MIRA INFORM REPORT

Report No. :	355650
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	CAPRICORN ISPAT UDYOG PRIVATE LIMITED
Registered Office :	Village Nidhirampur, P.O. Durlovpur, P.S. Gangajalghanti, Bankura – 722133, West Bengal
Tel. No.:	91-33-23230361
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.10.2004
Com. Reg. No.:	21-100085
Capital Investment / Paid-up Capital :	Rs.25.630 Million
CIN No.: [Company Identification No.]	U27109WB2004PTC100085
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CALC06326F
PAN No.: [Permanent Account No.]	AACCC5331R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mild Steel Billets. [Confirmed by management]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Management has failed to file its financial with the government department for the year 2015. The company has shown healthy scale of operations along with steady growth in its sales turnover. It has decent financial base and adequate networth position. However, the company has thin profitability margin. It has high debt levels along with unfavorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. 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 31-03-2015.

INFORMATION DENIED

Management Non-Co-operative (91-33-23230361)

LOCATIONS

Registered Office/ Factory :	Vill Nidhirampur, P.O. Durlovpur, P.S. Gangajalghanti, Bankura – 722133, West Bengal, India
Tel. No.:	91-33-23230361
Fax No.:	Not Available
E-Mail :	capricornispat@gmail.com
Correspondence Address :	28/23, Bengal Ambuja Urvashi Housing Complex, Durgapur – 713216, West Bengal, India
Tel. No.:	91-343-2543923

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shambhu Nath Banik

Designation :

Director

Address :

658, Jagendra Garden, Kolkata - 700107, West Bengal, India

Date of Appointment :

01.11.2014

DIN No.:

03301345

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	U70102WB2010PTC154678	KHELAGHAR REAL ESTATE PRIVATE LIMITED	Director	28/02/2011	28/02/2011	06/08/2015	Active	NO
2	U51909WB1994PTC062745	METALLIC VINIMAY PVT. LTD.	Director	28/02/2011	28/02/2011	-	Active	NO
3	U45400WB2007PTC118778	AXIS PLAZZA PRIVATE LIMITED	Director	27/07/2011	27/07/2011	14/05/2013	Active	NO
4	U52100WB2010PTC148311	ISHIKA VYAPAAR PRIVATE LIMITED	Director	11/03/2014	11/03/2014	-	Active	NO
5	U45400WB2007PTC115730	BHAGATJEE REAL ESTATES & DEVELOPERS PRIVATE LIMITED	Director	11/03/2014	11/03/2014	-	Active	NO
6	U24233WB1948PTC016705	DACCA OUSHADHALAYA PVT LTD	Director	24/09/2014	24/09/2014	23/03/2015	Active	NO
7	U27109WB2004PTC100085	CAPRICORN ISPAT UDYOG PRIVATE LIMITED	Director	01/11/2014	01/11/2014	-	Active	NO
8	U70109WB2008PTC128385	SG INFRABUILD PRIVATE LIMITED	Director	22/01/2015	22/01/2015	-	Active	NO
9	U45400WB2012PTC177777	TIMESOUND CONSTRUCTION PRIVATE LIMITED	Director	29/01/2015	29/01/2015	-	Active	NO
10	U45200WB2012PTC178782	PETUNIA DEVELOPERS PRIVATE LIMITED	Director	29/01/2015	29/01/2015	-	Active	NO
11	U45400WB2012PTC177655	NIGHTBIRD CONSTRUCTION PRIVATE LIMITED	Director	29/01/2015	29/01/2015	-	Active	NO
12	U51101WB2010PTC148342	MAA SERAWALI ENTERPRISES PRIVATE LIMITED	Director	29/01/2015	29/01/2015	-	Active	NO

Name :

Mr. Shubhankar Bajpai

Designation :

Director

Address :

25/3, Raja Monindra Road, Ward No.3, Tala, Kolkata - 700037, West Bengal, India

Date of Appointment :

31.03.2015

DIN No.:

07134997

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Shailendra Nath Ghosh	342620	13.37
Time Sound Construction Private Limited, India	418000	16.31
Bhagatjee Real Estate and Developers Private Limited, India	242000	9.44
Ishika Vyapaar Private Limited, India	360000	14.05
Maa Serawali Enterprises Private Limited, India	1187880	46.35
Kakali Ghosh	12500	0.49
Total	2563000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	86.00
Directors or relatives of Directors	14.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Mild Steel Billets. [Confirmed by management]
Products :	Mild Steel Billets
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	State Bank of India
Branch :	Durgapur Branch, Near Dsp Main Gate, Durgapur - 713203, West Bengal, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
State Bank of India – 30446982156 (TL1)	82.525	88.730
State Bank of India – 30881170623 (TL2)	25.943	27.400
State Bank of India – 31740374202 (FITL1)	10.194	11.600
State Bank of India – 32267609272 (FITL2)	19.449	21.098
State Bank of India – 32267614964 (WCDL)	9.591	12.650
Short Term Borrowings
State Bank of India – 32386855711 (CC)	39.970	39.828
Total	187.672	201.306

Auditors :
Name :	A. K. Saha And Company Chartered Accountants
Address :	10, Kiran Shankar Roy Road, Kolkata – 700001, West Bengal, India
PAN No.:	AAIFA5791N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2563000	Equity Shares	Rs.10/- each	Rs.25.630 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	25.630	25.630	25.630
(b) Reserves & Surplus	82.322	81.915	81.565
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	6.000	6.800
Total Shareholders’ Funds (1) + (2)	107.952	113.545	113.995
(3) Non-Current Liabilities
(a) long-term borrowings	209.821	197.907	170.279
(b) Deferred tax liabilities (Net)	0.713	0.378	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)	210.534	198.285	170.279
(4) Current Liabilities
(a) Short term borrowings	39.970	39.828	0.000
(b) Trade payables	560.031	316.435	7.037
(c) Other current liabilities	11.447	3.524	0.031
(d) Short-term provisions	0.354	0.180	0.000
Total Current Liabilities (4)	611.802	359.967	7.068
TOTAL	930.288	671.797	291.342
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	202.487	227.941	240.515
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	202.487	227.941	240.515
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	255.043	132.210	13.405
(c) Trade receivables	290.594	211.403	0.000
(d) Cash and cash equivalents	0.375	0.036	0.129
(e) Short-term loans and advances	132.197	79.987	37.293
(f) Other current assets	49.592	20.220	0.000
Total Current Assets	727.801	443.856	50.827
TOTAL	930.288	671.797	291.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	889.461	522.013
		Other Income	10.431	4.314
		TOTAL	899.892	526.327
Less	TOTAL EXPENSES		898.977	525.419
	PROFIT/(LOSS) BEFORE TAX		0.915	0.908
Less	TAX		0.509	0.558
	PROFIT/(LOSS) AFTER TAX		0.406	0.350
	Earnings Per Share (Rs.)		0.16	NA

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
Net Profit Margin PAT / Sales	(%)	0.05	0.07	NA
Operating Profit Margin (PBDIT/Sales)	(%)	0.10	0.17	NA
Return on Total Assets (PBT/Total Assets)	(%)	0.10	0.14	NA
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	NA
Debt Equity Ratio (Total Debt /Networth)		2.31	2.09	1.49
Current Ratio (Current Asset/Current Liability)		1.19	1.23	7.19

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	25.630	25.630	25.630
Reserves & Surplus	81.565	81.915	82.322
Share Application money pending allotment	6.800	6.000	0.000
Net worth	113.995	113.545	107.952
long-term borrowings	170.279	197.907	209.821
Short term borrowings	0.000	39.828	39.970
Total borrowings	170.279	237.735	249.791
Debt/Equity ratio	1.494	2.094	2.314

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	522.013	889.461
		70.391

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	522.013	889.461
Profit	0.350	0.406
	0.07%	0.05%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
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	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Budapest Traders Private Limited	0.000	16.200
Jitendra Kumar Goyal	2.794	3.400
Kailash Kumar Sanwatia	1.450	1.450
Kakali Ghosh	3.100	0.000
Neha M. Saria	0.000	10.429
Vinita Pojects Limited	0.000	1.000
Only Wheel	36.175	0.000
Pooja Devi Goyal	0.000	1.300
Satbir Sarlia	0.000	1.650
SD Traders	0.500	1.000
Times Sound Construction Private Limited	18.100	0.000
Total	62.119	36.429

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10174841	31/03/2011 *	189,500,000.00	State Bank of India	Durgapur Branch, Near DSP Main Gate, Durgapur, West Bengal - 713203, India	B19360627
2	10107372	04/06/2012 *	240,800,000.00	State Bank of India	Durgapur Branch, Near Durgapur Main Gate, Durgapur, West Bengal - 713203, India	B44679025

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Factory Shed and Building

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.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	TRI
Report Prepared by :	NKT

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		41

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.