MIRA INFORM REPORT

Report Date :

26.07.2013

IDENTIFICATION DETAILS

Name :	MAHAMAYA MINES PRIVATE LIMITED TIRUPATI STEEL TRADERS PROPRIETOR - MAHAMAYA MINES PRIVATE LIMITED
Registered Office :	Plot No.67/01, Behind Ralas Motors, Tatibandh, Raipur – 492009, Chattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.03.2000
Com. Reg. No.:	10-014111
Capital Investment / Paid-up Capital :	Rs.6.673 Millions
CIN No.: [Company Identification No.]	U13201CT2000PTC014111
TAN No.: [Tax Deduction & Collection Account No.]	JBPM04131B
PAN No.: [Permanent Account No.]	AACCM8202H
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Iron and Steel.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 285000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was started as a proprietary concern with the name “Tirupati Steel Traders” and later in the year 2000 it got converted into private limited company. It is having a moderate track record. 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 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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. Nitin Agrawal
Designation :	Director
Contact No.:	91-9630024401
Date :	24.07.2013

LOCATIONS

Registered/ Head Office :	Plot No.67/01, Behind Ralas Motors, Tatibandh, Raipur – 492009, Chhattisgarh, India
Tel. No.:	91-771-4242645 (16 Lines)/ 2572435/ 4068809/ 4025282
Mobile No.:	91-9630024401 (Mr. Nitin Agrawal) 91-9329000581 (Mr. Anand Agrawal)
Fax No.:	91-771-2572672
E-Mail :	sales@tirupatisteel.com guptabkumar2000@yahoo.com tirupatisteelbhilai@yahoo.com
Website :	http://www.tirupatisteel.com
Branch Office :	C/702, Greenwoods, M.V. Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40155282
Fax No.:	91-22-42292672

DIRECTORS

AS ON 30.09.2012

Name :

Mr. Anand Agrawal

Designation :

Managing Director

Address :

Ravi House, 5/7 Nehru Nagar (East), Bhilai – 490020, Chhattisgarh, India

Date of Birth/Age :

10.06.1961

Date of Appointment :

15.03.2000

Email :

anand@tirupatisteel.com

DIN No.:

00707185

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	U27320CT1984PLC002698	RAJESH RE-ROLLERS LTD	Director	01-03-85	01-03-85	-	Active	NO
2	U13201CT2000PTC014111	MAHAMAYA MINES PRIVATE LIMITED	Managing director	15-03-00	15-03-00	-	Active	NO
3	U27106CT1984PLC002529	RAIPUR FERRO ALLOYS LIMITED	Director	16-03-07	16-03-07	28-04-11	Active	NO
4	U28910CT2011PTC000093	TIRUPATI CORPORATION PRIVATE LIMITED	Director	30-12-11	30-12-11	-	Active	NO

Name :

Mrs. Asha Agrawal

Designation :

Director

Address :

Ravi House, 5/7 Nehru Nagar (East), Bhilai – 490020, Chhattisgarh, India

Date of Birth/Age :

07.08.1966

Date of Appointment :

15.03.2000

DIN No.:

00707218

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	Company/ LLP Status	Defaulting status
1	U13201CT2000PTC014111	MAHAMAYA MINES PRIVATE LIMITED	Director	15-03-00	15-03-00	Active	NO
2	U28910CT2011PTC000093	TIRUPATI CORPORATION PRIVATE LIMITED	Director	30-12-11	30-12-11	Active	NO

Name :

Mr. Nitin Agrawal

Designation :

Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Rajesh Agrawal	300
Anand Agrawal	230900
Asha Agrawal	262000
Ravi Agrawal	1000
Nitin Agrawal	1000
Neha Agrawal	1000
Nikita Agrawal	1000
Anand Agrawal HUF	150050
Cyperus Multitrade Private Limited, India	5000
Adriel Venture Private Limited, India	5000
Sunsitara Multitrade Private Limited, India	5000
Shri Ganesh Spinners Limited, India	5000
TOTAL	667250

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	3.00
Directors or relatives of directors	97.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trading of Iron and Steel.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	· Bank of India, Shop No.111, 1^st Floor, Grace Plaza, Nehru Nagar Square, Bhilai-491011, Chhattisgarh, India · ICICI Bank · Union Bank of India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Agrawal Gupta and Company Chartered Accountant
Address :	Aekapal, 8/9, Priyadarishini Parisar (East), Underbridge Road, Supela, Bhilai – 490023, Chhattisgarh, India
PAN No:	ACZPG8030H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
667250	Equity Shares	Rs.10/- each	Rs.6.673 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.673	6.673
(b) Reserves & Surplus	64.644	61.321
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	71.317	67.994
(3) Non-Current Liabilities
(a) long-term borrowings	11.095	11.736
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	11.095	11.736
(4) Current Liabilities
(a) Short term borrowings	117.557	52.683
(b) Trade payables	6.817	67.701
(c) Other current liabilities	0.888	1.545
(d) Short-term provisions	2.256	6.227
Total Current Liabilities (4)	127.518	128.156
TOTAL	209.930	207.886
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.949	11.270
(ii) Intangible Assets	0.021	0.021
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.065	0.122
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12.035	11.413
(2) Current assets
(a) Current investments	0.006	0.006
(b) Inventories	27.740	13.450
(c) Trade receivables	141.109	163.354
(d) Cash and cash equivalents	22.733	18.207
(e) Short-term loans and advances	0.053	0.000
(f) Other current assets	6.254	1.456
Total Current Assets	197.895	196.473
TOTAL	209.930	207.886

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.473
2] Share Application Money		0.000
3] Reserves & Surplus		39.493
4] (Accumulated Losses)		0.000
NETWORTH		45.966
LOAN FUNDS
1] Secured Loans		48.588
2] Unsecured Loans		9.830
TOTAL BORROWING		58.418
DEFERRED TAX LIABILITIES		0.000
TOTAL		104.384
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.345
Capital work-in-progress		0.000
INVESTMENT		11.710
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.170
	Sundry Debtors	66.611
	Cash & Bank Balances	10.182
	Other Current Assets	0.121
	Loans & Advances	0.000
Total Current Assets		109.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.268
	Other Current Liabilities	0.000
	Provisions	1.015
Total Current Liabilities		27.283
Net Current Assets		81.801
MISCELLANEOUS EXPENSES		4.528
TOTAL		104.384

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	1518.022	1186.606
		Other Income	NA	NA
		TOTAL	NA	NA	541.851
Less	EXPENSES
		TOTAL	NA	NA	540.907
	PROFIT / (LOSS) BEFORE TAX		NA	NA	0.944
Less	TAX		NA	NA	0.300
	PROFIT / (LOSS) AFTER TAX		NA	NA	0.644
	Earnings / (Loss) Per Share (Rs.)		NA	NA	0.99

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.12
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	0.82
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.02
Debt Equity Ratio (Total Debt/Networth)		1.80	0.95	1.27
Current Ratio (Current Asset/Current Liability)		1.55	1.53	3.99

LOCAL AGENCY FURTHER INFORMATION

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 one year	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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10323349	30/11/2012 *	125,000,000.00	BANK OF INDIA	SHOP NO. 111, FIRST FLOOR, GRACE PLAZA, NEHRU NAG AR SQUARE, BHILAI, CHHATTISGARH - 490020, INDIA	B64836034
2	90209126	19/01/2011 *	67,000,000.00	UNION BANK OF INDIA	A/2, UTTAR GANGOTRI COMPLEX, SUPELA, BHILAI, CHHATTISGARH - 490023, INDIA	B05118641
* Date of charge modification

NOTE:

The Registered office of the company has been shifted from 27/2, 68-Jawahar Nagar, Raipur – 492001, Chhattisgarh, India, to the present address w.e.f. 13.11.2009.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Loans and advances from related parties	11.095	11.736
Short Term Borrowings
Loans repayable on demand	117.557	52.683
TOTAL	128.652	64.419

FINANCIAL RESULTS:

The Company has shown a turnover of Rs. 1518.022 Millions during the current year as compared to last year of Rs. 1186.606 Millions.

PROSPECT FOR THE CURRENT YEAR:

Although this year the company has achieved turnover as targeted but still there is much scope to increase turnover as during the year the company has started branches at Ahmedabad and Hyderabad which could not perform at full capacity hence turnover at the branch could not be achieved as projected. However the directors are hopeful to touch markable turnover of Rs. 3000.000 Millions during the current year by showing better results at head office and branches level.

FIXED ASSETS:

· Goodwill

· Factory Land

· Factory Shed and Building

· Vehicles Two and Four Wheelers

· Plant and Machinery

· Computer and Printers

· Furniture and Fixtures

· Air Conditioners

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.58.94
UK Pound	1	Rs.90.47
Euro	1	Rs.77.87

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.