MIRA INFORM REPORT

Report No. :	305722
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	SRI NAVDURGA BILLETS PRIVATE LIMITED
Registered Office :	21-1-686, Rikab Gunj, Hyderabad – 500002, Telanagana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.09.2007
Com. Reg. No.:	36-055497
Capital Investment / Paid-up Capital :	Rs. 15.462 Millions
CIN No.: [Company Identification No.]	U27109TG2007PTC055497
IEC No.:	Not Available
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 :	Subject is engaged in manufacturer of TMT Bars.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – 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

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 :	21-1-686, Rikab Gunj, Hyderabad – 500002, Telanagana, India
Tel. No.:	91-40-66048701
Fax No.:	Not Available
E-Mail :	corporateexpertise@hotmail.com
Factory :	Motighan Bur Village, Mahabubnagar, Andhra Pradesh, India
Tel No.:	91-040-66048701

DIRECTORS

AS ON 30.09.2014

Name :

Sri Chandrakant Agarwal

Designation :

Director

Address :

21-1-686, Rikab Gunj, Hyderabad – 500002, Andhra Pradesh, India

Date of Birth/Age :

21.07.1951

Date of Appointment :

13.09.2007

DIN No.:

01483264

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	U17110TG1990PTC011282	SRI NAVADURGA TEXTILE PROCESSORS PVT. LTD.	Director	08/05/1990	08/05/1990	-	Active	NO
2	U18101TG2003PTC041179	NAVDURGA FASHIONS PRIVATE LIMITED	Director	17/06/2003	17/06/2003	23/03/2012	Active	NO
3	U27109TG2007PTC055497	SRI NAVDURGA BILLETS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	-	Active	NO
4	U85100TG2011NPL075631	CURE THALASSEMIA	Director	21/07/2011	21/07/2011	-	Active	NO

Name :

Sri Mahesh Kumar Agarwal

Designation :

Director

Address :

21-1-686, Rikab Gunj, Hyderabad – 500002, Andhra Pradesh, India

Date of Birth/Age :

03.04.1959

Date of Appointment :

13.09.2007

DIN No.:

01096609

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	U17110TG1990PTC011282	SRI NAVADURGA TEXTILE PROCESSORS PVT. LTD.	Director	28/05/1993	28/05/1993	-	Active	NO
2	U27109TG2007PTC055497	SRI NAVDURGA BILLETS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	-	Active	NO
3	U85100TG2011NPL075631	CURE THALASSEMIA	Director	21/07/2011	21/07/2011	-	Active	NO

Name :

Sachin Agarwal

Designation :

Director

Address :

21-1-686, Rikab Gunj, Hyderabad – 500002, Andhra Pradesh, India

Date of Birth/Age :

14.03.1979

Date of Appointment :

10.12.2007

DIN No.:

0180557

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	U21010TG1994PTC019068	VL PAPERS PRIVATE LIMITED	Director	15/05/2007	15/05/2007	06/05/2009	Active	NO
2	U27109TG2007PTC055497	SRI NAVDURGA BILLETS PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO

Name :

Shashikant Aarwal

Designation :

Managing Director

Address :

21-1-686, Rikab Gunj, Hyderabad – 500002, Andhra Pradesh, India

Date of Birth/Age :

17.09.1972

Date of Appointment :

30.05.2008

DIN No.:

01529100

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	U17110TG1990PTC011282	SRI NAVADURGA TEXTILE PROCESSORS PVT. LTD.	Director	20/11/2003	20/11/2003	30/05/2008	Active	NO
2	U21010TG1994PTC019068	VL PAPERS PRIVATE LIMITED	Director	15/05/2007	15/05/2007	10/07/2008	Active	NO
3	U27109TG2007PTC055497	SRI NAVDURGA BILLETS PRIVATE LIMITED	Managing director	30/05/2008	30/05/2008	-	Active	NO

Name :

Rishikant Agarwal

Designation :

Director

Address :

21-1-686, Rikab Gunj, Hyderabad – 500002, Andhra Pradesh, India

Date of Birth/Age :

12.05.1977

Date of Appointment :

05.10.2012

DIN No.:

02218146

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	U17110TG1990PTC011282	SRI NAVADURGA TEXTILE PROCESSORS PVT. LTD.	Director	16/07/2008	16/07/2008	-	Active	NO
2	U27109TG2007PTC055497	SRI NAVDURGA BILLETS PRIVATE LIMITED	Director	05/10/2012	05/10/2012	-	Active	NO

MAJOR SHAREHOLDERS

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	35.57
Directors or relatives of Directors	64.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturer of TMT Bars.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West , Mumbai, Maharashtra - 400013, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	58.345	44.861
SHORT TERM BORROWINGS
Working capital loans from banks	66.357	99.905
Total	124.702	144.766

Auditors :
Name :	Madhu Mantri and Associates Chartered Accountants
Address :	C-103, Matrushree Apartments, Hyderguda, Hyderabad – 500029, Andhra Pradesh, India
PAN No.:	AAKFM0799E
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
2600000	Equity Shares	Rs. 10/- each	Rs. 26.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1546190	Equity Shares	Rs. 10/- each	Rs. 15.462 Millions

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	15.462	15.462	15.462
(b) Reserves & Surplus	57.974	54.892	48.360
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	3.000	3.000	0.000
Total Shareholders’ Funds (1) + (2)	76.436	73.354	63.822
(3) Non-Current Liabilities
(a) long-term borrowings	148.657	139.232	111.904
(b) Deferred tax liabilities (Net)	11.665	10.275	9.952
(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)	160.322	149.507	121.856
(4) Current Liabilities
(a) Short term borrowings	66.357	99.905	68.276
(b) Trade payables	44.690	114.882	43.592
(c) Other current liabilities	37.090	43.558	26.786
(d) Short-term provisions	50.398	16.832	17.485
Total Current Liabilities (4)	198.535	275.177	156.139
TOTAL	435.293	498.038	341.817
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	176.030	181.498	127.737
(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	0.001	0.001	11.347
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.058	38.198	27.051
(e) Other Non-current assets	12.970	0.037	0.197
Total Non-Current Assets	220.059	219.734	166.332
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.491	97.956	75.606
(c) Trade receivables	76.338	165.838	69.634
(d) Cash and cash equivalents	4.832	3.836	0.799
(e) Short-term loans and advances	13.887	5.841	20.078
(f) Other current assets	5.686	4.833	9.368
Total Current Assets	215.234	278.304	175.485
TOTAL	435.293	498.038	341.817

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	1388.719	1179.328	1000.017
Less	EXPENSES
		TOTAL (B)	1347.294	1142.643	942.910
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.425	36.685	57.107
Less	INTEREST (D)		20.540	15.510	22.611
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.885	21.175	34.496
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.414	13.496	14.829
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		4.471	7.679	19.667
Less	TAX (H)		1.389	1.147	6.707
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.082	6.532	12.960
	Earnings / (Loss) Per Share (Rs.)		1.99	4.22	8.38

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.22	0.55	1.29
Return on Total Assets (PBT/Total Assets}	(%)	1.03	1.54	5.95
Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.31
Debt Equity Ratio (Total Debt/Networth)		2.81	3.26	2.82
Current Ratio (Current Asset/Current Liability)		1.08	1.01	1.12

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	15.462	15.462	15.462
Reserves & Surplus	48.360	54.892	57.974
Net worth	63.822	70.354	73.436
long-term borrowings	111.904	139.232	148.657
Short term borrowings	68.276	99.905	66.357
Total borrowings	180.180	239.137	215.014
Debt/Equity ratio	2.823	3.399	2.928

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1000.017	1179.328	1388.719
		17.931	17.755

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1000.017	1179.328	1388.719
Profit	12.960	6.532	3.082
	1.30%	0.55%	0.22%

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three 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	10234469	26/03/2014 *	250,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C16710592
2	10193961	18/12/2009	10,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A76108927
3	10194022	02/12/2009	743,210.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A76226547
4	10181202	28/07/2009	42,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A67689901

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan from others	68.892	75.616
Other loans and advances	21.421	18.754
Total	90.313	26.371

FIXED ASSETS

· Factory Buildings

· Plant and Equipments

· Furniture and Fixture

· 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. 61.88
UK Pound	1	Rs. 93.27
Euro	1	Rs. 69.94

INFORMATION DETAILS

Analysis Done by :	RAS
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--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		42

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.