MIRA INFORM REPORT

Report No. :	337378
Report Date :	19.08.2015

IDENTIFICATION DETAILS

Name :	LIBERTY STEEL PROCESSORS PRIVATE LIMITED
Registered Office :	E – 22, MIDC, Taluja, District Raigad – 410208, Maharashtra
Mob. No.:	91-9819413579 (Mr. Jayesh Jayram Patel)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.02.1989
Com. Reg. No.:	11-050538
Capital Investment / Paid-up Capital :	Rs. 2.100 Million
CIN No.: [Company Identification No.]	U99999MH1989PTC050538
IEC No.:	0308079396
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL0629D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Supplier of Sheets and Coils.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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. For the financial year ended 2014, the company’s operational performance is moderate with low profitability. Rating further remain constrained on account of company’s moderate financial risk profile marked by net low worth base and leverage balance sheet profile of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of the aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Parth Patel (Son of Director)
Contact No.:	91-8975669999
Date :	18.08.2015

LOCATIONS

Registered Office/ Warehouse :	E – 22, MIDC, Taluja, District Raigad – 410208, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9819413579 (Mr. Jayesh Jayram Patel) 91-8975669999 (Mr. Parth Patel)
Fax No.:	Not Available
E-Mail :	parthpoz@gmail.com mvsanghaviandco@yahoo.co.in
Location :	Owned
Locality:	Industrial
Head Office :	Jayantilal Chandulal, Office No. 10, 1^st Floor, 38/39, Ahmedabad Street, Carnac Bunder, Mumbai – 400009, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Jayesh Jayram Patel
Designation :	Director
Address :	A-1 Room No. 403, Sitamai Apartment, L. T. Road, Mulund (East), Mumbai - 400081, Maharashtra, India
Date of Birth/Age :	03.03.1973
Date of Appointment :	07.08.2003
DIN No.:	01083509
Name :	Mrs. Jayashri Chetan Patel
Designation :	Director
Address :	Chaitnya Steel, Gat No. 107, Vaswadi Barshi Road, Latur - 413531, Maharashtra, India
Date of Birth/Age :	09.07.1970
Date of Appointment :	09.12.2010
DIN No.:	03328374

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Jayesh Jayram Patel	10500	50.00
Jayashri Chetan Patel	10500	50.00
Total	21000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer and Supplier of Sheets and Coils.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Bank Name:	Kotak Mahindra Bank Limited
Branch:	Fort, Mumbai, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Janta Sahakari Bank Limited, Fort, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand
From banks Secured - Bank O/d-Janata Sahkari Bank Limited Pune (Bank O/d-Janata Sahkari Bank Secured against Mortgage of Factory Building, and hyp of Book Debts and Stock)	45.343	35.066
Total	45.343	35.066

Banking Relations :	--
Auditors :
Name :	M. V. Sanghavi and Company Chartered Accountants
Address :	Satyam Shopping Centre, "A" Wing, Basement - 5, M. G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAGPS0397C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21,000	Equity Shares	Rs. 100/- each	Rs. 2.100 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	2.100	2.100	2.100
(b) Reserves & Surplus	11.375	10.935	6.168
(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)	13.475	13.035	8.268
(3) Non-Current Liabilities
(a) Long-term borrowings	20.619	11.760	13.741
(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)	20.619	11.760	13.741
(4) Current Liabilities
(a) Short term borrowings	45.343	35.066	37.231
(b) Trade payables	87.878	197.421	81.999
(c) Other current liabilities	0.088	1.191	0.078
(d) Short-term provisions	1.223	1.245	0.545
Total Current Liabilities (4)	134.532	234.923	119.853
TOTAL	168.626	259.718	141.862
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.707	7.014	4.105
(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	1.312	1.312	1.062
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.923	5.463	3.826
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13.942	13.789	8.993
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.913	34.015	49.677
(c) Trade receivables	135.166	211.466	82.909
(d) Cash and cash equivalents	0.599	0.440	0.283
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.006	0.008	0.000
Total Current Assets	154.684	245.929	132.869
TOTAL	168.626	259.718	141.862

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	712.500	949.900	530.500
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		2.687	7.045	3.399
Less	TAX		0.850	2.250	1.052
	PROFIT AFTER TAX		1.837	4.795	2.347
	Earnings Per Share (Rs.)		87.48	228.33	111.76

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.61	2.73	2.41
Return on Investment (ROI) (PBT/Networth)		0.20	0.54	0.41
Debt Equity Ratio (Total Liability/Networth)		4.90	3.59	6.16
Current Ratio (Current Asset/Current Liability)		1.15	1.05	1.11

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	2.100	2.100	2.100
Reserves & Surplus	6.168	10.935	11.375
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	8.268	13.035	13.475
Long-term borrowings	13.741	11.760	20.619
Short term borrowings	37.231	35.066	45.343
Total borrowings	50.972	46.826	65.962
Debt/Equity ratio	6.165	3.592	4.895

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)
Turnover	530.500	949.900	712.500
		79.057	(24.992)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	530.500	949.900	712.500
Profit	2.347	4.795	1.837
	0.44%	0.50%	0.26%

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	No
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10556012	25/06/2015 *	70,000,000.00	KOTAK MAHINDRA BANK LIMITED	382/384, NARASINATHA STREET, KATHA BAZAR, MANDVI (WEST), MUMBAI, MAHARASHTRA - 400009, INDIA	C59691030

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Banks
From Director, Shareholder and Relatives	20.619	11.760
Total	20.619	11.760

FIXED ASSETS:

· Leasehold Land

· Plant & Machinery

· Computer

· Furniture and Fixture

· Electrical Installation

· Mobile Phone

· Fax Machine

· Air Conditioner

· Weighing Scale

· Motor Car

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.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	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		28

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.