MIRA INFORM REPORT

Report No. :	355899
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	AT&F INDIA FABRICATION PRIVATE LIMITED
Registered Office :	902, 9th Floor, Sanjona Chambers, BKSD Marg Opposite I.I.P.S., Govandi Station Road, Deonar, Mumbai – 400088, Maharashtra
Tel. No.:	91 22-25559992
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.06.2010
Com. Reg. No.:	11-204974
Capital Investment / Paid-up Capital :	Rs. 18.117 Million
CIN No.: [Company Identification No.]	U28112MH2010PTC204974
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of fabricating, developing and processing of ferrous and non-ferrous alloys. (Registered Activity)
No. of Employees :	40 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a fully owned subsidiary of “AT&F Partners, LLC” and the ultimate parent company is “The American Tank & Fabricating Company, USA”. It was incorporated in the year 2010 and it is engaged in the business of fabricating, developing and processing of ferrous and non-ferrous alloys. It has moderate track record. Management of the subject has failed to file its latest financials with government department for the year 2015. Further, as per 2014 financial, the company has reported accumulated losses from its past few years which has eroded networth of the company. The rating however takes into consideration strong support from its holding company and well-experienced management team in the steel industry. Trade relations are reported as fair. Business is active. Payments are reported as slow but correct. In view of strong support from holding company, the subject 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.

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 (GENERAL DETAILS)

Name :	Mr. Satish Kulkarni
Designation :	General Manager
Contact No.:	91-9324201081
Date :	12.12.2015

LOCATIONS

Registered Office :	902, 9th Floor, Sanjona Chambers, BKSD Marg Opposite I.I.P.S., Govandi Station Road, Deonar, Mumbai – 400088, Maharashtra, India
Tel. No.:	91 22-25559992
Mobile No.:	91-9324201081 (Mr. Satish)
Fax No.:	Not Available
E-Mail :	info@atfco.com sameer.patel@atfindia.com pravis.sathe@atfindia.com
Website :	www.atfco.com
Factory :	A3/B, Chakan MIDC, Phase II, Village Khalumbre, Taluka Khed. District Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-679407

DIRECTORS

As on 31.03.2015

Name :	Mr. Terry Lee Ripich
Designation :	Director
Address :	5336 Willow Lane, Vermilion, Ohio, 44089, United States of America
Date of Birth/Age :	02.10.1944
Date of Appointment :	27.12.2010
DIN No.:	03281772
Name :	Mr. Michael Forde Ripich
Designation :	Director
Address :	19000 Lake Road, Rocky River, Ohio, 44116, United States of America
Date of Birth/Age :	03.12.1966
Date of Appointment :	27.12.2010
DIN No.:	03324402

KEY EXECUTIVES

Name :	Mr. Satish Kulkarni
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
At & F Partners, LLC, United States of America	1534920	84.72
American Tank and fabrication Company, United States of America	276734	15.27
At & F Global, LLC, United States of America	100	0.01
Total	1811754	100.00

As on 04.08.2015

Names of Allottees	No. of Shares
At & F Partners, LLC, United States of America	533552
At & F Global, LLC, United States of America	5389
Total	538941

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of fabricating, developing and processing of ferrous and non-ferrous alloys. (Registered Activity)
Products :	Steel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Machinery
Countries :	United States of America China
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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Bank Overdraft (Secured by Gurantee given by ultimate parent company i.e. of the American Tank and Fabricating Company, United States of America)	55.423	21.717
Total	55.423	21.717

Financial institution :

JP Morgan Chase Limited, CST, Kalina Santacurz (East), Mumbai, Maharashtra, India

Auditors :
Name :	K. S. Aiyar and Company Chartered Accountants
Address :	F-7, Laxmi Mills, Shakti Mills Lane, Off D. Mose Road, Mahalaxmi, Mumbai-400011, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK6843P
Memberships :	--
Collaborators :	--
Holding Company :	AT & F Partners, LLC, United States of America
Ultimate Parent Company :	The American Tank and fabrication Company, United States of America

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.100.000 Million

Issued, Subscribed & Paid-up Capital : Rs.41.101 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,200,000	Equity Shares	Rs.10/- each	Rs. 22.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,811,754	Equity Shares	Rs.10/- each	Rs. 18.117 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	18.117	18.117	2.867
(b) Reserves & Surplus	(44.247)	(32.671)	(4.233)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	3.000
Total Shareholders’ Funds (1) + (2)	(26.130)	(14.554)	1.634
(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	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	55.423	21.717	0.000
(b) Trade payables	8.587	10.813	0.032
(c) Other current liabilities	41.719	36.820	1.072
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	105.729	69.350	1.104
TOTAL	79.599	54.796	2.738
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.017	2.006	0.000
(ii) Intangible Assets	0.022	0.040	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	4.471	2.309	0.126
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.510	4.355	0.126
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.721	1.804	0.751
(c) Trade receivables	54.590	41.092	1.594
(d) Cash and cash equivalents	0.326	0.464	0.267
(e) Short-term loans and advances	7.452	7.081	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	74.089	50.441	2.612
TOTAL	79.599	54.796	2.738

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue	120.947	62.657	2.931
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		(11.576)	(28.438)	(4.049)
	Earnings / (Loss) Per Share (Rs.)		(6.39)	(15.70)	NA

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 (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(9.57)	(45.39)	(138.14)
Debt Equity Ratio (Total Debt /Networth)		(2.12)	(1.49)	0.00
Current Ratio (Current Asset/Current Liability)		0.70	0.73	2.37

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	2.867	18.117	18.117
Reserves & Surplus	(4.233)	(32.671)	(44.247)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	3.000	0.000	0.000
Net worth	1.634	(14.554	(26.130
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	21.717	55.423
Total borrowings	0.000	21.717	55.423
Debt/Equity ratio	0.000	(1.492)	(2.121)

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)
Revenue	2.931	62.657	120.947
		2,037.735	93.030

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue	2.931	62.657	120.947
Profit/ (Loss)	(4.049)	(28.438)	(11.576)
	(138.14%)	(45.39%)	(9.57%)

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)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	No
21]	Banking facility details	Yes
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	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

NOTE: The registered office of the company has been shifted from Suite No. 240, Level 2, Raheja Centre Point, 294, CST Road, Off Bandra Kurla Complex, Santacruz (East), Mumbai- 400098, Maharashtra, India to the present address w.e.f. 01.12.2013

BUSINESS ACTIVITY:

The company is engaged in the business of fabricating, developing and processing of ferrous and non-ferrous alloys. During the year company has recorded revenues of Rs.120.947 Million against Rs.62.657 Million recorded in the previous year. The loss for the year amounted Rs.11.576 against Rs.28.438 Million in the previous year. With the increased revenues the loss for the year has come down significantly and it would have been still but for

The higher finance cost. The company is striving to increase the operations to the required level so as to meet the cost of various required overheads. All efforts are being made to scale up the company’ operation.

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Tangible Assets

· Building

· Computers

· Plant and machinery

· Furniture and fixture

· Office equipment

Intangible Assets

· Software / License

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.72.13

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	HNA
Report Prepared by :	JYTK

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
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	4
--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		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.