MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	AASTHA MINMET (INDIA) LIMITED (w.e.f. 13.08.2012)
Formerly Known As :	AASTHA MINMET (INDIA) PRIVATE LIMITED
Registered Office :	No.W-204, 2^nd Floor, Sunrise Chambers, Ulsoor Road, Bangalore – 560 042, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.05.2007
Com. Reg. No.:	08-042717
Capital Investment / Paid-up Capital :	Rs. 13.805 Millions
CIN No.: [Company Identification No.]	U27105KA2007PLC042717
TAN No.: [Tax Deduction & Collection Account No.]	BLRA09938F
PAN No.: [Permanent Account No.]	AAGCA5748Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Iron and Steel.
No. of Employees :	Information denied by the management

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 830000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company during 2012 appears to be low, but the liquidity as well as the financial position is strong. Trade relations are fair. Business is active. Payment terms are slow but correct. 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.

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

Management non co-operative

LOCATIONS

Registered Office :	No.W-204, 2^nd Floor, Sunrise Chambers, Ulsoor Road, Bangalore – 560 042, Karnataka, India
Tel. No.:	91-80-41718154
Fax No.:	91-80-41718155
E-Mail :	finance@aail.co.in accounts@aail.co.in
Corporate Office :	Tower 1, Unit No 1203, 12^th Floor, Senapati Bapat Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-30626151 / 43473202 / 03
E-Mail :	info@aail.co.in

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Mohit Agarwal
Designation :	Director
Address :	Plot # 50/51, R.H.B. Colony, 2^nd Main, 2^nd Cross, Mahadevapura, Bangalore – 560 048, Karnataka, India
Date of Birth :	26.06.1981
Date of Appointment :	07.05.2007
DIN No.:	01374927
Name :	Ms. Shilpa Agarwal
Designation :	Director
Address :	No.50/51, 2^nd Main, 2^nd Cross, RHB Layout, Whitefield Road, Mahadevapura, Bangalore – 560 048, Karnataka, India
Date of Birth :	04.07.1983
Date of Appointment :	07.05.2007
DIN No.:	01793857
Name :	Mr. Ajay Singh Chauhan
Designation :	Director
Address :	C-1404, Indra Nagar, Lucknow-226016, India
Date of Appointment :	24.03.2012
DIN No.:	02047112

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Mohit Agarwal	4572770
Shilpa Agarwal	47725
Akansha Credit Capital Private Limited, India	67500
Rima lmplex Private Limited, India	20000
Best Way Hire Purchase Private Limited, India	125000
Gugnani Leasing and Hire Purchase Private Limited, India	125000
Maladevi Agarwal	500
Aastha Alloycorp Private Limited, India	1943925
TOTAL	6902420

AS ON 09.03.2013

Names of Allottees	No. of Shares
Aastha Alloysteel Private Limited, India	2068570
TOTAL	2068570

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	33.05
Directors or relatives of Directors	66.95
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader of Iron and Steel.

Products :

Item Code No. (ITC Code)	721310
Product Description	Iron, Steel and Cement

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

• State Bank of India, Diamond Garden Branch, Swastik Chamber, 1^st Floor, Sion Trombay Road, Mumbai-400071, Maharashtra, India
• IDBI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG-TERM BORROWINGS
Term Loans
From Banks	4.528	1.635
SHORT-TERM BORROWINGS
Loans repayable on demand
From Banks
Cash Credit from IDBI Bank Limited	138.457	152.137
American Express Banking Corp-Bank	6.500	0.000
TOTAL	149.485	153.772
NOTE Secured against Hypothecation of all stock, book debts and further secured by Fixed Assets and personal guarantee of all directors. The cash credit is repayable on demand and carries interest as per bank norms

Banking Relations :	--
Auditors :
Name :	Vikas Kumar Khaitan and Company Chartered Accountants
Address :	3541, 2^nd Floor, 13^th Main Hall, 2^nd Stage, Indira Nagar, Bangalore-560000, Karnataka, India
PAN No.:	AMKPK7957N
Associates :	Aastha Alloys Private Limited Karma Strategies Private Limited

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6902420	Equity Shares	Rs.10/- each	Rs. 69.024 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1380484	Equity Shares	Rs.10/- each	Rs. 13.805 Millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8970990	Equity Shares	Rs.10/- each	Rs. 89.710 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	13.805	9.871
(b) Reserves & Surplus	150.452	12.631
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	44.800	60.000
(3) Non-current liabilities
(a) long-term borrowings	4.528	1.635
(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
(4) Current liabilities
(a) Short term borrowings	144.957	152.137
(b) Trade payables	94.815	16.185
(c) Other current liabilities	2.535	0.569
(d) Short-term provisions	4.731	1.359
TOTAL	460.623	254.387
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.810	7.024
(ii) Intangible Assets	0.667	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.054	4.054
(c) Deferred tax assets (net)	0.432	0.271
(d) Long-term Loan and Advances	1.799	1.391
(e) Other Non-current assets	5.133	3.043
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	218.676	82.540
(c) Trade receivables	143.757	129.829
(d) Cash and cash equivalents	3.183	14.330
(e) Short-term loans and advances	70.112	11.905
(f) Other current assets	0.000	0.000
TOTAL	460.623	254.387

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.871
2] Share Application Money		0.000
3] Reserves & Surplus		10.139
4] (Accumulated Losses)		0.000
NETWORTH		20.010
LOAN FUNDS
1] Secured Loans		169.789
2] Unsecured Loans		4.787
TOTAL BORROWING		174.576
DEFERRED TAX LIABILITIES		0.000
TOTAL		194.586
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.670
Capital work-in-progress		0.000
INVESTMENT		4.054
DEFERREX TAX ASSETS		0.231
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.548
	Sundry Debtors	92.274
	Cash & Bank Balances	19.442
	Other Current Assets	0.000
	Loans & Advances	30.182
Total Current Assets		188.446
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.711
	Other Current Liabilities	5.129
	Provisions	0.000
Total Current Liabilities		5.840
Net Current Assets		182.606
MISCELLANEOUS EXPENSES		0.025
TOTAL		194.586

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1650.635	780.250	312.890
		Other Income	10.970	1.785	3.296
		TOTAL (A)	1661.605	782.035	316.186
Less	EXPENSES
		Cost of materials consumed	1746.368	782.642	302.455
		Employee benefit expense	1.065	0.717
		Other expenses	7.648	6.003
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(136.135)	(35.992)
		TOTAL (B)	1618.946	753.370	302.455
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.659	28.665	13.731
Less	FINANCIAL EXPENSES (D)		24.443	23.888	11.499
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.216	4.777	2.232
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.723	0.967	0.714
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		16.493	3.810	1.518
Less	TAX (H)		4.571	1.318	0.486
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		11.922	2.492	1.032
Less	Prior period adjustment		0.000	0.000	(1.007)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.556	4.064	4.039
	BALANCE CARRIED TO THE B/S		18.478	6.556	4.064
	IMPORTS
		Trading Items (Purchases)	3.493	22.479	10.575
	TOTAL IMPORTS		3.493	22.479	10.575
	Earnings Per Share (Rs.)		8.64	2.53	1.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.72	0.32	0.33
Net Profit Margin (PBT/Sales)	(%)	1.00	0.49	0.49
Return on Total Assets (PBT/Total Assets}	(%)	3.62	1.52	0.77
Return on Investment (ROI) (PBT/Networth)		0.08	0.05	0.08
Debt Equity Ratio (Total Debt /Networth)		0.72	1.86	8.72
Current Ratio (Current Asset/Current Liability)		1.76	1.40	32.27

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	94.815	16.185	0.711
TOTAL	94.815	16.185	0.711

CORPORATE INFORMATION

Subject is private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company's primary business operation is trading in various Iron and Steel.

OPERATIONS

The turnover of the Company has more than doubled in terms of quantity and value. The prices of the steel are also expected to go up because of - increasing demand from infrastructure and construction sectors, aggressive government spending on various social welfare and development projects, shortage of raw materials like iron ore etc. The company is thus poised to be on growth path in terms of both turnover and profitability.

FINANCE

During the year, the Company has continued to avail financial assistance from IDBI Bank, Bangalore, its esteemed Bankers, by way of Working Capital limits on extremely competitive terms for its operational requirements. The said credit facilities were sanctioned vide letter dated 02.12.2009 with an overall sanctioned limit of Rs.150.000 Millions has been reduced to 138.500 Millions vide letter dated 22.12.2011 including both Fund Based and Non Fund Based Limits. The Directors confirm that the funds obtained by the Company by way of working capital borrowings have been duly utilized for working capital requirement.

FORM 8

Corporate identity number of the company	U27105KA2007PTC042717
Name of the company	AASTHA MINMET (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.W-204, 2^nd Floor, Sunrise Chambers, Ulsoor Road, Bangalore – 560 042, Karnataka, India E-Mail: finance@aail.co.in
This form is for	Modification of charge
Charge identification number of the charge to be modified	10411571
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Diamond Garden Branch, Swastik Chamber, 1^st Floor, Sion Trombay Road, Mumbai-400071, Maharashtra, India
Nature of instrument creating charge	No Instrument. Memorandum For Recording Creation Of Mortgage By Deposit Of Title Deeds(Sme-5)
Date of instrument Creating the charge	01.03.2013
Amount secured by the charge	Rs. 200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Sanction Terms Terms of repayment As Per Sanction Terms Margin As Per Sanction Terms Extent and operation of the charge Demand Cash Credit : Rs. 200.000 Millions. Letter of Credit(within CC) RS.(100.000) Millions.
Short particulars of the property charged (Including location of the property)	Hypothecation of Raw Material/ Stock in process/Finished goods, book debts and receivables including goods in transit covered by documents of title , LC, Security deposit of other current assets of the company on paripassu basis with IDBI Bank.
Particulars of the present modification	The Original Charge Was Created on 1.3.2013 For Rs.200.000 Millions. Now By The Present Modification. The Company Created an Extension of Charge By Way of An Equitable Mortgage by Deposit of Title Deeds Over The Immovable Properties to Secure The Credit Facilities of Rs.200.000 Millions. The Immovable Property Referred Hereinabove As : Plot Of Land Owned By Company, Located at Mouza Sauria, Tahsil-Athagarh, P. S. Gurudijhatia, District Cuttack. Khata No. Plot No.268/96 Plot No.178/1256 Ac (Area 2 Acre)Etc.

FIXED ASSETS

• Land
• Gold Coin
• Office Equipment
• Furniture and Fixtures
• Computers
• Vehicles

WEBSITE DETAILS

NEWS

AASTHA MINMET INDIA LIMITED GETS STAR SME (MEDIUM) AWARD

Mahesh Nayak April 10, 2013

It had never been done before. In 2011, Aastha Minmet India Limited (AMIL), formerly a steel trading company, moved into coal, buying it from overseas. But instead of hunting for buyers, it began - for the first time in India - trading it on the commodity exchange.

This gave it an immense advantage. Coal buyers are allowed 90 to 120 days to make payment after receiving their supplies, but by using the exchange, AMIL was able to get payment within 10 to 15 days.

This left AMIL another 75 to 105 days to pay its own suppliers, so it used the money instead to buy more coal and trade that as well on the exchange. Starting with 20,000 tonnes of coal in 2011/12, mainly from Indonesia, AMIL now imports a million tonnes. "This year (2013/14) we plan to import three million tonnes of coal," says Mohit Aggarwal, Chairman and Managing Director, AMIL.

AMIL had revenues of Rs 1650.000 Millions in 2011/12, but Aggarwal estimates it has grown to Rs 7000.000 Millions in 2012/13. Margins in the coal business are small. AMIL sells coal at an average of $50 per tonne, while its overall landed cost in getting the coal to India is around $48. "We play on $1.5-2 per tonne," he says.

Aggarwal is considering going in for an initial public offering soon to raise around Rs 420.000 Millions. "The money will help us buy stakes in existing and operating coal mines," he adds.

"We plan to sell coal to small power companies whose projects have stalled due to non-availability of coal and in return get power which we will trade on the power exchange."

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 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. 57.73
UK Pound	1	Rs. 90.60
Euro	1	Rs. 76.96

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.