MIRA INFORM REPORT

Report No. :	327055
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	AMTEK RAILCAR INDUSTRIES PRIVATE LIMITED (w.e.f. 25.03.2009)
Formerly Known As :	AMTEK ARI RAILCAR PRIVATE LIMITED
Registered Office :	3 LSC, Pamposh Enclave, Greater Kailash Part-1, New Delhi - 110048
Tel. No.:	91-1763-302930
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.07.2008
Com. Reg. No.:	55-180534
Capital Investment / Paid-up Capital :	Rs. 100.092 Million
CIN No.: [Company Identification No.]	U35200DL2008PTC180534
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCA3069R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Exporting of Integrated Components, Railway Wagons.
No. of Employees :	200 (Approximately)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and losses that company has incurred from its operational activities Further company has taken huge external borrowing, which acts as threatening to the liquidity positon of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of operational losses, the company can be considered for business dealing 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Hukam
Designation :	Senior Finance Executive
Contact No.:	91-1763-302930
Date :	12.06.2015

LOCATIONS

Registered Office :	3 LSC, Pamposh Enclave, Greater Kailash Part-1, New Delhi - 110048
Tel. No.:	91-1763-302930
Fax No.:	Not Available
E-Mail :	corporatecorp.law@gmail.com
Website :
Location :	Owned
Factory :	Located At: Fatehgarh, Panjab, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Raman Kwatra

Designation :

Additional director

Address :

R-14/161, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Appointment :

22.05.2015

DIN No. :

05216035

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	U29300DL2011PTC219078	AMERTEC SYSTEMS PRIVATE LIMITED	Director	26/09/2014	16/01/2014	-	Active	NO
2	U35204WB1981PLC033700	STESALIT LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO
3	U31102HP2008PTC030875	STESALIT TELEMA RESISTORS PRIVATE LIMITED	Director	21/03/2015	21/03/2015	-	Active	NO
4	U31102WB1995PTC072038	STESALIT TELEMA ELECTRICALS PRIVATE LIMITED	Director	21/03/2015	21/03/2015	-	Active	NO
5	U35200DL2008PTC180534	AMTEK RAILCAR INDUSTRIES PRIVATE LIMITED	Additional director	22/05/2015	22/05/2015	-	Active	NO

Name :

Mr. Vijay Kumar Pabby

Designation :

Director

Address :

Flat No. D-III, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

01.12.1948

Date of Appointment :

24.09.2009

DIN No. :

02591192

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	U27100HR2008PLC040838	AMTEK TRANSPORTATION SYSTEMS LIMITED	Director	08/09/2008	08/09/2008	-	Active	NO
2	U35200DL2008PTC180534	AMTEK RAILCAR INDUSTRIES PRIVATE LIMITED	Director	24/09/2009	18/06/2009	-	Active	NO
3	U63090DL2011PTC226429	4A MULTIMODAL FREIGHT TERMINAL PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO
4	U60200DL2012PLC236448	Amtek Wagon Leasing Company Limited	Director	25/05/2012	25/05/2012	-	Active	NO
5	U62100DL2012PLC238221	Amtek Aerospace industries Limited	Director	28/06/2012	28/06/2012	-	Active	NO
6	U27101DL2010PTC201753	GLACIER STEEL & ALLOYS PRIVATE LIMITED	Additional director	22/07/2013	22/07/2013	-	Active	NO
7	U35204WB1981PLC033700	STESALIT LIMITED	Director	28/09/2013	02/08/2013	-	Active	NO
8	U28910WB2011PTC166764	SHINING ALLOYS AND JIGS PRIVATE LIMITED	Director	26/09/2013	02/08/2013	-	Active	NO
9	U31102HP2008PTC030875	STESALIT TELEMA RESISTORS PRIVATE LIMITED	Director	25/09/2014	06/01/2014	-	Active	NO
10	U31102WB1995PTC072038	STESALIT TELEMA ELECTRICALS PRIVATE LIMITED	Director	27/09/2014	06/01/2014	-	Active	NO
11	U31401HP2009PTC031036	JST STESALIT TRANSFORMERS PRIVATE LIMITED	Director	29/01/2014	29/01/2014	-	Active	NO

Name :

Mr. Rajiv Malhotra

Designation :

Additional director

Address :

3067, Parichay Vihar, Aditiya Colony, Narmada Road, Jabalpur – 482001, Madhya Pradesh, India

Date of Appointment :

22.05.2015

DIN No. :

07176591

KEY EXECUTIVES

Name :	Mrs. Sakshi Sethi
Designation :	Secretary
Address :	P-67, C.R. Park, New Delhi – 110019, India
Date of Birth/Age :	16.02.1991
Date of Appointment :	05.06.2014
PAN No.:	CZYPS9535K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Amtek Transportation Systems Limited,	5004575	50.00
American Railcar Mauritius II	5004575	50.00
Total	10009150	100.00

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting of Integrated Components, Railway Wagons.
Products :	Integrated Components Railway Wagons.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA
Imports :
Products :	Wagons
Countries :	China
Terms :
Selling :	Cash, L\C, Cheque and Credit
Purchasing :	Cash, L\C, Cheque and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Lalbaba Industrial Corporation, (Kolkata)
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 :	Indian Railways
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 :

200 (Approximately)

Bankers :

Banker Name	UCO Bank
Branch Address	MID Corporate Branch, 5, Parliament Street, New Delhi – 110001, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• IDBI Bank Limited, Red Cross Society Building, 1-Red Cross Road, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	1876.500	2175.813
Total	1876.500	2175.813

Auditors :
Name :	Walker, Chandiok and Company LLP Chartered Accountants
Address :	L 41, Connaught Circus, New Delhi 110001, India
PAN No.:	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Joint venture partners:	Amtek Transportation Systems Limited (ATSL) American Railcar Mauritius II (ARM)*
Other Related Parties	Amtek Auto Limited TerrasoftInfosystems Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs. 10/- each	Rs. 125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10009150	Equity Shares	Rs. 10/- each	Rs.100.092 Million

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	100.092	100.092	88.472
(b) Reserves & Surplus	374.841	780.607	742.319
(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)	474.933	880.699	830.791
(3) Non-Current Liabilities
(a) long-term borrowings	1876.500	2175.813	1447.789
(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	1.976	1.514	1.907
Total Non-current Liabilities (3)	1878.476	2177.327	1449.696
(4) Current Liabilities
(a) Short term borrowings	217.577	217.577	217.577
(b) Trade payables	9.062	5.534	2.101
(c) Other current liabilities	673.439	283.197	137.729
(d) Short-term provisions	0.048	0.046	1.453
Total Current Liabilities (4)	900.126	506.354	358.860
TOTAL	3253.535	3564.380	2639.347
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2771.635	2710.651	633.234
(ii) Intangible Assets	7.935	9.873	2.514
(iii) Capital work-in-progress	237.225	337.683	1421.459
(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	0.052
(d) Long-term Loan and Advances	160.818	165.908	225.844
(e) Other Non-current assets	0.101	13.726	12.905
Total Non-Current Assets	3177.714	3237.841	2296.008
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.553	19.758	4.583
(c) Trade receivables	0.549	0.000	0.000
(d) Cash and cash equivalents	49.919	296.661	308.674
(e) Short-term loans and advances	4.625	5.528	1.141
(f) Other current assets	1.175	4.592	28.941
Total Current Assets	75.821	326.539	343.339
TOTAL	3253.535	3564.380	2639.347

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	19.186	17.163
	Other Income	9.831	(10.789)
	TOTAL	29.017	6.374
Less	TOTAL EXPENSES	(310.569)		NA
	PROFIT/ (LOSS) BEFORE TAX	339.586	NA
Less	TAX	745.352
	PROFIT/ (LOSS) AFTER TAX	(405.766)	(66.291)	(38.591)
	EARNINGS IN FOREIGN CURRENCY	514.648	0.000	0.000
	IMPORTS
	Capital Goods	4.576	10.913	70.491
	TOTAL IMPORTS	4.576	10.913	70.491
	Earnings / (Loss) Per Share (Rs.)	(40.54)	(6.62)	(3.86)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	299.300	117.200	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2114.91)	(386.24)	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.26	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.72	NA	NA
Debt Equity Ratio (Total Liability/Networth)		5.04	2.85	2.00
Current Ratio (Current Asset/Current Liability)		0.08	0.64	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	88.472	100.092	100.092
Reserves & Surplus	742.319	780.607	374.841
Share Application money pending allotment	0.000	0.000	0.000
Net worth	830.791	880.699	474.933
long-term borrowings	1447.789	2175.813	1876.500
Short term borrowings	217.577	217.577	217.577
Current Maturities of Long Term Debt	0.000	117.200	299.300
Total borrowings	1665.366	2510.590	2393.377
Debt/Equity ratio	2.005	2.851	5.039

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	17.163	19.186
		11.787

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	17.163	19.186
Profit	(66.291)	(405.766)
	(386.24%)	(2114.91%)

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	Yes
19	Major customers	Yes
20	Banking Details	Yes
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	Yes
26	Turnover of firm for last two 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL RESULTS

During the period, the Company has incurred a net Loss of Rs. 405.766 Million after tax and in the previous Financial Year i.e. - 2012-2013, the company had incurred net loss of Rs. 66.291 Million after tax.

The Company has posted the loss in the Current Financial Year, but the loss has been substantially increased by Rs. 339.475 Million amounting to a loss of Rs. 405.766 Million. The Company is endeavoring to go back on its recovery path, and with sustained efforts will start earning the profits in coming years to come.

OPERATIONS

During the year, the Company’s Net revenue from operations were stood at Rs. 19.186 Million which is higher than previous Financial Year by Rs. 17.163 Million.

Whereas total revenue is Rs. 29.017 Million higher than previous Financial Year by Rs. 6.374 Million

During the year, the Profit/(loss) Before Taxes has gone up by Rs. 339.586 Million and resulting thereby in loss for Rs. 405.766 Million

Therefore your Company has witnessed decline in earning this year.

The Company will endeavor to perform better next year and meet the expectation of its Stakeholders.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	217.577	217.577
Total	217.577	217.577

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10207584	29/06/2011 *	1,000,000,000.00	UCO BANK	MID CORPORATE BRANCH, 5, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B18531293
2	10207443	29/06/2011 *	1,300,000,000.00	IDBI BANK LIMITED	RED CROSS SOCIETY BUILDING,, 1-RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B18529867

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements

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. 64.03
UK Pound	1	Rs. 99.27
Euro	1	Rs. 91.90

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	YES
--AFFILIATION	YES/NO	YES
--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.