MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	HARIOM INGOTS AND POWER PRIVATE LIMITED
Registered Office :	59-60, Light Industrial Area, Bhilai, Durg – 490011, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.09.2004
Com. Reg. No.:	33-016920
Capital Investment / Paid-up Capital :	Rs.21.860 Millions
CIN No.: [Company Identification No.]	U27106CT2004PTC016920
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH4723M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Steel, Ingot, Moulds, TMT Bars etc.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 430000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and loss that company has incurred from its operational activities during 2014. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = B+
Rating Explanation	Risk prone credit quality and very high credit risk
Date	October 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Limits =A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	October 2014

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Lokesh Manikpuri
Designation :	Account Assistant
Contact No.:	91-788-4055300
Date :	24.12.2014

LOCATIONS

Registered Office/ Factory :	59-60, Light Industrial Area, Bhilai, Durg – 490 011, Chhattisgarh, India
Tel. No.:	91-788-2286377 / 78 / 2296493
Fax No.:	91-788-4015117 / 2224151
E-Mail :	contact@hariomindustries.com casclekhwani_company@rediffmail.com info@hariomtmt.com
Website :	www.haroimindustries.com
Area :	3 Acres
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Santosh Kumar Agarwal

Designation :

Director

Address :

Shree Hariom Kripa, New Khursipar, Bhilai, Durg – 490 011, Chhattisgarh, India

Date of Birth/Age :

20.01.1964

Date of Appointment :

09.09.2004

DIN No.:

00429703

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	U23101CT1998PTC012727	OPTC IMPEX PRIVATE LIMITED	Director	26/03/1998	26/03/1998	-	Active	NO
2	U27106CT2004PTC016920	HARIOM INGOTS AND POWER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO

Name :

Mr. Ajay Kumar Agarwal

Designation :

Director

Address :

Near Spna Talkies, Nandani Road, Bhilai, Durg – 490 011, Chhattisgarh, India

Date of Birth/Age :

17.08.1967

Date of Appointment :

09.09.2004

DIN No.:

00429845

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	U23101CT1998PTC012727	OPTC IMPEX PRIVATE LIMITED	Director	26/07/2004	26/07/2004	-	Active	NO
2	U27106CT2004PTC016920	HARIOM INGOTS AND POWER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO

Name :

Mr. Satyanarayan Agarwal

Designation :

Director

Address :

House No.108, Bhilai Nagar, New Khursipara, Bhilai, Durg – 490 011, Chhattisgarh, India

Date of Birth/Age :

30.06.1967

Date of Appointment :

09.09.2004

DIN No.:

00441010

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	U23101CT1998PTC012727	OPTC IMPEX PRIVATE LIMITED	Director	26/03/1998	26/03/1998	-	Active	NO
2	U27106CT2004PTC016920	HARIOM INGOTS AND POWER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO

Name :

Mr. Sandeep Kumar Agarwal

Designation :

Director

Address :

Shree Hariom Kripa, New Khursipar, Bhilai, Durg – 490 011, Chhattisgarh, India

Date of Birth/Age :

22.10.1983

Date of Appointment :

09.09.2004

DIN No.:

00441087

Name :

Mr. Bhagwan Das Agrawal

Designation :

Director

Address :

Hariom Sadan, Near Mangal Bhawan, New Khursipara, Bhilai, Durg – 490 011, Chhattisgarh, India

Date of Birth/Age :

17.09.1984

Date of Appointment :

13.12.2010

DIN No.:

02961599

Name :

Mr. Anup Agrawal

Designation :

Director

Address :

Hariom Sadan, Deendayal Puram, New Khusipara, Bhilai, Durg – 490 011, Chhattisgarh, India

Date of Birth/Age :

17.11.1985

Date of Appointment :

13.12.2010

DIN No.:

03081733

KEY EXECUTIVES

Name :	Mr. Lokesh Manikpuri
Designation :	Account Assistant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Santosh Kumar Agarwal	53710
Satyanarayan Agarwal	23200
Ajay Kumar Agarwal	5960
Sandeep Kumar Agarwal	7830
Anita Agarwal	2010
Beena Devi Agarwal	42510
Rama Bai Agarwal	210
Santosh Agarwal	1660
OPTC Impex Private Limited, India	34900
Agarwal Trading Company, India	10
Santosh Agarwal HUF	2560
Bhagwan Das Agarwal	6940
Omprakash Agarwal and Sons	1000
Satyanarayan Agarwal and Sons	1000
Dhanraj Agarwal	1150
Majula Agarwal	650
Sumeet Kumar Agarwal	350
Swarna Kosaria	300
Sumeet Kumar Agarwal HUF	350
Rukhamani Khedia	900
Shakuntala Agarwal	700
Shyam Lal Khedia	900
Hemant Kosaria	400
Ghanshyam Dewangan	800
Alka Agarwal	300
Anoop Agarwal	3290
Amarnath Agarwal	13000
Ramadevi Goyal	12000
Ajun Agarwal	10
Total	218600

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	93.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Steel, Ingot, Moulds, TMT Bars etc.
Products :	Steel, Ingot, Moulds, TMT Bars etc
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	West African Countries
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

• Bank of India, Plot No.6, Civic Centre, Bhilai – 491011, Chhattisgarh, India
• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India
• ICICI Bank Limited, Zenith House, Keshavrao, Khade Marg, Mumbai – 400034, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	76.541	101.160
Other loans and advances, others	0.000	0.830
SHORT TERM BORROWINGS
Term loans from banks	178.001	174.422
Total	254.542	276.412

Banking Relations :	--
Auditors :
Name :	Shrichand Likhwani and Company Chartered Accountants
Address :	401, third Floor, Shantanand Chambers, Station Road, Durg – 491 001, Chhattisgarh, India
PAN No.:	ABDFS0531J
Memberships :	--
Collaborators :	--
Related Parties :	Ajay Agrawal and Sons Omprakash Trading Company

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
218600	Equity Shares	Rs. 100/- each	Rs.21.860 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.860	19.360	10.360
(b) Reserves & Surplus	128.280	128.846	118.343
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	21.113
Total Shareholders’ Funds (1) + (2)	150.140	148.206	149.816
(3) Non-Current Liabilities
(a) long-term borrowings	76.541	101.990	65.681
(b) Deferred tax liabilities (Net)	12.933	7.771	7.785
(c) Other long term liabilities	87.688	94.095	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	177.162	203.856	73.466
(4) Current Liabilities
(a) Short term borrowings	178.001	174.422	208.770
(b) Trade payables	0.000	0.000	79.457
(c) Other current liabilities	56.119	103.124	0.000
(d) Short-term provisions	0.000	0.000	23.547
Total Current Liabilities (4)	234.120	277.546	311.774
TOTAL	561.422	629.608	535.056
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	279.529	284.520	206.638
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.674	0.674	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	25.439	26.588	13.918
Total Non-Current Assets	305.642	311.782	220.556
(2) Current assets
(a) Current investments	0.000	0.000	0.674
(b) Inventories	130.923	279.425	207.629
(c) Trade receivables	79.341	19.087	63.520
(d) Cash and cash equivalents	39.944	9.132	14.216
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	5.572	10.182	28.461
Total Current Assets	255.780	317.826	314.500
TOTAL	561.422	629.608	535.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1,800.809	1,536.463	1,445.643
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		45.028	44.531	44.800
Less	DEPRECIATION/ AMORTISATION		38.514	28.978	29.343
	PROFIT/(LOSS) BEFORE TAX		6.514	15.553	15.457
Less	TAX		7.080	5.049	4.934
	PROFIT/(LOSS) AFTER TAX		(0.566)	10.504	10.523
	Earnings / (Loss) Per Share (Rs.)		(2.59)	48.05	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.03)	0.68	0.73
Return on Total Assets (PBT/Total Assets}	(%)	1.16	2.47	2.89
Return on Investment (ROI) (PBT/Networth)		0.04	0.10	0.10
Debt Equity Ratio (Total Debt /Networth)		1.70	1.87	1.83
Current Ratio (Current Asset/Current Liability)		1.09	1.15	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	10.360	19.360	21.860
Reserves & Surplus	118.343	128.846	128.280
Share Application money pending allotment	21.113	0.000	0.000
Net worth	149.816	148.206	150.140
Long Term borrowings	65.681	101.990	76.541
Short Term borrowings	208.770	174.422	178.001
Total borrowings	274.451	276.412	254.542
Debt/Equity ratio	1.832	1.865	1.695

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,445.643	1,536.463	1,800.809
		6.282	17.205

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,445.643	1,536.463	1,800.809
Profit	10.523	10.504	-0.566
	0.73%	0.68%	-0.03%

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	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	Yes
17]	Major suppliers	No
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	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10337186	28/01/2012	30,000,000.00	Bank Of India	Plot No.6,, Civic Centre,, Bhilai, Chhattisgarh -  491011, India	B32804007
2	10325585	22/12/2011	10,000,000.00	Kotak Mahindra Bank Limited	36-38a, Nariman Bhavan, 227,D,, Nariman Point,, Mumbai, Maharashtra - 400021, India	B28788750
3	10250900	30/10/2010	25,000,000.00	Bank Of India	Plot No.6,, Civic Centre, Bhilai, Chhattisgarh - 491011, India	A99491029
4	90209807	24/05/2012 *	374,400,000.00	Bank Of India	Bhilai Mid Corporate Branch, Nehru Nagar Square, Bhilai, Chhattisgarh - 490020, India	B41277658

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.30

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.