MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	NARMADA IRON AND ASSOCIATES PRIVATE LIMITED
Registered Office :	Venus Atlantis Corporate Park, Prahlad Nagar Road, Satellite, Ahmedabad – 380051, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.2003
Com. Reg. No.:	04-042706
Capital Investment / Paid-up Capital :	Rs.8.500 Millions
CIN No.: [Company Identification No.]	U28113GJ2003PTC042706
TAN No.: [Tax Deduction & Collection Account No.]	AHMN02199B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Steel Products and Raw Materials.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 530000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management of the company has not filed its latest financials with the government department. As per previous year financials there seems huge external borrowing recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are 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.

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Shankar Nandkishore Sultania
Designation :	Director
Contact No.:	91-9825006094
Date :	16.04.2013

LOCATIONS

Registered Office/ Warehouse :	Venus Atlantis Corporate Park, Prahlad Nagar Road, Satellite, Ahmedabad – 380051, Gujarat, India
Tel. No.:	91-79-40050900 / 26560485 / 26562693 / 55300022
Mobile No.:	91-9825006094 (Mr. Shankar Nandkishore Sultania)
Fax No.:	91-79-40050903/26562693
E-Mail :	sultania@gmail.com info@nial.co.in
Website :	www.nial.co.in
Area :	3000 Sq. ft
Location :	Owned
Branch Office :	4/59 Latif House, Sant Tukaram Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Shankar Nandkishore Sultania
Designation :	Director
Address :	Kanak Bhawan, 18, Basant Bahar, Nr. Sterling City Club, Bopal, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	01.03.1975
Date of Appointment :	31.07.2003
Din No.:	01709757
Name :	Mr. Amar Nandkishore Sultania
Designation :	Director
Address :	B/2/82, Goyal Intercity, Opp. T.V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	28.11.1977
Date of Appointment :	22.09.2004
Din No.:	01709836

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nandkishore Bansidhar Sultania	20998
Amar Nandkishore Sultania	4000
Nidhi Shanker Sultania	8000
Nandkishor Sultania HUF	5000
Priyanka Sultania	1
Suhsila Devi Sultania	1
Metropolitan Carriage and Trading Company Limited	297500
Lupin Tie Up Private Limited	255000
Evershine Trade Link Private Limited	259500
Total	850000

As on 27.02.2012

Names of Allottees	No. of Shares Allotted
Shankar Nandkishore Sultania	750000
Amar Nandkishore Sultania	750000
Total	1500000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	95.53
Directors or relatives of directors	4.47
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Steel Products and Raw Materials.
Imports :
Products :	Steel Products and Raw Materials
Countries :	· Japan · China · Korea · Russia · Ukraine
Terms :
Selling :	L/C/ Cash / Credit (30 Days/ 60 Days)
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Steal Authority India Limited, Ahmedabad

Customers :

Wholesalers and Retailers

No. of Employees :

20 (Approximately)

Bankers :

• Central Bank of India, HLCC Area Branch, Navrangpura,, Ahmedabad - 380009, Gujarat, India

• Centurian Bank of Punjab, 304, Prerna Arcade, Near Parimal Crossing, Off. C.G. Road, Ellisbridge,, Ahmedabad - 380006, Gujarat, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013,Maharashtra, India

Facilities :

Total Facilities Rs.600.000 Millions (from HDFC Bank Limited)

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Other debts	271.550 (A)	128.781
Interest accrued due other debts	0.477	0.000
Total	272.027	128.781
NOTE: (A) HDFC Bank Limited Rs.0.107 million (Secured by counter guarantee given by HDFC Rs. 271.443 Millions)

Banking Relations :
Auditors :
Name :	Sunil Poddar and Company Chartered Accountants
Address :	301-305, Vrajbumi Complex, Near Prathana Flat, Off C.G. Road, Navrangpura, Ahmedabd-380009, Gujarat, India
Pan No.:	ABEFS2044F

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.26.350 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs.10/- each	Rs.8.500 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		8.500	8.500	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		126.109	113.924	107.708
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		134.609	122.424	116.208
LOAN FUNDS
1] Secured Loans		272.027	128.781	4.294
2] Unsecured Loans		52.609	15.532	31.439
TOTAL BORROWING		324.636	144.313	35.733
DEFERRED TAX LIABILITIES		0.240	0.226	0.097
TOTAL		459.485	266.963	152.038
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.125	1.924	1.406
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.687	0.687	56.968
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	203.680	199.621	61.268
	Sundry Debtors	272.011	75.927	51.643
	Cash & Bank Balances	45.906	24.331	0.559
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	179.479	55.287	14.716
Total Current Assets		701.076	355.166	128.186
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	234.032	84.664	30.916
	Other Current Liabilities	5.688	3.979	1.757
	Provisions	4.707	2.207	1.897
Total Current Liabilities		244.427	90.850	34.570
Net Current Assets		456.649	264.316	93.616
MISCELLANEOUS EXPENSES		0.024	0.036	0.048
TOTAL		459.485	266.963	152.038

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1680.607	820.511	954.097
		Other Income			2.879
		TOTAL (A)	1680.607	820.511	956.976
Less	EXPENSES
		Cost of Purchase			849.114
		Administrative Expenses			4.198
		Selling & Dist. Expenses			26.223
		Miscellaneous Exp. w/off			0.012
		Increase in Stock			66.001
		TOTAL (B)	1663.696	811.950	945.548
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Indulging Financial and Depreciation Expenses	Indulging Financial and Depreciation Expenses	11.428
Less	FINANCIAL EXPENSES (D)				4.175
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				7.253
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.202
	PROFIT BEFORE TAX (E-F) (G)		16.911	8.561	7.051
Less	TAX (H)		4.721	2.338	1.901
	PROFIT AFTER TAX (G-H) (I)		12.190	6.223	5.150
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.923	9.708	4.638
	BALANCE CARRIED TO THE B/S		28.109	15.923	9.708
	Earnings Per Share (Rs.)		14.34	7.32	NA

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	3000.000	2100.000

The above information has been parted by Mr. Shankar Nandkishore Sultania

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.73	0.76	0.53
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.73
Return on Total Assets (PBT/Total Assets}	(%)	2.40	2.40	5.44
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.06
Debt Equity Ratio (Total Debt/Networth)		2.41	1.18	0.31
Current Ratio (Current Asset/Current Liability)		2.87	3.91	3.70

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Creditors due others	234.032	84.664	30.916
Total	234.032	84.664	30.916

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	Yes
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	Yes
18]	Major customers	No
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	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

Note:

The registered office of the company has been shifted from A/802, Nirman Complex, Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India to present address.

PRESENT OPERATIONS AND FUTURE PROSPECTS:

During the year, the overall performance of the company had been satisfactory. The total income of the Company was Rs.1680.607 Millions against the previous year income of Rs.820.511 Millions. The net profit of the Company during the year was Rs.12.190 Millions as compared to the previous year's profit of Rs.6.223 Millions. The Directors are hopeful to achieve better results in future.

UNSECURED LOAN:

[Rs. in Millions]

Particulars	As on 31.03.2011	As on 31.03.2010
Loans directors	24.109	15.532
Other debts	28.500	0.000
Total	52.609	15.532

TRADE REFERENCES

· Steal Authority India Limited, Ahmedabad

FIXED ASSETS:

• Accent Car
• Air Conditioners
• Cellular Phone
• Computer
• Corolla Car
• EPBX Systems
• Fax Machines
• Furniture and Fixtures
• Honda Car
• Refrigerator
• Water Filter

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.53.94
UK Pound	1	Rs.82.77
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.