MIRA INFORM REPORT

Report No. :	316084
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	JINDAL ROLLING MILLS LIMITED (w.e.f. 24.06.1993)
Formally Known As :	JINDAL ROLLING MILLS PRIVATE LIMITED
Registered Office :	9th KM Stone, Delhi Road, Hisar – 125044, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.02.1986
Com. Reg. No.:	55-023451
Capital Investment / Paid-up Capital :	Rs. 13.043 Million
CIN No.: [Company Identification No.]	U27106HR1986PLC023451
TAN No.: [Tax Deduction & Collection Account No.]	RTKJ01814B
PAN No.: [Permanent Account No.]	AAACJ3930H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Structural Steel and reinforcement bars.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company satisfactory track record. Profitability of the company seems to be low during 2014. However, General financial information of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 :	Ms. Soni
Designation :	Accountant
Contact No.:	91-9540992064
Date :	04.04.2015

LOCATIONS

Registered Office :	9th KM Stone, Delhi Road, Hisar – 125044, Haryana, India
Tel. No.:	91-1662-220294
Mobile No.:	91-9540992064 (Ms. Soni)
Fax No.:	Not Available
E-Mail :	anilcahrs@yahoo.co.in
Location :	Owned
Marketing Head Office :	92, 1st Floor, Nambardar Estate, Taimoor Nagar, New Friends Colony, New Delhi – 110025, India
Tel. No.:	91-11-26820401/ 02
Fax No.:	91-11-26820403

DIRECTORS

As on 30.09.2014

Name :

Mr. Yog Raj Jindal

Designation :

Director

Address :

Jindal Villa Model Town, Hisar, Haryana, India

Date of Birth/Age :

05.06.1961

Date of Appointment :

25.02.1986

DIN No.:

00829756

Name :

Mr. Madan Lal Jindal

Designation :

Additional Director

Address :

Jindal Villa Model Town, Hisar, Haryana, India

Date of Birth/Age :

04.03.1936

Date of Appointment :

24.01.2011

DIN No.:

00825699

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	U27109HR1974PLC007126	JANAK STEEL TUBES LIMITED	Whole-time director	13/07/1977	13/07/1977	22/01/2014	Active	NO
2	U25200HR1980PTC010537	JINDAL POLYFLEX PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
3	U27205DL1995PTC070223	JINDAL BARS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	05/11/2008	Active	NO
4	U27106HR1986PLC023451	JINDAL ROLLING MILLS LIMITED	Additional director	24/01/2011	15/06/2002	-	Active	NO

Name :

Mr. Rama Shankar Pandit

Designation :

Whole-time Director

Address :

Jindal Villa Model Town, Hisar, Haryana, India

Date of Birth/Age :

15.01.1962

Date of Appointment :

27.02.2007

DIN No.:

01835736

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	U27205DL1995PTC070223	JINDAL BARS PRIVATE LIMITED	Director	10-07-1995	10-07-1995	05-11-2008	Active	NO
2	U27106HR1986PLC023451	JINDAL ROLLING MILLS LIMITED	Whole-time director	27-02-2007	27-02-2007	-	Active	NO

Name :

Mr. Ayush Jindal

Designation :

Additional Director

Address :

Jindal Villa Model Town, Hisar, Haryana, India

Date of Birth/Age :

28.06.1962

Date of Appointment :

14.06.2012

DIN No.:

03088382

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	U27106HR1986PLC023451	JINDAL ROLLING MILLS LIMITED	Director	01-10-2010	01-10-2010	-	Active	NO
2	U27205DL1995PTC070223	JINDAL BARS PRIVATE LIMITED	Additional director	14-06-2012	14-06-2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Soni
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Him Kritika Capital P. Limited	6500
Hisar Holding P. Limited	14650
Venus Inpex	5500
Ved Prakash Kaushik	10
Ayush Jindal	1380
Balbir Aggarwal	250
Brij Lal Aggarwal	1510
C. D. Garg	3000
Chandrika Prasad	450
Chatter Singh	719
Chiranji Lal Goyal	3167
Chiranji Lal Goyal HUF	3000
Dharmal Jain and Sons HUF	4500
Dharmpal Jain, Hisar	3750
Gaj Raj Singh	419
Gangu Singh	500
Gopi Ram Goyal	2513
Inder Singh	600
Ishwar Singh	2000
Jagdish Kumar Mittal	250

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	20.00
Directors or relatives of Directors	14.00
Other top fifty shareholders	66.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Structural Steel and Reinforcement bars.
Products :	TMT Bars Ms Beam / Joist Ms Channel Ms Angel Ms Flat Sections Msbars. Etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit (30,60,90 Days)
Purchasing :	Cash, Cheque and Credit (30,60,90 Days)

PRODUCTION STATUS NOT AVAILABLE

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 :

End Users

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 :

150 (Approximately)

Bankers :

• Punjab National Bank - Dabra Chowk Branch, Hisar - 125001, Haryana, India
• HDFC Bank Limited, Hisar, India
• ICICI Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From: Daimler Financial Services India Private Limited [Against mortgage of car having first charge and guaranteed by directors]	3.412	5.086
From: Punjab National Bank [ Term Loan against Mortgage of all fixed assets of the company and guaranteed by the Directors]	1.367	2.909
From: ICICI Bank Limited [Against mortgage of car having first charge and guaranteed by directors]	1.892	2.740
Short-term borrowings
Punjab National Bank (Against hypothecation of Raw Materials, Finished Goods etc. and personally guaranteed by the Directors)	99.482	58.721
Total	106.153	69.456

Auditors :
Name :	A.A and Company Chartered Accountants
Address :	22, Green Park, Hisar – 125001, Haryana, India
Tel. No.:	91-1662-230401/ 239919
Mobile No.:	91-9812168450
E-Mail :	anilca_hsr@yahoo.co.in anil22gp.hisar@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AATFA3487G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130433	Equity Shares	Rs.100/- each	Rs.13.043 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	13.043	13.043	13.043
(b) Reserves & Surplus	25.372	21.716	17.780
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	4.525	2.550	2.550
Total Shareholders’ Funds (1) + (2)	42.940	37.309	33.373
(3) Non-Current Liabilities
(a) long-term borrowings	14.077	20.310	17.810
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13.130	9.990	7.990
(d) long-term provisions	0.993	0.752	0.574
Total Non-current Liabilities (3)	28.200	31.052	26.374
(4) Current Liabilities
(a) Short term borrowings	99.482	58.721	48.558
(b) Trade payables	60.262	38.952	29.901
(c) Other current liabilities	13.665	6.269	3.903
(d) Short-term provisions	0.590	0.328	0.294
Total Current Liabilities (4)	173.999	104.270	82.656
TOTAL	245.139	172.631	142.403
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.073	33.554	35.402
(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	0.535	0.535	0.535
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.169	3.168	3.093
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	39.777	37.257	39.030
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.675	84.347	56.618
(c) Trade receivables	131.787	46.539	41.405
(d) Cash and cash equivalents	2.687	2.945	2.062
(e) Short-term loans and advances	4.864	1.159	3.115
(f) Other current assets	0.349	0.384	0.173
Total Current Assets	205.362	135.374	103.373
TOTAL	245.139	172.631	142.403

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	840.899	608.762	428.811
	Other Income	1.488	0.724	0.235
	TOTAL (A)	842.387	609.486	429.046
Less	EXPENSES
	Opening stock of Finished Goods	43.125	25.540	36.065
	Raw Material and Direct Expenses	785.929	601.452	396.185
	Closing Stock of Financial Goods	(18.497)	(43.125)	(25.539)
	Employees benefits expense	8.961	8.129	7.086
	Other Operational expenses	4.625	2.126	2.174
	TOTAL (B)	824.143	594.122	415.971
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION I	18.244	15.364	13.075
Less	FINANCIAL EXPENSES (D)	10.067	8.679	7.877
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) I	8.177	6.685	5.198
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.212	3.032	2.630
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.965	3.653	2.568
Less	TAX (I)	1.309	0.918	0.634
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	3.656	2.735	1.934
	Earnings / (Loss) Per Share (Rs.)	28.03	20.97	14.83

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.43	0.45	0.45
Operating Profit Margin (PBIDT/Sales)	(%)	2.17	2.52	3.05
Return on Total Assets (PBT/Total Assets}	(%)	2.03	2.12	1.81
Return on Investment (ROI) (PBT/Networth)		0.12	0.10	0.08
Debt Equity Ratio (Total Debt /Networth)		2.64	2.12	1.99
Current Ratio (Current Asset/Current Liability)		1.18	1.30	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.043	13.043	13.043
Reserves & Surplus	17.780	21.716	25.372
Share Application money pending allotment	2.550	2.550	4.525
Net worth	33.373	37.309	42.940
long-term borrowings	17.810	20.310	14.077
Short term borrowings	48.558	58.721	99.482
Total borrowings	66.368	79.031	113.559
Debt/Equity ratio	1.989	2.118	2.645

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	428.811	608.762	840.899
		41.965	38.133

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	428.811	608.762	840.899
Profit	1.934	2.735	3.656
	0.45%	0.45%	0.43%

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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deposits from Shareholders	4.697	8.065
Loan from Directors (Including Interest accrued)	2.709	1.510
Total	7.406	9.575

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514396	02/08/2014	850,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, MODEL TOWN, HISAR, Haryana - 125001, INDIA	C16080871
2	10173073	13/08/2009	7,500,000.00	Punjab National Bank	Model Town Branch, Hisar, Haryana - 125001 , INDIA	A68571587
3	90041574	30/03/2006 *	7,000,000.00	PUNJAB NATIONAL BANK	MODEL TOWN, HISAR, Haryana - 125005, INDIA	-
4	90041541	15/11/2013 *	107,500,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, MODEL TOWN, HISAR, Haryana - 125005, INDIA	B90826843

* Date of charge modification

FIXED ASSETS

• Land
• Shed and Building
• Plant and Machinery
• Temple
• Furniture
• Truck
• Air Conditioner
• Weighing Machine
• Car
• Bollero Jeep
• Office Equipment’s
• Tractor
• Generator (Jakson)
• Generator Engine
• Furnace
• Generator
• Power House
• Moped/Scooter
• Computer

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.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.