MIRA INFORM REPORT

Report No. :	308484
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	AMERIKAN STEELS PRIVATE LIMITED
Registered Office :	Building - 26, 1^st Floor, 1^st Carpenter Street, Near Alankar Cinema,, Mumbai - 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.02.2004
Com. Reg. No.:	11-179529
Capital Investment / Paid-up Capital :	Rs. 13.715 Millions
CIN No.: [Company Identification No.]	U27201MH2004PTC179529
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECA6674P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Ferrous and Non-Ferrous Metal.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There seems dip in the sales turnover as well as profit of the company during 2014. However, General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual 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 – 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 = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	June 20 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.

INFORMATION PARTED BY

Name :	Mr. Chandraprakash Doshi
Designation :	Director
Contact No.:	91-9824045351
Date :	17.02.2015

LOCATIONS

Registered Office :	Building - 26, 1^st Floor, 1^st Carpenter Street, Near Alankar Cinema,, Mumbai - 400004, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9824045351 (Mr. Chandra Prakash Doshi)
Fax No.:	Not Available
E-Mail :	steel@amerikansteels.com
Website :	http://www.amerikansteels.com
Factory :	Sri Narsinhji Industrial Estate, Wadi - Yamuna Mill Road, Pratap Nagar, Vadodara – 390004, Gujarat, India
Tel. No.:	91-265-2580712 / 2580692
Fax No.:	91-265-2581691

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Chandraprakash Pukhraj Doshi
Designation :	Director
Address :	4, Narayan Nagar Society, Khanderao R.V. Desai Road, Vadodara – 390004, Gujarat, India
Date of Birth/Age :	25.09.1980
Date of Appointment :	16.02.2004
DIN No.:	01575728
Name :	Mr. Rakeshkumar Pukhraj Doshi
Designation :	Director
Address :	4, Narayan Nagar Society, Khanderao R.V. Desai Road, Vadodara – 390004, Gujarat, India
Date of Birth/Age :	03.07.1982
Date of Appointment :	16.02.2004
DIN No.:	01575662

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Shareholders File Attached

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	56.25
Directors or relatives of Directors	43.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Ferrous and Non-Ferrous Metal.
Products :	Ferrous and Non-Ferrous Metal
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (60 and 90 Days)
Purchasing :	Cash and Credit (30,60 and 90 Days)

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Reliance Industries 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

Customers :

Reference :	Bhagwati Ferro Private 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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	SME, Vadodara, 1^st Floor, Prime Complex Opposite Shreyas School, Manjalpur, Vadodara – 390011, Gujarat, 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)	Cash / Credit Rs. 115.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· State Bank of India, Pratapnagar Branch Pratapnagar, Vadodara – 390009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.379	0.920
SHORT TERM BORROWINGS
Working capital loans from banks	104.845	57.729
Total	105.224	58.649

Auditors :
Name :	Shah and Bhandari Chartered Accountants
Address :	101/38, Gautam Nagar Society, Race Course Circle, Vadodara – 390007, Gujarat, India
PAN No.:	AAMFS8293E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1371520	Equity Shares	Rs.10/- each	Rs. 13.715 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	13.715	13.715	13.715
(b) Reserves & Surplus	140.159	131.662	123.186
(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)	153.874	145.377	136.901
(3) Non-Current Liabilities
(a) long-term borrowings	5.526	41.923	20.638
(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)	5.526	41.923	20.638
(4) Current Liabilities
(a) Short term borrowings	114.498	57.729	48.525
(b) Trade payables	42.070	21.873	102.053
(c) Other current liabilities	10.757	4.247	5.152
(d) Short-term provisions	0.745	0.639	2.016
Total Current Liabilities (4)	168.070	84.488	157.746
TOTAL	327.470	271.788	315.285
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.600	16.250	17.380
(ii) Intangible Assets	0.054	0.000	0.000
(iii) Capital work-in-progress	28.020	22.665	8.011
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.023	0.053	0.053
(c) Deferred tax assets (net)	0.326	0.277	0.451
(d) Long-term Loan and Advances	64.787	38.504	20.259
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.810	77.749	46.154
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.409	34.393	30.481
(c) Trade receivables	183.748	138.917	225.007
(d) Cash and cash equivalents	3.887	0.440	0.790
(e) Short-term loans and advances	3.616	20.289	12.853
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	219.660	194.039	269.131
TOTAL	327.470	271.788	315.285

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	866.900	906.900	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	12.649	13.109	19.108
	TAX	4.200	4.460	6.314
	PROFIT/ (LOSS) AFTER TAX	8.497	8.475	12.772
	Earnings / (Loss) Per Share (Rs.)	6.20	6.18	9.31

Expected Sales (2014-2015) : Rs. 900.000 Millions

The above information has been parted by Mr. Chandra Prakash Doshi

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.98	0.93	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.23	5.27	6.23
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.14
Debt Equity Ratio (Total Debt /Networth)		0.78	0.69	0.51
Current Ratio (Current Asset/Current Liability)		1.31	2.30	1.71

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	13.715	13.715	13.715
Reserves & Surplus	123.186	131.662	140.159
Net worth	136.901	145.377	153.874
long-term borrowings	20.638	41.923	5.526
Short term borrowings	48.525	57.729	114.498
Total borrowings	69.163	99.652	120.024
Debt/Equity ratio	0.505	0.685	0.780

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	906.900	866.900
		-4.411

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	906.900	866.900
Profit	8.475	8.497
	0.93%	0.98%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

Note:

The Registered office of the company has been shifted Shree Narsinhji Industrials Estate Wadi Yamuna Mill Road Pratapnagar Vadodara – 390004 Gujarat, India to the present address w.e.f. 01.02.2008

REVIEW OF PERFORMANCE

During the period the company has achieved the sales of Rs. 866.900 Millions which in less compare to the last year sales, but is good for the current market conditions. However, the company has achieved good profit i.e. Rs. 8.497 Millions which is very superb performance by the company in current market conditions, this is mainly due to hard efforts by the directors.

Considering the Current financial year, the Company is anticipating sales more than 30 % compare to the last year sales. This mainly, the directors have formulated good marketing strategies, planning of sales etc. and the conditions of marketing is also good.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from Directors	5.147	0.000
Other loans and advances	0.000	41.003
SHORT TERM BORROWINGS
Other loans and advances	9.653	0.000
Total	14.800	41.003

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529673	30/10/2014	130,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C32645012
2	10247972	28/03/2013 *	115,000,000.00	STATE BANK OF INDIA	SME VADODARA, 1STFLOOR, PRIME COMPLEX, OPP. SHREYAS SCHOOL, MANJALPUR, VADODARA, GUJARAT - 390011, INDIA	B72675283
3	10248042	28/03/2013 *	115,000,000.00	STATE BANK OF INDIA	SME VADODARA, 1STFLOOR, PRIME COMPLEX, OPP. SHREYAS SCHOOL, MANJALPUR, VADODARA, GUJARAT - 390011, INDIA	B72675663

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Office building

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 62.25
UK Pound	1	Rs. 95.57
Euro	1	Rs. 71.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.