MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	BALBIR PROFILES PRIVATE LIMITED
Registered Office :	Office No. 423, Nav Vyapar Bhavan, P.D. Mellow Road, Carnac Bunder, Masjid (East), Mumbai - 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.11.1999
Com. Reg. No.:	11-122521
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U29142MH1999PTC122521
TAN No.: [Tax Deduction & Collection Account No.]	MUMB08250E
PAN No.: [Permanent Account No.]	AABCB1712E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of M.S. Ingot.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 200000
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. Rahul
Designation :	Office Executive
Contact No.:	91-260-2699151
Date :	23.05.2012

LOCATIONS

Registered Office :	Office No. 423, Nav Vyapar Bhavan, P.D.Mellow Road, Carnac Bunder, Masjid (East), Mumbai - 400009, Maharashtra
Tel. No.:	91-22-32403626
Fax No.:	Not Available
E-Mail :	bppl@balbir.in
Website :	http://www.balbir.in
Location :	Owned
Factory :	153/2/2/1, Dapada Factory, Premises, Khanvel Road, Selvas - 396230
Tel. No.:	91-260-2699151
Branch :	207, Steel Centre, Carnac Bunder, Ahmedabad Street, Chinar Bunder, Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-23482260/ 23423688
Fax No.:	91-22-66333717

DIRECTORS

As on 10.09.2011

Name :	Mr. Rakesh Kumar Sharma
Designation :	Director
Address :	C – 14/ 103, Madhav Shrusti, Near Godrej Hill, Kalyan, Thane – 421301, Maharashtra, India
Date of Birth/Age :	06.09.1951
Date of Appointment :	19.03.2007
DIN No.:	01545079
Name :	Mr. Vikas Bhushan
Designation :	Director
Address :	901, Cliff Tower, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	04.07.1969
Date of Appointment :	03.01.2011
DIN No.:	00144455

KEY EXECUTIVES

Name :	Mr. Rahul
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2011

Names of Shareholders	No. of Shares
Rajesh Kumar	100
Vikas Bhushan	89900
Pilkhua Textile Mills Private Limited, India	205110
Gayvalley Finance and Investments Private Limited, India	60000
Marvelous Marketing and advertising Private Limited, India	55000
Cosmos Holiday (India) Private Limited, India	25000
Radhika Construction Company Private Limited, India	60000
Kiran Capital Services Limited, India	10000
Saruchi Financers Private Limited, India	20000
Sumesh Financers Private Limited, India	5000
ARB Management and Constructions Private Limited, India	45000
NK Uppal, India	20000
Zest Securities Private Limited, India	25000
Frenzy Products Private Limited, India	50000
Gujarat Chemi Plasto Limited, India	10000
Glider Holdings Limited, India	10000
Tradelink Finvest and Property Limited, India	20000
Laddha Lime Private Limited, India	10000
Jagmandri Finvest Private Limited, India	10000

As on 10.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	92.00
Directors or relatives of directors	5.99
Other top fifty shareholders	2.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M.S. Ingot.

Products :

Item Code No. (ITC Code)	Product Description
72061090	Mild Steel Ingots

Imports :

Products :

Raw Material

Countries :

South Africa

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Installed Capacity (TPA)
Mild Steel Ingots	18000.000

Particulars	Actual Production (MT)
Mild Steel Ingots	17813.280
Runner and Risers	532.370

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

40 (Approximately)

Bankers :

ING Vysya Bank Limited, Mittal Towers, A-wing, Ground Floor 210, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit Limits and Short Terms Loans from Banks (Secured against Mortgage of Factory Land and Building, Plant and Machinery and Other Fixed Assets and Hypothecation of Stocks and Book Debts)
Working Capital Demand Loan	20.000	0.000
Balance as per Bank	10.048	24.482
Bank Reconciliation	10.906	4.905
Total	40.954	29.387

Banking Relations :	--
Auditors :
Name :	Kamal Kumar and Associates Chartered Accountants
Address :	M - 2, Balarama, Plot No. C – 3, E Block, Bandra Kurla, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-32504373
PAN No.:	AAXPK6869J
E-Mail :	mail@cakamalkumar.com

CAPITAL STRUCTURE

(AS ON 31.03.2011)

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
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.000	12.744	12.744
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		59.826	52.090	44.323
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.826	64.834	57.067
LOAN FUNDS
1] Secured Loans		40.954	29.387	11.993
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		40.954	29.387	11.993
DEFERRED TAX LIABILITIES		1.820	1.967	1.922
TOTAL		117.600	96.188	70.982
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.933	14.385	15.748
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.513	11.901	13.053
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.478	40.984	18.938
	Sundry Debtors	8.805	6.165	0.000
	Cash & Bank Balances	13.883	15.576	27.997
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.017	21.249	12.052
Total Current Assets		102.183	83.974	58.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.295	5.434	3.867
	Other Current Liabilities	1.459	3.469	5.753
	Provisions	5.275	5.169	7.186
Total Current Liabilities		12.029	14.072	16.806
Net Current Assets		90.154	69.902	42.181
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		117.600	96.188	70.982

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	519.745	408.524	458.164
		TOTAL (A)	519.745	408.524	458.164
Less	EXPENSES		502.615	391.671	453.655
		TOTAL (B)	502.615	391.671	453.655
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.130	16.853	4.509
Less	FINANCIAL EXPENSES (D)		3.260	1.577	1.874
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.870	15.276	2.635
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.593	1.573	1.551
	PROFIT BEFORE TAX (E-F) (G)		12.277	13.703	1.084
Less	TAX		4.538	5.879	0.253
Less	PRIOR PERIOD AND EXTRAORDINARY ITEMS		0.002	0.058	0.049
	PROFIT AFTER TAX		7.737	7.766	0.782
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.320	28.554	27.771
	BALANCE CARRIED TO THE B/S		44.056	36.320	28.553
	NET CASH ACCRUALS		9.329	9.397	2.333
	IMPORTS
		Raw Materials	123.646	135.066	38.848
	TOTAL IMPORTS		123.646	135.066	38.848
	Earnings Per Share (Rs.)		5.16	6.09	0.61

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000

Expected Sales (2012-2013): Rs. 750.000 Millions

The above information has been parted by Mr. Rahul.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	2.35	3.35	0.24
Return on Total Assets (PBT/Total Assets}	(%)	10.57	48.15	3.33
Return on Investment (ROI) (PBT/Networth)		0.16	0.21	0.02
Debt Equity Ratio (Total Liability/Networth)		0.73	0.70	0.54
Current Ratio (Current Asset/Current Liability)		8.49	5.97	3.51

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Sundry Creditor	5.295	5.434	3.867
Total	5.295	5.434	3.867

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	---------------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	--------------
Litigations that the firm/ Promoters Involved in	--------------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	--------------
Buyer visit details	--------------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The registered office of the company has been shifted from 8 Shiv Darshan 33^rd Road, 15^th Road Corner, Bandra (West), Mumbai – 400050, Maharashtra, India to the present address w.e.f. 01.03.2012.

PERFORMANCE

The Company has achieved a turnover of Rs. 519.745 Millions during the year against the previous year turnover of Rs. 408.524 Millions and earned profit after tax of Rs. 7.739 Millions during the year, against the profit after tax of Rs. 7.766 Millions during the previous year.

SHARE CAPITAL

During the year, the Company has issued share capital of Rs. 2.256 Millions comprising of 2, 25,600 shares of Rs. 10/- each at par

BANK CHARGES:

This form is for	Modification of charge
Charge identification number of the modified	90141415
Corporate identity number of the company	U29142MH1999PTC122521
Name of the company	BALBIR PROFILES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	8 Shiv Darshan, 33^RD Road, 15^TH Road Corner, Bandra (West) Mumbai – 400050, Maharashtra, India
Type of charge	Immovable property
Particular of charge holder	ING Vysya Bank Limited, Mittal Towers, A-wing, Ground Floor 210, Nariman Point, Mumbai - 400021, Maharashtra, India Email: cms@companiesinn.com
Nature of description of the instrument creating or modifying the charge	Supplemental memorandum of entry relating to extension of mortgage by deposit of title deeds.
Date of instrument Creating the charge	16.04.2009
Amount secured by the charge	Rs. 214.390 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest NA-The immovable property of the company has been given as collateral security for the facility taken by Balbir Rolling Mills Limited to the extend of Rs. 214.390 Millions. Terms of Repayment NA-The immovable property of the company has been given as collateral security for the facility taken by Balbir Rolling Mills Limited to the extend of Rs. 214.390 Millions. Margin NA-The immovable property of the company has been given as collateral security for the facility taken by Balbir Rolling Mills Limited to the extend of Rs. 214.390 Millions. Extent and Operation of the charge First charge on the immovable property of the company for the facility taken by Balbir Rolling Mills Limited to the extend of Rs. 214.390 Millions.
Short particulars of the property charged	All that piece and parcel of land bearing Sy No. Sy No. 153/2/21 admeasuring 4200 sq. mtrs situated at Village Dapada, Dadra and Nagar Haveli for industrial purpose with all rights, title and interest connected along with structures both present and future.
Particulars of the present modification	The total limit has been modified to Rs. 214.390 Millions by way of conversion of the existing sub limit of bill and invoice discounting of Rs. 30.000 Millions to regular limit of Rs. 20.000 Millions.(The facilities are taken by Balbir Rolling Mills Limited). Term Loan : 6.890 Millions. ODSIT BD : 180.000 Millions. Bill and invoice Discounting : 20.000 Millions. Bank Guarantee : 7.500 Millions. ILC(Sub limit to CC) : 30.000 Millions.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Electric Installations
• Other Plant and Machinery
• Office Furniture
• Office Equipments
• Computer system and Softwares
• Vehicles

CONTINGENT LIABILITIES NOT PROVIDED FOR:-

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
i) Guarantees a) Guarantees issued in favour of Banks in respect of credit facilities granted to other body corporate	207.790	214.390
Balance outstanding covered by (a)	183.411	149.515
b) Counter guarantees given to Banks against guarantees issued by the Banks on behalf of the Company	6.125	6.125
ii) Claims not acknowledged by the company	Nil	Nil

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. 56.28
UK Pound	1	Rs. 88.25
Euro	1	Rs. 70.81

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	ACH

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	4
--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
TOTAL		45

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.