MIRA INFORM REPORT

Report No. :	315577
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	NILANJAN IRON PRIVATE LIMITED
Registered Office :	B-75, 5 Star MIDC, Hupri-Kagal, Kolhapur – 416236, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.07.2005
Com. Reg. No.:	11-021019
Capital Investment / Paid-up Capital :	Rs.50.500 Million
CIN No.: [Company Identification No.]	U27106PN2005PTC021019
TAN No.: [Tax Deduction & Collection Account No.]	KLPN01203G
PAN No.: [Permanent Account No.]	AACCN1645H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of M.S. Billets
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has failed to file latest financials of FY 14, with the statutory authorities. As per available, the company possesses a weak financial and liquidity profile marked by accumulated losses as well as weak capital structure. Management has reported a minimal profitability with the help of which the company is gradually wiping off its accumulated losses during FY 2013. The ratings also take into consideration weak debt protection metrics, modest scale of operations and low profitability. Moreover, the intense competition in the domestic steel industry may further affect the overall business profile of the company. However, trade relations are improving. Business is active. Payments terms are reported as slow but correct. In view of extensive experience of the promoters, the subject can be considered for business dealings with great 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Long term rating BB-
Rating Explanation	Moderate risk of default regarding servicing if financial obligations.
Date	March 02, 2015

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March 02, 2015

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. Ankush Singla
Designation :	Director
Contact No.:	91-9225988009
Date :	31.03.2015

LOCATIONS

Registered Office / Factory :	B-75, 5 Star MIDC, Hupri-Kagal, Kolhapur – 416236, Maharashtra, India
Tel. No. :	91-231-6615914
Mobile No. :	91-9225988009 (Mr. Ankush)
Fax No. :	91-231-6615914
E-Mail :	asheeshjainfca@yahoo.co.in nilanjan.iron@yahoo.in
Location :	Owned

DIRECTORS

As on 28.09.2012

Name :

Mr. Vijender Kumar Singla

Designation :

Director

Address :

Singla Bhavan, A-3131, Gogol, Maragoa - 403601, Goa, India

Date of Birth/Age :

26.12.1958

Date of Appointment :

07.12.2007

DIN No. :

01362952

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	U27108GA1997PTC002354	SHIVAM ISPAT PRIVATE LIMITED	DIRECTOR	31/03/1998	31/03/1998	-	ACTIVE	NO
2	U45200UP2006PTC032546	PEE AAR COLONISERS PRIVATE LIMITED	DIRECTOR	30/09/2008	12/10/2007	-	ACTIVE	NO
3	U27106PN2005PTC021019	NILANJAN IRON PRIVATE LIMITED	DIRECTOR	07/12/2007	07/12/2007	-	ACTIVE	NO
4	U51420GA2013PTC007271	SHIVRAM KRISHNA IRON AND STEEL TRADERS PRIVATE LIMITED	DIRECTOR	15/07/2013	15/07/2013	-	ACTIVE	NO
5	U13209GA2011PTC006661	OASIS MINERALS PRIVATE LIMITED	DIRECTOR	27/09/2014	22/05/2014	-	ACTIVE	NO
6	U70109GA2012PTC007123	SHIV RAM KRISHNA DEVELOPERS PRIVATE LIMITED	DIRECTOR	27/09/2014	26/05/2014	-	ACTIVE	NO
7	U27100GA2012PTC007079	SHIV RAMA KRISHNA STEEL PRIVATE LIMITED	ADDITIONAL DIRECTOR	20/01/2015	20/01/2015	-	ACTIVE	NO

Name :

Mr. Devender Kumar Singla

Designation :

Director

Address :

H NO:A-3131 Singla Bhawan, Opposite Golden Chariot Restaurant, Gogol, Maragoa - 403601, Goa, India

Date of Birth/Age :

07.02.1961

Date of Appointment :

20.03.2010

PAN No.:

ARUPS2382Q

DIN No. :

01373848

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	U13100GA2006PTC004824	SHREE GANPATI ISPAT PRIVATE LIMITED	DIRECTOR	07/09/2006	07/09/2006	20/03/2008	ACTIVE	NO
2	U27106PN2005PTC021019	NILANJAN IRON PRIVATE LIMITED	DIRECTOR	28/09/2010	20/03/2010	-	ACTIVE	NO

Name :

Mr. Ankush Devender Kumar Singla

Designation :

Director

Address :

H NO:A-3131 Singla Bhawan, Opposite Golden Chariot Restaurant, Gogol, Maragoa - 403601, Goa, India

Date of Birth/Age :

04.08.1989

Date of Appointment :

26.07.2010

PAN No.:

BTGPS3652E

DIN No. :

02650449

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	U28910GA2006PLC004326	ARYA STEELS ROLLING (INDIA) LIMITED	DIRECTOR	01/04/2008	01/04/2008	01/07/2013	ACTIVE	NO
2	U27106PN2005PTC021019	NILANJAN IRON PRIVATE LIMITED	DIRECTOR	28/09/2010	26/07/2010	-	ACTIVE	NO

KEY EXECUTIVES

Name :	Mr. Sriram Prajapati
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares	%age
Rajendraprasad Singla	5000	0.99
Vijendrakumar Singla	150000	29.70
Sanjeev Bansal (HUF)	40000	7.92
Rajeev Bansal (HUF)	40000	7.92
Devendra Singla	50000	9.90
Sumit Singla	95000	18.81
Amit Singla	35000	6.93
Rajeev Bansal	20000	3.96
Saneev Bansal	20000	3.96
Bhoti Devi Singla	50000	9.90
Total	505000	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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M.S. Billets

Products :

Item Code No. (ITC Code)	Product Description
72061010	MS Ingots

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• Dubai
• Singapore
• UK
• USA
• South Africa

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

45 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	Calisto Mansion, Dr. Pissurlekar Road, Panjim – 403001, Goa, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
Loans taken for vehicles	0.593	0.932
Loans taken for other fixed assets	5.716	19.905
SHORT TERM BORROWINGS
Working capital loans from banks	86.820	79.514
Commercial paper	122.184	58.442
Total	215.313	158.793

Auditors :
Name :	Nilesh N. Baheti Chartered Accountants
Address :	1245 E, Wardrajaram Road, M J Market, LG-16/17, Near Parvatitheatre Bagal Chowk, Kolhapur – 416008, Maharashtra, India
PAN No. :	ABBPB0124A
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Goa Sponge and Power Limited Ganpati Ispat Private Limited Shivam Ispat Private Limited Shivam Villa Private Limited Shri Balaji Rollings Private Limited Arya Steels Rolling (India) Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Shree Radhakrishna Modern Rice Mills

CAPITAL STRUCTURE

As on 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
505000	Equity Shares	Rs.10/- each	Rs.50.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	50.500	50.500	50.500
(b) Reserves & Surplus	(2.812)	(4.129)	(5.301)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	47.688	46.371	45.199
(3) Non-Current Liabilities
(a) long-term borrowings	62.812	101.812	102.598
(b) Deferred tax liabilities (Net)	14.181	12.558	10.340
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	76.993	114.370	112.938
(4) Current Liabilities
(a) Short term borrowings	209.004	137.956	80.882
(b) Trade payables	28.600	51.957	48.760
(c) Other current liabilities	21.780	23.469	12.376
(d) Short-term provisions	18.546	10.370	7.426
Total Current Liabilities (4)	277.930	223.752	149.444
TOTAL	402.611	384.493	307.581
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119.384	125.978	132.134
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.404	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.424	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.143	0.143	0.054
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	125.355	126.121	132.188
(2) Current assets
(a) Current investments	39.837	9.523	10.294
(b) Inventories	178.044	196.738	97.612
(c) Trade receivables	16.782	17.787	32.777
(d) Cash and cash equivalents	4.438	0.802	1.993
(e) Short-term loans and advances	7.724	4.470	0.000
(f) Other current assets	30.431	29.052	32.717
Total Current Assets	277.256	258.372	175.393
TOTAL	402.611	384.493	307.581

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	975.043	1019.669	733.092
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	943.103	982.359	721.426
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		31.940	37.310	11.666
Less	FINANCIAL EXPENSES		21.587	26.492	4.980
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.353	10.818	6.686
Less/ Add	DEPRECIATION/ AMORTISATION		6.644	6.599	3.986
	PROFIT/ (LOSS) BEFORE TAX		3.709	4.219	2.700
Less	TAX		2.392	3.047	3.445
	PROFIT/ (LOSS) AFTER TAX		1.317	1.172	(0.745)
	Earnings / (Loss) Per Share (Rs.)		2.61	2.32	(1.47)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.93	1.10	0.88
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.06
Debt Equity Ratio (Total Debt/Networth)		5.70	5.17	4.06
Current Ratio (Current Asset/Current Liability)		1.00	1.15	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	50.500	50.500	50.500
Reserves & Surplus	(5.301)	(4.129)	(2.812)
Net worth	45.199	46.371	47.688
long-term borrowings	102.598	101.812	62.812
Short term borrowings	80.882	137.956	209.004
Total borrowings	183.480	239.768	271.816
Debt/Equity ratio	4.059	5.171	5.700

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	733.092	1019.669	975.043
		39.092	(4.377)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	733.092	1019.669	975.043
Profit/Loss	(0.745)	1.172	1.317
	(0.10%)	0.11%	0.14%

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	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	No
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

NOTE:

The registered address of the company has been shifted from plot no. B-1/B-2, 5 Star Kagal-Hupari MIDC, Kolhapur – 416216, Maharashtra, India to the present address w.e.f. 07.12.2007

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
Other loans and advances	56.503	80.975
Total	56.503	80.975

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10320560	10/10/2011	950,000.00	PUNJAB NATIONAL BANK	CALISTO MANSION, DR PISSURLEKAR ROAD, PANAJI, Goa - 403001, INDIA	B26575878
2	10237219	12/04/2013 *	326,000,000.00	PUNJAB NATIONAL BANK	CALISTO MANSION, DR. PISSURLEKER ROAD, PANJIM, Goa - 403001, INDIA	B73740961

* Date of charge modification

FIXED ASSETS

œ Land

œ Furniture and Fixtures

œ Motor Vehicles

œ Computer Equipments

œ Plant and Equipment

œ Factory Building

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 records 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.