MIRA INFORM REPORT

Report Date :

30.07.2013

IDENTIFICATION DETAILS

Name :	SHREEJI STEEL TRADERS PRIVATE LIMITED
Registered Office :	Building No. A – 1/302, Secy Star Galaxy Co Operative Housing Society Limited, L T Road, Borivali West, Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.12.2006
Com. Reg. No.:	11-199138
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U52342MH2006PTC199138
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The profit margin seems to be low. However, Networth seems to be good. The company has achieved better growth in its sales during 2012. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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. Tejas Panchal
Designation :	Account Executive
Contact No.:	91-261-2277149
Date :	29.07.2013

LOCATIONS

Registered Office :	Building No. A – 1/302, Secy Star Galaxy Co Operative Housing Society Limited, L T Road, Borivali West, Mumbai – 400092, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Shreeji_steel@yahoo.co.in ptcsurat@yahoo.co.in

DIRECTORS

As on 23.09.2012

Name :

Mr. Vijay Jagmohandas Mehta

Designation :

Director

Address :

7-A, Rudravan Apartment Opposite Arihant Park, Near Bhrti Park, Parle Pont, Sura – 395001, Gujarat, India

Date of Birth/Age :

06.11.1966

Date of Appointment :

27.12.2006

PAN No.:

ADHPM1690A

DIN No.:

00445510

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	U17119GJ1989PTC012640	K N TEXTILES PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
2	U52342MH2006PTC199138	SHREEJI STEEL TRADERS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
3	U45201GJ2008PTC053280	SAHYOG REALTY AND INFRAPROJECTS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO

Name :

Mr. Haresh Kumar Jagmohandas Mehta

Designation :

Director

Address :

5-A Rajvaibhav Apartment Opposite Pushpanjali Apartment, Parle Pont, Surat – 395007, Gujarat, India

Date of Birth/Age :

01.07.1965

Date of Appointment :

27.12.2006

PAN No.:

ABXPM7550P

DIN No.:

00171485

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	U17119GJ1989PTC012640	K N TEXTILES PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
2	U55100GJ2005PTC046436	SHREEJI RESIDENCY PRIVATE LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO
3	U45201GJ2005PTC047031	FORTUNE ORGANISERS PRIVATE LIMITED	Director	08/11/2005	08/11/2005	-	Active	NO
4	U17119GJ1993PTC020432	KANHAV CREATION PRIVATE LIMITED	Director	20/11/2006	20/11/2006	16/06/2008	Active	NO
5	U70102GJ2006PTC049586	INNOVATIVE ORGANISERS PRIVATE LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
6	U52342MH2006PTC199138	SHREEJI STEEL TRADERS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
7	U45201GJ2008PTC053280	SAHYOG REALTY AND INFRAPROJECTS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
8	U45201GJ2008PTC053333	SHREE SWASTIK ORGANISOR PRIVATE LIMITED	Director	25/03/2008	25/03/2008	23/04/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Tejas Panchal
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2012

Names of Shareholders	No. of Shares
Haresh Kumar Jagmohandas Mehta	46500
Vijay Jagmohandas Mehta	46500
Kishorbhai Vallabhbhai Gondalia (Other Income)	10
B.K Steels (Business)	10
Vijaybhai Jagmohandas Mehta – HUF (Other Income)	10
Shaili Hareshbhai Mehta (Retail Business)	46810
Rupaliben Vijaybhai Mehta (Other Income)	45910
Viralben Hareshbhai Mehta (Other Income)	46410
Hareshbhai Jagmohandas Mehta – HUF (Other Income)	10
Jagmohandas Dayalji Mehta – HUF (Other Income)	10
Pravinbhai Jivrajbhai Soni	10
Karamshibhai Muljibhai Thumar (HUF)	10
Harsukhbhai Muljibhai Thumar (HUF)	10
Madhukanta Jagmohandas Mehta (Other Income)	175420
Harsh Haresh Mehta (Other Income)	45600
Jinal Vijay Mehta	46800
Total	500030

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2012

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

Standard Chartered Bank, 1^st Floor, C K tower, B/S Sargam Shopping Centre, Parle Point, Surat - 395007,Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Other loans and advances (Hyphotication of Cars)	4.889	0.612
Short-term borrowings
Working capital loans from banks	52.768	45.147
Total	57.657	45.759

Banking Relations :	--
Auditors :
Name :	Pradeep K. Singhi and Associates Chartered Accountants
Address :	A/501, President Plaza, Near R.T.O., Ring Road, Nanpura, Surat, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFP8463D
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Shreeji Steels Sales, India
Relatives of Key Management personnel:	Satyam Steel

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500030	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	39.266	25.611
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	44.266	30.611
(3) Non-Current Liabilities
(a) long-term borrowings	76.256	29.829
(b) Deferred tax liabilities (Net)	0.000	0.390
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	76.256	30.219
(4) Current Liabilities
(a) Short term borrowings	52.768	45.147
(b) Trade payables	196.927	181.191
(c) Other current liabilities	9.745	11.716
(d) Short-term provisions	8.651	8.932
Total Current Liabilities (4)	268.091	246.986
TOTAL	388.613	307.816
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.389	11.035
(ii) Intangible Assets	0.033	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.173	0.000
(d) Long-term Loan and Advances	0.436	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	23.041	11.045
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	92.191	41.944
(c) Trade receivables	264.210	239.934
(d) Cash and cash equivalents	4.922	8.784
(e) Short-term loans and advances	4.132	6.092
(f) Other current assets	0.117	0.017
Total Current Assets	365.572	296.771
TOTAL	388.613	307.816

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		11.924
4] (Accumulated Losses)		0.000
NETWORTH		16.924
LOAN FUNDS
1] Secured Loans		61.100
2] Unsecured Loans		25.904
TOTAL BORROWING		87.004
DEFERRED TAX LIABILITIES		0.452
TOTAL		104.380
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.516
Capital work-in-progress		0.246
INVESTMENT		0.010
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.865
	Sundry Debtors	204.017
	Cash & Bank Balances	12.586
	Other Current Assets	0.348
	Loans & Advances	2.778
Total Current Assets		273.594
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	169.275
	Other Current Liabilities	5.067
	Provisions	3.666
Total Current Liabilities		178.008
Net Current Assets		95.586
MISCELLANEOUS EXPENSES		0.022
TOTAL		104.380

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1726.344	1546.422
		Other Income	0.538	0.545
		TOTAL	1726.882	1546.967	1296.382
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	1517.017	1279.962
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			29.950	16.420
Less	FINANCIAL EXPENSES			7.203	6.443
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			22.747	9.977
Less/ Add	DEPRECIATION/ AMORTISATION			2.089	1.060
Less	PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS		20.943	20.658	8.917
Less	EXCEPTIONAL ITEMS		0.015	0.000	0.000
	PROFIT BEFORE TAX		20.928	20.658	8.917
Less	TAX		7.273	6.971	2.884
	PROFIT AFTER TAX		13.655	13.687	6.033
	Earnings Per Share (Rs.)		27.31	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	1700.000 (due to market fluctuation)

Expected Sales (2013-2014): Rs.2000.000 Millions

The above information has been parted by Mr. Tejas Panchal (Account Executive)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.79	0.88	0.47
Net Profit Margin (PBT/Sales)	(%)	1.21	1.34	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.39	6.71	3.26
Return on Investment (ROI) (PBT/Networth)		0.47	0.67	0.53
Debt Equity Ratio (Total Debt /Networth)		2.91	2.45	5.14
Current Ratio (Current Asset/Current Liability)		1.36	1.20	1.54

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	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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	71.367	29.217
Total	71.367	29.217

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10144694	18/02/2013 *	150,000,000.00	Standard Chartered Bank	1ST FLOOR, C K TOWER, B/S SARGAM SHOPPING CENTRE , PARLE POINT, SURAT, GUJARAT - 395007, INDIA	B72784564

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Computer equipments
• Office equipment

Intangible assets

• Computer software

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.59.30
UK Pound	1	Rs.91.18
Euro	1	Rs.78.71

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.