MIRA INFORM REPORT

Report No. :	308843
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	BAJRANGBALI RE-ROLLERS PRIVATE LIMITED
Registered Office :	Lal Building, Kachery Road, Rourkela – 769012, Orissa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.08.2005
Com. Reg. No.:	15-008277
Capital Investment / Paid-up Capital :	Rs.34.965 Millions
CIN No.: [Company Identification No.]	U27101OR2005PTC008277
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 Angle, channel, flat, rounds, joist, squire bar.
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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, the rating takes into consideration extensive experience of the company’s promoters in the steel industry supported by sound financial base and fair liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	long term rating : BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	19.12.2013

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.

LOCATIONS

Registered Office :	Lal Building, Kachery Road, Rourkela – 769012, Orissa, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	brplamit@gmail.com
Factory:	A/3, Industrial Estate, Kalunga District Sundargarh, Orissa, India
Tel. No.:	91-661-2660306
Fax No.:	91-661-2660295

DIRECTORS

As on 30.09.2014

Name :	Mr. Akhil Kumar Agarwal
Designation :	Director
Address :	Lal Building, Kachery Road, Rourkela – 769012, Orissa, India
Date of Birth/Age :	29.09.1976
Date of Appointment :	01.08.2005
DIN No.:	01810957
Name :	Mr. Prem Chand Agarwal
Designation :	Director
Address :	Lal Building, Main Road, Rourkela – 769001, Orissa, India
Date of Birth/Age :	18.04.1955
Date of Appointment :	08.03.2012
DIN No.:	01565428

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Prem Chand Agarwal	4840
Amit Kumar Agarwal	595
Akhil Kumar Agarwal	37595
Sashi Agarwal	30095
Aarati Agrawal	28095
Amit Kumar Agarwal(HUF)	4075
Eastern Enterprises, India	8550
Prem Chand Agarwal(HUF)	9100
Sumeet Agarwal	28500
Bajrangbali Projects Private Limited, India	70700
Bajrangbali Projects Private Limited, India	70000
Manju Devi Agarwal	55500
Akhil Kumar Agarwal(HUF)	2000
Total	349645

As on 02.02.2015

Names of Allottees	No. of Shares
Sirrus Engineering Private Limited, India	50000
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	22.47
Directors or relatives of Directors	57.31
Other top fifty shareholders	20.22
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Angle, channel, flat, rounds, joist, squire bar.
Products :	Angle Channel Flat Rounds Joist Squire bar
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	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
Maximum Limit Dealt :	Not Available
Experience :	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
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

State Bank of India, SME Branch, Civil Township, Panposh Road, Rourkea Orissa - 769004, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
HDFC Bank Limited – Crame Hydra Loan	0.508	0.000
Short-term borrowings
From Bank State Bank of India	82.147	82.521
Total	82.655	82.521

Banking Relations :	--
Auditors :
Name :	Kadmawala and Company Chartered Accountants
Address :	Budhram Oram Market, Kachery Road, Rourkela – 769012, Orissa, India
Tel. No.:	91-661-3202710-11
Fax No.:	91-661-2511710
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFK2302Q
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	---

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
480000	Equity Shares	Rs.100/- each	Rs. 48.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
399645	Equity Shares	Rs.100/- each	Rs. 39.965 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
349645	Equity Shares	Rs.100/- each	Rs. 34.965 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	34.965	30.155	23.155
(b) Reserves & Surplus	91.935	77.700	57.588
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	20.000
Total Shareholders’ Funds (1) + (2)	126.900	107.855	100.743
(3) Non-Current Liabilities
(a) long-term borrowings	3.808	3.300	3.300
(b) Deferred tax liabilities (Net)	6.673	5.671	4.500
(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)	10.481	8.971	7.800
(4) Current Liabilities
(a) Short term borrowings	82.147	82.521	48.736
(b) Trade payables	52.201	70.196	51.398
(c) Other current liabilities	176.690	102.483	36.555
(d) Short-term provisions	0.612	0.727	0.676
Total Current Liabilities (4)	311.650	255.927	137.365
TOTAL	449.031	372.753	245.908
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.448	84.403	63.070
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	16.566
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21.294	0.234	0.234
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.145	19.434	4.843
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	124.887	104.071	84.713
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	243.366	182.299	91.518
(c) Trade receivables	56.160	29.024	51.680
(d) Cash and cash equivalents	1.005	1.197	1.873
(e) Short-term loans and advances	23.420	56.125	16.075
(f) Other current assets	0.193	0.037	0.049
Total Current Assets	324.144	268.682	161.195
TOTAL	449.031	372.753	245.908

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		533.399	541.452
	Other Income		59.266	0.158
	TOTAL	507.842	592.665	541.610
Less	EXPENSES	NA	563.905	524.141
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		28.760	17.469
Less	FINANCIAL EXPENSES		8.407	6.216
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		20.353	11.253
Less/ Add	DEPRECIATION/ AMORTISATION		16.566	7.752
	PROFIT/ (LOSS) BEFORE TAX	3.213	3.787	3.501
Less	TAX	1.615	1.897	1.583
	PROFIT/ (LOSS) AFTER TAX	1.598	1.890	1.918
	Earnings / (Loss) Per Share (Rs.)	4.57	6.32	8.29

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	0.35	0.35
Operating Profit Margin (PBIDT/Sales)	(%)	NA	5.39	3.23
Return on Total Assets (PBT/Total Assets}	(%)	0.75	1.02	1.53
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		0.68	0.80	0.52
Current Ratio (Current Asset/Current Liability)		1.04	1.05	1.17

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	23.155	30.155	34.965
Reserves & Surplus	57.588	77.700	91.935
Share Application money pending allotment	20.000	0.000	0.000
Net worth	100.743	107.855	126.900
long-term borrowings	3.300	3.300	3.808
Short term borrowings	48.736	82.521	82.147
Total borrowings	52.036	85.821	85.955
Debt/Equity ratio	0.517	0.796	0.677

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)
Total Income	541.610	592.665	507.842
		9.427	(14.312)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	541.610	592.665	507.842
Profit	1.918	1.890	1.598
	0.35%	0.32%	0.31%

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	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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Tarini Minerals Private Limited	3.300	3.300
Total	3.300	3.300

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10319760	06/02/2013 *	80,000,000.00	STATE BANK OF INDIA	SME BRANCH, CIVIL TOWNSHIP, PANPOSH ROAD, ROURKEL A, ORISSA - 769004, INDIA	B69655041

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office equipment’s
• Borewell
• Rolling Mill rolls
• Computer
• Electrical Equipment’s

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	KVT

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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.