MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	B.R. STEEL PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No. C 39/B MIDC Area, Turbhe Mahape Road, Before Electronic Zone, Pawne, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.09.1960
Com. Reg. No.:	11-011799
Capital Investment / Paid-up Capital :	Rs.45.715 Millions
CIN No.: [Company Identification No.]	U99999MH1960PTC011799
TAN No.: [Tax Deduction & Collection Account No.]	MUMB07552G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ceramics Colours.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 750000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Manoj Jena
Designation :	Accounts Manager
Contact No.:	91-9819703699
Date :	28.12.2011

LOCATIONS

Registered Office/ Factory :	Plot No. C 39/B MIDC Area, Turbhe Mahape Road, Before Electronic Zone, Pawne, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27631483
Mobile No.:	91-9819703699 [Mr. Manoj Jena]
Fax No.:	91-22-27684519
E-Mail :	manoj@incoindia.com
Area :	5000 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Jagdish Kumudrai Dholakia

Designation :

Director

Address :

701, Hem Niketan, 5th Road, Juhu Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

11.12.1942

Qualification :

BSC

Date of Appointment :

03.02.2004

Din No.:

00384743

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26920MH1985PTC037951	DHOLAKIA CERAMICS PRIVATE LIMITED	Director	05-11-85	05-11-85	Active	NO
2	U24110MH1988PTC048081	DEVDIP DYECHEM INDUSTRIES PRIVATE LIMITED	Director	12-07-88	12-07-88	Active	NO
3	U24220MH1993PTC074032	INCO COLOURS (INDIA) PRIVATE LIMITED	Director	20-09-93	20-09-93	Active	NO
4	U99999MH1960PTC011799	B. R. STEEL PRODUCTS PRIVATE LIMITED	Director	03-02-04	03-02-04	Active	NO
5	U24119GJ1990PTC013539	KABIR CHEMTECH PRIVATE LIMITED	Director	15-12-06	15-12-06	Active	NO
6	U52310MH2007PTC175300	CURATIVE POWER LAB PRIVATE LIMITED	Director	23-10-07	23-10-07	Active	YES

Name :

Mrs. Ila Jagdish Dholakia

Designation :

Director

Address :

701, Hem Niketan, 5th Road, Juhu Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

27.06.1944

Qualification :

BSC

Date of Appointment :

03.02.2004

Din No.:

00384746

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26920MH1985PTC037951	DHOLAKIA CERAMICS PRIVATE LIMITED	Director	05-11-85	05-11-85	Active	NO
2	U24110MH1988PTC048081	DEVDIP DYECHEM INDUSTRIES PRIVATE LIMITED	Director	12-07-88	12-07-88	Active	NO
3	U24220MH1993PTC074032	INCO COLOURS (INDIA) PRIVATE LIMITED	Director	20-09-93	20-09-93	Active	NO
4	U99999MH1960PTC011799	B. R. STEEL PRODUCTS PRIVATE LIMITED	Director	03-02-04	03-02-04	Active	NO
5	U24119GJ1990PTC013539	KABIR CHEMTECH PRIVATE LIMITED	Director	15-12-06	15-12-06	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Jena
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Vishakha Dholakia	--	1
Sheetal Sabharwal	--	1
Jegmeetsingh Sabharwal	--	1
Ila Jagdish Dholakia	2923	108647
Jagdish Kumudrai Dholakia	2927	342650
Total	5850	451300

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ceramics Colours.

Products :

Product Description	Item Code
Manufacturing Ceramics Colours	32071030

Exports :

Products :

Ceramics Colours

Countries :

· European Countries

· South East Asia

· Middle East

· Germany

· Italy

· US

Imports :

Raw Material

Products :

· China

Countries :

Terms :

Selling :

Cash and Credit [30 days]

Purchasing :

Cash and Credit [30 days]

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

100 [Approximately]

Bankers :

· Citi Bank N.A, Trent House, 2^nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· The Saraswat Co-operative Bank Limited, Madhushree, Plot No. 85, District Business Centre, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Loans From Bank
Packing Credit	63.706	13.927
Export Bill Discounted	42.496	40.105
Term Loan	2.843	16.567
Total	109.045	70.599

NOTE:

· Loan from banks are secured by hypothecation of factory building, plant and machinery, stocks of raw materials, packing materials, finished and semi-finished goods, book debts and further personally guaranteed by both the directors of the company.

· Amount repayable towards term loan in next 12 months Rs.1.265 millions

Banking Relations :	--
Auditors :
Name :	M V Krishnamoorthy Chartered Accountants
Address :	15 Srivali, Rifle Range, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Pan No.:	AADPM9668F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
487000	Equity Shares	Rs.100/- each	Rs.48.700 Millions
6000	Preferences Shares	Rs.100/- each	Rs.0.600 Million
7000	Unclassified Shares	Rs.100/- each	Rs.0.700 Million
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
451300	Equity Shares	Rs.100/- each	Rs.45.130 Millions
5850	Preferences Shares	Rs.100/- each	Rs.0.585 Million
	Total		Rs.45.715 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		45.715	45.715	45.715
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		144.220	72.750	31.972
4] (Accumulated Losses)		0.000	77.874	95.437
NETWORTH		189.935	196.339	173.124
LOAN FUNDS
1] Secured Loans		109.045	70.599	58.142
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		109.045	70.599	58.142
DEFERRED TAX LIABILITIES		5.987	4.548	2.731
TOTAL		304.967	271.486	233.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.166	82.009	70.646
Capital work-in-progress		0.000	0.000	4.912
INVESTMENT		24.707	25.550	21.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.250	72.524	72.923
	Sundry Debtors	88.084	65.627	50.690
	Cash & Bank Balances	1.726	1.792	6.025
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	75.648	61.510	30.949
Total Current Assets		242.708	201.453	160.587
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		9.315	3.996
	Other Current Liabilities	18.912	5.902	2.476
	Provisions	28.702	22.309	17.076
Total Current Liabilities		47.614	37.526	23.548
Net Current Assets		195.094	163.927	137.039
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		304.967	271.486	233.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	291.086 [Including Other Income]	277.795	223.800
		Other Income	NA	13.804	14.590
		TOTAL	NA	291.599	238.390
Less	EXPENSES
		Materials Cost		172.225	121.086
		Other Expenditures	NA	48.837	43.873
		Increase/(Decrease) in Stock		(1.033)	(4.555)
		TOTAL	NA	220.029	160.404
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	71.570	77.986
Less/ Add	DEPRECIATION/ AMORTISATION		NA	3.439	2.071
	PROFIT BEFORE TAX		38.339	68.131	75.915
Less	TAX		7.805	8.447	4.479
	PROFIT AFTER TAX		30.534	59.684	71.437
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	95.436	57.317
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	41.143	13.714
		Appropriation for Dividend	NA	34.286	18.286
		Differed Tax Liability	NA	1.817	1.318
	BALANCE CARRIED TO THE B/S		NA	77.874	95.436
	Earnings Per Share (Rs.)		66.79	130.56	156.27

Particulars	31.03.2011
Sales Turnover [Approximately]	400.000

The above information has been parted by Mr. Manoj Jena.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	20.47	29.97
Net Profit Margin (PBT/Sales)	(%)	NA	24.53	33.92
Return on Total Assets (PBT/Total Assets}	(%)	11.69	24.04	32.83
Return on Investment (ROI) (PBT/Networth)		0.20	0.35	0.44
Debt Equity Ratio (Total Liability/Networth)		0.82	0.55	0.47
Current Ratio (Current Asset/Current Liability)		5.10	5.37	6.82

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	NA	9.315	3.996

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

PERFORMANCES:

During the year the company has made a profit before taxation of Rs.38.339 millions (previous year net profit of Rs.68.131 millions.)

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10234025
Corporate identity number of the company	U99999MH1960PTC011799
Name of the company	B. R. STEEL PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. C 39/B MIDC Area, Turbhe Mahape Road, Before Electronic Zone, Pawne, Navi Mumbai – 400705, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Citi Bank N.A, Trent House, 2^nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Email	vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification
Date of instrument Creating the charge	29.08.2011
Amount secured by the charge	Rs.240.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The charge secured by way of first exclusive charge on Current Assets and Movable Fixed Assets, both present and future hypothecated to the Bank more particularly described in Item No.15 as security for the repayment of Rs.240.000 Millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to Citibank N.A.
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current Assets (including stocks and book debts) and movable fixed assets( including plant and machinery, office equipment, furniture and fixtures, etc, of the Borrower, both present and future.
Date of latest modification prior to the present modification	27.06.2011
Particulars of the present modification	The charge shall now stand increased from Rs.170.000 Millions to Rs.240.000 Millions, in favour of the Bank.

FIXED ASSETS:

• Leasehold Land
• Roads
• Factory Building
• Furniture and Fixtures
• Electrical Fittings
• Laboratory Equipments
• Plant and Machineries
• Reserve and Water Work
• Air – Conditioners
• Computers
• Fire Extinguishers
• Mobile Instruments
• Tea / Coffee Wending Machine
• Water Cooler
• Motor Car

TRADE REFERENCES:

· Johnson and Johnson Limited

· Universal Trade

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 records 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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.