MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	FORTRAN STEEL PRIVATE LIMITED
Registered Office :	35, Carnac Siding Road, Shakar Gally, Carnac Bunder, Mumbai – 400 009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.09.1991
Com. Reg. No.:	11-063422
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U27106MH1991PTC063422
TAN No.: [Tax Deduction & Collection Account No.]	MUMF03286D MUMF03616E MUMF01112G
PAN No.: [Permanent Account No.]	AAACF4202A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hot Rolled Steel and Structural Steel Products Including Steel Angles, Steel Flat Bars etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION DECLINED BY

Name :	Mr. Madhu Mhatre
Designation :	Export Import Manager

LOCATIONS

Registered/ Sales Office :	35, Carnac Siding Road, Shakar Gally, Carnac Bunder, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-23485121
Tele Fax No.:	91-22-21023361/ 21026023
E-Mail :	raseshparekh@yahoo.com ruchim@fortran.in sandeep@sppc.co.in
Website :	http://www.fortransteel.net
Corporate Office	A-111, Satyam Shopping Center, M.G Road, Mumbai – 400 077, Maharashtra, India
Tel. No.:	91-22-21026023
Fax No.:	91-22-21023361
Factory :	B-51/W-5,6, MIDC, Taloja, Raigad – 421 204, Maharashtra, India
Branch Office	D-108, M.I.D.C Nasik, Ambad - 422 010, Maharashtra, India
Fax No.:	91-22-21023361
E-Mail :	sales@fortran.in

DIRECTORS

As on 05.09.2012

Name :	Mr. Jatin Gopal Parekh
Designation :	Director
Address :	1302/A, Khrushal Tower, G M Road, Chembur, Mumbai – 400085, Maharashtra, India
Date of Birth/Age :	23.01.1974
Date of Appointment :	31.03.1994
DIN No.:	01491767
PAN No.:	AACPP8120C
Name :	Mr. Rasesh Sharad Parekh
Designation :	Director
Address :	Smeet Apts, 3^rd Floor, Flat No – 302, Plot No. 17, Khokhani Lane, Tilak R Ghatkopar – East, Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	06.11.1980
Date of Appointment :	01.04.2010
DIN No.:	01577930
PAN No.:	AFGPP7709G

KEY EXECUTIVES

Name :	Mr. Madhu Mhatre
Designation :	Export Import Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2012

Names of Shareholders	No. of Shares
Mr. Jatin Gopal Parekh	149900
Mr. Gopal Amrutlal Parekh	149900
Gopal Amrutlal Parekh HUF	250200
Mrs. Hemali Jatin Parekh	149900
Mrs. Madhukanta Gopal Parekh	149900
Jatin Gopal Parekh HUF	200
Mr. Rasesh Sharad Parekh	149900
Mr. Sharad Amrutlal Parekh	149900
Sharad Amrutlal Parekh HUF	250200
Mrs. Poonam Rasesh Parekh	149900
Mrs. Varsha Sharad Parekh	149900
Rasesh Sharad Parekh HUF	200
Mr. Dilip Amrutlal Parekh	149900
Dilip Amrutlal Parekh HUF	200
Mrs. Sharda Dilip Parekh	149900
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Hot Rolled Steel and Structural Steel Products Including Steel Angles, Steel Flat Bars etc.

Product:

ITC Code	Product Description
7306	Welded of Stainless Steel
73062100	Welded of Stainless Steel

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited, HDFC Bank, House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans	0.528	0.187
Rupee term loans banks	148.477	128.128
Total	149.005	128.315

Banking Relations :	--
Auditors :
Name :	U.B. Sura and Company Chartered Accountants
Address :	14, Krishna Kunj, 144/ 45, M.G. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Tel. No:	21022735, 21022095
PAN No.:	AAKPS8384H

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		205.772	199.023	192.289
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		225.772	219.023	212.289
LOAN FUNDS
1] Secured Loans		149.005	128.315	169.704
2] Unsecured Loans		93.022	51.482	13.612
TOTAL BORROWING		242.027	179.797	183.316
DEFERRED TAX LIABILITIES		3.820	3.671	3.006
TOTAL		471.619	402.491	398.611
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		189.943	190.599	181.056
Capital work-in-progress		0.000	0.000	2.600
INVESTMENT		2.609	2.609	3.910
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	123.038	92.065	128.502
	Sundry Debtors	182.226	136.502	104.075
	Cash & Bank Balances	1.011	5.025	2.485
	Other Current Assets	0.166	0.471	0.000
	Loans & Advances	51.137	45.044	17.785
Total Current Assets		357.578	279.107	252.847
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.891	53.373	39.110
	Other Current Liabilities	11.135	13.811	1.658
	Provisions	3.485	2.640	1.525
Total Current Liabilities		78.511	69.824	42.293
Net Current Assets		279.067	209.283	210.554
MISCELLANEOUS EXPENSES		0.000	0.000	0.491
TOTAL		471.619	402.491	398.611

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	1920.375	14489.199	763.326
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		9.978	9.737	8.634
Less	TAX		NA	2.966	2.876
	PROFIT AFTER TAX		NA	6.771	5.758
	Earnings Per Share (Rs.)		NA	3.39	3.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	0.52	0.07	1.13
Return on Total Assets (PBT/Total Assets}	(%)	2.79	3.49	3.41
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.04
Debt Equity Ratio (Total Debt/Networth)		1.07	0.82	0.86
Current Ratio (Current Asset/Current Liability)		4.55	4.00	5.98

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	63.891	53.373	39.110
Total	63.891	53.373	39.110

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	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	Yes
10]	Designation of contact person	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans Advances from director	14.784	5.700
Loans and Advances from other	69.238	45.782
Other loans and advances	9.000	0.000
Total	93.022	51.482

FINANCIAL RESULTS:

The company has achieved a turnover of Rs.1920.375 Millions as against the turnover of Rs.14489.199 Millions during the previous year. With an effective cost control and better productivity, after providing for depreciation, the company has earned a net profit before tax) of Rs.9.978 Millions as against the net profit (before tax) of Rs.9.737 Millions during the previous year. During the current year, it is expected to have a further improvement in the performance.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27106MH1991PTC063422
Name of the company	FORTRAN STEEL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	35, Carnac Siding Road, Shakar Gally, Carnac Bunder, Mumbai – 400 009, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
CIN, if applicable	L65920MH1994PLC080618
Particular of charge holder	HDFC Bank Limited, HDFC Bank, House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	25.07.2012
Amount secured by the charge	Rs. 106.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.106.000 Millions by the company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property situated at W-5, Taloja Industrial Estate, MIDC, Village Navade, District Raigad. Immovable property situated at W-6, Taloja Industrial Estate, MIDC, Village Navade, District Raigad. Immovable property situated at W-20, Taloja Industrial Estate, MIDC, Village Navade, District Raigad. Immovable property situated at W-21, Taloja Industrial Estate, MIDC, Village Navade, District Raigad. Immovable property situated at Plot No. B-51, Taloja Industrial Estate, MIDC, Village Navade, District Raigad, Taloja - 410 208.

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 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 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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.