MIRA INFORM REPORT

Report No. :	305753
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	SARWOTTAM ISPAT LIMITED
Registered Office :	11B, Jatindra Mohan Avenue, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2014 (Summarized Balance sheet)
Date of Incorporation :	13.12.1984
Com. Reg. No.:	038280
Capital Investment / Paid-up Capital :	Rs. 32.500 Millions
CIN No.: [Company Identification No.]	U27209WB1984PLC038280
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECS4392N
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer and Supplier of Iron and steel , shaft, shaft collars and bright bars.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company failed to file its financials for last year with the government (i.e. 2013-14). As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st march. 2013 but the documents related to the financials for the year 2012 and 2013 are not available from any sources. As per available financial information of 2011. Trade relation seems to be fair. Business is active. Payment terms are reported to be unknown. 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	11.12.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating “A4”
Rating Explanation	Minimal degree of safety and very high credit risk
Date	11.12.2013

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 BY

Name :	Mr. Kacholiya
Designation :	Commercial Finance Manger
Contact No.:	91-40-27812402
Date :	30.01.2015

LOCATIONS

Registered Office :	11B, Jatindra Mohan Avenue, Kolkata – 700006, West Bengal, India
Tel. No.:	91-33-25307076
Fax No.:	Not Available
E-Mail :	sarwottam.hyd@gmail.com
Corporate office / Admin Office :	No. 206, Swapnalok Complex, Sarojini Devi Road, Secunderabad – 500003, Telangana
Tel. No.:	91-40-27812402
Fax No.:	91-40-27813374
Factory :	5/7 to 10 and 17 Medak - 502286, Telangana, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rishabh Lath

Designation :

Director

Address :

W-109, Greater Kailash Part – II, New Delhi – 110048, India

Date of Birth/Age :

30.09.1979

Date of Appointment :

06.01.2003

DIN No. :

01150900

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	U27209WB1984PLC038280	SARWOTTAM ISPAT LIMITED	Director	06/01/2003	06/01/2003	-	Active	NO
2	U28999TG1983PTC004062	G.M. ZIPPERS PVT LTD	Director	04/10/2004	04/10/2004	-	Active	NO
3	U70101DL2005PTC142598	NEON REALTORS PRIVATE LIMITED	Director	18/11/2005	18/11/2005	24/10/2008	Active	NO

Name :

Mr. Subhash Goenka

Designation :

Additional Director

Address :

Flat No. 211, Indralok Complex Road No. 1, Banjara Hills Hyderabad – 500034, Telangana, India

Date of Birth/Age :

19.05.1965

Date of Appointment :

02.01.2013

DIN No. :

00791092

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	U28999TG1983PTC004062	G.M. ZIPPERS PVT LTD	Director	17/08/1987	17/08/1987	-	Active	NO
2	U51109WB2007PTC113404	DOMAIN AGENCIES PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO
3	U51909WB2009PTC136134	R.G.G VYAPAAR PRIVATE LIMITED	Director	23/06/2009	23/06/2009	-	Active	NO
4	U51909WB2010PTC148151	CIMMCO TRADERS PRIVATE LIMITED	Additional director	19/05/2010	19/05/2010	-	Active	NO
5	U27209WB1984PLC038280	SARWOTTAM ISPAT LIMITED	Additional director	02/01/2013	02/01/2013	-	Active	NO

Name :

Mr. Om Prakash Jalan

Designation :

Director

Address :

308A, Rabindra Sarani, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

29.05.1935

Date of Appointment :

26.02.1997

DIN No. :

01194461

KEY EXECUTIVES

Name :	Mr. Kacholiya
Designation :	Commercial Finance Manger

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Ramgopal Goenka	102300
Sanjay Goenka	73200
Indu Devi Goenka	46000
Subhash Goenka	46500
Pradeep Goenka	21800
Krishna Gopal Lath	150000
Pitamber Steel Private Limited, India	100
Pratima Goenka	64000
Sushma Goenka	33600
Sonal Lath	130000
Mayank Lath	190000
Rishabh Lath	140000
Singdha Lath	2000
Abhyuday Lath	24500
Shashi Lath	110000
Punita Lath	120000
Vinita Lath	160000
Gita Devi Lath	270000
Chandra Prabha Lath	120000
Rajendra Kumar Lath	30000
Rishma Lath	10000
Mathura Das Kishan Lal HUF	220000
KG Lath and Sons. HUF	50000
RK Lath and Sons HUF	50000
Sonal Developers Private Limited, India	1000000
Pradeep Kumar Lath	68000
Total	3232000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	30.77
Directors or relatives of Directors	69.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Iron and steel , shaft, shaft collars and bright bars.

Products :

Item Code No. (ITC Code)	Product Description
72061090	Other primary forms – Other MS Ingots
72142090	Other bars and rods of iron or non-alloy steel, not further worked than forged, hot-rolled

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	3/6/281/, 1^st Floor, Hyderguda Main Road, SBI Old Mla Qtrs Branch Building, Hyderabad – 500029, Telangana, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	38.410	64.382
Working capital loans banks secured	92.965	97.982
Loans taken for vehicles secured	0.668	1.673
Total	132.043	164.037

Auditors :
Name :	R.K. Kabra and Company Chartered Accountants
Address :	1409, Mali Wara, Nai Sarak, Delhi, India
PAN No.:	ANSPK6405E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs.32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs. 32.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

(Summarized Balance sheet)

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
Share Capital		32.500	32.500	32.500
Reserves & Surplus		75.868	70.070	64.818
LOAN FUNDS
Secured Loans		132.043	164.037	161.759
Unsecured Loans		52.193	42.038	42.407
DEFERRED TAX LIABILITIES		9.578	9.510	9.989
FIXED ASSETS [Net Block]		118.164	129.142	143.634
Capital work-in-progress		0.733	4.482	0.000
DEFERRED TAX ASSETS		(9.578)	(9.510)	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	148.528	162.960	0.000
	Sundry Debtors	140.114	135.995	0.000
	Cash & Bank Balances	6.099	5.915	0.000
	Other Current Assets	3.944	3.436	0.000
	Loans & Advances	9.455	7.042	283.551
CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.055	104.253	68.710
	Advance From Customers	0.000	0.000	26.710
	Other Current Liabilities	31.914	38.686
	Provisions	0.000	0.000	20.364

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES
	Income	1276.486	1042.205	1281.969
	Other Income	2.605	5.012	6.957
	TOTAL (A)	1279.091	1047.217	1288.926
Less	EXPENSES	1233.572	998.189	1242.629
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	45.519	49.028	46.297
Less	FINANCIAL EXPENSES (D)	18.118	22.463	22.504
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	27.401	26.565	23.973
Less/ Add	DEPRECIATION/ AMORTISATION (F)	18.917	18.797	18.690
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.484	7.768	5.103
Less	TAX (H)	2.686	2.516	2.072
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5.798	5.252	3.031

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PAT / Sales)	(%)	0.45	0.50	0.24
Operating Profit Margin (PBDIT/Sales)	(%)	0.04	4.70	3.61
Return on Total Assets (PBT/Total Assets}	(%)	1.99	1.75	1.19
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.05
Debt Equity Ratio (Total Debt/Networth)		1.70	2.01	2.10
Current Ratio (Current Asset/Current Liability)		2.30	2.21	2.45

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	32.500	32.500	32.500
Reserves & Surplus	64.818	70.07	75.868
Net worth	97.318	102.570	108.368
Secured Loans	161.759	164.037	132.043
Unsecured Loans	42.407	42.038	52.193
Total borrowings	204.166	206.075	184.236
Debt/Equity ratio	2.098	2.009	1.700

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1281.969	1042.205	1276.486
		(18.703)	22.479

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1281.969	1042.205	1276.486
Profit	3.031	5.252	5.798
	0.24%	0.50%	0.45%

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	Yes
10]	Designation of contact person	Yes
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	Yes

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90255933	27/03/2008 *	284,500,000.00	State Bank of India	3/6/281/a/1, 1st floor, Hyderguda Main Road, SBI OLD MLA Qtrs Branch Building, Hyderabad, Andhra Pradesh - 500029, INDIA	A40682684

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	49.185	35.970
Loans directors unsecured	3.008	6.068
Total	52.193	42.038

FIXED ASSETS

• Land
• Building
• Office building
• Factory building
• Plant machinery
• Office equipments
• Computer equipments
• Furniture fixtures
• Vehicles
• Motor vehicles

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. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.