MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	GITANSH ALLOYS PRIVATE LIMITED
Registered Office :	Rahon Road, Village Seerah, Ludhiana-141007, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.06.2009
Com. Reg. No.:	16-032884
Capital Investment / Paid-up Capital :	Rs. 14.921 Millions
CIN No.: [Company Identification No.]	U27100PB2009PTC032884
TAN No.: [Tax Deduction & Collection Account No.]	JLDG04173B
PAN No.: [Permanent Account No.]	AADCG6399L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of all kinds of iron and steel, alloy steel, non alloy steel, special steel, steel ingots, billets, flat, angle, round, square rail, girders, channels, cold rolled strips etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Rahon Road, Village Seerah, Ludhiana-141007, Punjab, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mschandok@rediffmail.com

DIRECTORS

AS ON 16.09.2011

Name :	Mr. Luv Goyal
Designation :	Director
Address :	15-A, Atam Nagar, Ludhiana-141002, Punjab, India
Date of Birth/Age :	19.12.1981
Date of Appointment :	02.06.2009
DIN No.:	00818648

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	U27310PB1996PLC018021	GITANSH STEELS LIMITED	Director	12-10-00	12-10-00	-	Active	NO
2	U50101PB2002PLC025492	GOYAL AUTOMOTIVE LIMITED	Director	09-10-02	09-10-02	-	Active	NO
3	U70101PB1995PLC017232	GITANSH INTERNTIONAL LIMITED	Director	31-03-04	31-03-04	19-08-11	Active	NO
4	U50200PB2005PTC028431	GITANSH AUTOS PRIVATE LIMITED	Whole-time director	22-11-10	18-05-05	-	Active	NO
5	U50101PB2006PTC030626	R.G. MOTORS PRIVATE LIMITED	Director	26-09-06	26-09-06	-	Active	NO
6	U24110PB1993PTC013611	K.K.G. MARKETING PRIVATE LIMITED	Additional director	01-10-08	01-10-08	-	Active	NO
7	U27100PB2009PTC032884	GITANSH ALLOYS PRIVATE LIMITED	Director	02-06-09	02-06-09	16-02-12	Active	NO
8	U25201PB1996PTC017516	UNITED PLASTOMERS PRIVATE LIMITED	Director	29-09-09	29-09-09	-	Active	NO

Name :	Ms. Samriti Goyal
Designation :	Director
Address :	15-A, Atam Nagar, PS Model Town, Ludhiana-141002, Punjab, India
Date of Birth/Age :	04.10.1982
Date of Appointment :	18.08.2011
Date of Cessation :	16.02.2012
DIN No.:	02361222

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.09.2011

Names of Shareholders	No. of Shares
Luv Goyal	214470
Samriti Goyal	809000
Luv Goyal and Sons HUF	75000
R G Motors Private Limited, India	130000
United Plastomer Private Limited, India	80000
Ashwani Kumar	19500
Vishal Gupta	19500
Priyanka Gupta	9500
Pawan Kumar	19100
Harpeet Singh	9500
Raman Sharma	4000
Manish Bhardwaj	13000
Menu Chauhan	4000
Ravinder Singh	16000
Pradeep Kumar	10000
Titan Securities Limited, India	50000
Kailash Chand Aggarwal	9500
TOTAL	1492070

AS ON 16.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	17.43
Directors or relatives of Directors	73.62
Other top fifty shareholders	8.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of all kinds of iron and steel, alloy steel, non alloy steel, special steel, steel ingots, billets, flat, angle, round, square rail, girders, channels, cold rolled strips etc.

GENERAL INFORMATION

Suppliers :

· Sai Electricals

· Bitla Steel Stales Corporation

· Chitkara Deco Art

· Lafarge Aggrogrates and Concret India Private Limited

· Maersk Lying

· Supreme Polytubes Limited

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, Link Road, Ludhiana-141003, Punjab, India

· Punjab National Bank, G. T. Road, Phagwara-144401, Punjab, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Allahabad Bank (Term Loan)	13.191	0.000
Total	13.191	0.000

Banking Relations :	--
Auditors :
Name :	Romesh K Aggarwal and Associates Chartered Accountant
Address :	G. T. Road, Miller Ganj, Ludhiana-141001, Punjab, India
Tel. No.:	91-161-2532920 / 2534289
Pan No.:	AABFR0039H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1492070	Equity Shares	Rs.10/- each	Rs. 14.921 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.921	1.261
2] Share Application Money		0.755	0.300
3] Reserves & Surplus		9.500	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		25.176	1.561
LOAN FUNDS
1] Secured Loans		13.191	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		13.191	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		38.367	1.561
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.570	3.082
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.556	0.829
	Other Current Assets	0.000	0.000
	Loans & Advances	14.336	3.000
Total Current Assets		14.892	3.829
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.311	5.540
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.311	5.540
Net Current Assets		14.581	(1.711)
MISCELLANEOUS EXPENSES		1.216	0.190
TOTAL		38.367	1.561

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011
SALES
	Income	NA
	Other Income	NA
	TOTAL	NA
PROFIT BEFORE TAX		0.083

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	0.22	NA
Return on Investment (ROI) (PBT/Networth)		0.00	NA
Debt Equity Ratio (Total Liability/Networth)		0.54	3.55
Current Ratio (Current Asset/Current Liability)		47.88	0.69

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	No
12. Profitability for current 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	Yes
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

FINANCIAL RESULTS

During the year there was profit of Rs. 0.083 million. Since, it was second year of its operations, directors cannot comment more on performance of the company at this point of time.

FORM 8

Corporate identity number of the company	U27100PB2009PTC032884
Name of the company	GITANSH ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rahon Road, Village Seerah, Ludhiana-141007, Punjab, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	Punjab National Bank, G. T. Road, Phagwara-144401, Punjab, India
Nature of instrument creating charge	Agreement of hypothecation of assets to securing Term Loan dated 30.3.2012 Agreement of hypothecation of movable assets forming part of fixed/Block assets dated 30.03.2012
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 22.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 4.75%+Base Rate i.e.10.75%. Present Rate:15.50% p.a. Terms of repayment Term Loan: To be repaid in monthly installments of Rs. 0.318 Million plus interest, charges, expenses as and when due. Margin Machinery: 25% Extent and operation of the charge 100% Other Takeover of Term Loan accounts of Rs. 22.300 Millions from Allahabad Bank, 818,Industrial Area-B, Link Road Ludhiana.
Short particulars of the property charged (Including location of the property)	Hypothecation of various machineries i.e Rails for crane and other material, 4500 Kg duraline complete furnace with hydraulic tilting arrangements, EOT Cranes, Hydraulic Scrap Bailing Transformers 3000 KVA etc. Hypothecation of Machinery of all types.

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. 56.42
UK Pound	1	Rs. 87.37
Euro	1	Rs. 69.95

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		13

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.