MIRA INFORM REPORT

Report No. :	355999
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	AHMEDNAGAR ALLOYS PRIVATE LIMITED
Registered Office :	Plot No. B 8MIDC, Ahmednagar – 414111, Maharashtra
Tel. No.:	91-241-2779690/2419473
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.01.1995
Com. Reg. No.:	11-084987
Capital Investment / Paid-up Capital :	Rs. 5.097 Million
CIN No.: [Company Identification No.]	U29230PN1995PTC084987
IEC No.:	3102008551
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA7276R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Quality of C.I and M.S. Ingots and C.S. Castings in All Grades. [Registered Activity]
No. of Employees :	Information declined by the management

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1995. It has moderate track. Management of the company has failed to file financials for the year 2015 with the government department. As per available financials of the year 2014, the company has incurred losses from its operations along with increasing debt level. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of losses, the company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 DENIED

Management non co-operative (Tel. No.: 91-241-2779690/2419473)

LOCATIONS

Registered Office/ Factory :	Plot No. B 8MIDC, Ahmednagar – 414111, Maharashtra, India
Tel. No.:	91-241-2779690/2419473
Fax No.:	91-241-2779691
E-Mail :	aapl47@rediffmail.com

DIRECTORS

AS ON 30.09.2014

Name :	Nivrutti Gangadhar Zine
Designation :	Director
Address :	29/1 Bil Nr.Ilaxi Auto, Kinetic Chouk, Nagar-Pune Road, Ahmednagar - 414001, Maharashtra, India
Date of Birth/Age :	01.03.1971
Date of Appointment :	21.01.2002
DIN No.:	01757778
Name :	Subhash Gangadhar Zine
Designation :	Director
Address :	Plot No.4, Near Gunjal Hospital, Resi 3-Phase, Maniknagar, Pune Road, Ahmednagar - 414001, Maharashtra, India
Date of Birth/Age :	01.06.1961
Date of Appointment :	15.01.2002
DIN No.:	01757850

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Zine Nivrutti Gangadhar	11690
Zine Subhash Gagadhar	5800
Zine Baban Gangadhar	7000
Zine Laxmibai Gangadhar	1500
Zine Gangadhar Trimbak	650
Zine Chhaya Santosh	150
Zine Manisha Nivrutti	1170
Zine Meena Baban	2070
Zine Vidya Subhash	1970
Zine Santosh Gangadhar	3000
Total	35000

Names of Preference Shareholders	No. of Shares
Kaushik Yogesh Nandkumar (HUF)	10
Adhav Ramdas Balaji	10
Doshi Urmila Ben	10
Gupta Bipin Rambivas	10
Jagdale Balasaheb Punjaji	10
Kaushik Rahul Yogesh	10
Kaushik Alok Yogesh	10
Raniwala Madhu	10
Dharani Sufraj Sultan	10
Gondal Pushpa Haribhau	10
Kaushik Latika Yogesh	10
Zine Nivrutti Gangadhar	5480
Zine Santosh Gangadhar	9000
Zine Vidya Subhash	200
Zine Subhash Gagadhar	1000
Raniwala Jayashree	1
Total	15791

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Quality of C.I and M.S. Ingots and C.S. Castings in All Grades. [Registered Activity]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan – Ahmednagar Shahar Sahakari Bank Limited	6.327	9.700
4Term loan – Ahmednagar Shahar Sahakari Bank Limited	3.907	0.000
Ahmednagar Shahar Sahakari Bank Limited – vehicle loan	0.000	1.592
ICICI Bank Car loan	2.821	4.895
SHORT TERM BORROWING
From Bank – Cash Credit - Ahmednagar Shahar Sahakari Bank Limited (Secured by Hypothecation of stocks and book debts and personally guaranteed by directors)	30.245	22.104
Total	43.210	38.291

Auditors :
Name :	H M Kale and Associates Chartered Accountants
Address :	Flat No. 4, Kanchan Appartment, Near Professor Colony, Savedi, Ahmednagar -414003, Maharashtra, India
Tel. No.:	91-241-2427543
Mobile No.:	91-9822083660
E-Mail :	roc.kaleandcompany@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs. 3.500 Million
25000	Preference Shares	Rs. 100/- each	Rs. 2.500 Million
	Total		Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs. 3.500 Million
15791	Preference Shares	Rs. 100/- each	Rs 1.579 Million
	Total		Rs. 5.079 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	5.079	5.079	5.079
(b) Reserves & Surplus	19.936	19.998	19.271
(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)	25.015	25.077	24.350
(3) Non-Current Liabilities
(a) long-term borrowings	36.098	38.427	25.841
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	36.098	38.427	25.841
(4) Current Liabilities
(a) Short term borrowings	30.245	22.104	19.203
(b) Trade payables	5.382	8.562	15.639
(c) Other current liabilities	5.669	4.411	3.542
(d) Short-term provisions	0.172	1.105	0.408
Total Current Liabilities (4)	41.468	36.182	38.792
TOTAL	102.581	99.686	88.983
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.599	19.761	14.310
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.814	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.804	0.804	0.804
(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	1.166
Total Non-Current Assets	26.217	20.565	16.280
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.250	77.678	44.526
(c) Trade receivables	(2.181)	10.786	(3.235)
(d) Cash and cash equivalents	14.970	(0.970)	5.793
(e) Short-term loans and advances	7.614	2.080	12.969
(f) Other current assets	12.711	11.119	12.650
Total Current Assets	76.364	79.121	72.703
TOTAL	102.581	99.686	88.983

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TURNOVER	383.767	452.951	455.084
	TOTAL
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(1.094)	2.721	2.253
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	(1.094)	2.721	2.253
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(1.094)	2.721	2.253
	Earnings Per Share (Rs.)	21.53	53.57	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	4.680	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.29)	0.60	0.50
Return on Total Assets (PBT/Total Assets}	(%)	(1.20)	2.75	2.56
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.11	0.09
Debt Equity Ratio (Total Debt /Networth)		2.65	2.41	1.85
Current Ratio (Current Asset/Current Liability)		1.84	2.19	1.87

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.079	5.079	5.079
Reserves & Surplus	19.271	19.998	19.936
Net worth	24.350	25.077	25.015
long-term borrowings	25.841	38.427	36.098
Short term borrowings	19.203	22.104	30.245
Total borrowings	45.044	60.531	66.343
Debt/Equity ratio	1.850	2.414	2.652

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	455.084	452.951	383.767
		(0.469)	(15.274)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	455.084	452.951	383.767
Profit	2.253	2.721	-1.094
	0.50%	0.60%	-0.29%

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	No
8	Designation of contact person	No
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	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advance from related parties
Mrs. Chhaya Santosh Zine	0.815	0.735
Mrs. M.B. Zine	0.291	0.262
Mr. Baban G. Zine	1.000	0.000
Mrs. V.S. Zine	0.282	0.255
Sai Sales Corporation	9.626	10.629
Nivrutti Gangadhar Zine	2.812	1.812
Santosh Gagadhar Zine	1.024	0.924
Other loans and advances
Anaya Atul Raniwala	1.560	1.499
Pushpa Haribhau Gondal	0.500	0.499
Yogesh N. Kaushik	0.600	0.576
Shri Balu Jagdale	0.150	0.150
Bipin Ramnilal Gupta	0.269	0.259
Ramdas Balaji Adhav	0.399	0.399
Jayshree Raniwala	0.644	1.100
Yogesh Nandkishore Kaushik – HUF	0.571	0.549
Sudarshan Milk and Agro Private Limited	2.500	2.591
Total	23.043	22.239

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517709	24/03/2014	5,000,000.00	Ahmednagar Shahar Sahakari Bank Maryadit	H.O.: Navi Peth,Ahmednagar, Through: M.I.D.C. Branch, Ahmednagar, Maharashtra - 414111, INDIA	C18978023
2	10285276	19/03/2011	4,000,000.00	Ahmednagar Shahar Sahakari Bank Maryadit	H.O. - 'Sarvarth' Navi Peth, Ahmednagar Through,  MIDC Branch, 'Arthkam' Dr. Chavan Hospital Compound  , Ahmednagar, Maharashtra - 414001, INDIA	B12158143
3	80055396	16/07/2014 *	50,000,000.00	Ahmednagar Shahar Sahakari Bank Maryadit	H.O.-'Sarvarth' Navi Peth, Ahmednagar Through, MI  DC Branch,'Arthkam' Dr.Chavan Hospital Compound, Ahmednagar, Maharashtra - 414111, INDIA	C19476522
4	80055397	29/01/2006	5,000,000.00	AHMEDNAGAR SHAHAR SAHAKARI BANK LIMITED	MIDC BRANCH, ARTHKAM, DR CHAVAN HOSPITAL COMPOUND, NAGAPUR, AHMEDNAGAR, Maharashtra - 414001, INDIA	-
5	80002648	29/03/2005	8,000,000.00	AHMEDNAGAR MERCHANT CO OP BANK LIMITED	M. I . D. C. BRANCH, AHMEDNAGAR, Maharashtra - 414001, INDIA	-
6	90091966	29/03/2005 *	5,000,000.00	AHMEDNAGAR MERCHANTS CO-OPERATIVE BANK LTD	M.I.D.C. BRANCH, AHMEDNAGAR, Maharashtra, INDIA	-
7	90091659	25/09/2001	5,000,000.00	AHMEDNAGAR MERCHANTS CO-OPERATIVE BANK LTD	AHMEDNAGAR, AHMEDNAGAR, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Factory Building
• Plant and Machinery
• Tools and Equipments
• Furniture and Fixture
• Computer

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. 66.42
UK Pound	1	Rs. 99.17
Euro	1	Rs. 72.14

INFORMATION DETAILS

Information Gathered by :	GYTZ
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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	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		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.