MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	JENIL STEEL PRIVATE LIMITED
Registered Office :	31, Broach Street, Iron Market, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.2002
Com. Reg. No.:	11-135401
Capital Investment / Paid-up Capital :	Rs.8.500 Millions
CIN No.: [Company Identification No.]	U27104MH2002PTC135401
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08055F
PAN No.: [Permanent Account No.]	AABCJ0418M
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Iron and Steel.
No. of Employees :	Information declined by the management.

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

Maximum Credit Limit :	USD 410000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in profitability during 2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	April 2013

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 DECLINED BY

Name :	Mr. Jenil
Designation :	Business Head
Contact No.:	91-22-23480250
Date :	23.05.2013

LOCATIONS

Registered Office :	31, Broach Street, Iron Market, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23480250/ 23481072/ 65751244/ 65751245/ 25020851
Fax No.:	91-22-23717250/ 25020851
E-Mail :	admin@jenilsteel.com
Website :	http://www.jenilsteel.com
Warehouse :	Shreenath Warehouse, Plot No. 1441, Iron and Steel Market Complex, Road No.16, Kalmaboli, New Mumbai – 410 208, Maharashtra, India ,
Panvel Godown :	Survey No. 6/4, Mukam Post – Phalaspha, Mumbai – Goa Highway, Taluka – Panvel, District – Raigad, Maharashtra, India

DIRECTORS

As on 28.09.2012

Name :	Mr. Bhavnesh Doshi
Designation :	Director
Address :	505, Krushal Tower, C Wing, G. M. Road, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth/Age :	09.06.1963
Qualification :	B. Com
PAN No.:	AABPD7473K
Date of Appointment :	03.04.2002
DIN No.:	00397674
Name :	Mr. Chandresh Tulsidas Mehta
Designation :	Director
Address :	1003/1004, Sai Vaibhav, Vikrant Circle, R. B. Mehta Marg, Jhulelal Chowk, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	04.11.1957
Qualification :	Inter Commerce
PAN No.:	AAHPM3717B
Date of Appointment :	03.04.2002
DIN No.:	00498593

KEY EXECUTIVES

Name :	Mr. Jenil
Designation :	Business Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Arvindkumar G. Shah	3
Ashok N. Vasa	3
Beena P. Doshi	3
Bhavika P. Doshi	3
Charu V. Mehta	3
Chaya B. Mehta	3
Chimanlal A. Doshi (HUF)	3
Deepak M. Lodha	3
Dipti Doshi	3
Gambhirdas D. Shah	3
Hansa C. Shah	3
Hrasha M. Mehta	3
Hiraben H. Dhinoja	3
Hiten P. Doshi	3
Indumati C. Doshi	3
J N Kanakiya (HUF)	3
Jayalaxmi Anantrai Vora	3
Jayesh Mehta (HUF)	3
Kalpesh S. Doshi	3
Kamlesh C. Doshi (HUF)	3
Kamlesh C. Doshi	3
Kavita Agarwal	3
Kiran N. Kanakiya (HUF)	3
Manglaben D. Parekh	3
Minakshi A. Shah	3
Nemchand J. Shah	3
Nina S. Pandya	3
Pravina K. Doshi	3
Sirish C. Doshi	3
Urmila K. Shah	3
Vallabhdas B. Doshi (HUF)	3
Vasantben B. Mehta	3
Virendra V. Doshi	3
Zarna H. Dhinoja	3
Chandresh Tulsidas Mehta	424945
Bhavnesh Doshi	424951
Bhavnesh Doshi (HUF)	3
Bhavna C. Mehta	3
Jenil C. Mehta	3
Chandresh T. Mehta (HUF)	3
Darshana B. Doshi	3
Shakuntala S. Mittal	3
K R Bedmutha	3
Total	850019

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.98
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Iron and Steel.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

• The Kapol Co-Operative Bank Limited, Lokhand Jatha Branch, Steel Centre, Sant Tukaram Road, Mumbai - 400009, Maharashtra, India
• Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loans from banks	151.918	146.132
Total	151.918	146.132

Banking Relations :	--
Auditors :
Name :	M. M. Mathuria and Associates Chartered Accountants
Address :	56/10, Botawala Building Office No. 9 and 10, 1^st Floor, Bomanji Master Lane, Opposite Kalbadevi Post Office, Mumbai – 400002, Maharashtra, India
PAN No.:	AAAPM9540R

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
850019	Equity Shares	Rs.10/- each	Rs.8.500 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Chandresh Tulsidas Mehta	424945	49.99%
Bhavnesh Doshi	424951	49.99%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.500	8.500	3.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		95.751	81.382	60.979
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		104.251	89.882	64.379
LOAN FUNDS
1] Secured Loans		151.918	146.132	124.404
2] Unsecured Loans		111.431	156.045	52.300
TOTAL BORROWING		263.349	302.177	176.704
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		367.600	392.059	241.083
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.058	2.833	3.292
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	37.646
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	156.133	193.290	248.206
	Sundry Debtors	315.557	326.599	178.209
	Cash & Bank Balances	44.012	29.928	5.510
	Other Current Assets	0.000	0.001	0.000
	Loans & Advances	59.531	39.165	16.899
Total Current Assets		575.233	588.983	448.824
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	167.578	167.144	206.443
	Other Current Liabilities	44.613	33.113	22.525
	Provisions	0.000	0.000	19.713
Total Current Liabilities		212.191	200.257	248.681
Net Current Assets		363.042	388.726	200.143
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		367.600	392.059	241.083

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2556.249	2238.724	1679.932
		Other Income
		TOTAL	2556.249	2238.724	1679.932
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2534.088	2200.376	1653.259
		Advertising Expenses
		TOTAL	2534.088	2200.376	1653.259
Less	FINANCIAL EXPENSES
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.161	38.348	26.673
Less/ Add	DEPRECIATION/ AMORTISATION		0.793	0.646	0.630
	PROFIT BEFORE TAX		21.368	37.702	26.043
Less	TAX		7.000	12.200	8.500
	PROFIT AFTER TAX		14.368	25.502	17.543
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		79.882	54.380	36.837
	BALANCE CARRIED TO THE B/S		94.250	79.882	54.380
	EARNINGS IN FOREIGN CURRENCY		111.032	46.158	NA
	Earnings Per Share (Rs.)		16.90	30.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.56	1.19	1.04
Return on Total Assets (PBT/Total Assets}	(%)	3.69	6.37	5.76
Return on Investment (ROI) (PBT/Networth)		0.20	0.42	0.40
Debt Equity Ratio (Total Debt /Networth)		2.53	3.36	6.61
Current Ratio (Current Asset/Current Liability)		2.71	2.94	1.80

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
- Creditors due others	167.578	167.144	206.443
Total	167.578	167.144	206.443

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	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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Loans and advances from directors	0.000	17.000
Loans and advances from others	111.431	139.045
Total	111.431	156.045

FIXED ASSETS:

• Plant and Machinery
• Other Equipments
• Furniture Fixtures
• Vehicles

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.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

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	4
--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
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.