MIRA INFORM REPORT

Report No. :	354847
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	HARSH STEEL TRADE PRIVATE LIMITED
Registered Office :	Office No.204, Maruti Chambers, 2^nd Floor, 40, Maruti Lane, Fort, Mumbai – 400 001, Maharashtra
Tel. No.:	91-22-22655061
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	25.01.2010
Com. Reg. No.:	11-199324
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U74999MH2010PTC199324
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
VAT/TIN No.:	27050767918V
CST No.:	27630245545C
TAN No.: [Tax Deduction & Collection Account No.]	MUMH12569E
PAN No.: [Permanent Account No.]	AACCH3568H
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader of Iron Steels and Allied Products, Decoiling of HR/CR Coils. (Confirmed by management)
No. of Employees :	2 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It is a trader of all types of metals. The ratings takes into consideration sound financial risk profile of the company marked by adequate networth base along with comfortable debt level in the year 2015. Even though the company has reported significant increase in its sales turnover, the profit has declined over previous year. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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. Chetan Jitendra Mehta
Designation :	Director
Contact No.:	91-9323182619
Date :	15.12.2015

LOCATIONS

Registered Office/ Warehouse :	Office No.204, Maruti Chambers, 2^nd Floor, 40, Maruti Lane, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22655061/ 62/ 63
Mobile No.:	91-9833200431 (Mr. Viswanathan Iyer) 91-9323182619 (Mr. Chetan Jitendra Mehta)
Fax No.:	91-22-22655063
E-Mail :	info@harshsteeltrade.com
Website :	http://www.harshsteeltrade.com
Area :	200 sq. ft.
Location :	Rented
Locality :	Commercial

DIRECTORS

As on 31.03.2015

Name :

Mr. Chetan Jitendra Mehta

Designation :

Director

Address :

501, Crown Jewel, Yogi Hills, Balrajeshwar Cross Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

11.05.1961

Qualification :

B. Com

Experience :

7 Years

Date of Appointment :

25.01.2010

DIN No.:

02647909

PAN No.:

ACSPM6222A

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	U74999MH2010PTC199324	HARSH STEEL TRADE PRIVATE LIMITED	Director	25/01/2010	25/01/2010	-	Active	NO
2	U27100MH2011PTC222960	OPERA STEELS PRIVATE LIMITED	Director	13/10/2011	13/10/2011	-	Active	NO
3	U51909WB2011PTC171284	MANOJAVAYA VINTRADE PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO
4	U51909WB2011PTC171307	BRAHMACHARINI VYAPAAR PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO

Name :

Mr. Mahadev Ramchandra Shringare

Designation :

Director

Address :

301/B, Shivchaya, CKP Colony, Eksar Road, Borivali (West), Mumbai – 400 091, Maharashtra, India

Date of Birth/Age :

14.08.1947

Qualification :

B. Com

Experience :

15 Years

Date of Appointment :

26.03.2012

DIN No.:

03541122

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	U51909MH2001PTC133370	NETRA MERCANTILE PRIVATE LIMITED	Additional director	03/05/2011	03/05/2011	10/07/2012	Active	NO
2	U27100MH2011PTC222960	OPERA STEELS PRIVATE LIMITED	Director	13/10/2011	13/10/2011	-	Active	NO
3	U74999MH2010PTC199324	HARSH STEEL TRADE PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	Percentage of Holding
Chetan Mehta	500000	50.00
Vibha Mehta	500000	50.00
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Iron Steels and Allied Products, Decoiling of HR/CR Coils. (Confirmed by management)
Products :	H.R. / C.R. Coils Allied Products. Iron Steels
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

U.A. Trading Company Private Limited

Name of the Person :

Mr. Prabhakar Palande (Accounts Department)

Contact No.:

91-22-2264498

Since How Long Known :

2012

Maximum Limit Dealt :

Rs.157.300 Million (Monthly)

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

As claimed by Mr. Prabhakar Palande (Accounts Department) that they are very much satisfied with subject company.

Customers :

Reference :

Akshata Mercantile Private Limited

Name of the Person :

Not Divulged

Contact No.:

91-22-22841414

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Management non cooperative

No. of Employees :

2 (Approximately)

Bankers :

Bank Name	Oriental Bank of Commerce
Branch	Overseas Branch, Dalamal Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-43152900 (Continuously Ringing)
Name of Account Holder	Not Available
Account Number	05301131001337
IFSC Code :	ORBC0100530
MICR :	000022000
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Allahabad Bank, Kalbadevi Branch

· Allahabad Bank, Khar Branch

· Axis Bank Limited, Nariman Point Branch, Mumbai, Maharashtra, India

· Dombivli Nagari Sahakari Bank Limited, Fort, Mumbai, Maharashtra, India

· ICICI Bank Limited

· The Federal Bank Limited, Fort, Mumbai, Maharashtra, India

· The Shamrao Vithal Co-operative Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loan Repayable on Demand
From Bank	23.229	0.000
Total	23.229	0.000

Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	A-304, Dalamal Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares (Fully Paid up Share Capital by Allotment)	Rs.10/- each	Rs. 0.100 Million
990,000	Equity Shares	Rs.10/- each	Rs. 9.900 Million
	Total		Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	10.000	0.100	0.100
(b) Reserves & Surplus	49.629	58.436	40.747
(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)	59.629	58.536	40.847
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	23.229	0.000	0.000
(b) Trade payables	8355.251	5151.685	17704.597
(c) Other current liabilities	137.057	137.057	4206.678
(d) Short-term provisions	29.074	28.581	20.082
Total Current Liabilities (4)	8544.611	5317.323	21931.357
TOTAL	8604.240	5375.859	21972.204
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.011	0.015	0.023
(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	0.002	0.001	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.203	0.103	0.103
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.216	0.119	0.126
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	196.442	714.603	3468.121
(c) Trade receivables	3905.629	1308.744	11497.100
(d) Cash and cash equivalents	34.861	34.058	21.641
(e) Short-term loans and advances	199.638	190.969	4942.425
(f) Other current assets	4267.454	3127.366	2042.791
Total Current Assets	8604.024	5375.740	21972.078
TOTAL	8604.240	5375.859	21972.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	41433.503	38113.612	36621.092
		Other Income	1406.151	1084.936	0.090
		TOTAL (A)	42839.654	39198.548	36621.182
Less	EXPENSES
		Cost of Materials Consumed	41604.538	35501.039	38282.173
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	518.162	2753.518	(2227.870)
		Employee Benefits Expenses	1.348	1.306	0.883
		Selling and Distribution Expenses	537.877	452.907	231.286
		Other Expenses	12.016	35.313	10.338
		TOTAL (B)	42673.941	38744.083	36296.810
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		165.713	454.465	324.372
Less	FINANCIAL EXPENSES (D)		164.115	428.268	299.319
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.598	26.197	25.053
Less	DEPRECIATION/ AMORTISATION (F)		0.004	0.008	0.013
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.594	26.189	25.040
Less	TAX (H)		0.493	8.500	8.512
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.101	17.689	16.528
	Earnings/ (Loss) Per Share (Rs.)		1.10	1769.00	1653.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of long-term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash provided by Operating Activities	(22.416)	12.418	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.00	0.05	0.05
Operating Profit Margin (PBIDT/Sales)	(%)	0.40	1.19	0.89
Return on Total Assets (PBT/Total Assets}	(%)	0.02	0.49	0.11
Return on Investment (ROI) (PBT/Networth)		0.03	0.45	0.61
Debt Equity Ratio (Total Debt /Networth)		0.39	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.01	1.01	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	10.000
Reserves & Surplus	40.747	58.436	49.629
Net worth	40.847	58.536	59.629
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	23.229
Total borrowings	0.000	0.000	23.229
Debt/Equity ratio	0.000	0.000	0.390

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	36621.092	38113.612	41433.503
		4.076	8.711

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	36621.092	38113.612	41433.503
Profit	16.528	17.689	1.101
	0.05%	0.05%	0.00%

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	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
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	No
18]	Major suppliers	Yes
19]	Major customers	Yes
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

Note:

The registered office of the company has been shifted from 35, 2^nd Floor, 12/14, Maharashtra Bhavan, Bora Masjid Street, Fort, Mumbai – 400 001, Maharashtra to Office No.204, Maruti Chambers, 2^nd Floor, 40, Maruti Lane, Fort, Mumbai – 400 001, Maharashtra.

INDEX OF CHARGES No Charges Exist for Company

FIXED ASSETS

· Computer

· Fax Machine

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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		48

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.