MIRA INFORM REPORT

Report Date :

27.07.2012

IDENTIFICATION DETAILS

Name :	NEW STEEL TRADING PRIVATE LIMITED
Registered Office :	304 Arihant Iron Marketaj, Ahmedabad Street, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.01.1999
Com. Reg. No.:	11-117933
Capital Investment / Paid-up Capital :	Rs. 7.500 Millions
CIN No.: [Company Identification No.]	U27100MH1999PTC117933
TAN No.: [Tax Deduction & Collection Account No.]	MUMN06575C
PAN No.: [Permanent Account No.]	AAACN9191N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of stainless steel, coil and sheet
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Latest financials of the company are not made available. However, trade relations are reported as fair. Business is active. Payments terms are unknown. The company can be considered for business dealings with somecaution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit Limit = BB
Rating Explanation	Moderate risk of default
Date	28.05.2010

Rating Agency Name	CRISIL
Rating	Letter of Credit = P4+
Rating Explanation	Minimal degree of safety
Date	28.05.2010

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	304 Arihant Iron Marketaj, Ahmedabad Street, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-30297900/ 25427110/ 25338565/ 23728341
Fax No.:	91-22-23418000/ 23418001
E-Mail :	newsteelmumbai@gmail.com

DIRECTORS

AS ON 30.09.2011

Name :

Mrs. Jyoti Dinesh Mehta

Designation :

Director

Address :

12/ 504, Kailashgiri, Sidhachal, Phase II, Near Vasant Vihar, Thane (West) - 400610, Maharashtra, India

Date of Birth/Age :

10.04.1973

Date of Appointment :

19.01.1999

DIN No.:

01257014

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	Company/ LLP Status	Defaulting status
1	U27100MH1999PTC117933	NEW STEEL TRADING PRIVATE LIMITED	Director	19/01/1999	19/01/1999	Active	NO
2	U27100MH2011PTC217323	JM FERRO ALLOYS PRIVATE LIMITED	Director	11/05/2011	11/05/2011	Active	NO

Name :

Mr. Dinesh Hardayal Mehta

Designation :

Director

Address :

12/ 504, Kailashgiri, Sidhachal, Phase II, Near Vasant Vihar, Thane (West) - 400610, Maharashtra, India

Date of Birth/Age :

20.01.1963

Date of Appointment :

19.01.1999

DIN No.:

01257051

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	Company/ LLP Status	Defaulting status
1	U27100MH1999PTC117933	NEW STEEL TRADING PRIVATE LIMITED	Director	19/01/1999	19/01/1999	Active	NO
2	U27100MH2003PTC142914	NEW STEEL ISPAT MANUFACTURING PRIVATE LIMITED	Director	29/10/2003	29/10/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dinesh Hardayal Mehta	521700
Jyoti Dinesh Mehta	173500
Charanjeet Hardayal Mehta	10800
Dinesh Hardayal Mehta (HUF)	15000
Asha Charanjeet Mehta	5500
Charanjeet Hardayal Mehta (HUF)	23500
Total	750000

AS ON 16.03.2012

Names of Allottees	No. of Shares
Dinesh Hardayal Mehta	1975504
Jyoti Dinesh Mehta	656987
Dinesh Hardayal Mehta (HUF)	56800
Charanjeet Hardayal Mehta	40896
Asha Charanjeet Mehta	20827
Charanjeet Hardayal Mehta (HUF)	88986
Total	2840000

AS ON 26.03.2012

Names of Allottees	No. of Shares
Dinesh Hardayal Mehta	38000
Jyoti Dinesh Mehta	8000
Punit Charanjeet Mehta	54000
Amit Mehta	150000
Total	250000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of stainless steel, coil and sheet

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, Nariman Point, Mumbai – 400021, Maharashtra, India
• Barclays Bank
• Citi Bank
• HDFC Bank Limited
• Kotak Mahindra Bank Limited
• Standard Chartered Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Barclays Bank	0.482	1.775
Citi Bank	0.396	0.652
G E Money	0.171	0.415
HDFC Bank Limited	0.157	1.012
HDFC Bank Limited Car Loan	0.379	0.726
Kotak Mahindra Bank Limited	0.092	0.631
Standard Chartered Bank	0.112	0.720
Total	1.789	5.931
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Asha Mehta	0.100	0.100
C H Mehta	0.025	0.025
C H Mehta HUF	0.041	0.041
Total	0.166	0.166

Banking Relations :	--
Auditors :
Name :	Yashawant Anil Rajshree and Assoicates Chartered Accountants
Address :	2, Dhairya, Co-operative Housing., Society, Near Daya Kasama Shanti Society, Opposite Sarswati Marathi School Naupada, Thane - 400602, Maharashtra, India
Tel. No.:	91-22-25391525/ 25362221
PAN No.:	ABCPK9379D

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3840000	Equity Share	Rs.10/- each	Rs. 38.400 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Share	Rs.10/- each	Rs. 7.500 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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.298	16.515	14.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.798	24.015	21.575
LOAN FUNDS
1] Secured Loans		1.789	5.931	31.818
2] Unsecured Loans		0.166	0.166	0.166
TOTAL BORROWING		1.955	6.097	31.984
DEFERRED TAX LIABILITIES		0.663	0.679	0.677
TOTAL		31.416	30.791	54.236
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.610	7.199	6.446
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.224
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.257	39.157	36.379
	Sundry Debtors	106.820	135.082	65.690
	Cash & Bank Balances	0.070	0.117	0.144
	Other Current Assets	19.514	19.136	23.677
	Loans & Advances	2.165	0.137	0.120
Total Current Assets		175.826	193.629	126.010
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	142.552	134.346
	Other Current Liabilities		28.763	68.386
	Provisions	8.571	6.928	10.058
Total Current Liabilities		151.123	170.037	78.444
Net Current Assets		24.703	23.592	47.566
MISCELLANEOUS EXPENSES		0.103	0.000	0.000
TOTAL		31.416	30.791	54.236

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	602.000	616.800	442.400
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX		6.922	3.878	4.979
Less	TAX		2.171	1.438	1.612
	PROFIT AFTER TAX		4.751	2.440	3.367
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.515	14.075	10.708
	BALANCE CARRIED TO THE B/S		21.266	16.515	14.075
	Earnings Per Share (Rs.)		6.33	3.57	4.49

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	1.15	0.63	1.13
Return on Total Assets (PBT/Total Assets}	(%)	3.79	1.93	3.76
Return on Investment (ROI) (PBT/Networth)		0.24	0.16	0.23
Debt Equity Ratio (Total Liability/Networth)		5.32	7.33	5.12
Current Ratio (Current Asset/Current Liability)		1.16	1.14	1.61

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	Yes
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	No
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

FORM 8

Corporate identity number of the company	U27100MH1999PTC117933
Name of the company	NEW STEEL TRADING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	304 Arihant Iron Marketaj, Eddabad Street, Mumbai - 400009, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10065426
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211 Nariman Point, Mumbai – 400021, Maharashtra, India Email ID: emailroc@rediffmail.com
Nature of instrument creating charge	No Instrument - Extension of deposit of title deed
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs. 253.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest rate and Penal interest rate as agreed between the borrower company and the bank from time to time. Terms of repayment Repayment, as agreed between the borrower company and the bank from time to time. Margin Margin Rate, as agreed between the borrower company and the bank from time to time. Extent and operation of the charge At the request of the borrower company, the bank has enhanced overall banking limits upto Rs. 253.000 Millions against Mortgage of the immovable properties i. e 1) Office At 304, Arihant Building, Ahemdabad Street, Carnac Bunder, Masjid (East) Mumbai 400 009, 2) Interest in the leasehold rights in plot no 101, 102 3) 480 on road no. 4, Kalamboli Warehousing Complex, Behind Bima Complex Kalamboli, Navi Mumbai. The charge stands modified upto Rs. 253.000 Millions
Short particulars of the property charged (Including location of the property)	Office At 304, Arihant Building, Ahemdabad Street, Carnac Bunder, Masjid (East) Mumbai 400 009 Interest in the leasehold rights in plot no 101 and 102 on road no. 4, Kalamboli Warehousing Complex, Behind Bima Complex Kalamboli, Navi Mumbai. Mortgage of Plot no 480, Road No 4, Kalamboli Warehousing Complex, Behind Bima Complex Kalamboli, Navi Mumbai
Particulars of the present modification	At the request of the borrower company, the bank has enhanced overall banking limits upto Rs. 253.000 Millions against Mortgage of the immovable properties i. e 1) Office At 304, Arihant Building, Ahemdabad Street, Carnac Bunder, Masjid (East) Mumbai 400 009, 2) Interest in the leasehold rights in plot no 101, 102 3) 480 on road no. 4, Kalamboli Warehousing Complex, Behind Bima Complex Kalamboli, Navi Mumbai. The charge stands modified upto Rs. 253.000 Millions

FIXED ASSETS:

• Air Conditioner
• Cellular Phone and Pager
• Computer
• Cycle
• Fax Machine
• Flat at Dombivli
• Furniture and Fixture
• Godown Premises
• Godown Construction
• Goodwill
• Inverter
• Mobile
• Motor Car Account
• Motorcycle
• Office area at Thane
• Office Premises
• Office Equipment
• Renovation at Thane Office
• Telephone Instruments
• Weighing Scale

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. 55.41
UK Pound	1	Rs. 86.93
Euro	1	Rs. 68.10

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		31

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.