MIRA INFORM REPORT

Report No. :	336176
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	TARSUN STEELS INDIA PRIVATE LIMITED

Registered Office :	96/2, Balamurugan Nagar, 1st Street, Manikarampalayam, Ganapathy, Coimbatore – 641006 Tamilnadu
Tel. No.:	91-22-2532422

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	20.09.2010

Com. Reg. No.:	18-016386

Capital Investment / Paid-up Capital :	Rs.0.600 Million

CIN No.: [Company Identification No.]	U27100TZ2010PTC016386

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CMBTO62014

PAN No.: [Permanent Account No.]	AADCT9715B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Importer of ingot and billets.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 8800

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 2010 having a moderate track record. Management of the company has not filed its financial with the government department for the year 2014. As per available financial of 2013, the company seems to have not commence any business operation as company project is under construction. Mr. Tamil Maran Accountant provided general information and denied to disclose financial details. As per Registrar of Companies the status of the company is shown as active. Payment terms are unknown. The company 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Tamil Maran
Designation :	Accountant
Contact No.:	91-9994471731
Date :	12.08.2015

LOCATIONS

Registered Office :	96/2, Balamurugan Nagar, 1st Street, Manikarampalayam, Ganapathy, Coimbatore – 641006 Tamilnadu, India
Tel. No.:	91-422-2532422
Mobile No.:	91-9994471731 (Mr. Tamil Maran)
Fax No.:	91-422-2532422
E-Mail :	tarsunsteels@gmail.com
Location:	Owned
Locality:	Commercial

Factory :	SF No. 158/1-B, Trichy Main Road, Madhapur Village, Palladam TK, Tirupur – 641664, Tamilnadu, India

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Sanga Pillai Thangarajan
Designation :	Managing director
Address :	Old No. 17, New No. 96/2, Balamurugan Nagar, Coimbatore - 641006, Tamilnadu, India
Date of Birth/Age :	09.03.1970
Date of Appointment :	20.09.2010
DIN No.:	01915431

Name :	Mr. Thangarajan Rajammal
Designation :	Director
Address :	96/2, Balamurugan Nagar, Ganapathy, Coimbatore - 641006, Tamilnadu, India
Date of Birth/Age :	03.06.1977
Date of Appointment :	20.09.2010
DIN No.:	02091970

KEY EXECUTIVES

Name :	Mr. Tamil Maran
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Sanga Pillai Thangarajan	3600	60.00
Thangarajan Rajammal	2400	40.00
Total	6000	100.00

AS ON 27.03.2014

Names of Allotteess		No. of Shares
M Panneerselvaraj		4500
S Veerarasan		4500
Thangarajan Rajammal		3300
G Ananathan		4000
M M Manivannan		4000
K Ashok Kumar		4500
Total		24800

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of ingot and billets.

Products :	Ingot and billets

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	Malaysia

Terms :
Selling :	L/C, Cash and Credit

Purchasing :	L/C, Cash and Credit

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 :

Wholesalers, Retailers and 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 :

100 (Approximately)

Bankers :

Banker Name	Indian Bank
Branch Address	SME Branch, 359, II Floor, Dr. Nanjappa Road, Coimbatore - 641018, Tamilnadu, 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)	Cash Credit: Rs. 40.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From Bank	26.013	0.000
SHORT TERM BORROWING
From Bank	5.065	0.000
Total	31.078	0.000

Auditors :
Name :	R S Saravanan and Company Chartered Accountant
Address :	4A, Srimathi Complex, Cowley Brown Road, R.S.Puram, Coimbatore – 641002, Tamilnadu, India
Mobile No.:	91- 9994592999/9894326005
E-Mail :	carssandco@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFR5924N

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

31000	Equity Shares	Rs.100/- each	Rs. 3.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

30800	Equity Shares	Rs.100/- each	Rs. 3.080 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

6000	Equity Shares	Rs.100/- each	Rs. 0.600 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6000	Equity Shares	Rs.100/- each	Rs. 0.600 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	0.600	0.600	0.600
(b) Reserves & Surplus	0.000	0.000	0.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	2.480	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3.080	0.600	0.600

(3) Non-Current Liabilities
(a) long-term borrowings	33.963	0.000	0.000
(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)	33.963	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	5.065	0.000	0.000
(b) Trade payables	10.025	0.000	0.000
(c) Other current liabilities	3.074	0.005	0.000
(d) Short-term provisions	0.000	0.000	0.003
Total Current Liabilities (4)	18.164	0.005	0.003

TOTAL	55.207	0.605	0.603

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.704	0.000	0.000
(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	4.304	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.008	0.000	0.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.322	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1.138	0.571	0.578
(e) Short-term loans and advances	5.742	0.000	0.000
(f) Other current assets	0.997	0.034	0.025
Total Current Assets	8.199	0.605	0.603

TOTAL	55.207	0.605	0.603

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	31.03.2013	31.03.2012	31.03.2011
	31.03.2013	31.03.2012	31.03.2011
Current Ratio (Current Asset/Current Liability)	31.03.2013	31.03.2012	31.03.2011

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	0.600	0.600	0.600
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	2.480
Net worth	0.600	0.600	3.080

long-term borrowings	0.000	0.000	33.963
Short term borrowings	0.000	0.000	5.065
Total borrowings	0.000	0.000	39.028
Debt/Equity ratio	0.000	0.000	12.671

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Other Loans & Advances	7.950	0.000
Total	7.950	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10564255	27/02/2015	1,230,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	C51189702
2	10388857	02/11/2012	95,000,000.00	INDIAN BANK	SME BRANCH, 359, II FLOOR,, DR.NANJAPPA ROAD, COI MBATORE, TAMIL NADU - 641018, INDIA	B62900832

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.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit