MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	AMAR PARTAP STEELS PRIVATE LIMITED

Registered Office :	A-161, RIICO Industrial Area, Extn. II, Bagroo, Jaipur – 302001, Rajasthan

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	12.08.2004

Com. Reg. No.:	17-19588

Capital Investment / Paid-up Capital :	Rs.29.152 Millions

CIN No.: [Company Identification No.]	U27107RJ2004PTC019588

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers and Suppliers of premium quality TMT Bars.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 330000

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office / Factory :	A-161, RIICO Industrial Area, Extn. II, Bagroo, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2864140 / 3236856
Fax No.:	91-141-2864105
E-Mail :	cscorporatesolicitors@hotmail.com
Website :	http://amcogroup.in

Head Office :	H-16, Sukhi Jeevan Complex, Near Ajmer Pulia, Ajmer Road, Jaipur – 302006, Rajasthan, India
Tel. No.:	91-141-2222064 / 2221273 / 3236854
Fax No.:	91-141-2222499
E-Mail :	amcosteels@gmail.com

Factory 2 :	G-1, Raj Bhavan Road, Civil Line, Jaipur, Rajasthan, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Gurumukh Singh Dang
Designation :	Director
Address :	H-16, Sukhi Jeevan, Jecab Road, Jaipur – 302001, Rajasthan, India
Date of Appointment :	12.08.2004
DIN No.:	01679243

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	U27107RJ2004PTC019588	Amar Partap Steels Private Limited	Director	12-08-04	12-08-04	-	Active	NO
2	U29254UP2009PTC037787	Amar Partap Ispat Private Limited	Director	15-07-09	15-07-09	-	Active	NO
3	U20294RJ2010PTC031348	Indian Secondary Steeltech Private Limited	Director	26-03-10	26-03-10	-	Active	NO
4	U45201RJ2005PTC020357	Bonafide Arts Private Limited	Additional director	22-09-11	22-09-11	-	Active	NO

Name :	Mr. Jaswant Singh
Designation :	Director
Address :	J-12/15, H-2 B, 8-A, Baulibagh, Ramkatora, Varanasi – 221311, Uttar Pradesh, India
Date of Appointment :	12.08.2004
DIN No.:	02403124

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	U27107RJ2004PTC019588	Amar Partap Steels Private Limited	Director	12-08-04	12-08-04	-	Active	NO
2	U29254UP2009PTC037787	Amar Partap Ispat Private Limited	Director	15-07-09	15-07-09	-	Active	NO
3	U45201RJ2005PTC020357	Bonafide Arts Private Limited	Additional director	22-09-11	22-09-11	-	Active	NO

Name :	Mr. Dharmbir Singh
Designation :	Director
Address :	J-12/15, H-2 B, 8-A, Baulibagh, Ramkatora, Varanasi – 221311, Uttar Pradesh, India
Date of Appointment :	12.08.2004
DIN No.:	02403622

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	U27107RJ2004PTC019588	Amar Partap Steels Private Limited	Director	12-08-04	12-08-04	-	Active	NO
2	U29254UP2009PTC037787	Amar Partap Ispat Private Limited	Director	15-07-09	15-07-09	-	Active	NO
3	U45201RJ2005PTC020357	Bonafide Arts Private Limited	Additional director	22-09-11	22-09-11	-	Active	NO

Name :	Mr. Satnam Kaur
Designation :	Director
Address :	884, Dr. Mukharji Nagar, Kingsway Camp, New Delhi – 110009, India
Date of Appointment :	12.08.2004
DIN No.:	02403103

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Singh Jaswant		1467400
Singh Gurumukii		7500
Singh Diiaramveer		22500
Kaur Satnam		3500
Kaur Satpal		485800
Kaur Tanya		164200
Jaswant Singh H.U.F.		585750
Kaur Sarvajeet		178500
Total		2915150

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Suppliers of premium quality TMT Bars.

Products :	M. S. Ingot Iron Steel

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
M. S. Ingots	M.T.	NA	NA	11781.285
TMT Bars	M.T.	NA	NA	1229.728

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Bais Godown Branch, Industrial Estate, Jaipur – 302006, Rajasthan, India
ICICI Bank
HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)

Term Loan from Bank of Baroda (1^st)	0.000	2.850
Term Loan from Bank of Baroda (2^nd)	43.331	49.715
Cash Credit Limit from Bank of Baroda (The above loan is secured against hypothecation of Company’s stores of Raw Materials, Stock in Process, Finished Goods, Stores, Spares and Book Debts of the Company. The above Loan is further securer by creating equitable mortgage over Factory land, building, Plant and Machinery and Personnel Guarantee of all the Directors of the company)	70.603	41.832
ICICI Car Loan	0.173	0.304
Total	114.107	94.701

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)

From Director	8.089	1.772
From Friends and Relatives	0.125	0.125
From Others	0.900	0.900
Total	9.114	2.797


Banking Relations :	--

Auditors :
Name :	A. Natani and Company Chartered Accountants
Address :	7, Second Floor, Samod Tower, Dudu Bagh S.C. Road, Jaipur – 302001, Rajasthan, India
PAN.:	AAEFA4438J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2915150	Equity Shares	Rs.10/- each	Rs.29.152 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		29.152	29.152	24.294
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.331	52.415	39.474
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.483	81.567	63.768
LOAN FUNDS
1] Secured Loans		114.107	94.701	19.090
2] Unsecured Loans		9.114	2.797	6.496
TOTAL BORROWING		123.221	97.498	25.586
DEFERRED TAX LIABILITIES		6.115	4.306	2.592

TOTAL		212.819	183.371	91.946

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		109.051	108.898	26.079
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.727	0.727	0.727
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.755	30.325	21.004
	Sundry Debtors	59.381	22.944	16.118
	Cash & Bank Balances	17.119	8.640	29.496
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.419	27.557	12.903
Total Current Assets		154.674	89.466	79.521
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.615	14.889	12.626
	Other Current Liabilities	7.018	0.831	1.759
	Provisions	0.000	0.000	0.000
Total Current Liabilities		51.633	15.720	14.385
Net Current Assets		103.041	73.746	65.136

MISCELLANEOUS EXPENSES		0.000	0.000	0.004

TOTAL		212.819	183.371	91.946

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	624.754	305.542	376.435

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	600.430	297.564	370.349

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.324	7.978	6.086

Less	FINANCIAL EXPENSES (D)		12.092	2.650	2.810

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.232	5.328	3.276

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.657	2.291	1.220

	PROFIT BEFORE TAX (E-F) (G)		4.575	3.037	2.056

Less	TAX (I)		2.659	2.240	0.490

	PROFIT AFTER TAX (G-I) (J)		1.916	0.797	1.566

	Earnings Per Share (Rs.)		0.66	0.27	0.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.31	0.26	0.42

Return on Total Assets (PBT/Total Assets}	(%)	1.73	1.53	1.95

Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.03

Debt Equity Ratio (Total Liability/Networth)		2.09	1.39	0.63

Current Ratio (Current Asset/Current Liability)		3.00	5.69	5.53

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U27107RJ2004PTC019588
Name of the company	AMAR PARTAP STEELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-161, RIICO Industrial Area, Extn. II, Bagroo, Jaipur – 302001, Rajasthan, India E-mail : amarpartapsteels@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90071428
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Bais Godown Branch, Industrial Estate, Jaipur – 302006, Rajasthan, India E-mail : indjai@bankofbaroda.com
Nature of instrument creating charge	1. Supplemental Composite Instrument of Hypothecation of Goods, Book Debts, Moveable Machinery and Vehicles. 2. Supplemental Memorandum of Entry. 3. Letter of continuing security
Date of instrument Creating the charge	27.11.2010
Amount secured by the charge	Rs.60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @4.75% above base rate with a minimum of 13.25% p.a. with monthly rests, subject to change from time to time. Terms of repayment Repayable on demand. Margin Margin 25% on stocks, book debts and moveable machinery. Extent and operation of the charge The charge will operate as first charge to the extent of Rs.60.000 Millions to secure cash credit.(Hypothecation of stocks and book debts)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and exclusive charge by way of hypothecation of all stock of raw material, semi finished and finished goods, stock in process packing material, all present and future book debts, and all other present and future current and fixed assets of company. Equitable mortgage is extended on immovable properties of the company comprising factory land and building fixed plant and machinery, present and future thereon situated at A-161,RIICO Industrial Area, Bagru Extension-II, Bagru, Jaipur, Rajasthan, India

Fixed Assets:

Air Conditioner
Boring Pumps
Computer
Factory Building
Furniture and Fixtures
Land
Motor Cycle
Office Equipments
Plant and Machinery
Motor Car

Website Details

Company profile

Subject are located in Jaipur Rajasthan and have units designed to roll out a producing capacity of 10000 mt per month. The company has its own melting shop in which its produces quality ingots for rolling as per requirement. The Company has lead by young, energetic directors with over a decade of steel industry experienced and are well supported qualified staff and experienced labour. The production plant is equipped with modern production equipment, testing and quality assurance facilities and employs a dedicated team to ensure quality production to discerning buyer. The basic aim of the company is to male available international quality rebars in the Indian market to meet the ever grooving demand.

Right from the foremen on the blezins floor of the steel plant to its directors .They are proud of the skill and dedication of each member of their team that put in the hours and hours of hard work each day to bring out the best in the art of steel rolling.

Along with a highly motivated team on the floor constant endeavour is to keep abreast of the latest production technology that helps them improvise the quality of their products from time to time. They believe that “change is constant ’’ and hence their research laboratories work round the clock to re-invent and improvise the production technologies that they passionately launch through their products in the markets world wide.

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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.

MIRA INFORM REPORT

54.755

59.381

17.119

0.000

23.419

154.674

44.615

7.018

0.000

51.633

103.041

0.31

1.73

0.05

2.09

3.00

Unit