MIRA INFORM REPORT

Report No. :	300681
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	KASHI VISHWANATH STEELS LIMITED
Registered Office :	A- 80, Vivek Vihar, Delhi – 110095
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.09.1985
Com. Reg. No.:	55-021933
Capital Investment / Paid-up Capital :	Rs. 15.786 Millions
CIN No.: [Company Identification No.]	U64201DL1985PLC021933
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 = BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	27.11.2013

Rating Agency Name	CRISIL
Rating	Short term Rating = A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	27.11.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Dinesh Goel
Designation :	Account Manager
Contact No.:	91-983706684
Date :	30.12.2014

LOCATIONS

Registered Office :	A- 80, Vivek Vihar, Delhi – 110095, India
Tel. No.:	91-11-22142705
Mobile No.:	91-9837066084 (Mr. Dinesh Goel)
Fax No.:	Not Available
E-Mail :	kvsl@kvsgroup.co.in
Website :	www.kvsgroup.co.in
Factory :	Narin Nagar Industrial Estate Nainital Road, Kashipur – 244713, Uttrakhand India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Akshay Jindal
Designation :	Director
Address :	Gopi Kripa Kunj, Ram Nagar Road, Kashipur – 244713, Uttrakhand, India
Date of Birth/Age :	05.11.1979
Date of Appointment :	16.07.2012
DIN No.:	00223492
Name :	Mr. Arpan Jindal
Designation :	Director
Address :	Gopi Kripa Kunj, Ram Nagar Road, Kashipur – 244713, Uttrakhand, India
Date of Birth/Age :	26.04.1984
Date of Appointment :	16.07.2012
DIN No.:	00223527
Name :	Mr. Jai Bhagwan Agarwal
Designation :	Director
Address :	Kashi Vishwanath Steel, Bazpur Road, Kashipur – 244713, Uttarakhand, India
Date of Birth/Age :	01.02.1942
Date of Appointment :	01.01.2006
DIN No.:	02151711
Name :	Mr. Yogendra Kumar Jindal
Designation :	Director
Address :	Sadhna Kunj, Ram Nagar Road, Kashipur – 244713, Uttarakhand, India
Date of Birth/Age :	14.10.1955
Date of Appointment :	15.07.1991
DIN No.:	00819802
Name :	Mr. Devendra Kumar Agarwal
Designation :	Director
Address :	A-80, Vivek Vihar Phase –I, New Delhi – 110095, Delhi, India
Date of Birth/Age :	17.06.1957
Date of Appointment :	26.10.1985
DIN No.:	00753173

KEY EXECUTIVES

Name :	Mr. Dinesh Goel
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHARE HOLDERS DETAILS FILE ARE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	14.74
Directors or relatives of Directors	85.22
Others	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel.

Products :

Item Code No. (ITC Code)	Product Description
7214	M. S. Bars
7216	M. S. Angle
7216	M. S. Channel
7211	M. S. Flat

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash and Credit, Cheque (30 Days)

Purchasing :

Cash and Credit, Cheque (30 Days)

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 :

Not Divulged

Bankers :

Banker Name	Punjab National Bank
Branch Address	Not Divulged
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

Banker Name : 2	Central Bank of India
Branch Address	Distt. Udham Singh Nagar, Kashipur – 244713, Uttarakhand, 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	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks	0.000	0.130
SHORT TERM BORROWINGS
Working capital loans from banks [Member] (Secured by Hypo. of Stocks and Book Debts of the Company.)	210.372	191.863
Total	210.372	191.993

Auditors :
Name :	S.C. Agarwal and Associates Chartered Account
Address :	Behind Pant, Park Udham, Singh Nagar, Kashipur - 244713, Uttarakhand, India
PAN No.:	ABHPA6076C
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	v GALWALIA ISPAT UDYOG LIMITED, India CIN No.: U74899DL1985PLC021934 v KASHI VISHWANATH TEXTILE MILL LIMITED, India CIN No.: U51311DL1996PLC079814 v ANNAPURNA STEELS LIMITED, INDIA CIN No.: U74899DL1985PLC021935 v KASHI INTERPRISES v KVS INFRAATECH LLP
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
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
157857	Equity Shares	Rs.100/- each	Rs. 15.785 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	15.786	15.531	15.531
(b) Reserves & Surplus	437.283	428.793	431.767
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	6.969	6.969	6.969
Total Shareholders’ Funds (1) + (2)	460.038	451.293	454.267
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	2.331	10.353
(b) Deferred tax liabilities (Net)	0.000	0.000	-0.633
(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)	0.000	2.331	9.720
(4) Current Liabilities
(a) Short term borrowings	210.372	191.863	180.825
(b) Trade payables	145.264	287.966	216.802
(c) Other current liabilities	52.263	71.599	73.081
(d) Short-term provisions	7.606	6.645	30.569
Total Current Liabilities (4)	415.505	558.073	501.277
TOTAL	875.543	1011.697	965.264
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.015	109.628	111.340
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.042	0.929	0.914
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	261.829	254.618	259.639
(c) Deferred tax assets (net)	0.637	0.717	0.000
(d) Long-term Loan and Advances	15.052	14.348	14.621
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	375.575	380.240	386.514
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	240.388	296.379	256.883
(c) Trade receivables	141.928	250.913	229.300
(d) Cash and cash equivalents	29.420	29.357	40.188
(e) Short-term loans and advances	87.073	53.330	52.379
(f) Other current assets	1.159	1.478	0.000
Total Current Assets	499.968	631.457	578.750
TOTAL	875.543	1011.697	965.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1625.173	2088.250	1841.261
		Other Income	0.721	0.999	0.454
		TOTAL	1625.894	2089.249	1841.715
Less	EXPENSES
		Cost of Materials Consumed	1161.771	1691.214	1363.633
		Purchases of Stock-in-Trade	0.113	0.163	3.587
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	60.516	(57.406)	(1.857)
		Employees benefits expense	17.535	19.137	17.876
		Other expenses	328.298	380.188	335.993
		TOTAL	1568.235	2033.297	1719.233
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		57.659	55.952	122.482
Less	FINANCIAL EXPENSES		42.738	39.965	42.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.921	15.987	79.731
Less/ Add	DEPRECIATION/ AMORTISATION		12.228	13.312	14.588
	PROFIT BEFORE TAX		2.693	2.675	65.143
Less	TAX		1.039	2.256	64.966
	PROFIT AFTER TAX		1.654	0.419	0.177
	Earnings Per Share (Rs.)		0.00	2.7	1.14

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.10	0.02	0.01
Operating Profit Margin (PBITD/Sales)	(%)	3.55	2.68	6.65
Return on Total Assets (PBT/Total Assets}	(%)	0.44	0.35	9.24
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.14
Debt Equity Ratio (Total Debt /Networth)		0.46	0.43	0.42
Current Ratio (Current Asset/Current Liability)		1.20	1.13	1.15

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	15.531	15.531	15.786
Reserves & Surplus	431.767	428.793	437.283
Net worth	447.298	444.324	453.069
long-term borrowings	10.353	2.331	0.000
Short term borrowings	180.825	191.863	210.372
Total borrowings	191.178	194.194	210.372
Debt/Equity ratio	0.427	0.437	0.464

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	1841.261	2088.250	1625.173
		13.414	(22.175)

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	1841.261	2088.250	1625.173
Profit	0.177	0.419	1.654
	0.01%	0.02%	0.10%

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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 LOAN

(Rs. In Million)

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Others loans and Advance	0.000	2.201
Total	0.000	2.201

Bankers Charges Report as per Registry

Corporate identity number of the company	U64201DL1985PLC021933
Name of the company	KASHI VISHWANATH STEELS LTD
Address of the registered office or of the principal place of business in India of the company	A- 80, Vivek Vihar, Phase- I, Delhi, Delhi, India
This form is for	Modification of charge
Type of charge	v Immovable property v Any interest in immovable property v Book debts v Movable property (not being pledge) v Floating charge v PERSONNEL GUARANTEE
Particular of charge holder	--
Nature of instrument creating charge	--
Date of instrument Creating the charge	27.08.2010
Amount secured by the charge	130000000
Brief of the principal terms an conditions and extent and operation of the charge	Nationalised Bank CIN, in case charge holder or ARC or assignee is a company Name : CENTRAL BANK OF INDIA Address Line I : RAMNAGAR ROAD, DISTT. UDHAM, SINGH NAGAR, KASHIPUR – 244713, Uttarakhand-UR, India 9. Nature, description and brief particulars of the instrument(s) creating or modifying the charge APPLICATION AND AGREEMENT FOR LETTER OF CREDIT LETTER OF HYPOTHECATION-BOOK DEBTS-LOANS GENERAL COUNTER GUARANTEE & INDEMNITY COVERING GUARANTEES WITHIN THE SANCTIONED GUARANTEE LIMIT LETTER DATED 27-08-2010 SANCTION LETTER DATED 09-06-2010 10. Date of the instrument creating or modifying the charge (27/08/2010) 11.(a) Whether charge created or modified outside India : No Rate of Interest v ON CASH CREDIT(FUND BASED) INTEREST@ BPLR-1% v ON NON FUND BASED INTEREST TO BE CHARGED 50%OF NORMAL CHARGES Terms of Repayment v REPAYABLE ON DEMAND Margin v 25% ON STOCK v 15% ON ACCEPTED HUNDIES v 40% ON BOOK DEBTS v 15% ON LC v 15% ON BANK GUARANTEE Extent and Operation of the charge 100% Others v AS PER AGREEMENTS ATTACHED
Date of instrument modifying the charge	09.02.2009

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.63.33
UK Pound	1	Rs.98.58
Euro	1	Rs.77.00

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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		44

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.