MIRA INFORM REPORT

Report No. :	306118
Report Date :	10.02.2015

IDENTIFICATION DETAILS

Name :	GANPATI ISPAT (PROPRIETOR GANPATI SPONGE IRON PRIVATE LIMITED) GANPATI SPONGE IRON PRIVATE LIMITED (w.e.f. 22.02.2010)
Formerly Known As :	GANPATI SPONGE IRON LIMITED
Registered Office :	144,Sector-C, Urla Industrial Area, Urla, Raipur – 492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.08.1989
Com. Reg. No.:	10-005413
Capital Investment / Paid-up Capital :	Rs.45.574 Millions
CIN No.: [Company Identification No.]	U27102CT1989PTC005413
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLG01918A
PAN No.: [Permanent Account No.]	AABCG9507A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron, Pig Iron, Cast Iron, Steel, Steel Alloys, Ferro Alloys and Iron Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, Trade relations are fair. Business is active. Payments 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 :	144,Sector-C, Urla Industrial Area,Urla, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-3209663
Fax No.:	Not Available
E-Mail :	vb99.associates@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Suresh Kumar Goyal

Designation :

Director

Address :

Goyal Plastics, Santoshi Nagar, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

12.06.1976

Date of Appointment :

30.09.2004

DIN No.:

00318141

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	U27102CT1989PTC005413	GANPATI SPONGE IRON Private Limited	Director	30/09/2004	30/09/2004	-	Active	NO
2	U70101CT2010PTC022024	GOYAL REALTY & AGRICULTURE PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
3	U25200CT2009PTC021056	S.PYARELAL ISPAT PRIVATE LIMITED	Additional director	20/09/2010	20/09/2010	-	Active	NO
4	U27100KA2009PTC049915	Hindupur Steel & Alloys Private limited	Director	28/12/2012	28/12/2012	-	Active	NO

Name :

Mr. Vikash Kumar Goyal

Designation :

Director

Address :

Goyal Plastics, Santoshi Nagar, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

06.08.1981

Date of Appointment :

30.06.2005

DIN No.:

00318182

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	U27102CT1989PTC005413	GANPATI SPONGE IRON Private Limited	Director	30/06/2005	30/06/2005	-	Active	NO
2	U25200CT2008PTC020883	BRIJDHAM POLYMERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
3	U25200CT2009PTC021056	S.PYARELAL ISPAT PRIVATE LIMITED	Director	17/02/2009	17/02/2009	17/05/2010	Active	NO
4	U27100CT2009PTC021127	HARSHIT STEEL EXPRESS MART PRIVATE LIMITED	Director	04/11/2009	27/03/2009	01/03/2012	Active	NO
5	U70101CT2010PTC022024	GOYAL REALTY & AGRICULTURE PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
6	U27100KA2009PTC049915	Hindupur Steel & Alloys Private limited	Additional director	30/12/2011	30/12/2011	-	Active	NO

Name :

Mr. Manoj Kumar Goyal

Designation :

Additional Director

Address :

Santoshi Nagar, Boria Road, Raipur - 492001, Chhattisgarh, India

Date of Birth/Age :

05.05.1980

Date of Appointment :

15.01.2009

DIN No.:

02112472

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	U27101CT2005PTC017646	P. LAL IRON AND POLYMERS PRIVATE LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
2	U27102CT1989PTC005413	GANPATI SPONGE IRON Private Limited	Additional director	15/01/2009	15/01/2009	-	Active	NO
3	U27100CT2009PTC021127	HARSHIT STEEL EXPRESS MART PRIVATE LIMITED	Director	27/03/2009	27/03/2009	10/12/2009	Active	NO
4	U27310CT2007PTC020385	HARSHIT ISPAT & PLASTICS PRIVATE LIMITED	Director	01/04/2009	01/04/2009	05/10/2011	Active	NO
5	U10200CT2011PTC022526	MAAV MINERALS & RESOURCES PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
6	U51109WB2007PTC120276	GANGOUR AGENCIES PRIVATE LIMITED	Director	22/08/2011	22/08/2011	-	Active	NO
7	U25200CT2009PTC021056	S.PYARELAL ISPAT PRIVATE LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO
8	U15400WB2007PTC116320	LINGRAJ FOOD AND BEVERAGES PRIVATE LIMITED	Director	12/12/2012	12/12/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Manoj Kumar Goyal	655000
Suresh Goyal	565300
Vikas Goyal	530000
Brijlal Goyal	40000
Kaushalya Devi Goyal	250000
Ashish Kumar Goyal	240000
Suman Goyal	272100
Rinku Goayl	20000
Brijlal Goyal & Sons (HUF)	20000
Suresh Kumar Goyal & Sons (HUF)	20000
Manoj Kumar Goyal & Sons (HUF)	221200
Khajani Devi Garg	50000
Sheetal Goyal	234000
Vikas Goyal & Sons (HUF)	200000
P. Lal Iron and Polymers Private Limited	900000
Hi-land Finance & Trading Private Limited	75000
G.S.R. Finvest Private Limited	107000
RPS Merchants Private Limited	21000
Anchita Properties Private Limited	22000
Sarvajana Properties Private Limited	24000
Sonic Impex Private Limited	15000
Rana Pratap Sahu & Sons	41800
Ishwar Sahu	34000
Total	4557400

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	25.00
Directors or relatives of Directors	74.00
Others	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sponge Iron, Pig Iron, Cast Iron, Steel, Steel Alloys, Ferro Alloys and Iron Steel.

Products :

Product Description	Item Code No. (ITC Code)
Iron and Steel	72069019

Brand Names :

--

Agencies Held :

--

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
Remark :	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
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Phool Chowk Branch, Katora Talab, Raipur - 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand from banks	82.801	81.542
Total	82.801	81.542

Auditors :
Name :	Anup S. Khasgiwala and Company Chartered Accountants
Address :	Raipur, Chhattisgarh, India
PAN No.:	AAVFA4824D
Memberships :	--
Collaborators :	--
Enterprises Over Which Key Managerial Personnels are able to exercise significant influence :	Hindupur Steel And Alloys Private Limited CIN No.: U27100KA2009PTC049915 Niros Ispat Private Limited CIN No.: U27103CT2001PTC014833 S.Pyarelal Ispat Private Limited CIN No.: U25200CT2009PTC021056 Lingraj Steel And Power Private Limited CIN No.: U27104CT2004PTC016474 Harshit Ispat And Developers Private Limited Harshit Steel Express Mart Private Limited P. Lal Iron and Polymers Private Limited Brijdham Polymers Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4557400	Equity Shares	Rs.10/- each	Rs.45.574 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	45.574	45.574	45.574
(b) Reserves & Surplus	55.626	74.163	77.139
(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)	101.200	119.737	122.713
(3) Non-Current Liabilities
(a) long-term borrowings	13.860	18.310	11.386
(b) Deferred tax liabilities (Net)	8.073	7.758	9.004
(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)	21.933	26.068	20.390
(4) Current Liabilities
(a) Short term borrowings	82.801	81.542	50.628
(b) Trade payables	9.937	5.338	19.451
(c) Other current liabilities	0.140	5.730	15.196
(d) Short-term provisions	23.227	29.960	16.720
Total Current Liabilities (4)	116.105	122.570	101.995
TOTAL	239.238	268.375	245.098
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.399	73.005	69.472
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	9.571	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	24.750	22.794	19.905
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	101.720	95.799	89.377
(2) Current assets
(a) Current investments	0.018	0.018	0.018
(b) Inventories	55.014	115.794	107.159
(c) Trade receivables	60.265	41.538	20.517
(d) Cash and cash equivalents	2.753	0.960	0.933
(e) Short-term loans and advances	15.421	8.212	19.118
(f) Other current assets	4.047	6.054	7.976
Total Current Assets	137.518	172.576	155.721
TOTAL	239.238	268.375	245.098

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	INCOME	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(0.464)	NA	NA
Less	FINANCIAL EXPENSES	12.601	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	13.065	NA	NA
Less	DEPRECIATION/ AMORTISATION	5.158	NA	NA
	PROFIT/(LOSS) BEFORE TAX	(18.223)	NA	NA
Less	TAX	0.314	NA	NA
	PROFIT/(LOSS) AFTER TAX	(18.536)	(2.976)	2.190
	Earnings / (Loss) Per Share (Rs.)	(4.07)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(7.53)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(0.17)	NA	NA
Debt Equity Ratio (Total Debt /Networth)		0.96	0.83	0.51
Current Ratio (Current Asset/Current Liability)		1.18	1.41	1.53

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	45.574	45.574	45.574
Reserves & Surplus	77.139	74.163	55.626
Share Application money pending allotment	0.000	0.000	0.000
Net worth	122.713	119.737	101.200
Long Term borrowings	11.386	18.310	13.860
Short Term borrowings	50.628	81.542	82.801
Total borrowings	62.014	99.852	96.661
Debt/Equity ratio	0.505	0.834	0.955

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 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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Deposits from directors	13.350	17.800
Other loans and advances	0.510	0.510
Total	13.86	18.310

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10383061	13/09/2012	20,000,000.00	Punjab National Bank	Phool Chowk Branch, Katora Talab, Raipur, Chhattisgarh - 492001, India	B60728532
2	10018770	05/08/2006	5,000,000.00	Punjab National Bank	Phool Chowk Branch, G.E. Road, Raipur, Chhattisgarh - 492001, India	A04096624
3	90209230	08/03/2003	17,900,000.00	Punjab National Bank	Phool Chowk Branch, Raipur, Madhya Pradesh, India	-
4	90208673	19/08/2011 *	95,000,000.00	Punjab National Bank	Phool Chowk Branch, Katoa Talab, Raipur, Chhattisgarh - 492001, India	B22594360
5	90207707	01/08/1998 *	3,000,000.00	Punjab National Bank	Phool Chowk Branch, G.E Road, Raipur, Madhya Pradesh, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.14
UK Pound	1	Rs.94.79
Euro	1	Rs.70.38

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.