MIRA INFORM REPORT

Report No. :	306861
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	BACHHIL STEEL PRIVATE LIMITED
Registered Office :	C-2003, Station Plaza, Station Road, Bhandup (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.04.1974
Com. Reg. No.:	11-017375
Capital Investment / Paid-up Capital :	Rs. 0.452 Million
CIN No.: [Company Identification No.]	U27100MH1974PTC017375
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HDPE, Drums and MS/ G.I Painted and Power Coated Drums.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 record. There seems sharp dip in the profit of the company during FY 2014 and increased in the borrowings of the company over previous year. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

LOCATIONS

Registered Office :	C-2003, Station Plaza, Station Road, Bhandup (West), Mumbai – 400078, Maharashtra, India
Tel. No. :	91-22-2443763
Fax No. :	Not Available
E-Mail :	bachhilsteel@gmail.com
Website :
Corporate Office/ Factory :	Plot No. D-7/9, Phase-I, M.I.D.C., Dombivli (East), Thane – 421203, Maharashtra, India
Tel. No.:	91-251-2802642/ 2802667
Telefax No.:	91-251-2443763
E-Mail :	bachhilsteel@gmail.com

DIRECTORS

As on 29.09.2014

Name :

Ashwin Madhavji Chandan

Designation :

Director

Address :

RM. 43, MIDC Resizone, Mamta Hospital Road, MIDC, Dombivli (East), Dombivli, Thane – 421203, Maharashtra, India

Date of Birth/Age :

28.11.1952

Date of Appointment :

22.02.2008

DIN No. :

01591069

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	Company/ LLP Status	Defaulting status
1	U99999MH1993PTC071356	RUPALI MACHINE AND TOOLS PRIVATE LIMITED	Director	29-03-1993	29-03-1993	Active	NO
2	U27100MH1974PTC017375	BACHHIL STEEL PRIVATE LIMITED	Director	22-02-2008	22-02-2008	Active	NO
3	U45202GJ2012PTC070177	SUSHMITA INFRAPROJECT PRIVATE LIMITED	Director	02-05-2012	02-05-2012	Active	NO

Name :

Reena Brijendra Kumar Singh

Designation :

Director

Address :

101/B-2, Saptarshi Co-Operative Hosing Society Limited, Anand Nagar, Manpada Road, Dombivli (East), Dombivli, Thane - 421201, Maharashtra, India

Date of Birth/Age :

16.03.1962

Date of Appointment :

05.04.1974

DIN No. :

01645632

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	U27100MH1974PTC017375	BACHHIL STEEL PRIVATE LIMITED	Director	05-04-1974	05-04-1974	-	Active	NO
2	U15122MH1992PTC065907	JV HOSPITALITY PRIVATE LIMITED	Director	13-03-1992	13-03-1992	01-07-2011	Active	NO
3	U70102MH2008PTC180352	OM BHAGWATE PROPERTIES PRIVATE LIMITED	Director	25-08-2008	25-08-2008	-	Active	NO

Name :

Mr. Brijendra Kumar Singh

Designation :

Managing Director

Address :

101/B-2, Saptarshi Co-Operative Hosing Society Limited, Anand Nagar, Manpada Road, Dombivli (East), Thane - 421201, Maharashtra, India

Date of Birth/Age :

28.05.1956

Date of Appointment :

09.05.1990

DIN No. :

02152028

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	U27100MH1974PTC017375	BACHHIL STEEL PRIVATE LIMITED	Managing director	09-05-1990	09-05-1990	-	Active	NO
2	U15122MH1992PTC065907	JV HOSPITALITY PRIVATE LIMITED	Director	17-03-1999	17-03-1999	01-07-2011	Active	NO
3	U70102MH2008PTC180352	OM BHAGWATE PROPERTIES PRIVATE LIMITED	Director	25-08-2008	25-08-2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Brijendra Singh	285
Reena Singh	1005
Anand Singh	5
Shyamkali Singh	15
Akhilesh Singh	110
Sheela Singh	770
Prabhavati Chauhan	100
Pradeep Tejwani	100
Aditya Bachhil	540
Aniruddha Bachhil	1490
Dharmendra Chauhan	100
Total	4520

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of HDPE, Drums and MS/ G.I Painted and Power Coated Drums.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Apurva Apartments, Manpada Road, Dombivali (East), Thane - 421201, Maharashtra, India

Bank of Maharashtra, Boribunnder Branch, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Bank Of Baroda Term Loan (1172)	0.000	0.297
From Bank Of Baroda Term Loan (1193)	0.280	0.560
Less: Current Maturities of Secured Loans from Bank	(0.280)	(0.560)
(Secured against Specified Plant and Machinery and Personal guarantee of directors)
Total	0.000	0.297

Banking Relations :	--
Auditors :
Name :	Shankarlal Jain and Associates Chartered Accountants
Address :	12,Engineer Building, 265, Princess Street, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFS6967Q
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,520	Equity Shares	Rs.100/- each	Rs. 0.452 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.452	0.452	0.452
(b) Reserves & Surplus	17.931	17.908	17.173
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.201	0.201	0.201
Total Shareholders’ Funds (1) + (2)	18.584	18.561	17.826
(3) Non-Current Liabilities
(a) long-term borrowings	6.671	2.302	1.899
(b) Deferred tax liabilities (Net)	2.126	2.360	2.615
(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)	8.797	4.662	4.514
(4) Current Liabilities
(a) Short term borrowings	10.964	10.582	10.268
(b) Trade payables	3.776	3.657	4.132
(c) Other current liabilities	1.320	2.275	2.968
(d) Short-term provisions	0.073	3.508	3.333
Total Current Liabilities (4)	16.133	20.022	20.701
TOTAL	43.514	43.245	43.041
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.704	11.777	12.668
(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	10.704	11.777	12.668
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.214	7.584	6.694
(c) Trade receivables	13.462	10.511	10.829
(d) Cash and cash equivalents	1.134	0.501	0.728
(e) Short-term loans and advances	10.000	12.872	12.122
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	32.810	31.468	30.373
TOTAL	43.514	43.245	43.041

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	42.941	40.440
		Other Income	NA	1.227	1.126
		TOTAL	NA	44.168	41.566
Less	EXPENSES
		TOTAL	NA	43.099	40.393
	PROFIT/ (LOSS) BEFORE TAX		0.945	1.069	1.173
Less	TAX		0.921	0.334	(0.013)
	PROFIT/ (LOSS) AFTER TAX		0.024	0.735	1.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.907	17.172	15.986
	BALANCE CARRIED TO THE B/S		17.931	17.907	17.172
	Earnings / (Loss) Per Share (Rs.)		5.31	162.50	262.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	1.71	2.93
Return on Total Assets (PBT/Total Assets}	(%)	2.17	2.47	2.73
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.07
Debt Equity Ratio (Total Debt/Networth)		0.95	0.69	0.68
Current Ratio (Current Asset/Current Liability)		2.03	1.57	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.452	0.452	0.452
Reserves & Surplus	17.173	17.908	17.931
Share Application money pending allotment	0.201	0.201	0.201
Net worth	17.826	18.561	18.584
long-term borrowings	1.899	2.302	6.671
Short term borrowings	10.268	10.582	10.964
Total borrowings	12.167	12.884	17.635
Debt/Equity ratio	0.683	0.694	0.949

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10497159	02/05/2014	22,700,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA	C05363593
2	90186355	23/05/1996	210,000.00	BANK OF MAHARASTRA	BORIBUNDER BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA	-
3	90186290	17/04/1997 *	500,000.00	BANK OF MAHARASTRA	BORIBUNDER BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA	-
4	90184791	10/04/1984 *	200,000.00	BANK OF MAHARASTRA	BORIBUNDER BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA	-
5	90184718	23/09/1982	225,000.00	BANK OF MAHARASTRA	BORIBUNDER BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Shareholders	0.400	0.400
From Intercorporate Deposits	0.285	0.385
From Deutsche Bank	1.601	2.320
Fullerton India Credit Limited	4.945	0.000
Less: Current Maturities of Loan from Deutsche Bank	(0.560)	(1.100)
SHORT TERM BORROWINGS
Bank of Baroda (O/D) (Secured Against Stock and Book Debts)	8.962	10.582
Bank of Baroda LC Account (Secured against Stock and Fixed Deposit)	2.002	0.000
Total	17.635	12.587

CHANGE OF ADDRESS

The registered office of the company has been shifted from 13, Bharat Chambers, Baroda Street, Mumbai – 400009, Maharashtra, India to the present address w.e.f. 15.04.2008.

FIXED ASSETS

· Leasehold Land

Factory Building

Machinery

Office Equipment

Furniture and Fixtures

Computer

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 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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		29

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.