MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	M. P. K. ISPAT INDIA PRIVATE LIMITED
Registered Office :	Dharamnala Road, Diphu – 782460, Assam
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.2009
Com. Reg. No.:	02-009174
Capital Investment / Paid-up Capital :	Rs.21.335 Millions
CIN No.: [Company Identification No.]	U27106AS2009PTC009174
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all types of steels.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 240000
Status :	Recently Started business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated in the year 2009, it started its activity from march 2013. As per the financial of 2012, the networth of the company is good. Business is active. Payment terms are unknown. The company can be considered for business dealings with great caution.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	B+ (Long Term Bank Facilities)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	April 2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Manoj Upadhyay
Designation :	Director
Contact No.:	91-141-6505052
Date :	06.05.2013

LOCATIONS

Registered Office :	Dharamnala Road, Diphu – 782460, Assam, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gclient09@gmail.com info@mpksteel.com
Website :	www.mpksteel.com
Location :	Rented
Corporate Office :	G- 818, (MNS) N.H.11, Road No: 14, V.K.I. Area Jaipur, - 302013, Rajasthan, India
Tel. No.:	91-141-6505052
Fax No.:	91-141-4005052
Factory 1 :	A-199, RIICO Industrial Area, Ext. Phase - II, Bagru – 303007 Rajasthan, India
Factory 2 :	A-134-136, RIICO Industrial Area, Phase - II, SGS, Parbatsar, Distt Nagaur Maharashtra, India
Tel No.:	91-141-5198600

DIRECTORS

As on: 29.09.2012

Name :	Mr. Suresh kumar Sharma
Designation :	Director
Address :	2-210, Vidya Adhar Nagar, Jaipur – 302004, Rajasthan, India
Date of Birth/Age :	01.07.1956
Date of Appointment :	12.08.2009
DIN No.:	00706956
Name :	Mr. Manoj Upadhyay
Designation :	Director
Address :	2-210, Vidya Adhar Nagar, Jaipur – 302004, Rajasthan, India
Date of Birth/Age :	26.03.1980
Date of Appointment :	12.08.2009
DIN No.:	00706964
Name :	Mr. Santosh Devi Sharma
Designation :	Director
Address :	2-210, Vidya Adhar Nagar, Jaipur – 302004, Rajasthan, India
Date of Birth/Age :	11.07.1952
Date of Appointment :	12.08.2009
DIN No.:	00921443

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Suresh Kumar Sharma	431050
Manoj Kumar Sharma	317800
Santosh Sharma	390950
M.P.K.Steels India Private Limited, India	29000
M.P.K.Products Private Limited, India	29375
Nidhi Sharma	3750
Pankaj Sharma	319200
Urvashi Sharma	3750
Anita Sharma	49700
Sohan lal Sharma	48800
Monu Sharma	3800
Saroj Devi Sharma	303800
Ravi Sharma	3700
Vicki Sharma	5250
Crystal Barter Private Limited, India	15000
Satyam Securities Private Limited, India	12500
Kamrup Vanijya Private Limited	124555
Ram Lal Sharma	18600
Bimla Devi Sharma	21200
Subhash Kumar Tiwari	1752
Total	2133532

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	9.86
Directors or relatives of Directors	90.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all types of steels.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

State Bank Of Bikaner and Jaipur, Ganpati Plaza Branch, M.I. Road, Jaipur - 302001, Rajasthan, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan from Bank	69.314	0.000
Vehicle Loan from Others	0.467	0.000
Total	69.781	0.000
The Term (Loan in [he reporting period is from State Sank of Bikaner and Jaipur and is secured by - Equitable mortgage and hypothecation of factory ;_a no and 3 nil sine; situated at Parbastar including entire fixed assets present & and future of tile Company - Personal Guarantee of the following Directors a) Suresh Kumar Sfiarma b) Manoj Kumar Sh ami a c) Santoshi Devi Sharma - Corporate Guarantee of a) M.P.K. Steels Private Limited b) M.P.K. Metals Private Limited Repayment Terms hi Secured Loan from Bank a) 6 equal quarterly installment of Rs. 2.500 Millions each starting Sept. 2012 b) 12 equal quarterly installment of Rs. 6.500 Millions each starting from April 2012, c) 4 equal quarterly installment of Rs. 7.000 Millions each starting from April 2017. d) 4 equal quarterly installment of Rs. 7.250 Millions each starting from April 2018. Vehicle Loan in the reporting period is from ICICI Bank and is secured by hypothecation of vehicle against which the loans have been la-ken The Company has net defaulted in the repayment of dues during the reporting period Vehicle Loans are repayable in equal monthly installments over the term of the lean ranging from 2 to 4 years

Banking Relations :	--
Auditors :
Name :	Surabh Agarwal and Associates Chartered Accountants
Address :	3rd Floor, Shankar Complex, CHRISTIAN BASTI, GUWAHATI – 781005, Assam, India
Tel. No.:	91-361-2343157/ 68/ 69
Fax No.:	91-361-2343165
E-Mail :	ca.saaghy@gmail.com
PAN No.:	AASFS3420J
Group Companies :	· M P K Products Private Limited · M P K Steels India Private Limited · M P K Metals Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2133532	Equity Shares	Rs.10/- each	Rs.21.335 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		21.335	0.734	0.609
2] Share Application Money		0.000	9.240	0.000
3] Reserves & Surplus		40.314	11.091	8.716
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.649	21.065	9.325
LOAN FUNDS
1] Secured Loans		69.781	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		69.781	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		131.430	21.065	9.325
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.936	37.305	25.670
Capital work-in-progress		92.011	0.934	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.468	0.279	0.098
	Other Current Assets	0.242	0.049	0.257
	Loans & Advances	19.851	4.837	4.001
Total Current Assets		20.561	5.165	4.356
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	20.697
	Other Current Liabilities	16.998	12.206	0.082
	Provisions	6.080	10.133	0.000
Total Current Liabilities		23.078	22.339	20.779
Net Current Assets		(2.517)	(17.174)	(16.423)
MISCELLANEOUS EXPENSES		0.000	0.000	0.078
TOTAL		131.430	21.065	9.325

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses	6.519	0.199	0.029
		Administrative Expenses
		Advertising Expenses
		TOTAL	6.519	0.199	0.029
	PROFIT/ (LOSS) BEFORE TAX		(6.519)	(0.199)	(0.029)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(6.519)	(0.199)	(0.029)
	Earnings/ (Loss) Per Share (Rs.)		3.06	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(10.43)	(0.47)	(0.10)
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.01)	0.00
Debt Equity Ratio (Total Debt /Networth)		1.13	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.89	0.23	0.21

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
State Bank of Bikaner and Jaipur	0.000	0.000	2.456
RIICO Limited	0.000	0.000	18.239
Creditors for Capital Goods	0.000	0.000	0.002
Total	0.000	0.000	20.697

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	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

FINANCIAL OPERATIONS:

The Company has not yet commenced commercial operations hence there is no profit for the year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27106AS2009PTC009174
Name of the company	M. P. K. ISPAT INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dharamnala Road, Diphu – 782460, Assam, India gclient09@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10311849
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (RM,SIP,FG,Stores & Spares, Other Current Assets)
Particular of charge holder	State Bank of Bikaner and Jaipur, Ganpati Plaza Branch, M.I. Road, Jaipur - 302001, Rajasthan, India sbbj10825@sbbj.co.in
Nature of instrument creating charge	1. Letter of Arrangement 2. SME-4-Supplemental Agreement of Loan-Cum-Hyp. 3. SME and Letter of confirmation for extension of mortgage by deposit of title deeds covering enhanced limits.
Date of instrument Creating the charge	29.12.2012
Amount secured by the charge	Rs.280.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital-2.5% above base rate present effective rate 12.75% pa at monthly rest SLC-1% higher than rate stipulated for Cash Credit Limit i.e. 3.5% above base rate presently 13.75% pa Terms of Repayment Working Capital-On Demand Margin Raw Material -25% Semi finished Goods-25% Finished Goods-25% Domestic Receivables-40% upto 90 days Letter of Credit 10% by way of Cash/TDR/STDR Extent and Operation of the charge Charge created to secure overall credit facilities of Rs. 280.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable Mortgage of Factory Land and Building situated at A-134,135 and 136 RIICO In. Area, Parbatsar Equitable Mortagage of Residential Property at Plot no.18, Khasra no. 113, Kishanbagh, behind Jalsu House, Amanishah road, Shastri Nagar, Jaipur in the name of Smt Santosh Sharma and Shri Suresh Sharma Negative Lien on factory land at Plot no. A-199, RIICO Ind. Area, Extn. -II, Bagru , Jaipur Personal Guarantee of Directors namely Shri Suresh Sharma, Shri Manoj Upadhyay and Smt Santosh Devi Sharma Corporate Guarantee of M/s MPK Steels India Private Limited and MPK Metals Private Limited
Particulars of the present modification	By this modification charge will stand enhanced to Rs. 280.500 Millions securing overall credit facilties granted to company. CC(hypothetication) Rs. 70.000 Millions Against Book Debts (Rs 35.000 Millions) Against Cheque/DD (Rs. 5.000 Millions) Term loan Rs. 150.000 Millions SLC Rs. 10.500 Millions Letter of Credit Rs. 50.000 Millions Buyers Credit (Rs. 50.000 Millions) All other terms and conditions remain same

FIXED ASSETS:

· Land

· Furniture and Fittings

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Computers

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.53.95
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.