MIRA INFORM REPORT

Report No. :	354777
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	FRONTIER STEEL COMPONENTS LIMITED (w.e.f. 14.11.2013)
Formerly Known As :	AMW PROPERTIES LIMITED
Registered Office :	Everest Nivara Building, Ground Floor, Plot No. D-3, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai-400705, Maharashtra
Tel. No.:	91-22-33826080 / 6000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.04.2007
Com. Reg. No.:	11-170233
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U50102MH2007PLC170233
TIN No.:	Not Available
IEC No.:	Not Applicable (Note:- As claimed by company management chat company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	MUMFO7548C
PAN No.: [Permanent Account No.]	AAGCA6196G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged in the trading business of steel and steel products. (Confirmed by management)
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was established in the year 2007 and it is engaged in the trading business of steel and steel products. As per our investigation, our executive hard word with Mr. Dhansukh Katta, AGM in financial and he informed that company has started its business operations from April 2014 and it has achieved sales turnover of Rs. 1100.000 million in its first year of business operations which not verified. As per the financial of 2014, company has not earned income from operations and it has incurred some pre operating expense. Rating remain constrained on account of company’s limited track record of business operations marked but its weak financial base and moderate debt coverage indicators. Payment are reported to be unknown. The company can be considered for business dealings on safe and secured 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Dhansukh Katta
Designation :	Assistant General Manager Finance
Contact No.:	91-7574835451
Date :	12.12.2015

LOCATIONS

Registered Office :	Everest Nivara Building, Ground Floor, Plot No. D-3, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-33826080 / 6000
Mobile No.:	91-7574835451 (Mr. Dhansukh Katta)
Fax No.:	91-22-33826123
E-Mail :	cs_legal@amwasia.com rakesh.jagetiya@amwasia.com jagdish.gor@amwasia.com
Warehouse 1:	Peninsula Technopark Tower – 1, 7th Floor, Off Bandra - Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Warehouse 2:	Survey No. 189/2, 34 KM Mile Stone, Bhuj - 370020, Gujarat, India

DIRECTORS

As o: 31.03.2015

Name :

Mr. Mukesh Agarwal

Designation :

Director

Address :

5/2V, Panditia Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

15.10.1978

Date of Appointment :

30.06.2014

DIN No.:

00323420

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	U67110WB2001PTC092837	SAVVY SECURITIES PRIVATE LIMITED	Director	02/02/2001	02/02/2001	-	Active	NO
2	U65993WB1995PTC068290	AKRITI FINANCE PRIVATE LIMITED	Director	03/04/2001	03/04/2001	26/11/2011	Active	NO
3	U36911WB2003PTC095846	KANAK JEWELLERS PRIVATE LIMITED	Director	25/02/2003	25/02/2003	29/02/2008	Active	NO
4	U18101WB2003PTC097057	SARVODAYA SAREES PRIVATE LIMITED	Director	09/03/2005	09/03/2005	04/03/2011	Active	NO
5	U51311WB2005PTC106880	AKRITI CREATIONS PRIVATE LIMITED	Director	26/12/2005	26/12/2005	02/03/2009	Active	NO
6	U27310KA2006PTC040237	Siderforgerossi India Private Limited	Managing director	21/04/2011	05/05/2008	22/03/2013	Active	NO
7	U28991KA1977PTC003128	FORGE TOOLS (MYSORE) PRIVATE LIMITED	Director	28/07/2009	30/06/2008	21/03/2013	Active	NO
8	U35923GJ2011PLC067191	A-ONE PARTS & SERVICES LIMITED	Director	26/09/2013	28/06/2013	-	Active	NO
9	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Director	20/09/2013	03/09/2013	-	Active	NO
10	U74900MH2010PLC201030	AMW ENGINEERING SERVICES LIMITED	Director	30/09/2014	05/10/2013	-	Active	NO
11	U74999MH2014PTC252552	UNIQ PIERTECH SOLUTIONES PRIVATE LIMITED	Director	28/01/2014	28/01/2014	-	Active	NO
12	U50102MH2007PLC170233	FRONTIER STEEL COMPONENTS LIMITED	Director	30/09/2014	30/06/2014	-	Active	NO
13	U74999MH2014PTC259161	ASKY Parcels Private Limited	Director	07/11/2014	07/11/2014	-	Active	NO
1	U67110WB2001PTC092837	SAVVY SECURITIES PRIVATE LIMITED	Director	02/02/2001	02/02/2001	-	Active	NO

Name :

Mr. Pranav Purushottam Singi

Designation :

Director

Address :

43/B, Turf View, Seth Motilal Sanghi Marg,, Worli, Mumbai, 400018, Maharashtra, India

Date of Appointment :

06.11.2014

DIN No.:

06550709

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	L15491WB1895PLC000985	ENGO TEA COMPANY LIMITED	Director	30/09/2013	08/04/2013	-	Active	NO
2	U70102MH2007PTC174659	RICONIA ESTATES PRIVATE LIMITED	Director	30/09/2014	19/03/2014	-	Active	NO
3	U34200MH2014PTC258628	BEINSPIRED VENTURES PRIVATE LIMITED	Director	10/10/2014	10/10/2014	-	Active	NO
4	U50102MH2007PLC170233	FRONTIER STEEL COMPONENTS LIMITED	Director	28/09/2015	06/11/2014	-	Active	NO

Name :

Mr. Hemendranath Rajendranath Choudhary

Designation :

Additional Director

Address :

Flat No. 19, 5^th Floor, Venus D Block, Dr. Thandani, Worli Sea Face, Mumbai – 400018, Maharashtra, India

Date of Appointment :

06.11.2014

DIN No.:

06641774

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	L15491WB1895PLC000985	ENGO TEA COMPANY LIMITED	Director	30/09/2013	01/08/2013	-	Active	NO
2	U65921MH2008PLC182234	AMW FINANCE LIMITED	Director	30/09/2014	11/08/2014	-	Active	NO
3	U50102MH2007PLC170233	FRONTIER STEEL COMPONENTS LIMITED	Additional director	06/11/2014	06/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhansukh Katta
Designation :	Assistant General Manager Finance
Name :	Mr. Zayed Cottonwala
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Bhuwalka Basantkumar Anirudh	49940
Mimani Jamuna Das Anand	10
Jagannath Ranganathan	10
Ramasubramanian Adhinarayanan	10
Iyenger Usha	10
Chamaria Nitin	10
Agarwal Mukesh	10
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	0.06
Other top fifty shareholders	99.88
Others	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged in the trading business of steel and steel products. (Confirmed by management)
Products :	Steel
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Essar Steel Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	AMW Motors Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

12 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Kurla Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	A.P. Rajagopalan and Company Chartered Accountants
Address :	No. 8, 1^st Floor, Neelkanth Arcade, R.C. Marg, Chembur, Mumbai – 400071, Maharashtra, India
PAN No.:	AAAFA3952B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(0.078)	(0.061)	(0.055)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.422	0.439	0.445
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.050	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.050	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.078	0.061	0.055
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.078	0.061	0.055
TOTAL	0.550	0.500	0.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.550	0.500	0.500
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.550	0.500	0.500
TOTAL	0.550	0.500	0.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Prior Period Expenses	0.009	0.000	0.000
		ROC Filing Fees	0.003	0.000	0.000
		Audit Fees	0.006	0.006	0.006
		TOTAL	0.018	0.006	0.006
	PROFIT / (LOSS) BEFORE TAX		(0.018)	(0.006)	(0.006)
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(0.018)	(0.006)	(0.006)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.061)	(0.055)	(0.049)
	BALANCE CARRIED TO THE B/S		(0.078)	(0.061)	(0.055)
	Earnings Per Share (Rs.)		(0.35)	(0.12)	(0.11)

Particulars	31.03.2015
Sales Turnover	1100.000

Expected Sales (2015-16): Rs. 1750.000 million

The above information has been parted by Mr. Dhansukh Katta (Assistant General Manager Finance).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flows from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(3.27)	(1.20)	(1.20)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.01)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		7.05	8.20	9.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.500	0.500	0.500
Reserves & Surplus	(0.055)	(0.061)	(0.078)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.445	0.439	0.422
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY INFORMATION

The company was incorporated on 23^rd April 2007 as “AMW Properties Limited” as a closely held public limited Liability Company. Company domiciled in India and Incorporated under the provision of the company’s act 1956. The company has changed its name w.e.f. November 14, 2013.

NO CHARGES EXIST FOR COMPANY

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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--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		14

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.