MIRA INFORM REPORT

Report No. :	312482
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :		ADINATH STEEL RE-ROLLING MILL
Registered Office :		Plot No. A-28/5, Additional MIDC, Phase I, Jalna – 431203, Maharashtra
Tel. No.:	91-2482-220155
Country :		India
Financials (as on) :		31.03.2014
Year of Establishment :		February 2004
Capital Investment :		Rs. 7.299 Million
PAN No.: [Permanent Account No.]		ALSPP4628A
Legal Form :		Sole Proprietary Concern
Line of Business :		Manufacturer of M.S. Bars, TMT Bars, CTD Bars, M.S. Flat, etc.
No. of Employees :		55 (10 in Office and 45 in Factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 proprietary concern having satisfactory track record. General financial position of the concern is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The concern can be considered normal 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 – 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

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. Anand O. Phade
Designation :	Proprietor
Contact No.:	91-9422216990
Date :	15.04.2015

LOCATIONS

Registered Office/ Factory :	Plot No. A-28/5, Additional MIDC, Phase I, Jalna – 431203, Maharashtra, India
Tel. No.:	91-2482-220155
Mobile No.:	91-9422216990 [Mr. Anand O. Phade]
Fax No.:	Not Available
E-Mail :	adinath_jln@rediffmail.com
Area :	3805 Sq. Mt.
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Anand O. Phade
Designation :	Proprietor
Address :	Plot No. 50/51, Jethmal Nagar, Jalna – 431203, Maharashtra, India
Date of Birth/Age :	13.12.1977
Qualification :	BE (ENTC)
Experience :	15 Years
PAN No.:	ALSPP4628A

BUSINESS DETAILS

Line of Business :	Manufacturer of M.S. Bars, TMT Bars, CTD Bars, M.S. Flat, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit [30 Days and 90 Days]
Purchasing :	Credit [5 Days]

PRODUCTION STATUS

Products	Installed Capacity	Actual Production
8mm, 10mm, 12mm, 16mm	15000 M.T. p.a.	8000 M.T. p.a.

GENERAL INFORMATION

Suppliers :

Reference:	Kamal Jhunjhunwala
Name of the Person (Designation):	Mr. Kamal Jhunjhunwala (Proprietor)
Contact Number:	91-9223253587
Since how long known:	10 Years
Maximum limit dealt:	As per requirement or Rs. 2.000 Million to Rs. 3.000 Million per month
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	Company is good, Regular in payment behavior, Market Goodwill is also good.

· Shree Beena Ispat

Address: 208/209, Light Industrial Area, Behind J.D. Ice Factory, Chhawani Chowk, Bhilai – 490001, Chhattisgarh, India

Mobile No.: 91-9300641623

· Bhagyalaxmi Rolling Mill Private Limited

· Eastern Bearing Private Limited

· G.S. Forgings

· Kesar Alloys and Metals Private Limited

· Matsyodari Steel and Alloy Private Limited

· M.P. Impex

Customers :

Wholesalers, Retailers and End Users

Reference:	Kahan Trading Corporation
Name of the Person (Designation):	Mr. Sumit Kamdar (Proprietor)
Contact Number:	91-9323068600
Since how long known:	5 to 7 years
Maximum limit dealt:	As per requirement
Experience:	Payment Behaviour = Average Market Goodwill = Average Overall = Average
Remark	He told us that their product quality is up to the mark and delivery behavior is on time.

· Ashuwin Busa

Address: B/506, Veena Sarang Cooperative Limited, Saibaba Nagar Extension Road, Opposite Kamla Vihar Shards Clubs, Boriwali (West), Mumbai – 400092, Maharashtra, India

Mobile No.: 91-9821594135

· AJS Impex Private Limited

· Dhami Traders

· Gauri Ganesh Steel

· Magdum and Sons

· Magna Industries and Export Limited

· Manorlal Mohalal

· Payal Enterprises

· Satnam Steel Traders

No. of Employees :

55 (10 in Office and 45 in Factory) (Approximately)

Bankers :

Bank Name:	State Bank of Hyderabad
Branch:	Nagewadi Branch, Jalna, Maharashtra, India
Person Name (with Designation):	Mr. Munnaprasad Dinkar (Branch Manager)
Contact Number:	91-7775821411
Name of Account Holder:	Adinath Steel Re-Rolling Mill
Account Number:	62006676049
Account Since (Date/ Year of A/c Opening):	16.03.2006
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	CC
Account Operation:	Satisfactory
Remarks: --

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LIC Loan	0.537	0.447
S.B.H. Bank CC A/c. 62006676049	20.416	22.754
Sundaram Finance Limited	0.386	0.670
Total	21.339	23.871

Auditors :
Name :	Natwar D. Marda and Company Chartered Accountants
Address :	C/o. P.J. Zanzari and Company, Bezonjee Road, Kadrabad, Jalna – 431203, Maharashtra, India
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

CAPITAL ACCOUNT AS ON 31.03.2014

PARTICULARS	AMOUNT IN MILLION	PARTICULARS	AMOUNT IN MILLION
To Withdrawals	0.131	By Balance B/f	6.269
To Advance Tax	0.205	By Net Profit for the year	1.614
To Mediclaim Premium	0.014	By PPF Interest	0.008
To TDS on FDR Interest	0.004
To TDS Capitalised	0.238
To Balance C/f	7.299
Total	7.891	Total	7.891

FINANCIAL DATA

[all figures are in Rupees Million]

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

TRIAL BALANCE

PARTICULARS	31.03.2015 CLOSING STOCK
	Debit	Credit
Capital Account		7.116
Anand O. Pahade		7.116
Loans (Liability)		36.092
Bank OD A/c.		32.835
Secured Loans		0.573
Unsecured Loans		2.684
Current Liabilities	0.224	47.243
Duties and Taxes	0.224	1.359
Provisions		0.019
Sundry Creditors		45.865
Fixed Assets	9.648
Investments	2.920
Current Assets	85.027	0.012
Opening Stock	30.380
Loans and Advances [Asset]	36.386
Sundry Debtors	17.150	0.012
Cash in hand	1.093
Bank Accounts	0.018
Suspense Accounts		0.038
Sales Accounts		204.648
Purchase Accounts	178.983
Direct Expenses	13.056
Indirect Expenses	5.291
Grand Total	295.149	295.149

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		7.299	6.269	6.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.299	6.269	6.001
LOAN FUNDS
1] Secured Loans		21.339	23.871	15.620
2] Unsecured Loans		4.402	6.428	8.137
TOTAL BORROWING		25.741	30.299	23.757
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.040	36.568	29.758
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.648	9.080	8.986
Capital work-in-progress		0.000	1.929	0.000
INVESTMENT		2.774	2.515	2.515
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.380	24.202	22.124
	Sundry Debtors	17.654	9.806	13.778
	Cash & Bank Balances	0.131	3.594	1.232
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.974	7.678	2.616
Total Current Assets		56.139	45.280	39.750
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.938	21.038	19.878
	Other Current Liabilities	0.000	0.000	0.577
	Provisions	1.583	1.215	1.071
Total Current Liabilities		35.521	22.253	21.526
Net Current Assets		20.618	23.027	18.224
MISCELLANEOUS EXPENSES		0.000	0.017	0.033
TOTAL		33.040	36.568	29.758

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	234.454	219.291	212.679
		Other Income	0.040	3.729	1.784
		TOTAL	234.494	223.020	214.463
Less	EXPENSES
		Cost of Goods sold	209.310	199.805	193.860
		Freight Charges	1.869	0.655	0.427
		Labour Salary	1.732	1.787	1.506
		Light Bill	12.634	13.833	11.623
		Bank Charges	0.196	0.322	0.197
		Miscellaneous Fees	0.204	0.074	0.000
		Commission paid	0.703	0.000	0.000
		Insurance charges	0.234	0.152	0.181
		Interest to Bank	2.855	2.484	2.386
		Interest on unsecured loans	0.426	0.336	0.304
		Office Salaries	0.546	0.559	0.576
		Provident Fund Labour	0.562	0.574	0.498
		Telephone Expenses	0.077	0.046	0.057
		Other Expenses	0.171	0.340	0.270
		TOTAL	231.519	220.967	211.885
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.975	2.053	2.578
Less/ Add	DEPRECIATION/ AMORTISATION		1.361	1.258	1.466
	NET PROFIT		1.614	0.795	1.112

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.69	0.36	0.52
Return on Total Assets (PBT/Total Assets}	(%)	2.45	1.46	2.28
Return on Investment (ROI) (PBT/Networth)		0.22	0.13	0.19
Debt Equity Ratio (Total Debt/Networth)		3.53	4.83	3.96
Current Ratio (Current Asset/Current Liability)		1.58	2.03	1.85

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Proprietor Capital	6.001	6.269	7.299
Reserves & Surplus	0.000	0.000	0.000
Net worth	6.001	6.269	7.299
Secured Loans	15.620	23.871	21.339
Unsecured Loans	8.137	6.428	4.402
Total borrowings	23.757	30.299	25.741
Debt/Equity ratio	3.959	4.833	3.527

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	212.679	219.291	234.454
		3.109	6.915

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	212.679	219.291	234.454
Profit	1.112	0.795	1.614
	0.52%	0.36%	0.69%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	Yes
25]	Conduct of the banking account	Yes
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
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	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	31.03.2014	31.03.2013
Alkesh Pahade	0.563	0.000
Narendra K. Pahade	0.000	0.064
Narendra K. Pahade (HUF)	0.018	0.048
Omprakash K. Pahade (HUF)	0.023	0.053
Pahade Anju Anand	0.377	0.507
Pahade Mangal	0.161	0.161
Pahade Sulekha Surendra	0.556	0.581
Pahade Sumandevi O.	0.651	0.686
Rakesh Marble	0.982	0.887
Surendra K. Pahade	1.071	0.611
Ford Developers Private Limited	0.000	2.830
Total	4.402	6.428

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

(RS. IN MILLION)

PARTICULARS	31.03.2014
INCOME FROM PROFIT/ GAINS OF BUSINESS/ PROFESSION
Income from Business / Profession
ADINATH STEEL REROLLING MILL
Net Profit / (Loss)		1.614
Add: Disallowable and / Items Considered separately
Depreciation [Considered separately]	1.361
		1.361
Less: Allowable and / Items Considered separately
Depreciation		(1.361)	1.614
		-------------	-------------	1.614
				-------------
GROSS TOTAL INCOME				1.614
DEDUCTION UNDER CHAPTER VIA
Life Insurance Premium			0.204
Public Provident Fund			0.010
			-------------
Deduction u/s 80C (Rs. 0.214 Million restricted to)				(0.100)
u/s 80D Deduction in respect of Medical Insurance Premia Rs. 0.014 Million			0.014	(0.014)
			-------------
TOTAL INCOME [Exempt Income: Rs. 8995/-]				1.500
TAX ON TOTAL INCOME				0.280
				-------------
Rebate under Section 87A				0.000
Tax Payable				0.280
Education Cess @ 3%				0.008
				-------------
TAX PAYABLE + EDUCATION CESS				0.288
Less: Advance Tax paid
– 16.09.2013, Paid into: SBH (0110864), Sr. No. 01073			0.020
- 15.12.2013, Paid into: HDFC Bank (0510308), Sr. No. 43544			0.060
- 13.03.2014, Paid into: SBH (0110864), Sr. No. 01344			0.125	0.205
			-------------
Less: Tax Deducted at Source u/s 194A			0.004	0.004
				-------------
				0.079
Add: Interest
u/s 234 B Rs. 0.079 Million x 6%			0.005
u/s 234 C(I) Rs. 0.085 Million x 3 x 1%		0.002
u/s 234 C(II) Rs. 0.090 Million x 3 x 1%		0.003
u/s 234 C(III) Rs. 0.079 Million x 1 x 1%		0.001	0.006	0.011
			-------------	-------------
				0.090
Less: Self Assessment Tax - 17.09.2014, Paid into: SBH (0110864), Sr. No. 00213			0.090	0.090
			-------------	-------------
Refund				0.000

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. ANAND O. PHADE

(RS. IN MILLION)

This is to certify that the Networth of Mr. Anand O. Pahade, as on 31.03.2014 is Rs. 7.299 Million.

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS

· Land

· Land Development

· Building

· Vehicles

· Electric Installation

· Furnace

· Motor Set

· Plant and Machinery

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. 62.37
UK Pound	1	Rs. 92.44
Euro	1	Rs. 66.56

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--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		49

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.