MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	HARSH STEEL TRADE PRIVATE LIMITED
Registered Office :	35, 2^nd Floor, Maharashtra Bhavan, 12/14, Bora Masjid Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.01.2010
Com. Reg. No.:	11-199324
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74999MH2010PTC199324
PAN No.: [Permanent Account No.]	AACCH3568H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel Products.
No. of Employees :	Not Divulged

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 DECLINED BY

Name :	Mr. Rupesh
Designation :	Accountant
Contact No.:	91-22-22655061

LOCATIONS

Registered / Branch Office :	35, 2^nd Floor, Maharashtra Bhavan, 12/14, Bora Masjid Street, Fort, Mumbai – 400001, Maharashtra, India
Tel No.:	91-22-22655061/ 22655062
Fax No.:	91-22-22655063
E-Mail :	info@harshsteeltrade.com
Website :	www.harshsteeltrade.com

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Chetan Jitendra Mehta

Designation :

Director

Address :

501, Crown Jewel, Yogi Hills, Balrajeshwar Cross Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Appointment :

25.01.2010

PAN No.:

ACSPM6222A

DIN No.:

02647909

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	Company/ LLP Status	Defaulting status
1	U74999MH2010PTC199324	HARSH STEEL TRADE PRIVATE LIMITED	Director	25/01/2010	25/01/2010	Active	NO
2	U27100MH2011PTC222960	OPERA STEELS PRIVATE LIMITED	Director	13/10/2011	13/10/2011	Active	NO
3	U51909WB2011PTC171284	MANOJAVAYA VINTRADE PRIVATE LIMITED	Director	12/01/2012	12/01/2012	Active	NO
4	U51909WB2011PTC171307	BRAHMACHARINI VYAPAAR PRIVATE LIMITED	Director	12/01/2012	12/01/2012	Active	NO

Name :

Mr. Mahadev Ramchandra Shringare

Designation :

Director

Address :

301/B, Shivchaya, CKP Colony, Eksar Road, Borivali (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

14.08.1947

Date of Appointment :

26.03.2012

DIN No.:

03541122

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	U51909MH2001PTC133370	NETRA MERCANTILE PRIVATE LIMITED	Additional director	03/05/2011	03/05/2011	10/07/2012	Active	NO
2	U27100MH2011PTC222960	OPERA STEELS PRIVATE LIMITED	Director	13/10/2011	13/10/2011	-	Active	NO
3	U74999MH2010PTC199324	HARSH STEEL TRADE PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rupesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Chetan Jitendra Mehta	5000	50.00
Vibha Chetan Mehta	5000	50.00
Total	10000	100.00

AS ON 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader of Iron and Steel Products.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Allahabad Bank, IFB Branch, Fort, Mumbai, Maharashtra, India · Axis Bank, Nariman Point Branch, Mumbai, Maharashtra, India · Dombivli Nagari Sahakari Bank Limited, Fort, Mumbai, Maharashtra, India · The Federal Bank Limited, Fort, Mumbai, Maharashtra, India · The Kapol Co-operative Bank Limited · Oriental Bank of Commerce, Overseas Branch, Dalamal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	71, 7th Floor, Mittal Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No.:	AACFD8728L

CAPITAL STRUCTURE

AFTER 28.09.2012

Authorised Capital : Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 0.100 Million

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100
(b) Reserves & Surplus	24.219	1.759
(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)	24.319	1.859
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	17102.630	5479.695
(c) Other current liabilities	614.805	0.050
(d) Short-term provisions	11.571	2.846
Total Current Liabilities (4)	17729.006	5482.591
TOTAL	17753.325	5484.450
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.036	0.051
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.103	0.103
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.139	0.154
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1240.251	1187.729
(c) Trade receivables	8321.116	4249.372
(d) Cash and cash equivalents	8.253	0.138
(e) Short-term loans and advances	7042.887	47.057
(f) Other current assets	1140.679	0.000
Total Current Assets	17753.186	5484.296
TOTAL	17753.325	5484.450

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	23935.900	4582.000
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES		NA	NA
	PROFIT BEFORE TAX		33.253	2.535
Less	TAX		10.793	0.776
	PROFIT AFTER TAX		22.460	1.759
	Earnings Per Share (Rs.)		2245.96	175.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.14	0.06
Return on Total Assets (PBT/Total Assets}	(%)	0.19	0.05
Return on Investment (ROI) (PBT/Networth)		1.37	1.36
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.00	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	1.759	24.219
Net worth	1.859	24.319
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	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	4582.000	23935.900
		422.390

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	4582.000	23935.900
Profit	1.759	22.460
	0.04%	0.09%

LOCAL AGENCY FURTHER INFORMATION

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CHANGE OF ADDRESS

The Registered office of the company has been shifted from 501, Crown Jewel, Yogi Hills, Balrajeshwar Cross Road, Mulund (West), Mumbai – 400080, Maharashtra, India to present address w.e.f.12.06.2013.

ACTIVITY

Sales Turnover has gone up from Rs.4582.000 Millions to Rs.23935.900 Millions, profit before tax has jumped from Rs.2.535 Millions to Rs.33.253 Millions. The company has developed a very good market for H.R. / C.R. Coils, Sheets, Plates etc. not only in Mumbai, but all over Maharashtra, Gujarat and Karnataka. With the buoyancy in international steel prices the board is hopeful of better performance of the company in future years.

FIXED ASSETS:

· Office Equipment

· Computer Equipments

· Other Equipments

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 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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	NTH

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.