MIRA INFORM REPORT

Report No. :	309999
Report Date :	02.03.2015

IDENTIFICATION DETAILS

Name :	AMMAN-TRY SPONGE AND POWER PRIVATE LIMITED

Registered Office :	46, Usman Ali Road, TVS Tolgate, Tiruchirapalli – 620001, Tamilnadu

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	19.09.2008

Com. Reg. No.:	18-069352

Capital Investment / Paid-up Capital :	Rs. 4.009 Millions

CIN No.: [Company Identification No.]	U27310TN2008PTC069352

TAN No.: [Tax Deduction & Collection Account No.]	CHEA14287A

PAN No.: [Permanent Account No.]	AAHCA2920P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of M.S. Billets.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 330000

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. Management of the company has failed to file its latest financial with government department for FY2013-14. As per available financial of 2013, profitability of the company seems to be low and it has huge external borrowings. However, business is active as per status shown in the Registrar of Companies. Payments are reported to be unknown. The company 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-8623-277220]

LOCATIONS

Registered Office :	46, Usman Ali Road, TVS Tolgate, Tiruchirapalli – 620001, Tamilnadu, India
Tel. No.:	91-431-2416092/ 2460742
Fax No.:	91-431-2411318
E-Mail :	sasaisteel@hotmail.com ammantrysponge@hotmail.com
Website :	http://www.ammantry.com

Rolling Mill :	Kumbakurichi, Erangudi Road, Fathima Nagar (PO), Trichy – 620012, Tamilnadu, India
E-Mail :	amman-try@hotmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Muthuramalingam Somasundaram

Designation :

Managing director

Address :

No. 28, 2^nd South Street, Mannarpuram, Trichy – 620021, Tamilnadu, India

Date of Birth/Age :

12.04.1975

Date of Appointment :

19.09.2008

DIN No.:

00376731

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	Company/ LLP Status	Defaulting status
1	U27104TN2004PTC054890	AMMAN -TRY STEELS PRIVATE LIMITED	Managing director	22/06/2005	22/06/2005	Active	NO
2	U27106TN2007PTC065678	SHRI AMMAN STEEL AND ALIED INDUSTRIES PRIVATE LIMITED	Managing director	10/12/2007	10/12/2007	Active	NO
3	U27310TN2008PTC069352	AMMAN-TRY SPONGE AND POWER PRIVATE LIMITED	Managing director	19/09/2008	19/09/2008	Active	NO
4	U51432TN2010PTC076978	AMMAN-TRY TRADING COMPANY PRIVATE LIMITED	Managing director	12/08/2010	12/08/2010	Active	NO

Name :

Muthuramalingam Subbiah Pillai

Designation :

Director

Address :

No. 28, 2^nd South Street, Mannarpuram, Trichy – 620021, Tamilnadu, India

Date of Birth/Age :

25.11.1947

Date of Appointment :

19.09.2008

DIN No.:

01690720

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	Company/ LLP Status	Defaulting status
1	U27104TN2004PTC054806	TRICHY AMMAN STEELS PRIVATE LIMITED	Director	02/12/2004	02/12/2004	Active	NO
2	U27104TN2004PTC054890	AMMAN -TRY STEELS PRIVATE LIMITED	Director	22/06/2005	22/06/2005	Active	NO
3	U27106TN2007PTC065678	SHRI AMMAN STEEL AND ALIED INDUSTRIES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	Active	NO
4	U27310TN2008PTC069352	AMMAN-TRY SPONGE AND POWER PRIVATE LIMITED	Director	19/09/2008	19/09/2008	Active	NO
5	U51432TN2010PTC076978	AMMAN-TRY TRADING COMPANY PRIVATE LIMITED	Director	12/08/2010	12/08/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Muthuramalingam Somasundaram	50843	12.68
SP. Muthuramalingam	20690	5.16
Amman-Try Steels Private Limited, India	96875	24.16
Shri Amman Steel and Allied Industries, India	101250	25.26
Amman-Try Trading Company Private Limited, India	131250	32.74

Total	400908	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M.S. Billets.

Products/ Services :

ITC Code No.

Product Descriptions

72071920

M.S. Billets

Brand Names :

Agencies Held :

Exports :

Products :

Countries :

Imports :

Products :

Countries :

Terms :

Selling :

Purchasing :

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Metric Tonnes of Mild Steel Billets On tripple shift basis (Per Annum)	M.T	Dose not arise	67,200.00	44,903.06

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Canara Bank

26, Nandhikoil Street, Teppakulam, Trichy - 620002, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	85.456	102.656
SHORT TERM BORROWINGS
Working Capital Loans from Banks	64.368	69.705

Total	149.824	172.361


Banking Relations :	--

Auditors :
Name :	Sethuraman and Srivatsan Chartered Accountants
Address :	36 Main Road, Anna Nagar, Tennur, Trichy – 620017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFS8387D

Related Parties :	· Amman -Try Steels Private Limited [U27104TN2004PTC054890] · Amman Steel Corporation · Shri Amman Steel and Alied Industries Private Limited [U27106TN2007PTC065678]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

400,908	Equity Shares	Rs. 10/- each	Rs. 4.009 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.009	4.009	4.009
(b) Reserves & Surplus	33.237	26.552	58.636
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	78.400	65.200	17.200
Total Shareholders’ Funds (1) + (2)	115.646	95.761	79.845

(3) Non-Current Liabilities
(a) Long-term borrowings	85.456	102.656	107.659
(b) Deferred tax liabilities (Net)	12.906	14.659	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)	98.362	117.315	107.659

(4) Current Liabilities
(a) Short term borrowings	64.368	69.705	0.000
(b) Trade payables	118.844	93.879	1.706
(c) Other current liabilities	130.132	82.683	0.000
(d) Short-term provisions	35.279	18.367	0.937
Total Current Liabilities (4)	348.623	264.634	2.643

TOTAL	562.631	477.710	190.147

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.556	166.496	149.077
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	6.645
Total Non-Current Assets	153.556	166.496	155.722

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	272.590	181.437	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	30.360	17.935	4.967
(e) Short-term loans and advances	8.707	51.168	21.321
(f) Other current assets	97.418	60.674	8.137
Total Current Assets	409.075	311.214	34.425

TOTAL	562.631	477.710	190.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012

	GROSS INCOME		1790.600	997.200

Less	EXPENSES
		TOTAL	NA	NA

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		25.200	5.000

Less/ Add	DEPRECIATION/ AMORTISATION		20.200	22.400

	PROFIT/ (LOSS) BEFORE TAX		5.000	(17.400)

Less	TAX		(1.700)	14.600

	PROFIT/ (LOSS) AFTER TAX		6.700	(32.000)

	Earnings/ (Loss) Per Share (Rs.)		16.71	(79.82)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.89	(3.64)	NA

Return on Investment (ROI) (PBT/Networth)		0.04	(0.18)	NA

Debt Equity Ratio (Total Debt/Networth)		1.30	1.80	1.35

Current Ratio (Current Asset/Current Liability)		1.17	1.18	13.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.009	4.009	4.009
Reserves & Surplus	58.636	26.552	33.237
Share Application money pending allotment	17.200	65.200	78.400
Net worth	79.845	95.761	115.646

Long-term borrowings	107.659	102.656	85.456
Short term borrowings	0.000	69.705	64.368
Total borrowings	107.659	172.361	149.824
Debt/Equity ratio	1.348	1.800	1.296

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Gross Income	997.200	1790.600
		79.563

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Gross Income	997.200	1790.600
Profit/ (Loss)	(32.000)	6.700
	(3.21%)	0.37%

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 two years	Yes
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	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10258062	25/11/2013 *	320,000,000.00	CANARA BANK	26, NANDHIKOIL STREET, TEPPAKULAM, TRICHY, TAMILNADU - 620002, INDIA	B92260751

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Other pollution reduction Equipment

· Other plant and equipment

· Vehicles

· Motor vehicles

· Computer equipments

· Office equipment

· 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. 61.79
UK Pound	1	Rs. 95.42
Euro	1	Rs. 69.29

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	SUM

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--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	YES
--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.

MIRA INFORM REPORT

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