MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	ANMOL STEEL AND INFRA PRIVATE LIMITED (w.e.f. 09.10.2012)
Formerly Known As :	ANMOL STEEL PROCESSORS PRIVATE LIMITED
Registered Office :	D-15, MIDC Industrial Area, Taloja, Navi Mumbai – 410208, Maharashtra
Country :	Indiass
Financials (as on) :	31.03.2012
Date of Incorporation :	05.05.1994
Com. Reg. No.:	11-078196
Capital Investment / Paid-up Capital :	Rs.77.442 Millions
CIN No.: [Company Identification No.]	U27100MH1994PTC078196
PAN No.: [Permanent Account No.]	AAACA8336Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Processor and Exporter of Coil and Sheet.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 1060000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed it’s latest financials with the government department. As per previous year financials i.e. 2012 there seems some dip in the profitability of the company. However, trade relations are reported as 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB+ (Suspended) Long Term
Rating Explanation	Moderate risk of default.
Date	May 2013

Rating Agency Name	ICRA
Rating	A4+ (Suspended) Short Term
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	May 2013

Reason of Suspended: Inability to carry out a rating surveillance in the absence of the requisite information from the company.

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 DENIED BY

Name :	Mr. Mahesh
Designation :	Account Department
Date :	27.12.2013

LOCATIONS

Registered Office :	D-15, MIDC Industrial Area, Taloja, Navi Mumbai – 410208, Maharashtra, India
Tel. No.:	91-22-27411063/ 27410973/ 43117777
Mobile No.:	91-9870262225 (Mr. Amar Dinesh Shah)
Fax No.:	Not Available
E-Mail :	singhaniamum@gmail.com gm@shahsteelgroup.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Amar Dinesh Shah

Designation :

Director

Address :

201/202, Anuradha Apartment, 183 TPS Road, Boriwali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

04.03.1979

Date of Appointment :

01.08.2003

PAN No.:

ADSPS6416P

DIN No.:

00419893

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	U27100MH1994PTC078196	ANMOL STEEL AND INFRA PRIVATE LIMITED	Director	01/08/2003	01/08/2003	-	Active	NO
2	U70102MH2010PTC206933	REIGN BUILDCON PRIVATE LIMITED	Director	28/09/2012	23/02/2012	-	Active	NO

Name :

Mr. Paras Dinesh Shah

Designation :

Director

Address :

201/202, Anuradha Apartment, 183 TPS Road, Boriwali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

07.12.1974

Date of Appointment :

01.04.2005

PAN No.:

AAFPS4548G

DIN No.:

00438035

KEY EXECUTIVES

Name :	Mr. Mahesh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Dinesh Lalchand Shah	1914270
Amar Dinesh Shah	1579950
Paras Dinesh Shah	1750000
Bindu Ben Shah	250000
Shah Enterprise	500000
Anuroop Steel	500000
Pragya Realty Developers Private Limited (Formerly known as Ragini Trading Investment Limited)	1250000
Total	7744220

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	29.05
Directors or relatives of directors	70.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Processor and Exporter of Coil and Sheet.

Products :

Product Description	ITC code
HR Coils	72083940
HR Slit	72083940
GP Coils	72104900

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Jain Sahakari Bank Limited, S.V.P. Road, Mandepeshwar Road, Borivli (West), Mumbai - 400092, Maharashtra, India

· The Janakalyan Sahakari Bank Limited

· The Kalyan Janata Sahakari Bank Limited

· The Mogaveera Co-Operative Bank Limited

· The Sahyadri Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Rupee term loans from banks (Against Motor Car/Personal guarantee of Directors)	0.809	1.341
SHORT-TERM BORROWINGS
Rupee term loans from banks (Against Book-Debts)	382.540	363.733
Total	383.349	365.074

Banking Relations :	--
Auditors :
Name :	D M Jani and Company Chartered Accountant
Address :	10A, 3rd Floor, Chaman Chembers, Cinema Road, Dhobi Talao, Mumbai – 400020, Maharashtra, India
PAN No.:	AACPJ2646R
Related Party :	· Shah Enterprises · Anuroop Steel

CAPITAL STRUCTURE

As on: 31.03.2012

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
7744220	Equity Shares	Rs.10/- each	Rs.77.442 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	77.442	64.942
(b) Reserves & Surplus	189.588	74.518
(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)	267.030	139.460
(3) Non-Current Liabilities
(a) long-term borrowings	0.809	1.341
(b) Deferred tax liabilities (Net)	2.065	2.650
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.874	3.991
(4) Current Liabilities
(a) Short term borrowings	429.140	525.689
(b) Trade payables	518.748	819.189
(c) Other current liabilities	16.999	21.003
(d) Short-term provisions	14.572	11.107
Total Current Liabilities (4)	979.459	1376.988
TOTAL	1249.363	1520.439
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.064	52.305
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	25.450	17.345
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6.757	6.758
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	9.627	4.685
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	90.898	81.093
(2) Current assets
(a) Current investments	0.079	0.079
(b) Inventories	134.852	296.440
(c) Trade receivables	572.954	753.217
(d) Cash and cash equivalents	119.916	125.509
(e) Short-term loans and advances	330.664	264.101
(f) Other current assets	0.000	0.000
Total Current Assets	1158.465	1439.346
TOTAL	1249.363	1520.439

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		54.942
2] Share Application Money		0.000
3] Reserves & Surplus		47.508
4] (Accumulated Losses)		0.000
NETWORTH		102.450
LOAN FUNDS
1] Secured Loans		65.307
2] Unsecured Loans		51.891
TOTAL BORROWING		117.198
DEFERRED TAX LIABILITIES		0.000
TOTAL		219.648
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.754
Capital work-in-progress		0.000
INVESTMENT		0.585
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	268.061
	Sundry Debtors	502.499
	Cash & Bank Balances	72.902
	Other Current Assets	0.315
	Loans & Advances	99.509
Total Current Assets		943.286
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	721.416
	Other Current Liabilities	51.761
	Provisions	4.800
Total Current Liabilities		777.977
Net Current Assets		165.309
MISCELLANEOUS EXPENSES		0.000
TOTAL		219.648

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			3411.474
		Other Income			123.039
		TOTAL (A)	NA	NA	3534.513
Less	EXPENSES
		Operating Expenses			3403.633
		Personnel Cost			5.684
		Office and Administrative Expenses			39.431
		Selling and Distribution Expenses			15.003
		Non Current Expenditure			0.974
		TOTAL (B)	NA	NA	3464.725
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				69.788
Less	FINANCIAL EXPENSES (D)				53.637
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				16.151
Less/ Add	DEPRECIATION/ AMORTISATION (F)				1.690
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	14.461
Less	TAX (H)		NA	NA	4.800
	PROFIT AFTER TAX (G-H) (I)		2.571	7.010	9.661
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.517	10.707	NA
	BALANCE CARRIED TO THE B/S		57.088	17.717	NA
	Earnings Per Share (Rs.)		0.33	1.65	1.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.27
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.42
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	1.45
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.14
Debt Equity Ratio (Total Debt/Networth)		1.61	3.78	1.14
Current Ratio (Current Asset/Current Liability)		1.18	1.04	1.21

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	No
11]	Turnover of firm for last one year	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)	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	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	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT-TERM BORROWINGS
Rupee term loans from others	46.600	161.600
Loans and advances from related parties	0.000	0.356
Total	46.600	161.956

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375589	26/03/2012	40,000,000.00	CENTRAL BANK OF INDIA	CHURCHGATE BRANCH, KASTURI BUILDING, OPP. PERTROLEUM HOUSE, J. TATA ROAD, MUMBAI, MAHARASHTRA - 400020, INDIA	B41266024
2	10094082	13/08/2010 *	400,000,000.00	Bank of Baroda	BYCULLA BRANCH, 18-1, 19/20, BYCULLA HOUSE, CLARE ROAD, BYCULLA,, MUMBAI, MAHARASHTRA - 400008, INDIA	B09450354

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Office Equipment

· Computer Equipments

· Vehicles

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.61.90
UK Pound	1	Rs.102.74
Euro	1	Rs.85.16

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		35

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.