MIRA INFORM REPORT

Report No. :	305989
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	SAR ISPAT PRIVATE LIMITED
Registered Office :	D - 11, Galaxy House, Achariya Niketan, Mayur Vihar Phase – I, Delhi – 110091
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.01.1998
Com. Reg. No.:	55-091700
Capital Investment / Paid-up Capital :	Rs.48.190 Millions
CIN No.: [Company Identification No.]	U27101DL1998PTC091700
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS5915L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of steel ingots, rolled bars, ferrous and non-ferrous metal etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 420000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves of the company has declined in FY 13-14. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with caution. NOTE: Profit & Loss A/c is not available from any source. Rating is given only with respect to the companies balance sheet as on 31^st March 2014.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Long term rating=B
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	05.09.2014

Rating Agency Name	CRISIL
Rating	Short term rating=A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	05.09.2014

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 31-03-2014.

LOCATIONS

Registered Office :	D - 11, Galaxy House, Achariya Niketan, Mayur Vihar Phase – I, Delhi – 110091
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	aksalloyspony@gmil.com
Communication Address :	R. S. No. 214/215, ViII-Kalithirthal, Pondicherry – 605001, Tamilnadu, India
Tel. No.:	91-413-2641830
Fax No.:	91-413-2641005

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sandeep Kothari

Designation :

Director

Address :

1/3 R.S. Pathy Street, New Washermenpet, Chennai - 600021, Tamilnadu, India

Date of Birth/Age :

20.08.1982

Date of Appointment :

10.12.2007

DIN No.:

00238993

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	U51101TN1994PTC026627	AKS ALLOYS PRIVATE LIMITED	Director	25/01/1994	25/01/1994	01/04/2010	Active	NO
2	U27101DL1998PTC091700	SAR ISPAT PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
3	U27205TN2013PTC091124	KS HOLDINGS PRIVATE LIMITED	Director	14/05/2013	14/05/2013	-	Active	NO

Name :

Mr. Sharma Sanjay Kumar

Designation :

Additional Director

Address :

29/4, 4th Row House, Ranganathan Avenue, Kilpauk, Chennai - 600010, Tamilnadu, India

Date of Birth/Age :

05.05.1968

Date of Appointment :

01.09.2007

DIN No.:

00244366

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	U51101TN1994PTC026627	AKS ALLOYS PRIVATE LIMITED	Director	01/05/2010	27/04/1999	01/04/2012	Active	NO
2	U72300TN2000PTC045776	A.K.S.INFOTECH PRIVATE LIMITED	Director	19/09/2000	19/09/2000	-	Active	NO
3	U27101DL1998PTC091700	SAR ISPAT PRIVATE LIMITED	Additional director	01/09/2007	01/09/2007	-	Active	NO
4	U27310TN2010PTC076936	DAATAA SHREE METALS AND MINERALS PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
5	U27205TN2013PTC091124	KS HOLDINGS PRIVATE LIMITED	Managing director	22/07/2013	22/07/2013	-	Active	NO

Name :

Mr. Rajesh Kumar Jha

Designation :

Director

Address :

12, IInd Floor, II Cross, Venkatanagar, Pondicherry - 605011, Pondicherry, India

Date of Birth/Age :

01.10.1968

Date of Appointment :

15.04.2008

DIN No.:

02181394

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Nemichand Kothari	19001	0.39
Sanjay Sharma	19000	0.39
Prudent Buildtech Private Limited	100000	2.08
Janak Puri	3834429	79.57
Mignasty Commerce Private Limited	846570	17.57
Total	4819000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of steel ingots, rolled bars, ferrous and non-ferrous metal etc.
Products :	· Steel Ingots · Alloy Steel Ingots · Rolled Bars · Machinery Parts · Precision tools
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	· Indian Overseas Bank, Kilpauk Branch, 477, Kilpauk Garden Road, Kilpauk, Chennai - 600010, Tamilnadu, India · Oriental Bank of Commerce, Overseas Branch; Padma Complex; 467, Mount Road, Chennai - 600035, Tamilnadu, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Abhay Jain and Company Chartered Accountants
Address :	Bushra House, Flat No: 4A, 2^nd Floor, New No: 6, Old No: 46, Chennai – 600031, Tamilnadu, India
Tel. No.:	91-44-26402565
Mobile No.:	91-94444 65602
	abhayjaincol978@yahoo.co.in
PAN No.:	AAFPJ7811D
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4819000	Equity Shares	Rs.10/- each	Rs.48.190 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	48.190	48.190	18.990
(b) Reserves & Surplus	98.568	124.841	118.609
(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)	146.758	173.031	137.599
(3) Non-Current Liabilities
(a) long-term borrowings	34.276	36.067	45.336
(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)	34.276	36.067	45.336
(4) Current Liabilities
(a) Short term borrowings	124.016	219.023	89.905
(b) Trade payables	269.928	467.499	368.116
(c) Other current liabilities	17.432	36.640	9.692
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	411.376	723.162	467.713
TOTAL	592.410	932.260	650.648
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.347	37.034	12.886
(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)	2.928	2.378	2.380
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.738	1.132	1.069
Total Non-Current Assets	54.013	40.544	16.335
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	72.376	269.480	240.645
(c) Trade receivables	84.807	334.625	214.905
(d) Cash and cash equivalents	38.552	54.086	67.425
(e) Short-term loans and advances	342.662	233.525	111.338
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	538.397	891.716	634.313
TOTAL	592.410	932.260	650.648

PROFIT & LOSS ACCOUNT

Particulars	31.03.2014	31.03.2013	31.03.2012
Profit/Loss for the year	NA	6.232	6.487

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.08	1.47	0.98
Current Ratio (Current Asset/Current Liability)	1.31	1.23	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	18.990	48.190	48.190
Reserves & Surplus	118.609	124.841	98.568
Net worth	137.599	173.031	146.758
long-term borrowings	45.336	36.067	34.276
Short term borrowings	89.905	219.023	124.016
Total borrowings	135.241	255.090	158.292
Debt/Equity ratio	0.983	1.474	1.079

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last two 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	Yes
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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396383	14/11/2012	423,146,700.00	Indian Overseas Bank Kilpauk Branch	477, Kilpauk Garden Road, Kilpauk, Chennai, Tamil Nadu - 600010, India	B65680613
2	10077857	14/11/2012 *	415,000,000.00	Indian Overseas Bank Kilpauk Branch	477, Kilpauk Garden Road, Kilpauk, Chennai, Tamil Nadu - 600010, India	B65680506

*Date of modification Charges

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.62.14
UK Pound	1	Rs.94.79
Euro	1	Rs.70.38

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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		30

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.