MIRA INFORM REPORT

Report No. :	317376
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	BAVTAWALA IRON AND STEELS PRIVATE LIMITED
Registered Office :	3^rdLane, Kasasa Street, Mazgaon, Darukhana, Mumbai – 400010, Maharashtra
Tel. No. :	91-22-23725860
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.11.1996
Com. Reg. No.:	11-103834
Capital Investment / Paid-up Capital :	Rs. 3.401 Million
CIN No.: [Company Identification No.]	U99999MH1996PTC103834
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCB0083B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is Engaged in Trading of HR Steel Coils, Plates, Sheets and Structural Steel.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile marked by low profitability margins and highly fragmented nature of steel trading business. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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	ICRA
Rating	Long Term Fund based sub limit – Cash Credit BB-
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	Jan 15

Rating Agency Name	ICRA
Rating	Short Term Non Fund based – Letter of Credit A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	Jan 15

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. Yogesh Mehta
Designation :	Accountant
Contact No.:	91-9820866052
Date :	14.04.2016

LOCATIONS

Registered Office :	3^rdLane Kasasa Street, Mazgaon Darukhana, Mumbai – 400010, Maharashtra, India
Tel. No.:	91-22-23725860/ 23772220/ 56058052 / 152
Fax No.:	91-22-23720987
E-Mail :	accounts@bavtawalasteels.com info@bavtawalasteels.com
Website :	http://www.bavtawala.com
Godown	Plot No. 452/454/564/760, Kalamboli Steel Market, Kalamboli, Mumbai – 410218, Maharashtra, India
Tel. No.:	91-22-27420522/ 56107752

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Zoheir Mohammed Husein Lokhandwala

Designation :

Director

Address :

A/2002, Lady Ratan Tower co-operative Housing Society Limited, Dainik Shivner Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

07.03.1961

Date of Appointment :

07.11.1996

DIN No. :

01192884

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	U99999MH1996PTC103834	BAVTAWALA IRON AND STEELS PRIVATE LIMITED	Director	07/11/1996	07/11/1996	-	Active	NO
2	U52340MH2009PTC191732	RISING STAR STEELS PRIVATE LIMITED	Director	16/04/2009	16/04/2009	-	Active	NO
3	U51109MH2009PTC197085	SSZ COMMODITIES PRIVATE LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO
4	AAB-7263	FBKA DEVELOPERS LLP	Designated Partner	22/08/2013	22/08/2013	-	Active	NO
5	AAC-2608	BAVTAWALA INTERNATIONAL METALS TRADE LLP	Designated Partner	16/04/2014	16/04/2014	-	Active	NO

Name :

Rashida Mohammed Husein Lokhandwala

Designation :

Director

Address :

A/2002, Lady Ratan Tower co-operative Housing Society Limited, Dainik Shivner Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

21.07.1940

Date of Appointment :

07.11.1996

DIN No. :

01192960

Name :

Jumana Lokhandwala

Designation :

Director

Address :

A/2002, Lady Ratan Tower co-operative Housing Society Limited, Dainik Shivner Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

16.02.1962

Date of Appointment :

07.11.1996

DIN No. :

01193039

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	U99999MH1996PTC103834	BAVTAWALA IRON AND STEELS PRIVATE LIMITED	Director	07/11/1996	07/11/1996	-	Active	NO
2	U52340MH2009PTC191732	RISING STAR STEELS PRIVATE LIMITED	Director	16/04/2009	16/04/2009	18/12/2009	Active	NO
3	AAC-2608	BAVTAWALA INTERNATIONAL METALS TRADE LLP	Designated Partner	16/04/2014	16/04/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Mehta
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Dilip C. Deora	10
Kalpatru Ketan n Sanghavi	10
Lata C. Deora	10
Rita C. Deora	10
Zoheir M. Lokhandwala	150070
Jumana Z. Lokhandwala	150500
Rashida Lokhandwala	39520
Total	340120

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is Engaged in Trading of HR Steel Coils, Plates, Sheets and Structural Steel.
Products :	HR Steel Coils Plates Sheets Structural Steel.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Union Bank of India
Branch Address	Darukhana Branch, Mercantile House, 1st Floor, 708, Magazine Street, Near Reay Road Rly Station, Mumbai – 400010, Maharashtra, 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

Auditors :
Name :	D G Parekh AND Company Chartered Accountants
Address :	597, J.S.S.Road, 103, 'Rajshila', Mumbai – 400002, Maharashtra, India
PAN No.:	AAEPP2889G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Ssz Commodities Private limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs.4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340130	Equity Shares	Rs.10/- each	Rs. 3.401 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	3.401	3.401	3.401
(b) Reserves & Surplus	180.615	154.494	129.186
(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)	184.016	157.895	132.587
(3) Non-Current Liabilities
(a) long-term borrowings	19.703	26.206	19.625
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	19.703	26.206	19.625
(4) Current Liabilities
(a) Short term borrowings	200.712	494.051	449.027
(b) Trade payables	198.565	255.151	239.012
(c) Other current liabilities	1.143	6.849	7.443
(d) Short-term provisions	13.100	12.900	10.500
Total Current Liabilities (4)	413.520	768.951	705.982
TOTAL	617.239	953.052	858.194
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.064	40.217	35.767
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	64.064	40.217	35.767
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	126.454	180.577	45.092
(c) Trade receivables	279.941	644.820	642.673
(d) Cash and cash equivalents	19.620	36.718	86.549
(e) Short-term loans and advances	127.160	50.720	48.113
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	553.175	912.835	822.427
TOTAL	617.239	953.052	858.194

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	2843.914	3708.115	2602.635
Less	EXPENSES AND DEPRECIATION	2804.694	3669.908	2569.776
	PROFIT/ (LOSS) BEFORE TAX	39.220	38.207	32.859
Less	TAX	13.100	12.900	10.500
	PROFIT/ (LOSS) AFTER TAX	26.120	25.307	22.359
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	154.494	129.187	106.827
	Balance Carried to the B/S	180.614	154.494	129.186
	Earnings / (Loss) Per Share (Rs.)	76.79	74.40	65.74

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	0.92	0.68	0.86
Return on Total Assets (PBT/Total Assets}	(%)	6.35	4.01	3.83
Return on Investment (ROI) (PBT/Networth)		0.21	0.24	0.25
Debt Equity Ratio (Total Debt/Networth)		1.20	3.29	3.53
Current Ratio (Current Asset/Current Liability)		1.34	1.19	1.16

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	3.401	3.401	3.401
Reserves & Surplus	129.186	154.494	180.615
Net worth	132.587	157.895	184.016
long-term borrowings	19.625	26.206	19.703
Short term borrowings	449.027	494.051	200.712
Total borrowings	468.652	520.257	220.415
Debt/Equity ratio	3.535	3.295	1.198

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)
Total Income	2602.635	3708.115	2843.914
		42.475	(23.306)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2602.635	3708.115	2843.914
Profit	22.359	25.307	26.120
	0.86%	0.68%	0.92%

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	No
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	No
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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from directors	19.703	26.206
SHORT TERM BORROWINGS
Loans repayable on demand from banks	200.712	494.051
Total	220.415	520.257

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10093730	21/01/2011 *	500,000,000.00	UNION BANK OF INDIA	Darukhana Branch, Mercantile House, 1st Floor, 708, Magazine Street, Near Reay Road Rly Station, Mumbai, Maharashtra - 400010, INDIA	B06327472
2	80024070	07/01/2011 *	500,000,000.00	UNION BANK OF INDIA	Darukhana Branch, Mercantile House, 1st Floor, 708, Magazine Street, Near Reay Road Rly Station, Mumbai, Maharashtra - 400010, INDIA	B06025571

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Office building
• Furniture and fixtures
• Vehicles
• Motor vehicles
• 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 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 :	KMN
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.