MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	ANUKOOL STEEL
Registered Office :	402, Gupta Bhavan 64-B, Ahmedabad Street Cornac Bunder, Mandvi, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1985
Capital Investment / Paid-up Capital :	Rs.22.761 Millions
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners.
Line of Business :	Trader of Iron and Steel.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings at usual trade terms and 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Not available

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

Name :	Mr. Mayur Kadakia
Designation :	Partner
Contact No.:	91-9820057173
Date :	25.11.2014

LOCATIONS

Registered Office :	402, Gupta Bhavan 64-B, Ahmedabad Street Cornac Bunder, Mandvi, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23485888 / 23719873 / 23871806 / 23882261
Mobile No.:	91-9820057173 (Mr. Mayur Kadakia)
Fax No.:	91-22-23715376
E-Mail :	anukoolsteel@mtnl.net.in
Area :	220 Sq. Ft.
Location :	Owned

PARTNERS

Name :	Mrs. Saroj R. Kadakia
Designation :	Partner
Name :	Mr. Milan R. Kadakia
Designation :	Partner
Name :	Mr. Mayur R. Kadakia
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Bharat Kumar Indrasen Trading Private Limited
Name of the Person :	Mr. Tansukhbhai (Vice-Chairman)
Contact No.:	Not Available
Since How Long Known :	10 Years
Experience :	Good relation with subject company in all time.
Maximum Limit Dealt :	15 to 20 Per Year

Customers :

Reference :	J Kumar Infra Project Limited
Name of the Person :	Ms. Rekha (Purchase Assistant)
Contact No.:	91-22-67743555
Since How Long Known :	5 Years
Experience :	Company has good relation with subject company and delivery of goods are on time.
Maximum Limit Dealt :	Not Available

No. of Employees :

5 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Altamount Road Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Ramesh Patel
Contact Number	91-22-23530634
Name of Account Holder	Anukool Steel
Account Number	Current Account
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Good
Remarks (If any)	Not Available

Auditors :

Name :

Bharat Kanakia and Company

Chartered Accountants

Memberships :

---

Collaborators :

---

Sister Concern :

· Simplex Engineering Company

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs.22.761 Millions
Borrowed :	---
Total :	Rs.22.761 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		22.761	16.974
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		22.761	16.974
LOAN FUNDS
1] Secured Loans		0.000	0.108
2] Unsecured Loans		1.000	1.600
TOTAL BORROWING		1.000	1.708
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		23.761	18.682
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.745	0.819
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	31.620	32.154
	Cash & Bank Balances	5.998	5.490
	Other Current Assets	0.000	0.000
	Loans & Advances	1.986	1.689
Total Current Assets		39.604	39.333
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.588	21.470
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		16.588	21.470
Net Current Assets		23.016	17.863
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23.761	18.682

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	216.319	123.238
		Other Income	4.928	3.765
		TOTAL	221.247	127.003
Less	EXPENSES
		Advertisement	0.001	0.001
		Accounting Charges	0.000	0.180
		Purchases	196.341	110.856
		Bank Charges	0.002	0.003
		Bank O/D Interest	0.000	0.016
		Brokerage on Sales	1.008	0.308
		Conveyance	0.288	0.242
		Depreciation	0.157	0.146
		Donation	0.001	0.000
		Discounting & Financial Charges	4.515	2.640
		Bonus	0.081	0.086
		Interest on late payment	0.048	0.145
		Interest paid	0.286	0.681
		Keyman Insurance Premium	0.055	0.109
		Motor Car Insurance	0.015	0.018
		Motor Car Expenses	0.100	0.075
		Sales tax	0.326	0.167
		Sales tax interest	0.000	0.103
		Reparing & Maintenance	0.004	0.003
		Miscellaneous Expenses	0.286	0.258
		Business Promotion Exepenses	0.063	0.009
		Staff Welfare	0.015	0.016
		Postage & Courier	0.008	0.004
		Printing & Stationery	0.017	0.005
		Audit & Professional Fees	0.280	0.100
		Salaries	0.900	0.854
		Motor car repairing	0.027	0.046
		Stamp Fees	0.026	0.013
		Telephone Expenses	0.062	0.067
		Diwali Expenses	0.032	0.018
		Salary to Partner	1.248	1.377
		Brokerage on Purchases	1.723	0.930
		Hail & Forwarding	0.006	0.010
		Octroi	0.214	0.081
		Testing Charges	0.000	0.002
		Transport	5.870	2.853
		Service tax	0.180	0.090
		Weight Bridge	0.036	0.016
		Sales Tax	0.004	0.139
		TOTAL	214.225	122.667
	NET PROFIT		7.022	4.336

Expected Sales (2014-2015): Rs.180.000 Million

The above information has been parted by Mr. Mayur Kadakia (Partner).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	3.24	3.51
Return on Total Assets (PBT/Total Assets}	(%)	17.40	10.79
Return on Investment (ROI) (PBT/Networth)		0.30	0.25
Debt Equity Ratio (Total Liability/Networth)		0.72	1.26
Current Ratio (Current Asset/Current Liability)		2.38	1.83

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.974	22.761
Reserves & Surplus	0.000	0.000
Net worth	16.974	22.761
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	123.238	216.319
		75.529

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	123.238	216.319
Profit	4.336	7.022
	3.52%	3.25%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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.61.91
UK Pound	1	Rs.97.12
Euro	1	Rs.76.92

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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

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.