MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	M D STEELS PRIVATE LIMITED (w.e.f.09.02.2010)
Formerly Known As :	PLAZA AGENCIES PRIVATE LIMITED
Registered Office :	Plot No – 37, Shanti Kunj Main, Behind Sector D-3, Vasant Kunj, New Delhi – 110070
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.09.1987
Com. Reg. No.:	55-029358
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74899DL1987PTC029358
TAN No.: [Tax Deduction & Collection Account No.]	DELM14182A
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, Supplier and Manufacturer of Centrifugal Castings, Sand Castings, Stainless Steel Castings, Furnace Rollers, Radiant Tubes, Sink Roll etc.
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 15000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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	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 :	Plot No – 37, Shanti Kunj Main, Behind Sector D-3, Vasant Kunj, New Delhi – 110070
Tel. No.:	91-11-26130209
Fax No.:	91-11-26130209
E-Mail :	varinder_2007@bol.net.in contact@mdsteels.com
Manufacturing Facility :	Plot No.F-669, Phase II, RIICO Industrial Area, Bhiwadi Distt Alwar - 301019, Rajasthan, India
Tel. No.:	91-1493-512079
Fax No.:	91-1493-222483

DIRECTORS

As on 29.09.2011

Name :

Mr. Chander Prakash Behrani

Designation :

Chairman-cum-Managing Director

Address :

2129, Sector-D II, Vasant Kunj, Delhi – 110070, India

Date of Birth/Age :

08.03.1955

Date of Appointment :

28.09.1987

DIN No.:

00512002

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	U74899DL1986PTC024747	FURMAT ENGINEERS INDIA PRIVATE LIMITED	Director	8/07/1986	8/07/1986	-	Active	NO
2	U74899DL1987PTC029358	M D STEELS PRIVATE LIMITED	Director	28/09/1987	28/09/1987	-	Active	NO
3	U27107RJ1992PTC006934	FURMAT STRIPS PRIVATE LIMITED	Director	4/09/1992	4/09/1992	25/04/2009	Active	NO

Name :

Mrs. Priti Behrani

Designation :

Director

Address :

2129, Sector-D II, Vasant Kunj, Delhi – 110070, India

Date of Birth/Age :

13.03.1959

Date of Appointment :

25.09.1988

DIN No.:

00512065

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	U74899DL1986PTC024747	FURMAT ENGINEERS INDIA PRIVATE LIMITED	Director	25/11/2006	25/11/2006	-	Active	NO
2	U74899DL1987PTC029358	M D STEELS PRIVATE LIMITED	Director	7/12/2006	7/12/2006	-	Active	NO

Name :

Mr. Anand Behrani

Designation :

Director

Address :

2129, Sector-D II, Vasant Kunj, Delhi – 110070, India

Date of Birth/Age :

23.09.1980

Date of Appointment :

20.12.2004

DIN No.:

00512093

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Chander Prakash Behrani	340
Kanchan Behrani	10
Yogesh Jaradi	10
Anand Behrani	180
Priti Behrani	310
Meena Gulati	150
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	84.00
Other	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter, Supplier and Manufacturer of Centrifugal Castings, Sand Castings, Stainless Steel Castings, Furnace Rollers, Radiant Tubes, Sink Roll etc.

GENERAL INFORMATION

Supplier:

· ACE Petro Networks India Private Limited

· ACME Process Heat Furnace India Private Limited

· AGR Steel Strips India Private Limited

· Asian Colour Coated Ispal Limited

· Haryana Foils Limited

· Mill India Limited

· Sainest Tubes India Private Limited

· SAM Gas Project India Private Limited

Customer:

· Aarshabh Ferro Alloys Private Limited

· Aggarwal Special Gases

· Ajay Metachem Sud Chemic Private Limited

· Alloysmin Industries Bhiwadi

· Arora Refractories and Firebricks

· Bhiwadi Indane Gas Services

· Bhart Minerals and Refractories

· Chaudhary Furniture House

· Darshan Steel World

· Durga Enterprises India

· Durga Hardware and Electricals

· Dynamic Refractories Private Limited

· Ganga Moti Ispath Udyog

· G.M. Trading Company.

· Hanuman Minerals

· Hindustan Petroleum Corporation Limited

· Hisar Metal Industires Limited

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, 175, Avtar Enclave, Ch.Balbir Singh Marg, Paschim Vihar, New Delhi – 110063, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan A/C 260700001	0.233	0.350
Term Loan A/C 260700002	0.507	0.762
Term Loan A/C 260700002	0.151	0.197
Total	0.891	1.309
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Mill India Limited	0.500	0.500
Furmat Engineers (India) Private Limited	5.800	2.575
Chander Prakash Behrani	0.980	0.980
Total	7.280	4.055

	-
Banking Relations :
Auditors :
Name :	SMR and Associates Chartered Accountants
Address :	49, Priya Enclave, Delhi – 110092, India
Mobile No.:	91-9999181781
PAN.:	AAGPG1521Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		2.600	2.600	2.600
3] Reserves & Surplus		1.270	0.830	0.328
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.970	3.530	3.028
LOAN FUNDS
1] Secured Loans		0.891	1.309	2.095
2] Unsecured Loans		7.280	4.055	3.555
TOTAL BORROWING		8.171	5.364	5.650
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
CC Limit (IOB)		7.522	4.903	5.139
TOTAL		19.663	13.797	13.817
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.218	8.521	8.277
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	10.779	8.212	9.101
	Sundry Debtors	3.315	3.664	1.347
	Cash & Bank Balances	0.461	0.127	0.173
	Other Current Assets	1.607	1.257	0.818
	Loans & Advances	0.272	0.118	0.208
Total Current Assets		16.434	13.378	11.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.915	5.339	3.422
	Other Current Liabilities	2.822	2.511	2.588
	Provisions	0.252	0.252	0.097
Total Current Liabilities		4.989	8.102	6.107
Net Current Assets		11.445	5.276	5.540
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.663	13.797	13.817

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38.815	35.469	28.426
		Other Receipts	0.264	0.509	1.153
		Interest Earned	0.033	0.033	0.027
		Commission Received	0.050	0.000	0.000
		TOTAL (A)	39.162	36.011	29.606
Less	EXPENSES
		Manufacturing Expenses	36.098	30.135	26.747
		Administrative Expenses	2.867	2.403	2.133
		Increase in Stock	(2.567)	0.889	(1.691)
		TOTAL (B)	36.398	33.427	27.189
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.764	2.584	2.417
Less	FINANCIAL EXPENSES (D)		0.907	0.715	1.072
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.857	1.869	1.345
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.111	1.115	1.114
	PROFIT BEFORE TAX (E-F) (G)		0.746	0.754	0.231
Less	TAX (I)		0.253	0.252	0.001
	PROFIT AFTER TAX (G-I) (J)		0.493	0.502	0.230
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.830	0.328	0.195
Less	Prior Period Income Tax		0.053	0.000	0.000
Less	APPROPRIATIONS
		Provision For Taxation	0.000	0.000	0.069
		Provision For Fringe Benefit Tax	0.000	0.000	0.028
	BALANCE CARRIED TO THE B/S		1.270	0.830	0.328
	Earnings Per Share (Rs.)		493.000	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.26	1.39	0.78
Net Profit Margin (PBT/Sales)	(%)	1.92	2.13	0.81
Return on Total Assets (PBT/Total Assets}	(%)	4.54	5.64	1.98
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.08
Debt Equity Ratio (Total Liability/Networth)		1.26	2.30	2.02
Current Ratio (Current Asset/Current Liability)		3.29	1.65	1.91

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) 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 two years	Yes
12) Profitability for last two 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	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

Note: Registered office of the company has been shifted from 20/35, West Patel Nagar, New Delhi – 110008, India to the present address

FINANCE RESULT

During the period under consideration, the company achieved a turnover of Rs.39.100 Millions and earned a profit of Rs.1.856 Millions before providing depreciation.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1987PTC029358
Name of the company	M D STEELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	20/35, West Patel Nagar, New Delhi – 110008, India Email: varinder_2007@bol.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80041797
Type of charge	Immovable property
Particular of charge holder	Indian Overseas Bank, 175, Avtar Enclave, Ch.Balbir Singh Marg, Paschim Vihar, New Delhi – 110063, India Email: paschbr@delsco.iobnet.co.in
Nature of instrument creating charge	Confirmation Letter
Date of instrument Creating the charge	27.10.2011
Amount secured by the charge	Rs.16.820 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanctions terms. Terms of Repayment As per sanctions terms. Margin As per sanctions terms. Extent and Operation of the charge The Equitable mortgage property is collaterally secure following credit limits sanctioned by Indian Overseas Bank to M/s. M D Steels Private Limited a) Cash Credit Rs.13.000 Millions b) Term Loan I (Existing) Rs.0.372 Millions c) Term Loan II (Existing) Rs.0.172 Millions d) Term Loan III (Existing) Rs.0.126 Millions e) Term Loan IV (Fresh) Rs.1.650 Millions f) Letter of Guarantee Rs.1.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of equitable mortgage of property at Plot No. F-669, RIICO Industrial Area, Phase II, Bhiwandi, (Raj) together with land and building constructed/to be constructed thereon.
Particulars of the present modification	The amount of charge on equitable mortgage of property at Plot No. F-669, RIICO Industrial Area, Phase II, Bhiwandi, (Raj) stands enhanced to Rs.16.520 Millions to secure following credit limits a) Cash Credit Rs. 13.000 Millions, b) Term Loan I (Existing) Rs. 0.372 Millions, c) Term Loan II (Existing) Rs. 0.172 Millions d) Term Loan III (Existing) Rs. 0.126 Millions, e) Term Loan IV (Fresh) Rs. 1.650 Millions, f) Letter of Guarantee Rs. 1.500 Millions

Fixed Assets

· Land

· Building

· Shed

· Machinery

· Electric Installations

· Furniture

· Air Conditioner

· Weighting Scale (Crane)

· Car

· Air Dryer

· Camera and DVD System

· Computer and Printer

· Inverter

· Scooter

· Security Micro Control

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.55.76
UK Pound	1	Rs.86.68
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--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		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.