MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	NAMCO CORP LIMITED (w.e.f. 22.07.2009)
Formerly Known As :	NAMCO CORP PRIVATE LIMITED (w.e.f. 30.03.2009) NAMCO STEELS PRIVATE LIMITED
Registered Office :	Nav Vyapar Bhavan, 49, P.D. Mello Road, Carnac Bunder, 5^th Floor, Office No-525, 526,527, Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.08.2007
Com. Reg. No.:	11-173515
Capital Investment / Paid-up Capital :	Rs. 100.000 millions
CIN No.: [Company Identification No.]	U27320MH2007PLC173515
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer and Exporter of Galvanized Wires, Hot Rolled and Cold Rolled Steel Products, Forgings, Tubes, Bars, Billets, Steel Scrap, Steel Plates, Shredded Scrap, etc.
No. of Employees :	40 (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 1290000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a Flagship company of ‘Namco Group’. It is an established company having a moderate track record. The management has failed to file its financials with the government department since 2010. As per old, the external borrowings were found to be increasing over years. It faces foreign exchange fluctuation risk, commodity price risk inherent in trading operations and inherent cyclicality in the steel industry. However, business is known to be active, Payment terms are unknown. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB (Long term bank facilities)
Rating Explanation	Moderate risk of default.
Date	October 9, 2012

Rating Agency Name	CARE
Rating	A4 (Short term bank facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 9, 2012

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

Name :	Mr. Yadav
Designation :	Accounts Department
Contact No.:	91-731-4026666
Date :	15.05.2013

LOCATIONS

Registered Office :	Nav Vyapar Bhavan, 49, P.D. Mello Road, Carnac Bunder, 5^th Floor, Office No-525, 526,527, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-40236500
Fax No.:	91-22-22850269
E-Mail :	namit@namcocorp.com
Website :	www.namcocorp.com
Location:	Owned
Head Office :	14/1, New Palasia, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-4026666 / 4036666 / 3917000
Fax No.:	91-731-4037252
Corporate Office :	525 Vyapar Bhawan, P. Dmello Road,Carnac Bunder, Masjid (East), Mumbai–400009, Maharashtra, India
Tel. No.:	91-22-40236500
Fax No.:	91-22-40236501

DIRECTORS

As on 30.09.2010

Name :	Mr. Vijay Janakraj Soni
Designation :	Director
Address :	19/2, Manorama Ganj, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	07.09.1958
Date of Appointment :	27.08.2007
DIN No.:	00309610
Name :	Mr. Namit Vijay Soni
Designation :	Managing director
Address :	19/2, Manorama Ganj, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	01.09.1984
Date of Appointment :	27.08.2007
DIN No.:	01411732
Name :	Mr. Ujwal Vijay Soni
Designation :	Director
Address :	19/2, Manorama Ganj, Indore-452001, Madhya Pradesh, India
Date of Appointment :	31.03.2009
DIN No.:	02585537

KEY EXECUTIVES

Name :	Mr. Yadav
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Vijay Soni	2507325
Namit Soni	2497525
Anuradha Soni	2497425
Ujjwal Soni	2497425
Sahiba Soni	100
Gyanswaroop Ahuja	100
Ashish Ahuja	100
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer and Exporter of Galvanized Wires, Hot Rolled and Cold Rolled Steel Products, Forgings, Tubes, Bars, Billets, Steel Scrap, Steel Plates, Shredded Scrap, etc.
Exports :
Products :	Finished Goods
Countries :	Tanzania
Imports :
Products :	Finished Goods
Countries :	Luxembourg
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

40 (Approximately)

Bankers :

· State Bank of India, 5, YN Road, Branch, Indore - 452001, Madhya Pradesh, India

Tel. No.: 91-731-2433225

· Scheduled Bank

· State Bank of Hyderabad

· Bank of Baroda

· UCO Bank

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· City Bank

· Union Bank of India

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
UCO Bank	56.629	98.372
Bank of Baroda	70.490	0.000
State Bank of Hyderabad	34.628	50.328
State Bank of India	69.719	103.050
State Bank of Mysore	63.405	0.000
State Bank of Patiala	69.751	0.000
EPC of UCO Bank	0.000	13.822
City Bank	0.000	9.383
EPC of State Bank of India	0.000	0.000
Union Bank of India	45.000	0.000
State Bank of Mysore	40.025	0.000
ICICI Bank Limited (Car Loan)	2.548	1.905
Total	452.195	276.860

Banking Relations :	--
Auditors :
Name :	Dafria and Company Chartered Accountants
Address :	A-1, Megh Building, 13/2 M.G. Road, Indore- 452001, Madhya Pradesh, India
Tel. No.:	91-731-4069505 / 4065063
Fax No.:	91-731-4065063
E-Mail :	rvdafria@rediffamail.com
PAN No.:	ABWPD7295H

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs. 175.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 160.000 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		100.000	50.000	32.600
2] Share Application Money		0.000	120.000	0.000
3] Reserves & Surplus		222.870	95.178	6.912
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		322.870	265.178	39.512
LOAN FUNDS
1] Secured Loans		452.195	276.860	40.632
2] Unsecured Loans		555.736	290.000	16.500
TOTAL BORROWING		1007.931	566.860	57.132
DEFERRED TAX LIABILITIES		1.998	0.239	0.000
TOTAL		1332.799	832.277	96.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.173	10.060	2.728
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	656.701	467.814	84.319
	Sundry Debtors	545.993	97.213	39.594
	Cash & Bank Balances	947.864	496.949	56.178
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	264.608	127.718	28.655
Total Current Assets		2415.166	1189.694	208.746
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.373	48.717	14.797
	Other Current Liabilities	981.416	312.674	100.050
	Provisions	13.761	6.100	0.000
Total Current Liabilities		1181.550	367.491	114.847
Net Current Assets		1233.616	822.203	93.899
MISCELLANEOUS EXPENSES		0.010	0.014	0.017
TOTAL		1323.799	832.277	96.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5013.618	2152.088	521.549
		Other Income	29.473	10.790	0.444
		TOTAL	5043.091	2162.878	521.993
Less	EXPENSES
		Purchases	4949.266	2462.216	543.160
		Operating Expenses	167.584	46.340	33.149
		Selling and Distribution Expenses	22.356	7.238	0.711
		Administrative Expenses	19.975	5.033	18.820
		Preliminary Expenses	0.003	0.003	0.000
		Increase / (Decrease) in Stock	(188.886)	(383.496)	(84.318)
		TOTAL	4970.298	2137.334	511.522
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		72.793	25.544	10.471
Less/ Add	DEPRECIATION/ AMORTISATION		1.116	0.374	0.000
	PROFIT/ (LOSS) BEFORE TAX		71.677	25.170	10.471
Less	TAX		13.986	6.504	3.559
	PROFIT/ (LOSS) AFTER TAX		57.691	18.666	6.912
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.578	6.912	0.000
	BALANCE CARRIED TO THE B/S		83.269	25.578	6.912
	IMPORTS		1538.940	180.034	0.000
	Earnings / (Loss) Per Share (Rs.)		11.54	5.73	2.12

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	6500.000	6000.000

The above information has been parted by Mr. Yadav (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.14	0.86	1.32
Net Profit Margin (PBT/Sales)	(%)	1.43	1.17	2.01
Return on Total Assets (PBT/Total Assets}	(%)	2.86	2.10	4.95
Return on Investment (ROI) (PBT/Networth)		0.22	0.09	0.27
Debt Equity Ratio (Total Debt/Networth)		0.32	2.14	1.45
Current Ratio (Current Asset/Current Liability)		2.04	3.24	1.82

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office of the company has been shifted from Plot No. J/18, M.I.D.C. Taloja Raigarh Navade Road, Mumbai-410208, Maharashtra India to the present address w.e.f. 30.11.2010

UNSECURED LOAN

Unsecured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. In Millions)
From Family, Friend and relatives	555.736	290.000
Total	555.736	290.000

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Computer

· Furniture and Fixtures

· Motor Vehicle

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 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.54.63
UK Pound	1	Rs.83.67
Euro	1	Rs.71.02

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

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	YES
--AFFILIATION	YES/NO	NO
--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.