporate Branch, Sagar Tech Plaza, Andheri Kurla Road Sakinaka Jn. Andheri (E), Mumbai - 400072, Maharashtra, India

· Axis Bank

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	84.520	35.229
Loans taken for vehicles secured	1.469	2.216
Total	85.989	37.445
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other external commercial borrowings unsecured	47.710	24.513
Working capital loans others unsecured	50.855	47.343
Total	98.565	71.856

Banking Relations :	--
Auditors :
Name :	Mr Vinod K Mehta and company Chartered Accountant
Address :	B/5, Satyam Shopping Centre, 2nd Floor, M G Road, Mumbai – 400077, Maharashtra, India
PAN No:	AADFV6947N
Enterprise:	· Nimit Steel Private Limited · Vinamit Steel and Processor Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.100.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 45.000 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000		Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000		Rs.10/- each	Rs. 45.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		45.000	50.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		105.919	52.012	14.276
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		150.919	102.012	39.276
LOAN FUNDS
1] Secured Loans		85.989	37.445	53.157
2] Unsecured Loans		98.565	71.856	30.341
TOTAL BORROWING		184.554	109.301	83.498
DEFERRED TAX LIABILITIES		0.473	0.464	0.200
TOTAL		335.946	211.777	122.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.233	9.510	6.431
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.157	1.525	0.376
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	292.062	168.471	78.085
	Sundry Debtors	308.742	350.366	287.645
	Cash & Bank Balances	30.570	0.038	50.023
	Other Current Assets	0.112	0.168	0.000
	Loans & Advances	166.265	73.451	17.691
Total Current Assets		797.751	592.494	433.444
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.570	113.589	165.158
	Other Current Liabilities	468.169	276.194	152.119
	Provisions	3.456	1.969	0.000
Total Current Liabilities		514.195	391.752	317.277
Net Current Assets		283.556	200.742	116.167
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		335.946	211.777	122.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1738.646	1389.865	1193.782
		Other Income
		TOTAL	1738.646	1389.865	1193.782
Less	EXPENSES
		Office Expenses	1714.349	1369.865	1188.555
		Administrative Expenses
		Advertising Expenses
		TOTAL	1714.349	1369.865	1188.555
	PROFIT BEFORE TAX		24.297	20.000	5.227
Less	TAX		8.009	7.264	5.105
	PROFIT AFTER TAX		16.288	12.736	0.122
	Value of Imports		0.000	95.180	0.000
	Earnings Per Share (Rs.)		3.62	2.55	0.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.94	0.92	0.01
Return on Total Assets (PBT/Total Assets}	(%)	2.86	3.32	1.19
Return on Investment (ROI) (PBT/Networth)		0.16	0.19	0.13
Debt Equity Ratio (Total Liability/Networth)		4.63	4.91	10.20
Current Ratio (Current Asset/Current Liability)		1.55	1.51	1.37

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Bankers Charges Report as per Registry

Corporate identity number of the company	U27100MH2003PTC139994
Name of the company	NIMIT STEELS AND ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kailash Esplanade, C-417a, 4th Floor, LBS Marg, Opp, Shreyas Talkes, Ghatkopar, Mumbai – 400086, Maharashtra, India nsapl@hotmail.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of India, Sakinaka Mid Corporate Branch, Sagar Tech Plaza, Andheri Kurla Road Sakinaka Jn. Andheri (E), Mumbai - 400072, Maharashtra, India Sakinakamcb.MumbaiNorth@bankofindia.co.in
Nature of instrument creating charge	Hypothecation Cum Loan Agreement (Plant & Machinery, Stocks and Book Debts)
Date of instrument Creating the charge	28.04.2012
Amount secured by the charge	Rs. 75.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest LC DP/DA BC:1% above applicable rate for clean loan in case of devolvement and commission as per bank's extant guidelines or at such other rate/s as may be notified by the bank from time to time. Terms of Repayment On Demand. Margin 25% against raw material, finished goods, 25% against stores, 25% against goods in process, 40% against book debts outstanding for 2 or 3 months ,100% against book debts outstanding for more than 3 months to less than 6 months Extent and Operation of the charge Security and charge hereby created shall be by way of 1st charge on all the said hypothecated assets for due payment as provided in the deed of all monies including the principal sums,interest/commission costs charges and expenses and all other monies whatsoever due owing and payable by the Borrower to the Bank under or in respect of or in connection with or in any wise concerning or relating to the said facility agreed to be granted and/or granted by the Bank to the borrower. Others for due repayment of all present and future indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly primary or collateral accrued or accruing with all relative interest / commission, charges, costs and expenses. Facility and Limit: Adhoc LC DP/DA Buyers Credit Rs.75.000 millions
Short particulars of the property charged	a) All tangible movable machineries and plants both present and future at borrower's premises, godowns situated at Dahisar Mumbai and Kalamboli warehousing Complex or wherever else, b) All tangible movable properties ,assets and stocks of whatsoever nature of the Borrower both present and future wheresoever situate at borrower's premises, godowns at Dahisar Mumbai and Kalamboli warehousing Complex or elsewhere,c) All present and future book debts, outstanding, money receivables, claims,bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.

Fixed Assets:

· Air conditioner

· Mobile

· Xerox Machine

· Fax Machine

· Office Equipment

· Printer

· Plant and machinery

· Crane

· Furniture and fixture

· Electrical Installation

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

DPK

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	4
--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		44

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.