MIRA INFORM REPORT

Report No. :	309085
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	AMBICA STAINLESS STEEL LIMITED
Registered Office :	A1/1, Mezzanine Floor, Wazirpur Industrial Area, New Delhi - 110052
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.12.2004
Com. Reg. No.:	55-131284
Capital Investment / Paid-up Capital :	Rs.24.540 Millions
CIN No.: [Company Identification No.]	U27106DL2004PLC131284
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELA15402C
PAN No.: [Permanent Account No.]	AAFCA0194B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Stainless Steel.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

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 :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As claimed by Mr. Kailash Vora, Accounts Manager that company has not under taken business activities in the year 2013-14 due to low sales. However, that are concentrating on sister concern business during 2014 but from January 2015 they again started business operations in the subject company. As per latest financial record of 2014, the rating is constrained on account of company’s moderate scale of business operations and moderate financial risk profile of the company. Business is active. Payments are reported to be slow. 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 – 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kailash Vora
Designation :	Accounts Manager
Contact No.:	91-11-47034430
Date :	21.02.2015

LOCATIONS

Registered Office :	A1/1, Mezzanine Floor, Wazirpur Industrial Area, New Delhi – 110052, India
Tel. No.:	91-11-47034430
Fax No.:	Not Available
E-Mail :	ajaybansal2k@gmail.com
Website :	http://www.ambicasteels.com
Corporate Office :	C-54/1, Wazirpur Industrial Area, New Delhi – 110052, India
Tel. No.:	91-11-47034400
Fax No.:	91-11-47034450
Melting, Refining and Casting Division :	51/2, Site-4, UPSIDC Industrial Area, Ghaziabad - 201010, Uttar Pradesh, India
Tel. No.:	91-120-4189203 / 4189300 (30 Lines)
Fax No.:	91-120-4189222
Hot Rolling and Heat Treatment Division / Cold Finishing Division :	Plot No. 32, Loni Road Industrial Area, Mohan Nagar, Ghaziabad - 201007, Uttar Pradesh, India
Tel. No.:	91-120-4189200 (30 Lines)
Fax No.:	91-120-4189222
Oversea Offices :	Located At: Italy Australia

DIRECTORS

As on 30.09.2013

Name :

Mrs. Swati Gupta

Designation :

Director

Address :

B-29, Phase -1, Ashok Vihar, Delhi - 110052, India

Date of Appointment :

15.12.2004

DIN No.:

00009081

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	U74899DL1987PTC029670	MADHU APARTMENTS PRIVATE LIMITED	Director	17/05/2004	17/05/2004	24/08/2011	Active	NO
2	U27106DL2004PLC131284	AMBICA STAINLESS STEEL LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
3	U45201DL2005PTC136394	MAHALAXMI CASTLES AND VILLAS PRIVATE LIMITED	Director	29/09/2007	15/05/2007	09/09/2013	Active	NO
4	U70102DL2007PTC165431	SHRI GAJANAN DREAM LAND PRIVATE LIMITED	Director	02/07/2007	02/07/2007	29/12/2014	Active	NO
5	L74899DL1989PLC034995	CANTABIL RETAIL INDIA LIMITED	Whole-time director	01/07/2010	01/02/2008	30/03/2011	Active	NO
6	U74120DL2008PTC182880	SAPbelle TRADELINKS PRIVATE LIMITED	Director	30/09/2013	23/07/2013	-	Active	NO
7	U45400DL2007PTC169228	LOTUS DEVCON PRIVATE LIMITED	Director	04/03/2014	04/03/2014	29/12/2014	Active	NO

Name :

Mr. Anand Gupta

Designation :

Director

Address :

B-29, Phase -1, Ashok Vihar, Delhi - 110052, India

Date of Appointment :

15.12.2004

DIN No.:

00009286

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	U74899DL1985PLC020703	UPHAR STEELS LIMITED	Whole-time director	06/04/1998	06/04/1998	29/12/2014	Active	NO
2	U27106DL2004PLC131284	AMBICA STAINLESS STEEL LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
3	U37100DL2010PLC204397	WORLD METAL RECYCLING LIMITED	Director	21/06/2010	21/06/2010	29/12/2014	Active	NO
4	U74120DL2008PTC182880	SAPbelle TRADELINKS PRIVATE LIMITED	Director	30/09/2013	23/07/2013	-	Active	NO
5	U27100DL2014PLC272032	AMBICA SPECIAL STEELS LIMITED	Director	26/09/2014	26/09/2014	-	Active	NO

Name :

Mr. Mahender Pal Gupta

Designation :

Additional Director

Address :

B-29, Phase -1, Ashok Vihar, Delhi - 110052, India

Date of Appointment :

29.12.2014

DIN No.:

00009803

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	U27109DL1970PLC005345	AMBICA STEELS LIMITED	Whole-time director	01/04/2013	19/10/1999	29/12/2014	Active	NO
2	U27100DL2014PLC272032	AMBICA SPECIAL STEELS LIMITED	Director	26/09/2014	26/09/2014	-	Active	NO
3	U27106DL2004PLC131284	AMBICA STAINLESS STEEL LIMITED	Additional director	29/12/2014	29/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kailash Vora
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Anand Gupta	13000
Seema Gupta	1000
Swati Gupta	17000
Mahander Pal Gupta	1800
Kamal Dal Mill Private Limited	23400
Uphar Steel Limited	38000
Future Plan International Private Limited	20700
Omni Present Credit Private Limited	2000
Vivek Merchandise Limited	30800
Chander Prakash Gupta	21000
Ajay Kumar Singhai	1100
Ajay Kumar and Sons	500
Sunita Singhai	500
Mahesh Gupta	200
Richa Gupta	200
Mahender Pal Gupta HUF	10600
Anand Gupta HUF	20400
Chander Prakash Gupta HUF	200
Usha Gupta	4900
Geefcee Finance Limited	5000
Harpic Multi Trade Private Limited	3500
Archit Fine Scrip Private Limited	4000
Muksh Kumar HUF	5600
Unisys Softwares and Holding	10000
JMD Sound Limited	5000
Gopikar Supplier Private Limited	5000
Total	245400

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	60.07
Directors or relatives of Directors	39.93
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Stainless Steel.
Products :	Stainless Steel
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days, 60 Days and 90 Days)
Purchasing :	Cash and Credit (30 Days, 60 Days and 90 Days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India

Facilities :

--

Auditors :
Name :	Ashok Kumar Goyal and Company Chartered Accountants
Address :	1002, The Goodluck, Cghs, Plot No. 21, Sector – 52, Gurgaon – 122001, Haryana, India
PAN No.:	AABFA7551P
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245400	Equity Shares	Rs.100/- each	Rs.24.540 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	24.540	24.540	24.540
(b) Reserves & Surplus	58.037	58.678	54.816
(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)	82.577	83.218	79.356
(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	7.600	10.195	30.350
(b) Trade payables	41.077	38.115	40.305
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.250	0.261
Total Current Liabilities (4)	48.677	48.560	70.916
TOTAL	131.254	131.778	150.272
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.377	127.723	128.053
(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	0.031	0.031	0.031
(e) Other Non-current assets	0.000	0.177	0.183
Total Non-Current Assets	127.408	127.931	128.267
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.559	3.559	19.288
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.282	0.288	0.552
(e) Short-term loans and advances	0.005	0.000	2.165
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3.846	3.847	22.005
TOTAL	131.254	131.778	150.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.466	24.793	12.436
		Other Income	0.073	0.000	0.271
		TOTAL (A)	0.539	24.793	12.707
Less	EXPENSES
		Purchase of Stock-in-trade	0.439	0.396	3.906
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.000	15.730	4.556
		Employee Benefits Expenses	0.096	0.840	0.720
		Other Expenses	0.235	0.905	1.103
		TOTAL (B)	0.770	17.871	10.285
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.231)	6.922	2.422
Less	FINANCIAL EXPENSES (D)		0.064	1.099	1.113
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.295)	5.823	1.309
Less	DEPRECIATION/ AMORTISATION (F)		0.346	0.385	0.428
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.641)	5.438	0.881
Less	TAX (H)		0.000	1.576	0.412
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.641)	3.862	0.469
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.039	0.177	(0.292)
	BALANCE CARRIED TO THE B/S		3.397	4.039	0.177
	Earnings / (Loss) Per Share (Rs.)		(2.61)	15.74	2.33

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(137.55)	15.58	3.77
Operating Profit Margin (PBDIT/Sales)	(%)	(49.57)	27.92	19.48
Return on Total Assets (PBT/Total Assets}	(%)	(0.49)	4.13	0.59
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.07	0.01
Debt Equity Ratio (Total Debt /Networth)		0.09	0.12	0.38
Current Ratio (Current Asset/Current Liability)		0.08	0.08	0.31

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	24.540	24.540	24.540
Reserves & Surplus	54.816	58.678	58.037
Share Application money pending allotment	0.000	0.000	0.000
Net worth	79.356	83.218	82.577
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	30.350	10.195	7.600
Total borrowings	30.350	10.195	7.600
Debt/Equity ratio	0.382	0.123	0.092

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12.436	24.793	0.466
		99.365	(98.120)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12.436	24.793	0.466
Profit	0.469	3.862	(0.641)
	3.77%	15.58%	(137.55%)

LOCAL AGENCY FURTHER INFORMATION

ss

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 three years	Yes
12]	Profitability for last three 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	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	No
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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Inter corporate deposits repayable on demand	7.600	8.150
Loans and advanced from related parties	0.000	2.045
Total	7.600	10.195

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10544739	19/01/2015	450,000,000.00	Indusind Bank Limited	Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi 110001, India	C41230988

*Date of modification Charges

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.62.26
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	VNT

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	--
--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		12

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.