MIRA INFORM REPORT

Report No. :	305540
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	GEETAI STEELS PRIVATE LIMITED
Registered Office :	Plot No. F-22, Phase ll, Additional M.I.D.C. Jalna – 431203, Maharashtra,
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.11.2009
Com. Reg. No.:	11-197188
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U27107MH2009PTC197188
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCG5990K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Producers and Dealing in Iron Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company failed to file is financials for last year 2013-14 with the government department. As per available financial of 2013, Profitability of the company appears to be acceptable. However, trade relations reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with 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

Rating Agency Name	CRISIL
Rating	Long term rating “BB-“
Rating Explanation	Moderate risk of default
Date	APRIL 04, 2013

Rating Agency Name	CRISIL
Rating	Short term rating “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	APRIL 04, 2013

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.

INFORMATION DENIED

(Unable to Contact)

LOCATIONS

Registered Office :	Plot No. F-22, Phase ll, Additional M.I.D.C. Jalna – 431203, Maharashtra,, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	piyushragrawal@gmail.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Rajendra Satyanayan Bharauka

Designation :

Additional Director

Address :

Ajanta Nagar, Jalna – 431203, Maharashtra, India

Date of Appointment :

28.05.2011

DIN No. :

00894601

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	U27100MH2003PTC141764	OMSAIRAM STEELS AND ALLOYS PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
2	U27100MH2006PTC159560	UMADEVI STEEL ALLOYS PRIVATE LIMITED	Managing director	07/02/2006	07/02/2006	-	Active	NO
3	U27107MH2007PTC174722	BHADRA MARUTI STEELS PRIVATE LIMITED	Director	04/08/2009	19/06/2008	-	Active	NO
4	U15139MH2007PTC167321	GEETA AGRO PRODUCTS PRIVATE LIMITED	Director	05/08/2009	20/06/2008	-	Active	NO
5	U27107MH2009PTC197188	GEETAI STEELS PRIVATE LIMITED	Additional director	28/05/2011	28/05/2011	-	Active	NO
6	U27100MH2004PTC148360	GAYATRI ISPAT PRIVATE LIMITED	Director	23/07/2013	23/07/2013	-	Active	NO
7	U27100MH2009PTC195202	KAPILA METALS PRIVATE LIMITED	Director	03/05/2014	03/05/2014	-	Active	NO

Name :

Mr. Anilkumar Hukmichand Agrawal

Designation :

Director

Address :

550 Opposite BDCC Bank Behind Agra Mahesh Bhavab Buldhana – 443001, Maharashtra, India

Date of Appointment :

21.11.2009

DIN No. :

02785331

Name :

Mr. Uttamchand Hukmichand Agrawal

Designation :

Director

Address :

Saraf Line, Uttam Jwellers Buildhana – 443001, Maharashtra, India

Date of Appointment :

21.11.2009

DIN No. :

02785335

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	U27107MH2009PTC197188	GEETAI STEELS PRIVATE LIMITED	Director	21/11/2009	21/11/2009	-	Active	NO
2	U52300MH2010PTC203035	ANIL KUMAR TRADING COMPANY PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Anilkumar H Agrawal	80000
Uttamchand H. Agrawal	52000
Dinesh S. Bharuka	200000
Aashish A. Agrawal	35000
Sangeeta U. Agrwal	25500
Nilesh D. Bharuka	50000
Geetabai H Agrawal	47500

As on 28.09.2013

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, Producers and Dealing in Iron Steel.

Products :

Item Code No. (ITC Code)	Product Description
72200000	Steel Manufacturing

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: 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 :

Banker Name	Industrial Development Bank of India Limited
Branch Address	City SME Centre, Radhika Arcade, Nupur Theater Complex, Jalna Road, Aurangabad – 431003, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
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

Banker Name	IDBI Bank Limited
Branch Address	City SME Centre, Nupur Theater Complex, Jalna Road, Aurangabad – 431003, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
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

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	63.019	64.091
SHORT TERM BORROWINGS
Working capital loans from banks	67.214	76.994
Total	130.233	141.085

Auditors :
Name :	GSA and Company Chartered Accountants
Address :	142, 143,144 Ground Floor, D Wing Jindal Super Market Mahaveer Chowk, Jalna – 431203, Maharashtra, India
PAN No.:	AAPPA5567P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000	0.100
(b) Reserves & Surplus	7.263	(43.630)	0.000
(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)	57.263	6.370	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	141.598	132.195	70.544
(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)	141.598	132.195	70.544
(4) Current Liabilities
(a) Short term borrowings	67.214	95.438	0.000
(b) Trade payables	28.749	81.820	0.000
(c) Other current liabilities	56.505	25.186	11.384
(d) Short-term provisions	10.695	0.000	0.048
Total Current Liabilities (4)	163.163	202.444	11.432
TOTAL	362.024	341.009	82.076
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	162.248	166.550	1.476
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	47.660
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.065	1.055	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	0.451	0.580	1.868
Total Non-Current Assets	162.764	168.185	51.004
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.668	87.679	0.000
(c) Trade receivables	49.219	54.534	0.000
(d) Cash and cash equivalents	17.430	8.180	4.608
(e) Short-term loans and advances	17.943	22.431	26.464
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	199.260	172.824	31.072
TOTAL	362.024	341.009	82.076

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	2088.056	760.197
	Other Income	NA	NA
	TOTAL	NA	NA
Less	TOTAL EXPENSES	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	74.346	(39.628)
Less/ Add	DEPRECIATION/ AMORTISATION	12.759	4.002
	PROFIT/ (LOSS) BEFORE TAX	61.587	(43.630)
Less	TAX	10.695	0.000
	PROFIT/ (LOSS) AFTER TAX	50.892	(43.630)
	Earnings / (Loss) Per Share (Rs.)	101.78	(87.26)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	2.44	(5.74)	NA
Return on Total Assets (PBT/Total Assets}	(%)	17.01	(12.83)	0.00
Return on Investment (ROI) (PBT/Networth)		1.08	(6.85)	0.00
Debt Equity Ratio (Total Debt /Networth)		3.65	35.74	705.44
Current Ratio (Current Asset/Current Liability)		1.22	0.85	2.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	50.000	50.000
Reserves & Surplus	0.000	(43.630)	7.263
Net worth	0.100	6.370	57.263
long-term borrowings	70.544	132.195	141.598
Short term borrowings	0.000	95.438	67.214
Total borrowings	70.544	227.633	208.812
Debt/Equity ratio	705.440	35.735	3.647

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	760.197	2088.056
		174.673

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	760.197	2088.056
Profit	(43.630)	50.892
	(5.74%)	2.44%

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 two 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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

Note:

The Registered office of the company has been shifted Dinesh Satyanaryanji Bharuka Buildin, Ajanta Nagar, Deulgaon Raja Road, Jalana – 431203, Maharashtra, India to the present address w.e.f. 22.11.2011

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	78.579	68.104
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	18.444
Total	78.579	86.548

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10541138	27/10/2014 *	496,500,000.00	KALLAPPANNA AWADE ICHALKARANJI JANTA SAHAKARI BANK	Near Jindal complex, JALNA, Maharashtra - 431203, INDIA	C40121857

* Date of charge modification

FIXED ASSETS

• Buildings
• Factory building
• Plant and equipment
• Other pollution reduction equipment
• Other plant and equipment
• Furniture and fixtures
• Office equipment
• Computer equipments

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. 61.68
UK Pound	1	Rs. 93.53
Euro	1	Rs. 70.75

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		30

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.