MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	JAI DURGA STEEL INDUSTRIES LIMITED
Registered Office :	Latif House, 2nd Floor, Room No.33, S. T. Road, Mumbai 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss)
Date of Incorporation :	31.08.1972
Com. Reg. No.:	015977
Capital Investment / Paid-up Capital :	Rs.21.000 Millions
CIN No.: [Company Identification No.]	U99999MH1972PLC015977
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, manufacturer and supplier of roofing systems, hot rolled sheet, gp sheet, galvanized sheet, profile sheet, godown shed, side cladding, rust resistance galvanized corrugated sheets, galvanized mild steel sheets, galvanized plain sheets and cold rolled steel sheets
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 109016
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has not filed its latest financials with the government department where as Balance sheet statement for the year 2012 is also not available As per profit and loss statement for the year 2012 there seems a growth in the turnover and profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms an conditions.

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAILTERS’ 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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Rajesh Sharma
Designation :	Director
Contact No.:	91-9820026405
Date :	05.12.2013

LOCATIONS

Registered Office :	Latif House, 2nd Floor, Room No.33, S. T. Road, Mumbai 400009, Maharashtra, India
Tel. No.:	91-22-23482589
E-Mail :	jaidurgasteel@jaidurgasteel.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Harish Chandrashekar Sharma

Designation :

Director

Address :

B-5, West View Building, S. V. Road, Snatacruz (West),, Mumbai 400054, Maharashtra, India

Date of Birth/Age :

20.08.1938

Date of Appointment :

31.07.1974

DIN No.:

00952927

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	U99999MH1972PLC015977	JAI DURGA STEEL INDUSTRIES LIMITED	Director	31/07/1974	31/07/1974	-	Active	NO
2	U74140MH1995PTC093484	NAVDURGA IRON AND STEEL PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO

Name :

Mr. Rajesh Harish Sharma

Designation :

Director

Address :

B-5, West View Building, S. V. Road, Snatacruz (West),, Mumbai 400054, Maharashtra, India

Date of Birth/Age :

18.10.1971

Date of Appointment :

01.04.1991

DIN No.:

00952835

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	U99999MH1972PLC015977	JAI DURGA STEEL INDUSTRIES LIMITED	Director	01/04/1991	01/04/1991	-	Active	NO
2	U74140MH1995PTC093484	NAVDURGA IRON AND STEEL PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO

Name :

Mr. Samir Navinchandra Mehta

Designation :

Director

Address :

8 Audumber Apartments, Opp Iit Main Gate Powai, Mumbai 400076, Maharashtra, India

Date of Birth/Age :

08.05.1980

Date of Appointment :

01.01.2011

DIN No.:

00540543

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	U45400MH2005PTC152577	ANERI STEEL & INFRA PRIVATE LIMITED	Director	12/04/2005	12/04/2005	02/04/2013	Active	NO
2	U51909MH2005PTC153121	NAVINCHANDRA IMPEX PRIVATE LIMITED	Director	09/05/2005	09/05/2005	01/02/2013	Active	NO
3	U74900MH2010PTC205059	EARTH METALLURGICAL SERVICES PRIVATE LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
4	U99999MH1972PLC015977	JAI DURGA STEEL INDUSTRIES LIMITED	Director	30/09/2011	01/01/2011	-	Active	NO
5	U45206MH2011PTC213692	ABHAY ISPAT INFRAPROJECTS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
6	U27100MH2004PTC145452	RATNESH ENGINEERING PRIVATE LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO

Name :

Mr. Rajiv Vinesh Mehta

Designation :

Director

Address :

401, Kailash Residency Plot No. 53/54,, 7th Road, Rajawadi Ghatkopar (East),Mumbai 400077, Maharashtra

Date of Birth/Age :

11.02.1985

Date of Appointment :

01.01.2011

DIN No.:

02839556

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	U70102MH2009PTC197601	Krishna Sun Developers Private Limited	Director	20/01/2010	20/01/2010	19/09/2011	Active	NO
2	U74900MH2010PTC205059	EARTH METALLURGICAL SERVICES PRIVATE LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
3	U99999MH1972PLC015977	JAI DURGA STEEL INDUSTRIES LIMITED	Director	30/09/2011	01/01/2011	-	Active	NO
4	U45206MH2011PTC213692	Abhay Ispat Infraprojects Private Limited	Director	18/02/2011	18/02/2011	-	Active	NO
5	U27100MH2004PTC145452	RATNESH ENGINEERING PRIVATE LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO
6	AAA-2665	SUN REALTY LANDMARKS LLP	Designated Partner	29/10/2010	29/10/2010	30/01/2012	Active	NO

Name :

Mr. Jenil Chandresh Mehta

Designation :

Director

Address :

1301, Kukreja Palace, G – Wing Vallabh Baug, Extn. Lane Ghatkopar (East),Mumbai 400077 Maharashtra, India

Date of Birth/Age :

27.05.1986

Date of Appointment :

01.01.2011

DIN No.:

02839706

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	U74900MH2010PTC205059	EARTH METALLURGICAL SERVICES PRIVATE LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
2	U99999MH1972PLC015977	JAI DURGA STEEL INDUSTRIES LIMITED	Director appointed in casual vacancy	01/01/2011	01/01/2011	-	Active	NO
3	U27100MH2004PTC145452	RATNESH ENGINEERING PRIVATE LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO

Name :

Mr. Rupali Rajesh Sharma

Designation :

Director

Address :

1003, Sai Vaibhav, Tilak Road, Zulelal Chowk,, Garodiya Nagar, Ghatkopar (East), Mumbai 400077 Maharashtra, India

Date of Birth/Age :

08.03.1974

Date of Appointment :

27.05.2011

DIN No.:

003500243

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Shareholders	No. of Shares
Harishchand Sharma	5500
Harishchand Sharma with Rajesh Sharma	27500
Harishchand Sharma - HUF	4150
Devprakash Sharma	900
Devprakash Sharma - HUF	2950
Rupali Rajesh Sharma jntly Rajesh Rupali Sharma	500
Rajesh Sharma	27000
Rajesh Sharma with Mrs Rupali Sharma	27500
Tripta Sharma	2350
Kanchan Sharma	1000
Hemant Kumar Sharma	1000
Neelam Sharma	400
Lata Sharma	700
Reena Sharma	200
Meena Sharma	600
Durgaprasad Sharma	750
Amal Mazumdar	2000
Samir N Mehta	26250
Rajiv V Mehta	26250
Navin T Mehta	26250
Jenil C Mehta	26250
TOTAL	210000

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	50.00
Other top fifty shareholders	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter, manufacturer and supplier of roofing systems, hot rolled sheet, gp sheet, galvanized sheet, profile sheet, godown shed, side cladding, rust resistance galvanized corrugated sheets, galvanized mild steel sheets, galvanized plain sheets and cold rolled steel sheets

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Central Bank of India, Vile Parle East Br, Mumbai - 400057, Maharashtra, India · The Hongkong And Sanghai Banking Corporation, Apj Chambers, Gound Floor,, Behind New Excelsior Cinema,3 Wallace Street, Fort, Mumbai - 400001, Maharashtra, India
Facilities :	--

Banking Relations :	--
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.100/- each	Rs.21.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.100/- each	Rs.21.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.000	10.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		6.254	3.925
4] (Accumulated Losses)		0.000	0.000
NETWORTH		27.254	14.425
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		7.457	0.242
TOTAL BORROWING		7.457	0.242
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		34.711	14.667
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.657	3.604
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	4.407	39.295
	Cash & Bank Balances	0.026	0.883
	Other Current Assets	0.000	0.000
	Loans & Advances	2.928	5.131
Total Current Assets		7.361	45.309
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.089	33.750
	Other Current Liabilities
	Provisions	0.445	0.515
Total Current Liabilities		5.534	34.265
Net Current Assets		1.827	11.044
MISCELLANEOUS EXPENSES		0.227	0.019
TOTAL		34.711	14.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	20.004	10.909	72.296
		Other Income	2.251	0.927	2.173
		TOTAL (A)	22.255	11.836	74.469
Less	EXPENSES
		Direct Expenses	5.431	3.929	66.067
		Employee Benefit Expenses	1.091	0.935	0.000
		Administrative and Other Expenses	2.213	2.430	4.793
		Increase / (Decreased) in Stock	0.000	0.000	0.539
		TOTAL (B)	8.735	7.294	71.399
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.520	4.542	3.070
Less	FINANCIAL EXPENSES (D)		0.002	0.005	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.518	4.537	3.070
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.251	2.138	0.398
	PROFIT BEFORE TAX (E-F) (G)		9.267	2.399	2.672
Less	TAX (I)		3.827	0.070	0.643
	PROFIT AFTER TAX (G-I) (J)		5.440	2.329	2.029
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3.573	1.544
	BALANCE CARRIED TO THE B/S		NA	5.902	3.573
	Earnings Per Share (Rs.)		25.91	11.09	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	24.44	19.67	2.72
Net Profit Margin (PBT/Sales)	(%)	46.32	21.99	3.69
Return on Total Assets (PBT/Total Assets}	(%)	NA	125.89	5.29
Return on Investment (ROI) (PBT/Networth)		NA	0.09	0.19
Debt Equity Ratio (Total Debt/Networth)		NA	0.27	0.02
Current Ratio (Current Asset/Current Liability)		NA	1.33	1.32

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	No
8]	No. of employees	No
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	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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	No
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

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.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		28

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.