MIRA INFORM REPORT

Report Date :

28.06.2014

IDENTIFICATION DETAILS

Name :	ICON STEEL PRODUCTS PRIVATE LIMITED (w.e.f. 09.01.2014)
Formerly Known As :	GANGA EXIM PRIVATE LIMITED
Registered Office :	Flat No.202/A, H.No.258/3RT, Sarala Apartments, Sanjeeva Reddy Nagar Colony, Hyderabad – 500038, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.03.2000
Com. Reg. No.:	01-034031
Capital Investment / Paid-up Capital :	Rs.26.703 Millions
CIN No.: [Company Identification No.]	U51909TG2000PTC034031
PAN No.: [Permanent Account No.]	AABCG3773A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Suppler of Iron and Steel.
No. of Employees :	25 (Approximately)

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 1500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by very low profit margin of the company. However, trade relations are reported as fair. Business is active. Payments terms 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Gause Moddin
Designation :	Manager
Contact No.:	91-40-65976950
Date :	25.06.2014

LOCATIONS

Registered Office :	Flat No.202/A, H.No.258/3RT, Sarala Apartments, Sanjeeva Reddy Nagar Colony, Hyderabad – 500038, Telangana, India
Tel. No.:	91-40-65976950
Fax No.:	Not Available
E-Mail :	gepl2000@gmail.com iconzk@outlook.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Amit Mehta

Designation :

Director

Address :

Flat No. R2, Plot No. 55, Neb Tower, Road No. 10, Jubilee Hills, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

16.09.1966

Date of Appointment :

01.12.2005

DIN No.:

02414776

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	U72200TG1994PTC017923	MECHANO MAINTENANCE SERVICES PRIVATE LIMITED	Director	14/07/1994	14/07/1994	20/07/2009	Active	NO
2	U51909TG2000PTC034031	ICON STEEL PRODUCTS PRIVATE LIMITED	Director	29/09/2006	01/12/2005	-	Active	NO
3	U20219TG2009PLC062911	MOSO BAMBOO TIMBER AND PRODUCTS LIMITED	Managing director	27/02/2009	27/02/2009	-	Active	NO
4	U72200TG2000PTC033911	MOZO BAMBOO & ECO PRODUCTS PRIVATE LIMITED	Director	14/05/2009	14/05/2009	-	Active	NO
5	U74999TG2010PLC069785	BASIX SUB-K ITRANSACTIONS LIMITED	Director	01/01/2013	31/08/2010	-	Active	NO
6	U72900DL2012PLC234376	VAYAM RENEWABLE LIMITED	Director	16/04/2012	16/04/2012	-	Active	NO

Name :

Mr. Nageshwar Reddy Lingireddy

Designation :

Additional Director

Address :

Flat No. 102, Green Court Apartment, Nizampet Road, Kukatpally, Hyderabad – 500072, Telangana, India

Date of Birth/Age :

29.12.1971

Date of Appointment :

06.03.2010

DIN No.:

02661420

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	U21011TG1999PTC033171	DEVESH ENGINEERING ENTERPRISES PRIVATE LIMITED	Director	29/09/2009	08/06/2009	-	Active	NO
2	U29219TG1988PLC009396	GANGA INDUSTRIAL CORPORATION LIMITED	Director	30/09/2009	08/06/2009	-	Active	NO
3	U29195KA2001PLC029233	SATYA STRAPS AND PACKING TECHNOLOGIES LIMITED	Additional director	15/06/2009	15/06/2009	-	Active	NO
4	U29308TG2000PTC067160	ASPIRING ENTERPRISES PRIVATE LIMITED	Director	29/09/2009	15/06/2009	25/10/2013	Active	NO
5	U70102TG2002PLC039283	J.R. AUTOMOBILES LIMITED	Additional director	01/07/2009	01/07/2009	-	Strike off	NO
6	L27109TG1986PLC039625	HANDUM INDUSTRIES LIMITED	Director	29/09/2009	08/07/2009	-	Active	NO
7	U51909TG2000PTC034031	ICON STEEL PRODUCTS PRIVATE LIMITED	Additional director	06/03/2010	06/03/2010	-	Active	NO
8	U65900TN2010PTC075960	ESSFORE CONSULTANCY SERVICES PRIVATE LIMITED	Director	02/06/2010	02/06/2010	20/06/2013	Active	NO
9	U70102TG2010PTC071503	CREDENCE AVENUES PRIVATE LIMITED	Director	02/12/2010	02/12/2010	-	Active	NO
10	U70100TG2010PTC071549	BHAVYA AVENUES PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO
11	U28910TG2011PTC072508	Sunlight Engineering & Trading Private Limited	Director	04/02/2011	04/02/2011	-	Active	NO
12	U40106TG2011PTC074577	VELUGU POWER SOLUTIONS PRIVATE LIMITED	Additional director	02/04/2014	02/04/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Ch.Jawahar Babu	10
P. Surendra	10
Bhagyaxagar Investments and Trading Private Limited, India	459600
Golkonda Finance and Trading Private Limited, India	451600
G.B. Trading and Investments Private Limited, India	493600
Info Tech lnfin and Trading Private Limited, India	451730
Prime Infoinvest Limited, India	412033
Swain Finance and Trading Private Limited, India	401740
Total	2670323

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

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

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

No. of Employees :

25 (Approximately)

Bankers :

UCO Bank, Surya Nagar Branch, Tolichowki, Hyderabad - 500006, Telangana,

India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate borrowings	52.521	75.459
Loans taken for vehicles	0.255	0.651
Short Term Borrowings
Working capital loans from banks	15.043	15.185
Total	67.819	91.295

Banking Relations :	--
Auditors :
Name :	Rama Rao Karumanchi Chartered Accountants
Address :	Plot No. 233, Kalyan Nagar, Hyderabad – 500038, Telangana., India
PAN No.:	AEOPK0445B

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2670323	Equity Shares	Rs.10/- each	Rs.26.703 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26.703	26.703	26.703
(b) Reserves & Surplus	340.312	336.030	332.197
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	103.375
Total Shareholders’ Funds (1) + (2)	367.015	362.733	462.275
(3) Non-Current Liabilities
(a) long-term borrowings	52.776	76.110	69.406
(b) Deferred tax liabilities (Net)	0.000	0.138	0.472
(c) Other long term liabilities	1,868.353	1,062.500	190.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1,921.129	1,138.748	259.878
(4) Current Liabilities
(a) Short term borrowings	15.043	15.185	15.186
(b) Trade payables	6,813.598	4,330.290	1,591.437
(c) Other current liabilities	37.892	136.992	286.519
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	6,866.533	4,482.467	1,893.142
TOTAL	9,154.677	5,983.948	2,615.295
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.649	3.803	2.567
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.163	0.000	0.000
(d) Long-term Loan and Advances	0.820	0.786	0.786
(e) Other Non-current assets	0.065	0.060	0.056
Total Non-Current Assets	3.697	4.649	3.409
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.714	2.793	2.112
(c) Trade receivables	8,346.926	4,033.814	1,447.258
(d) Cash and cash equivalents	24.414	3.235	5.157
(e) Short-term loans and advances	777.926	1,939.457	1,157.359
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9,150.980	5,979.299	2,611.886
TOTAL	9,154.677	5,983.948	2,615.295

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Income	11107.075	11629.147	6201.688
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES		NA	NA	NA
PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
TAX		NA	NA	NA
PROFIT/(LOSS) AFTER TAX		4.281	3.832	3.105
Earnings Per Share (Rs.)		1.60	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	12460.000

The above information has been parted by Mr. Gouse Moddin

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.18	0.25	0.18
Current Ratio (Current Asset/Current Liability)	1.33	1.33	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	26.703	26.703	26.703
Reserves & Surplus	332.197	336.030	340.312
Share Application money pending allotment	103.375	0.000	0.000
Net worth	462.275	362.733	367.015
long-term borrowings	69.406	76.110	52.776
Short term borrowings	15.186	15.185	15.043
Total borrowings	84.592	91.295	67.819
Debt/Equity ratio	0.183	0.252	0.185

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	6,201.688	11,629.147	11,107.075
		87.516	-4.489

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	6,201.688	11,629.147	11,107.075
Profit	3.105	3.832	4.281
	0.05%	0.03%	0.04%

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%	-----------
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

GENERAL INFORMATION

The company is primarily engaged in the business of trading of iron and steel products etc.

COMPANY'S PERFORMANCE

During the period your company has achieved a turnover of Rs.11107.075 Millions (Previous year Rs.11629.147 Millions) and earned a net profit of Rs.4.281 Millions (Previous year Rs.3.832 Millions) after providing for all expenses. The Directors are hopeful to project better financial results in the forthcoming years.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10015113	25/05/2006	15,000,000.00	UCO BANK	Surya Nagar Branch, Tolichowki, Hyderabad, Andhra Pradesh - 500006, India	A01869700
2	90262995	23/12/2005	8,500,000.00	Bank of Baroda	Main Branch, Hyderabad, Andhra Pradesh, India	-

*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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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	YES
--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.