MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	MITHILA MALLEABLES PRIVATE LIMITED
Registered Office :	G T Road, Village Harbanspura, Sirhind – 140406, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.11.1992
Com. Reg. No.:	16-012743
Capital Investment/ Paid-up Capital:	Rs.18.385 Millions
CIN No.: [Company Identification No.]	U27100PB1992PTC012743
TAN No.: [Tax Deduction & Collection Account No.]	PTLM11659E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers and Suppliers of Steel Castings and Components, Metal Rolls, Forging Quality Ingots, Pre-forged Ingots etc.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 630000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual 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 :	G T Road, Village Harbanspura, Sirhind – 140406, Punjab, India
Tel. No.:	91-1763-227093/ 228498/ 229927/
Fax No.:	91-1763-228989
E-Mail :	apco@sify.com info@mithilamalleables.com
Website :	www.mithilamalleables.com
Area :	10 Acres
Location :	Owned
Group Office :	2/4, East Patel Nagar, Pusa Road, New Delhi – 110 008, Delhi, India.
Correspondence Address :	C/o AMT International, G.T. Road, Sirhind Side, Mandi Gobindgarh – 147301, Punjab, India
Tel. No.:	91-1765-250203/257625
Factory :	Plot No.1,2 and 3, CSIDC Growth Centre, Phase - 2, Siltara, Raipur, Chattisgarh, India
Tel. No.:	91-7721-264297
Fax No.:	91-7721-264297

DIRECTORS

As on: 30.09.2011

Name :

Mr. Charan Singh

Designation :

Director

Address :

Shastri Nagar, Mandi Gobindgarh Fatehgarh Sahib – 147301, Punjab, India

Date of Birth/Age :

01.02.1962

Date of Appointment :

21.12.1992

DIN No. :

02004688

Other Directorships :

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	U27100PB1992PTC012743	MITHILA MALLEABLES PRIVATE LIMITED	Director	21-12-92	21-12-92	-	Active	NO
2	U29299PB1995PTC017458	A S PRECISION MACHINES PRIVATE LIMITED	Director	24-11-08	24-11-08	-	Active	NO
3	U00000PB2003PTC026114	JORAWAR ENGINEERING AND FOUNDRY FORGE PRIVATE LIMITED	Director	23-01-12	23-01-12	-	Active	NO

Name :

Mr. Satpal Singh

Designation :

Director

Address :

Shastri Nagar, Mandi Gobindgarh Fatehgarh Sahib – 147301, Punjab, India

Date of Birth/Age :

18.01.1961

Date of Appointment :

09.05.1997

DIN No. :

02004710

Name :

Mr. Hardev Singh

Designation :

Director

Address :

Shastri Nagar, Mandi Gobindgarh Fatehgarh Sahib – 147301, Punjab, India

Date of Birth/Age :

01.09.1979

Date of Appointment :

14.07.2000

DIN No. :

01261912

Name :

Mr. Lakhbir Singh

Designation :

Director

Address :

Shastri Nagar, Mandi Gobindgarh Fatehgarh Sahib – 147301, Punjab, India

Date of Birth/Age :

29.09.1982

Date of Appointment :

12.05.2008

DIN No. :

02013488

Other Directorships :

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	U74899DL1994PTC062580	MRH FINANCE COMPANY PRIVATE LIMITED	Director	29-07-09	17-11-06	-	Active	NO
2	U27100PB1992PTC012743	MITHILA MALLEABLES PRIVATE LIMITED	Additional director	12-05-08	12-05-08	-	Active	NO

KEY EXECUTIVES

Name :	S.K.Sharma and Associates
Designation :	Company Secretaries
Address :	#1219 Sector 48-B, Chandigarh, India.
Date of Birth/Age :	91-172-3292727

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Satpal Singh	361000
Charan Singh	539400
Hardev Singh	196100
Vinod Kumar	25000
Ravinder Kumar	10000
Ashok Kumar	42500
Raj Kumar Sharma	18000
Ajit Singh	149000
Jaswant Kaur	80000
Manjit Singh	88500
Kuldeep Kaur	51000
Babu Singh	27000
Marajit Singh HUF	50000
Jagroop Singh	5000
Sukhdeep Kaur	1000
MRH Finance Company Private Limited, India	195000
Total	1838500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	10.60
Directors or relatives of directors	84.20
Other top fifty shareholders	5.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Suppliers of Steel Castings and Components, Metal Rolls, Forging Quality Ingots, Pre-forged Ingots etc.

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
Finished Goods	M.Ton	7700.995
Runner and Risers	M.Ton	849.925

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce – Motia khan, Mandi Gobindgarh – 147301, Punjab, India

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
O B C C/C Limited	2.799	0.000
Total	2.799	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans from Directors and Others	82.686	62.769
Total	82.686	62.769

Banking Relations :	--
Auditors :
Name :	Ashwini Pradeep and Company Chartered Accountants
Address :	Motia Khan, Near Hotel Sushine, Mandi Gobindgarh – 147301, Punjab, India
Mobile No.:	91-9815159787
PAN NO.:	AAGFA0860L
Group Companies :	· Jorawar Engineering and Foundry Forge Private Limited, Raipur · Mithila Malleables Private Limited, Sirhind · A.S. Forging, Mandi Gobindgarh · A.S. Mechanical Works, Mandi Gobindgarh · Ajit Engineering Works, Mandi Gobindgarh · A.S. Precision Machines, Khanna · AMT International Private Limited, Mandi Gobindgarh

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Share	Rs.10/- each	Rs. 40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1838500	Equity Share	Rs.10/- each	Rs. 18.385 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		18.385	18.385	18.385
2] Share Application Money		2.365	2.365	2.365
3] Reserves & Surplus		139.200	128.625	113.384
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		159.950	149.375	134.135
LOAN FUNDS
1] Secured Loans		2.799	0.000	7.014
2] Unsecured Loans		82.686	62.769	58.312
TOTAL BORROWING		85.485	62.769	65.326
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		245.435	212.144	199.460
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.160	37.458	35.786
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.250	19.250	19.250
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.082	119.470	140.581
	Sundry Debtors	105.636	103.736	83.347
	Cash & Bank Balances	24.090	30.850	19.940
	Other Current Assets	5.249	5.239	5.239
	Loans & Advances	83.508	80.572	100.142
Total Current Assets		327.565	339.867	349.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	34.518	87.576	90.045
	Other Current Liabilities	109.822	96.855	99.101
	Provisions	4.200	0.000	15.679
Total Current Liabilities		148.540	184.431	204.825
Net Current Assets		179.025	155.436	144.424
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		245.435	212.144	199.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	302.609	364.332	448.321
		Other Income	8.217	2.302	42.829
		TOTAL (A)	310.826	366.634	491.150
Less	EXPENSES
		Raw material consumed	180.685	161.799	287.142
		Cost of trading	12.194	14.435	3.537
		Manufacturing expenses	78.372	84.500	114.081
		Administrative and selling expenses	19.707	48.308	36.637
		Excise duty in respect of stock	0.762	(0.817)	0.815
		Education cess in respect of stock	0.000	0.000	0.016
		S and H. Edu in respect of stock	0.000	0.000	0.008
		Increase/Decrease in stock	(8.857)	21.962	(34.396)
		TOTAL (B)	282.863	330.187	407.840
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.963	36.447	83.310
Less	FINANCIAL EXPENSES (D)		8.293	6.862	8.413
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.670	29.585	74.897
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.642	4.967	5.184
	PROFIT BEFORE TAX (E-F) (G)		15.028	24.618	69.713
Less	TAX (H)		4.453	9.377	15.850
	PROFIT AFTER TAX (G-H) (I)		10.575	15.241	53.863
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		120.825	105.584	51.721
	BALANCE CARRIED TO THE B/S		131.400	120.825	105.584
	Earnings Per Share (Rs.)		5.75	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.40	4.16	10.97
Net Profit Margin (PBT/Sales)	(%)	4.97	6.76	15.55
Return on Total Assets (PBT/Total Assets)	(%)	4.01	6.52	18.11
Return on Investment (ROI) (PBT/Networth)		0.09	0.16	0.52
Debt Equity Ratio (Total Liability/Networth)		1.46	1.65	2.01
Current Ratio (Current Asset/Current Liability)		2.21	1.84	1.71

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FINANCIAL AND OPERATION RESULTS:

The company achieved a turnover of Rs. 332.127 Millions. Net profit for the year was Rs. 15.028 millions after providing Rs. 4.642 millions for depreciation, this having cash profit of Rs. 19.670 millions.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90180293
Corporate identity number of the company	U27100PB1992PTC012743
Name of the company	MITHILA MALLEABLES PRIVASTE LIMITED
Address of the registered office or of the principal place of business in India of the company	G T Road Village, Harbanspura, Sirhind – 140406, Punjab, India
Type of charge	Immovable property Book debts Movable property (not being pledge) Stock
Particular of charge holder	Oriental Bank of Commerce, Motiakhan, Mandigovindgarh Branch, Punjab - 147301, India e-mail id: apco@sify.com
Nature of description of the instrument creating or modifying the charge	Aggrement for cash credit Rs. 3.500 millions for cc (hypothecation of stock Rs. 2.650 millions and book debts Rs. 0.850 millions further modified by agreement dated :- 21.02.2007 for cc Rs. 3.500 millions, BPLC Rs. 15.000 millions, ILC/LC Rs. 11.500 millions and bank guarantee Rs. 20.000 millions aggregate amounting to Rs. 50.000 millions.
Date of instrument Creating the charge	21.02.2007
Amount secured by the charge	Rs.50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (HYP. And book debts) @10% per annum (PLR – 1.50%) Bills purchased/ Usance bills purchased backed by letter of credit (BPLC) 2 10% Per annum (PLR – 1.50%) with monthly rests. Terms of Repayment CC on demand Margin CC – 25% FLC/ILC (D.A) – 20% in shape of FDR/CDR Bank guarantee (financial ) – 20% in the shape of FDR/CDR Extent and operation of the charge 100%
Short particulars of the property charged	Secured By HYP Of Stock Of Raw Material, WIP, Finished Goods And Receivables And Equitable Mortgage Of Factory Land And Building MSG 11K-9M, 5K-15M And 7 Bighas – 14 Biswas Situated At G.T. Road, Village Harbanspura, And Equitable Mortgage Of Resi. Cum Comm. Plot Msg 1 Bigha -2 Biswa Situated At Bank Of India Road Mandi Gobindgarh, Hyp Of Entire Block Of Fixed Assets Of The Company Both Existing And Future, Personal Guarantee Of Inhereties, In Share Of Sh. Late Balwant Kaur In The Captioned Property And Directors.
Particulars of the present modification	No change in cc limit BPLC, ILC/FLC has been increased to Rs.11.500 millions, bank guarantee increased from Rs.9.200 millions to Rs.20.000 millions rate of INTT. For cc HYP. And book debts 10% per annum (PLR -1.50%) Margin 25% other terms and conditions remaining the same.

FIXED ASSETS

• Land
• Spectro Meter
• Plant And Machinery
• Misc. Fixed Assets
• Building
• Furniture And Fixtures
• Computer Equipment
• Lab Equipment
• Vehicle
• Car
• Box And Dies
• Electric Fitting
• Air Conditioners
• Truck
• Mobile Set
• Factory Shed and Building

AS PER WEBSITE DETAILS:

PROFILE

Subject is an A.S. Group Company predominantly owned by the A.S. Family. The Plant is located at mid point of historical town of Sirhind and Steel Town of India, Mandi Gobindhgarh on the eastern bank of main Bhakhra Canal. The famous Floating Restaurent of Punjab State Tourism Development Corp. is just 200 yards away from the Mithila Factory site. The Plant is set up in the plesant background of lush green fields, for which Punjab is well known.

The Plant is well equipped with modern manufacturing facilities including Twin Shell Induction Furnace, Heat Treatment Furnaces with 6 point Temperature Recorders, E.O.T Cranes, a well equipped Foundry, Machine Shop and laboratory. The production streams namely.

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.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.