MIRA INFORM REPORT

Report No. :	354603.2
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	SAHYOG STEEL
Registered Office :	59 A, Mahaveer Nagar, Sangli – 416416, Maharashtra
Tel. No.:	91-233-2620155
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment:	1985
Capital Investment / Paid-up Capital :	Rs. 3.372 Million
TIN No.:	Not Available
IEC No.:	3110002345
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader and Importer of Fencing Products such as Barded Wire, Changeling Mesh etc. (Confirmed by management)
No. of Employees :	09 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 9600
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was established in the year 1985 as a proprietor concern and it is having satisfactory track record. The rating draw strength by its well established track record of business operations marked by decent industrial experience of the proprietor. Trade relations are fair. Business is active. Payments terms reported to be usually correct. The concern can be considered for business dealing 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 – 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Bhavesh Shah
Designation :	Chief Executive Officer
Contact No.:	91-233-2620155
Date :	10.12.2015

LOCATIONS

Registered Office :	59 A, Mahaveer Nagar, Sangli – 416416, Maharashtra, India
Tel. No.:	91-233-2620155
Mobile No.:	91-9422613435 (Mr. Bhavesh)
Fax No.:	91-233-2622112
E-Mail :	sahyogsteel@gmail.com
Website :	http://www.sahyoggroup.in
Area :	1500 sq. ft.
Location :	Owned
Locality :	Commercial
Marketing Office :-	285, 6th Main, 10th Cross, 1st Block, Jay Nagar East, Banglore – 560011, Karnataka, India
Warehouse :	North Shivji Nagar, Balaji Mill, Sangli – 416416, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Ramesh T. Shah
Designation :	Proprietor

KEY EXECUTIVES

Name :	Mr. Bhavesh Shah
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Trader and Importer of Fencing Products such as Barded Wire, Changeling Mesh etc. (Confirmed by management)
Products :	Barded Wire Changeling Mesh Colour Coated Sheet Chicken Mesh Perforated Sheet Anodized Cookware Hard Anodized Tasara Expanded Mesh Fiberglass Roofing Sheet Chain Link System
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Finished Goods
Countries :	Italy China
Terms :
Selling :	Cash, Advance Payments and Cheque
Purchasing :	Cash, Advance Payments and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Garg Inox Limited - Delhi
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 and Retailers

Reference :	Sahyadri Starch and Industries Private Limited, Sangali
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 :

09 (Approximately)

Bankers :

Bank Name	Central Bank of India
Branch	Vakharbaug, Sangali, Maharashtra, India
Person Name (With Designation)	Mr. Gavli (Assistant Manager)
Contact Number	91-233-2623511
Name of Account Holder	Sahyog Steel
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	Satisfactory
Remarks (If any)	As claimed by Mr. Gavli (Assistant Manager) that account is satisfactory. Further he declined to part any info.

Auditors :

Name :

Navandhar and Company

Chartered Accountants

Auditors :

(As on 31.03.2015)

Divya Mehta

Chartered Accountant

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Name:	Sahayog Industries
Address :	E1/4, MIDC, Kupwad, Sangali – 416436, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Advance tax A.Y. 15-16	Rs. (0.035) Million
Donation	Rs. (0.017) Million
L.I.C.	Rs. (0.019) Million
Mediclaim Insurance	Rs. (0.022) Million
P.P.F. A/c	Rs. (0.050) Million
T.D.S. Central Bank F.D.	Rs. (0.009) Million
Dividend Received	Rs. 0.089 Million
Drawings	Rs. (0.242) Million
Income Tax F.Y. 2011-2012	Rs. (0.005) Million
Income Tax Refund	Rs. 0.009 Million
Interest on Saving A/c	Rs. 0.002 Million
LIC Maturity Pension Plan	Rs. 0.034 Million
Net Profit (Capital)	Rs. 1.005 Million
Ramesh Trikamji Shah - Capital	Rs. 2.645 Million
Rotary Club	Rs. (0.012) Million
Total :	Rs. 3.373 Million

FINANCIAL DATA

[all figures are in Rupees Million]

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		3.372	2.691
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.372	2.691
LOAN FUNDS
1] Secured Loans		0.898	0.494
2] Unsecured Loans		16.479	9.715
TOTAL BORROWING		17.377	10.209
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		20.749	12.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.241	1.340
Capital work-in-progress		0.000	0.000
INVESTMENT		4.092	3.602
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.504	5.108
	Sundry Debtors	12.530	3.715
	Cash & Bank Balances	0.220	0.350
	Other Current Assets	0.003	0.003
	Loans & Advances	0.400	0.400
Total Current Assets		18.657	9.576
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.610	1.453
	Other Current Liabilities	0.000	0.000
	Provisions	0.631	0.165
Total Current Liabilities		3.241	1.618
Net Current Assets		15.416	7.958
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		20.749	12.900

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	51.117	26.579
	Other Income	0.100	0.318
	TOTAL	51.217	26.897
Less	EXPENSES
	Cost of Materials Consumed	46.012	23.340
	Direct Expenses :
	Transportation and Octroy	0.545	0.554
	Transport and Octroy - Wire	0.175	0.079
	Hamali (Mathadi)	0.018	0.008
	LBT Paid No. (SMKC012R00608)	0.064	0.058
	Indirect Expenses :
	Advertisement Expenses	0.032	0.022
	Printing and Stationery	0.047	0.029
	Repairs and Maintains	0.092	0.027
	Salary	0.660	0.628
	Shop Expenses	0.015	0.021
	Accounting Charges	0.001	0.007
	Audit Fees	0.053	0.013
	Bad Debts	0.030	0.000
	Bank commission and other charges	0.001	0.004
	Bank Interest	0.004	0.002
	Consultation Charges	0.000	0.017
	Electricity Charges	0.034	0.028
	Electrical Material Expenses	0.000	0.006
	Electrical Repair and Maintenance Charges	0.000	0.000
	Godown Rent	0.150	0.072
	Insurance	0.000	0.013
	Interest on Deposit	2.036	1.087
	Miscellaneous Expenses	0.000	0.001
	Krushi Pradarshan Stall	0.012	0.000
	Labour Insurance Expenses	0.007	0.000
	Municipal Corporation Tax	0.019	0.018
	Petrol and Diesel Expenses	0.024	0.025
	Postage and Courier	0.001	0.002
	Rebet and Settlement	0.000	0.001
	Telephone and Mobile Charges	0.032	0.033
	Vat paid	0.000	0.000
	Vehicle Insurance	0.017	0.007
	Vehicle Repairs and maintenance	0.007	0.022
	Water Charges	0.005	0.003
	TOTAL	50.093	26.127
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.124	0.770
Less	DEPRECIATION/ AMORTISATION (	0.119	0.135
	NET PROFIT	1.005	0.635

Expected Sales (2015-2016) : Rs.70.000 Million

The above information has been parted by Mr. Bhavesh Shah (Chief Executive Officer).

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

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.97	2.39
Return on Total Assets (PBT/Total Assets}	(%)	5.05	5.82
Return on Investment (ROI) (PBT/Networth)		0.30	0.24
Debt Equity Ratio (Total Debt /Networth)		5.15	3.79
Current Ratio (Current Asset/Current Liability)		0.95	0.84

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	2.691	3.372
Reserves & Surplus	0.000	0.000
Net worth	2.691	3.372
Secured Loans	0.494	0.898
Unsecured Loans	9.715	16.479
Total borrowings	10.209	17.377
Debt/Equity ratio	3.794	5.153

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	26.579	51.117
		92.321

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	26.579	51.117
Profit	0.635	1.005
	2.39%	1.97%

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)	Yes
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.66.75
UK Pound	1	Rs.100.29
Euro	1	Rs.72.89

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.