MIRA INFORM REPORT

Report Date :

05.09.2013

IDENTIFICATION DETAILS

Name :	ATMASTCO PRIVATE LIMITED
Registered Office :	Nandirani Road, Opposite Karuna Hospital, Bhilai-490011, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.1994
Com. Reg. No.:	53-008234
Capital Investment / Paid-up Capital :	Rs.6.053 Millions
CIN No.: [Company Identification No.]	U29222CT1994PTC008234
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Equipment Fabrication, Water Treatment Plant, Pressure and Non-Pressure Vessels and Its Spares.
No. of Employees :	600 [Approximately]

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 507000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered 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.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ [Long Term]
Rating Explanation	Moderate risk of default
Date	16.08.2013

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

Name :	Mr. Venkataraman Ganesan
Designation :	Director
Contact No.:	91-9425235807
Date :	03.09.2013

LOCATIONS

Registered Office :	Nandirani Road, Opposite Karuna Hospital, Bhilai-490011, Chhattisgarh, India
Tel. No.:	91-788-2223071 / 2290064 / 4036315
Mobile No.:	91-9425235807 [Mr. Venkataraman Ganesan]
Fax No.:	91-788-2220031 / 2286446
E-Mail :	atmpl@atmastco.com
Website :	http://www.atmastco.com
Location :	Owned
Factory :	No. 157/158, Light Industrial Area, Bhilai-490011, Chhattisgarh, India

DIRECTORS

AS ON 29.09.2012

Name :

Iyer Subramaniam Swaminathan

Designation :

Managing Director

Address :

154, Opposite Surya Vihar, Junwani Village, Bhilai-490020, Chhattisgarh, India

Date of Appointment :

01.05.1994

Din No.:

01243936

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	U29222CT1994PTC008234	ATMASTCO PRIVATE LIMITED	Managing director	01/05/1994	01/05/1994	-	Active	NO
2	U27101TN2004PTC054979	SREEVARI ENGINEERS PRIVATE LIMITED	Director	21/12/2004	21/12/2004	30/01/2006	Active	NO
3	U45200CT2007PTC020193	VISHWAM CONSTRUCTIONS PRIVATE LIMITED	Director	09/02/2007	09/02/2007	-	Active	NO
4	U74999TN2008PTC069772	CONCORD HELMET AND SAFETY PRODUCTS PRIVATE LIMITED	Director	06/11/2008	06/11/2008	-	Active	NO
5	U29255TN2011PTC080842	APEX STEEL AND TECHNOLOGY (INDIA) PRIVATE LIMITED	Managing director	30/05/2011	30/05/2011	-	Active	NO

Name :

Mr. Venkataraman Ganesan

Designation :

Director

Address :

B-377, Centra Avenue, Smriti Nagar, Bhilai-490020, Chhattisgarh, India

Date of Birth/Age :

25.05.1967

Date of Appointment :

30.06.2004

Din No.:

00892697

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	U29222CT1994PTC008234	ATMASTCO PRIVATE LIMITED	Director	30/06/2004	30/06/2004	Active	NO
2	U45200CT2007PTC020193	VISHWAM CONSTRUCTIONS PRIVATE LIMITED	Director	09/02/2007	09/02/2007	Active	NO
3	U74999TN2008PTC069772	CONCORD HELMET AND SAFETY PRODUCTS PRIVATE LIMITED	Director	06/11/2008	06/11/2008	Active	NO
4	U29255TN2011PTC080842	APEX STEEL AND TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	30/05/2011	30/05/2011	Active	NO

Name :

Swaminathan Jaya Sudha

Designation :

Director

Address :

154, Opposite Surya Vihar, Junwani Village, Bhilai-490020, Chhattisgarh, India

Date of Appointment :

01.05.1994

Din No.:

02449621

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Iyer Subramaniam Swaminathan	226400
Venkataraman Ganesan	158000
Swaminathan Jaya Sudha	14000
Bhanumathi G.	5000
R. Sitalakshmi	4000
Apex Steel and Technology (I) Private Limited	175000
N.S. Alavander	7000
Ezhilvizhi A.	2500
S. Sowrirajan	4500
Shyamala G.	3000
S. Ravi Aiyer	900
P. Sambandam	2500
S. Ashok	500
Narayanan	2000
TOTAL	605300

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	28.91
Directors or relatives of directors	67.30
Other top fifty shareholders	3.79
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Equipment Fabrication, Water Treatment Plant, Pressure and Non-Pressure Vessels and Its Spares.
Imports :
Products :	Equipments
Countries :	· Germany · Japan · Italy · China · Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s

· Tata Group

No. of Employees :

600 [Approximately]

Bankers :

State Bank of India, ME Sales Hub, Industrial Estate Branch premises, Bhilai-490026, Chhattisgarh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	37.720	40.275
Short Term Borrowings
Term loans from banks	148.538	61.656
TOTAL	186.258	101.931

Banking Relations :	--
Auditors :
Name :	S.P. De and Associates Chartered Accountants
Address :	51, T-Market, 1^st Floor, Nandani Road, Power House, Bhilai-490011, Chhattisgarh, India
Tel. No.:	91-788-2228276
PAN No:	ACSPD8551F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
605300	Equity Shares	Rs.10/- each	Rs.6.053 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	6.053	4.303
(b) Reserves & Surplus	120.715	81.607
(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)	126.768	85.910
(3) Non-Current Liabilities
(a) long-term borrowings	61.010	61.564
(b) Deferred tax liabilities (Net)	10.733	7.022
(c) Other long term liabilities	6.529	3.039
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	78.272	71.625
(4) Current Liabilities
(a) Short term borrowings	148.538	61.656
(b) Trade payables	334.585	189.465
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	23.865	21.085
Total Current Liabilities (4)	506.988	272.206
TOTAL	712.028	429.741
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	117.412	102.182
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.282	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	77.947	41.947
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	70.005	57.300
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	267.646	201.429
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	81.287	72.494
(c) Trade receivables	340.246	153.527
(d) Cash and cash equivalents	18.340	2.291
(e) Short-term loans and advances	4.509	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	444.382	228.312
TOTAL	712.028	429.741

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.703
2] Share Application Money		8.000
3] Reserves & Surplus		60.082
4] (Accumulated Losses)		0.000
NETWORTH		70.785
LOAN FUNDS
1] Secured Loans		88.172
2] Unsecured Loans		0.789
TOTAL BORROWING		88.961
DEFERRED TAX LIABILITIES		3.210
TOTAL		162.956
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.538
Capital work-in-progress		39.484
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.181
	Sundry Debtors	153.504
	Cash & Bank Balances	60.582
	Other Current Assets	0.000
	Loans & Advances	34.685
Total Current Assets		318.952
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	173.867
	Other Current Liabilities	56.151
	Provisions	10.000
Total Current Liabilities		240.018
Net Current Assets		78.934
MISCELLANEOUS EXPENSES		0.000
TOTAL		162.956

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	851.763	988.229
		Other Income	NA	14.747	7.711
		TOTAL (A)	NA	866.510	995.940
Less	EXPENSES
		TOTAL (B)	NA	819.234	954.584
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	47.276	41.356
Less	FINANCIAL EXPENSES (D)		NA	13.379	8.663
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.742	33.897	32.693
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.674	4.961	2.332
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		37.068	28.936	30.361
Less	TAX (H)		13.710	13.811	10.324
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		23.358	15.125	20.037
	Earnings / (Loss) Per Share (Rs.)		38.59	24.99	--

Particulars	31.03.2013
Sales Turnover [Approximately]	1050.000

Expected Sales (2013-14) : Rs.1000.000 Millions.

The above information has been parted by Mr. Venkataraman Ganesan.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.75	2.01
Net Profit Margin (PBT/Sales)	(%)	NA	3.40	3.07
Return on Total Assets (PBT/Total Assets}	(%)	5.87	7.46	10.67
Return on Investment (ROI) (PBT/Networth)		0.29	0.34	0.43
Debt Equity Ratio (Total Debt/Networth)		1.65	1.43	1.25
Current Ratio (Current Asset/Current Liability)		0.87	0.84	1.33

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
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	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	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90207554	11/04/2013 *	432,500,000.00	STATE BANK OF INDIA	ME SALES HUB, INDUSTRIAL ESTATE BR PREMISES, BHILAI - 490026, CHHATTISGARH, INDIA	B74638651
* Date of charge modification

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	23.290	21.289
TOTAL	23.290	21.289

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.67.03
UK Pound	1	Rs.104.32
Euro	1	Rs.88.23

INFORMATION DETAILS

Information Gathered by :	PLV
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--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.