MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	A ONE STEELS INDIA PRIVATE LIMITED
Registered Office :	No.422, F Block, Near State Bank of India, Sahakaranagar, Bangalore – 560092, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.2008
Com. Reg. No.:	08-046184
Capital Investment / Paid-up Capital :	Rs.52.825 Millions
CIN No.: [Company Identification No.]	U27310KA2008PTC046184
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financials after the year 2011with the government department and also denied to part information about the company. As per the available financials of 2011, the reserves of the company seems to be low. As per registrar of companies the status of the company is shown as 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B
Rating Explanation	High risk of default.
Date	06.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	06.01.2014

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. Sunil Kumar Jallan
Designation :	Director
Contact No.:	91-80-41108405
Date :	23.06.2014

LOCATIONS

Registered Office :	No.422, F Block, Near State Bank of India, Sahakaranagar, Bangalore – 560092, Karnataka, India
Tel. No.:	91-80-41108405
Fax No.:	Not Available
E-Mail :	secsandeep@yahoo.co.in
Factory :	Sy No. 15, Manesamudarm, Penukonda Road, Hindupur, Andhra Pradesh, India

DIRECTORS

As on 29.09.2011

Name :

Mr. Sandeep Kumar

Designation :

Director

Address :

Flat No. 22, 1^st Floor, Sirsa Club, Janta Bhavan Road, Sirsa – 125055, Haryana, India

Date of Birth/Age :

25.07.1977

Date of Appointment :

24.04.2008

DIN No.:

02112630

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	U27310KA2008PTC046184	A ONE STEELS INDIA PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
2	U01400AS2009PTC009081	PURVANCHAL SPICE PRODUCER COMPANY LIMITED	Director	09/06/2009	09/06/2009	-	Strike off	NO
3	U28999KA2012PTC063439	A-ONE STEEL AND ALLOYS PRIVATE LIMITED	Director	09/04/2012	09/04/2012	-	Active	NO
4	U27100KA2012PTC066942	AARYAN HITECH STEELS INDIA PRIVATE LIMITED	Director	29/11/2012	29/11/2012	-	Active	NO

Name :

Mr. Sunil Kumar Jallan

Designation :

Director

Address :

Ward No. 4, Ellenabad, Sirsa – 125102, Hayrana, India

Date of Birth/Age :

20.05.1973

Date of Appointment :

24.04.2008

DIN No.:

02150846

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	U27310KA2008PTC046184	A ONE STEELS INDIA PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
2	U28999KA2012PTC063439	A-ONE STEEL AND ALLOYS PRIVATE LIMITED	Director	09/04/2012	09/04/2012	-	Active	NO
3	U27100KA2012PTC066942	AARYAN HITECH STEELS INDIA PRIVATE LIMITED	Director	29/11/2012	29/11/2012	-	Active	NO

Name :

Mr. Krishan Kumar Jalan

Designation :

Director

Address :

Ward No. 4, Ellenabad, Sirsa – 125102, Hayrana, India

Date of Birth/Age :

01.01.1956

Date of Appointment :

24.04.2008

DIN No.:

02114715

MAJOR SHAREHOLDERS

As on 29.09.2011

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, Hindupur Branch, Hindupur - 515201, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term loan from SBI, Hindpur	67.918	78.390
Term loan form Sunderam Finance	0.825	0.00
Total	68.743	78.390

Banking Relations :	--
Auditors :
Name :	Mohan and Chandrasekhar Chartered Accountants
Address :	No. 3, 5^th Cross, 5^th Main, Jayamahal Extension, Bangalore – 560046, Karnataka, India
PAN No.:	AAHFM2931R

CAPITAL STRUCTURE

After 31.03.2011

Authorised Capital : Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.85.462 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 Millions
100000	Preference Shares	Rs.100/- each	Rs.10.000 Millions
	Total		Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
408495	Equity Shares	Rs.100/- each	Rs.40.850 Millions
58000	Preference Shares	Rs.100/- each	Rs.5.800 Millions
	Add : Share Application Money		Rs.6.175 Millions
	Total		Rs.52.825 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		52.825	51.750	36.240
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.647	(3.485)	(0.529)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.472	48.265	35.711
LOAN FUNDS
1] Secured Loans		68.743	78.390	30.938
2] Unsecured Loans		49.469	2.264	3.164
TOTAL BORROWING		118.212	80.654	34.102
DEFERRED TAX LIABILITIES		9.734	6.576	1.249
TOTAL		187.418	135.495	71.062
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		138.704	121.300	48.801
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.741	40.901	17.409
	Sundry Debtors	44.763	33.958	13.671
	Cash & Bank Balances	12.168	2.238	10.597
	Other Current Assets	23.011	20.729	11.753
	Loans & Advances	9.974	1.275	4.460
Total Current Assets		198.657	99.101	57.890
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.013	12.372	6.523
	Other Current Liabilities	124.015	72.168	29.028
	Provisions	0.915	0.366	0.078
Total Current Liabilities		149.943	84.906	35.629
Net Current Assets		48.714	14.195	22.261
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
			.
TOTAL		187.418	135.495	71.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	520.882	436.691	94.133
		Other Income	1.096	0.265	0.000
		Credit om account of change in method of depreciation	8.354	0.000	0.000
‘		TOTAL (A)	530.332	436.956	94.133
Less	EXPENSES
		Cost of sale	487.955	406.969	88.109
		Selling and marketing expenses	0.489	0.000	0.009
		Administrative expenses	4.317	5.865	1.666
		TOTAL (B)	492.761	412.834	89.784
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.571	24.122	4.349
Less	FINANCIAL EXPENSES (D)		14.715	10.640	1.653
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.856	13.482	2.696
Less	DEPRECIATION/ AMORTISATION (F)		9.566	11.111	1.976
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		13.290	2.371	0.720
Less	TAX (H)		10.649	5.693	1.327
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.641	(3.322)	(0.607)
	Earnings Per Share (Rs.)		6.47	(9.17)	(404.76)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.50	(0.76)	(0.64)
Net Profit Margin (PBT/Sales)	(%)	2.55	0.54	0.76
Return on Total Assets (PBT/Total Assets}	(%)	3.94	1.08	0.67
Return on Investment (ROI) (PBT/Networth)		0.22	0.05	0.02
Debt Equity Ratio (Total Debt /Networth)		1.99	1.67	0.95
Current Ratio (Current Asset/Current Liability)		1.32	1.17	1.62

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	36.240	51.750	52.825
Reserves & Surplus	(0.529)	(3.485)	6.647
Net worth	35.711	48.265	59.472
long-term borrowings	30.938	78.390	68.743
Short term borrowings	3.164	2.264	49.469
Total borrowings	34.102	80.654	118.212
Debt/Equity ratio	0.955	1.671	1.988

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	94.133	436.691	520.882
		363.909	19.279

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	94.133	436.691	520.882
Profit	(0.607)	(3.322)	2.641
	(0.64%)	(0.76%)	0.51%

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	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	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	Yes

Note: Registered office of the company has been shifted from D-101, Purva Fairmount, 24th Main, 25^th Cross, HSR Layout, 2^nd Sector, Bangalore – 560034, Karnataka, India w.e.f. 29.04.2013

UNSECURED LOANS:

Particulars	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Long Term Borrowings
From director and shareholders	49.469	2.264
	49.469	2.264

BUSINESS AND PROSPECTS

As informed in last AGM, the company has installed hot rolling plant and commenced its commercial production in the month of February 2010. This year company has also expanded its activity to production of MS Angle. MS flats and MIS Rolls and achieved turnover of Rs.520.900 Millions. The production is going in its full swing and expected to achieve better result in coming year as the company us proposed to expand its business by installing consisting plant.

With a good installed base and stabilized products, the company is posed for exponential growth in year to come.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10184583	12/05/2012 *	281,500,000.00	State Bank Of India	Hindupur Branch, Hindupur, Andhra Pradesh - 515201, India	B41053000

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.80.05

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	2
--CREDIT LINES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.