MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	JAGAT METALS PRIVATE LIMITED
Registered Office :	Jay Industrial Building, Mandi Gobindgarh – 147301, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.1985
Com. Reg. No.:	006105
Capital Investment / Paid-up Capital :	Rs.9.020 Millions
CIN No.: [Company Identification No.]	U27201PB1985PTC006105
TAN No.: [Tax Deduction & Collection Account No.]	PTLJ10033C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel Ingots.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 75040
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	Jay Industrial Building, Mandi Gobindgarh – 147301, Punjab, India
Tel. No.:	91-176-242561
E-Mail :	jagatmetal@yahoo.com
Factory:	Village Ambey Majra, Near 220 K V Power House, Mandi Gobindgarh – 147301, Punjab, India
Tel No.:	91-9815276121 (Mr. Rishi)

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Joginder Paul
Designation :	Director
Address :	Chander Lok Colony, Mandi Gobindgarh – 147301, Punjab, India
Date of Birth/Age :	22.08.1953
Date of Appointment :	30.05.1997

Other Directorship:

Top of Form

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	U27101PB1994PTC014593	RAGAV ALLOYS PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
2	U27106PB1994PLC014290	JYOTI CONCAST LIMITED	Director	04/07/1994	04/07/1994	-	Active	NO
3	U27201PB1985PTC006105	JAGAT METALS PVT LTD	Director	30/05/1997	30/05/1997	-	Active	NO
4	U24111PB1971PTC003038	JAY GASES PRIVATE LIMITED	Director	21/05/2006	21/05/2006	-	Active	NO

Bottom of Form

Name :	Mr. Prem Kumar
Designation :	Director
Address :	Chander Lok Colony, Mandi Gobindgarh – 147301, Punjab, India
Date of Birth/Age :	03.01.1932
Date of Appointment :	31.03.2001

Other Directorship:

Top of Form

Bottom of Form

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	U24111PB1971PTC003038	JAY GASES PRIVATE LIMITED	Director	09/08/1971	09/08/1971	-	Active	NO
2	U27201PB1985PTC006105	JAGAT METALS PVT LTD	Director	31/03/2001	31/03/2001	-	Active	NO

Name :	Mr. Navneet Gupta
Designation :	Director
Address :	Chander Lok Colony, Mandi Gobindgarh – 147301, Punjab, India
Date of Birth/Age :	01.01.1972
Date of Appointment :	31.03.2001

Other Directorship:

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Bottom of Form

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	U27101PB1994PTC014593	RAGAV ALLOYS PRIVATE LIMITED	Director	13/06/1994	13/06/1994	31/12/2011	Active	NO
2	U27201PB1985PTC006105	JAGAT METALS PVT LTD	Director	31/03/2001	31/03/2001	31/12/2011	Active	NO
3	U27100PB2005PTC028157	SHRI SALASAR STEEL STRUCTURALS PRIVATE LIMITED	Director	24/03/2005	24/03/2005	31/12/2011	Active	NO

Name :	Mr. Dewan Chand
Designation :	Director
Address :	Bansal House, 3 Akhnoor Road, Jammu and Kashmir – 180002, India
Date of Birth/Age :	25.08.1951
Date of Appointment :	20.05.2008

Other Directorship:

Top of Form

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	L27106JK1985PLC000783	NARBADA STEELS LIMITED	Director	06/06/1985	06/06/1985	-	Active	NO
2	U40200JK1987PTC000956	NARBADA GASES PRIVATE LIMITED	Director	27/05/1987	27/05/1987	-	Active	NO
3	U24222JK2004PTC002451	BAWA PAINTS JAMMU PRIVATE LIMITED	Director	03/09/2004	03/09/2004	09/05/2009	Active	NO
4	U45201JK2005PTC002575	JAI MAA MANSA DEVI BUILDERS PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
5	U27201PB1985PTC006105	JAGAT METALS PVT LTD	Director	30/09/2008	20/05/2008	-	Active	NO

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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Name Of Shareholder	No. Of Shares Held
Dhajinder Gupta	5981
Neena Bansal	5847
Maya Devi	5846
Alka Singla	4000
Hukam Chand Bansal	4187
Nand Kumar HUF	7000
Rabinder Nath Gupta	3240
Suresh Kumar HUF	7500
Dhajinder Gupta HUF	9930
Hukam Chand HUF	10000
Akhil Gupta	5000
Joginder Pal	1688
Suresh Kumar	2515
Asha Gupta	915
Sumit Gupta	2500
Navneet Gupta	2500
Dewan Chand	10034
Shikha Singla	500
Prem Kumar	1020
Total	90203

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Ingots.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Oriental Bank of Commerce, Motia Khan, G T Road,, Mandi Gobindgarh - 147301, Punjab, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Datta Singla and Company Chartered Accountant
Address :	#34, Sector-4 D, Battan Lal Road, Mandi Gobindgarh – 147301, Punjab, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90203	Equity Shares	Rs.100/- each	Rs.9.020 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		9.020	9.020	9.020
2] Share Application Money		4.827	4.827	4.515
3] Reserves & Surplus		4.913	3.124	2.589
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.760	16.971	16.124
LOAN FUNDS
1] Secured Loans		0.000	0.368	1.224
2] Unsecured Loans		34.481	16.275	14.147
TOTAL BORROWING		34.481	16.643	15.371
DEFERRED TAX LIABILITIES		0.522	(0.116)	(0.049)
TOTAL		53.763	33.498	31.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.392	8.384	7.759
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	13.818	18.359	16.002
	Sundry Debtors	17.970	14.378	12.341
	Cash & Bank Balances	7.361	4.560	8.651
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.859	17.070	20.752
Total Current Assets		65.008	54.367	57.746
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	19.637	29.253	34.062
	Provisions
Total Current Liabilities		19.637	29.253	34.062
Net Current Assets		45.371	25.114	23.684
MISCELLANEOUS EXPENSES		0.000	0.000	0.003
TOTAL		53.763	33.498	31.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	367.150	409.359	524.379
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.252	2.790	2.864
Less/ Add	DEPRECIATION/ AMORTISATION		1.666	1.557	1.712
	PROFIT BEFORE TAX		0.586	1.233	1.152
Less	TAX		0.360	0.360	0.622
	PROFIT AFTER TAX		0.226	0.873	0.530

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.06	0.21	0.10
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.80	1.96	1.76
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.07
Debt Equity Ratio (Total Liability/Networth)		2.88	2.70	3.07
Current Ratio (Current Asset/Current Liability)		3.31	1.86	1.70

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 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	No
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

FORM 8:

Corporate identity number of the company	U27201PB1985PTC006105
Name of the company	JAGAT METALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Jay Inds Buildingmandi Gobindgarh Fatehgarh Sahib – 147301, Punjab, India
This form is for	Modification of charge
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	ORIENTAL BANK OF COMMERCE
Nature of instrument creating charge	1. Supplemental Agreement To Secure Credit/Loan Facilities (Loan D.O.C.-13) 2. LTR-22/18.2 Revised-2004
Date of instrument Creating the charge	27/01/2012
Amount secured by the charge	Rs.56.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Agreement Terms of Repayment On Demand Margin 25% on stocks of raw material, work-in-progress, finished goods and receivables. Extent and Operation of the charge 100%
Short particulars of the property charged	Hypothecation of stocks of raw material, work in progress, finished goods, receivables and other currents assets. Equitable Mortgage of factory land and building measuring 12K situated at G T Road, Mandi Gobindgarh and Plant and Machinery in the name of Company.
Date of instrument modifying the charge	28/03/2005
Particulars of the present modification	Cash Credit Limit-Enhanced to Rs. 25.000 Millions. Letter of Credit-Enhanced to Rs. 30.000 Millions. Bank Guarantee-Rs.1.000 Millions. Other Terms and conditions remain the same.

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.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

INFORMATION DETAILS

Report Prepared by :

SDA

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.