MIRA INFORM REPORT

Report No. :	339044
Report Date :	28.08.2015

IDENTIFICATION DETAILS

Name :	B.S. STEEL CORPORATION
Registered Office :	1, Kamaldep Industrial Estate, Sonwala Cross Road No. 2, Goregaon (East), Mumbai – 400063, Maharashtra
Tel. No.:	91-22-66999477
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	March 1995
Capital Investment / Paid-up Capital :	Rs. 16.264 Million
IEC No.:	0301069891
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABPD0513A
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader and Importer of Alloy Steels.
No. of Employees :	9 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 :	B.S. Steel Corporation was established on March 1995 as a proprietorship concern. It is engaged into trading and importing of alloy steels, and it is having satisfactory track. The concern has reported healthy operational base marked by decent profit margin in the FY-2014. The financials position of the concern also seem to be healthy and sound. Rating further take into account on concern long track record and experience of the proprietor in the trading business of alloy steels. From the provisional financials, the concern has reported decent increase into its sales as well as profit margin. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In a view aforesaid, the concern can be considered normal for business dealings at usual 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 – 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

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

Name :	Mr. Dinesh Dhauka
Designation :	Sales and Purchase Manager
Contact No.:	91-9619944704
Date :	20.08.2015

LOCATIONS

Registered Office :	1, Kamaldep Industrial Estate, Sonwala Cross Road No. 2, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-66999477
Mobile No.:	91-9619944704
Fax No.:	Not Available
E-Mail :	djsteelindia@gmail.com
Website :	http://www.djsteels.com
Area :	555 sq. ft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Rajesh Dhanuka
Designation :	Proprietor
Date of Birth/Age :	April 1975
Qualification :	T.Y.B.Com
PAN No.:	AABPD0513A

BUSINESS DETAILS

Line of Business :	Trader and Importer of Alloy Steels.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Alloy Steel
Countries :	South Korea West Germany China USA
Terms :
Selling :	Credit (30 and 60 days)
Purchasing :	Credit (30 and 60 days)

GENERAL INFORMATION

Suppliers :

• Doosan Heavy Industry and Construction – South Korea
• Deutsche Edelsthlwerke Gmbh – Germany

Customers :

• Shreedevi Tools Engineering Private Limited
• Denil and Sons – Andheri (East), Mumbai, Maharashtra, India

No. of Employees :

9 (Approximately)

Bankers :

Banker Name	The Bharat Co-operative Bank Limited
Branch Address	Not Divulged
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
Nature of Facility	Renewal of Cash credit Limit of Rs. 3.500 Million Renewal of Existing Letter of Credit Limit (ILC and FLC Cum-Buyer Credit Limit of Rs. 45.000 Million with an Enhancement up to Rs. 55.000 Million)
Purpose	CC- To meet working capital requirements
Securities :
A) Primary Security	Hypothecation charge over – Stock, Book Debts
B) Collateral Security	Continuation of Equitable mortgage over Premises No.1, Kamaldeep Industrial Estate, Sonawala Cross Road No.2, Mumbai – 400063, area admeasuring about 411 sq. ft. (built up) including loft area.
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	P.R. Lunkar and Company Chartered Accountant
Address :	Dadar (East), Mumbai, Maharashtra, India
Memberships :	--
Collaborators :	--
Sister Concern :	D.R.D. Steel LLP Address : Malad (West), Mumbai, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs. 16.264 Million (Estimated)
Borrowed :	--
Total :	Rs. 16.264 Million (Estimated)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 (Provisional)	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		16.264	10.278
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		16.264	10.278
LOAN FUNDS
1] Secured Loans		11.776	7.205
2] Unsecured Loans		28.078	22.285
TOTAL BORROWING		39.854	29.490
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		56.118	39.768
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.078	0.417
Capital work-in-progress		0.000	0.000
INVESTMENT		0.151	0.152
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.776	14.308
	Sundry Debtors	41.385	41.355
	Cash & Bank Balances	0.456	0.250
	Other Current Assets	0.000	0.000
	Loans & Advances	22.185	28.435
Total Current Assets		81.802	84.348
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.684	43.699
	Other Current Liabilities	1.229	1.450
	Provisions	0.000	0.000
Total Current Liabilities		26.913	45.149
Net Current Assets		54.889	39.199
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		56.118	39.768

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Provisional)	31.03.2014
	SALES
		Income	175.364	157.590
		Other Income	8.667	17.879
		TOTAL	184.031	175.469
Less	EXPENSES
		Cost of goods sold	156.072	143.405
		Audit Charges	0.030	0.030
		Bank Charges	1.010	1.207
		Bank interest	0.990	0.520
		Brokerage	0.021	0.072
		Car Insurance	0.006	0.017
		Clearing Charges	0.762	0.366
		Commission	1.012	0.079
		Computer expenses	0.013	0.012
		Conveyance expenses	0.130	0.056
		Depreciation on fixed assets	0.000	0.072
		Electricity	0.103	0.068
		Foreign travelling expenses	0.188	0.388
		Forwarding charges	0.252	0.291
		Franking charges	0.048	0.013
		Gala maintenance	0.051	0.032
		Gala rent A/c	0.900	0.720
		Other Expenses	14.131	23.726
		TOTAL	175.600	171.074
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.431	4.395
Less/ Add	DEPRECIATION/ AMORTISATION		0.119	0.000
	PROFIT FOR THE YEAR		8.312	4.395

Expected Sales (2015-16): Rs. 210.000 Million

The above information has been parted by Mr. Dinesh Dhauka (Proprietor)

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

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	4.74	2.79
Return on Total Assets (PBT/Total Assets}	(%)	14.81	11.05
Return on Investment (ROI) (PBT/Networth)		0.511	0.43
Debt Equity Ratio (Total Debt /Networth)		2.45	2.87
Current Ratio (Current Asset/Current Liability)		3.04	1.87

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	10.278	16.264
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	10.278	16.264
Secured Loans	7.205	11.776
Unsecured Loans	22.285	28.078
Current Maturities of Long Term Debt	0.000	0.000
Total borrowings	29.490	39.854
Debt/Equity ratio	2.869	2.450

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	157.590	175.364
		11.279

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	157.590	175.364
Profit	4.395	8.312
	2.79%	4.74%

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	Yes
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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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 two years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

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 records 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. 66.06
UK Pound	1	Rs. 102.35
Euro	1	Rs. 74.97

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--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		47

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.