MIRA INFORM REPORT

Report No. :	300950
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	EMJAY STEEL UDYYOG PRIVATE LIMITED
Registered Office :	18/26, 2^nd Street, Loganathan Nagar, Choolaimedu, Chennai – 600094, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.03.2010
Com. Reg. No.:	18-074826
Capital Investment / Paid-up Capital :	Rs. 75.000 Millions
CIN No.: [Company Identification No.]	U27106TN2010PTC074826
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCE4753D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Mild Steel Billets.
No. of Employees :	Information Declined by management

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. As per registrar of companies the date of financial statement field is shown as March 31^st 2014, but the documents related to the same except annual return form are not available from the statutory department, whereas the partial figure are made available from the indirect source i.e. Crisil for your mere reference. The company possesses a moderate financial profile marked by adequate net worth base and modest gearing during FYE 12. Management has witnessed and improvement in its operating as well as net profitability, but has reported a low profit margin during FYE 13. The ratings also take into consideration the intense competition n the steel industry. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of promoter extensive industry experience and the strong funding support it receives from them, 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 – 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: BB
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	11.06.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	11.06.2014

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 :	Ms. Anupriya
Designation :	Chief Financial Officer
Contact No.:	91-4423611271
Date :	03.01.2015

LOCATIONS

Registered Office :	18/26, 2nd Street, Loganathan Nagar, Choolaimedu, Chennai – 600094, Tamilnadu, India
Tel. No.:	91-44-23611271/ 72
Mobile No.:	91-8883016464
Fax No.:	Not Available
E-Mail :	emjaysteels@gmail.com
Factory :	Survey No. 62-3, A1 & A2, Vengamambapuram Village, Naidupet, Nellore – 524402, Andhra Pradesh, India
E-Mail :	emjaysite@hotmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Mathew Koshy Elanjickal

Designation :

Director

Address :

Elanjickal House, Kizhakkum, Bhagom, Niranam West, Pathanamthitta District, Thiruvilla – 689101, Kerala, India

Date of Birth/Age :

10.03.1960

Date of Appointment :

08.03.2010

DIN No.:

02892234

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	U27106TN2010PTC074826	EMJAY STEEL UDYYOG PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO
2	U27310TN2011PTC083245	UNIQUE MULTI-IMPEX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Strike off	NO

Name :

Mr. Jacob Mathew

Designation :

Director

Address :

384, Jalan, US T 20/1A, Subang Jaya, Selangor – 47630, Malaysia

Date of Birth/Age :

27.02.1968

Date of Appointment :

29.07.2011

DIN No.:

03432087

Name :

Mr. Chitrakkudi Sundararajan Nesu Mohan

Designation :

Additional director

Address :

No. 4, H 5, 1^st Main Road, MMDA Colony, Maduravoyal, Chennai – 600095, Tamilnadu, India

Date of Birth/Age :

20.07.1951

Date of Appointment :

24.09.2013

DIN No.:

03628106

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	U51101TN2011PTC082534	EVERGREEN FAIR-TRADE PRIVATE LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO
2	U27106TN2010PTC074826	EMJAY STEEL UDYYOG PRIVATE LIMITED	Director	24/09/2013	05/12/2012	-	Active	NO
3	U27100TN2012PTC087936	J.B.A Steels Enterprises Private Limited	Additional director	09/04/2014	09/04/2014	-	Active	NO
4	U27320TN2011PTC082363	J.B.A STEELS PRIVATE LIMITED	Additional director	09/04/2014	09/04/2014	-	Active	NO

Name :

Mr. Abraham Zechariah

Designation :

Additional director

Address :

23-B-1, Flowers Road, Chennai – 600084, Tamilnadu, India

Date of Birth/Age :

13.06.1955

Date of Appointment :

24.09.2013

DIN No.:

06426220

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	U27106TN2010PTC074826	EMJAY STEEL UDYYOG PRIVATE LIMITED	Director	24/09/2013	24/11/2012	-	Active	NO
2	U27310TN2011PTC083245	UNIQUE MULTI-IMPEX PRIVATE LIMITED	Additional director	04/10/2013	04/10/2013	-	Strike off	NO

Name :

Mr. Ajith Oommen Abraham

Designation :

Additional director

Address :

Poruvackal House, Adoor P O, Pathanamathitta, Trivandrum – 691523, Kerala, India

Date of Birth/Age :

03.10.1979

Date of Appointment :

24.09.2013

DIN No.:

06548153

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Vinod Garg	5000
Mathew Koshy Elanjickal	8588027
Jacob Mathew	332836
Binu John Philip	125000
Abraham Zechariah	100
Mathew Manju Anna	124000
Total	9174963

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.00
Directors or relatives of Directors	98.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Mild Steel Billets.
Products :	Mild Steel Billets
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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 :

Information Declined By Management

Bankers :

Banker Name	State Bank of India(Lead Bank of the SBI and SIB Consortium)
Branch Address	Mid Corporate Group, Industrial Finance Branch, 155, Anna Salai, Chennai - 600002, Tamilnadu, India
Person Name (With Designation)	j
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	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	255.000	0.000
SHORT-TERM BORROWINGS
Rupee term loans from banks	346.335	0.000
Total	601.335	0.000

NOTE

LONG-TERM BORROWINGS

First charge over the movable fixed assets including plant and machinery of the steel melting shop and EM over of land containing Survey Nos. 62/3A1 and 62/3A2 and building constructed thereon located at Vengamambapuram village, Naidupet Mandal, Naidupet Sub Registration District, Guduru Registration District, S.P.S.R. Nellore District, Andhra Pradesh standing in the name of the Company and also Personal guarantee has been given by all the directors of the Company.

SHORT-TERM BORROWINGS

Security details in respect of Short term borrowings given to State Bank of India (Lead Bank of the SBI and SIB Consortium) Mid Corporate Group, Industrial Finance Branch for availed Cash Credit and Letter of Credit facilities are; Raw Materials, Stocks in Process, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares) stored or be stored in or about the Company's factories premises and Godowns at Naidupet Mandal, Nellore District, Andhra Pradesh State and Bills, Receivable and Book Debts. All that piece and parcel of land measuring total extent of 10 Acres and 84 Cents, comprised in Survey No.62-3A1 (5 Acres and 84 Cents) and Survey No.62-3A2 (5 Acres), Vengamambapuram Village, Naidupet Mandal, Nellore Dist.

Auditors :
Name :	Srinivas and Gopal Chartered Accountants
Address :	C-1 Ceebros Apartments, No.2 Saravana Street, T Nagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAXPS9341P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9174963	Equity Shares	Rs.10/- each	Rs.91.749 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	75.000	0.100
(b) Reserves & Surplus	225.110	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	62.003	61.275
Total Shareholders’ Funds (1) + (2)	362.113	61.375
(3) Non-Current Liabilities
(a) long-term borrowings	255.000	0.000
(b) Deferred tax liabilities (Net)	8.523	0.000
(c) Other long term liabilities	70.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	333.523	0.000
(4) Current Liabilities
(a) Short term borrowings	346.335	0.000
(b) Trade payables	16.430	0.000
(c) Other current liabilities	29.791	7.557
(d) Short-term provisions	28.268	1.051
Total Current Liabilities (4)	420.824	8.608
TOTAL	1116.460	69.983
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	504.508	7.212
(ii) Intangible Assets	0.040	0.012
(iii) Capital work-in-progress	27.148	27.515
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	21.504	0.128
(e) Other Non-current assets	3.965	30.771
Total Non-Current Assets	557.165	65.638
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	302.946	0.000
(c) Trade receivables	70.588	0.000
(d) Cash and cash equivalents	52.340	1.358
(e) Short-term loans and advances	124.307	2.987
(f) Other current assets	9.114	0.000
Total Current Assets	559.295	4.345
TOTAL	1116.460	69.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Net Sales	440.310
		Other Income	NA
		TOTAL (A)	NA
Less	EXPENSES
		TOTAL (B)	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		34.053
Less	FINANCIAL EXPENSES (D)		20.551
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.502
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.569
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.933
Less	TAX (I)		8.523
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		0.410
	IMPORTS
	Raw materials - Scrap		116.469
	Spare parts		0.231
	TOTAL IMPORTS		116.700
	Earnings / (Loss) Per Share (Rs.)		0.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.82	NA
Return on Investment (ROI) (PBT/Networth)		0.02	NA
Debt Equity Ratio (Total Debt /Networth)		1.66	0.00
Current Ratio (Current Asset/Current Liability)		1.33	0.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	75.000
Reserves & Surplus	0.000	225.110
Share Application money pending allotment	61.275	62.003
Net worth	61.375	362.113
long-term borrowings	0.000	255.000
Short term borrowings	0.000	346.335
Total borrowings	0.000	601.335
Debt/Equity ratio	0.000	1.661

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	No
11]	Turnover of firm for last one years	Yes
12]	Profitability for last one 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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10332138	07/01/2012	600,000,000.00	State Bank of India (Lead Bank of the SBI & SIB Co  nsortium)	Mid Corporate Group, Industrial Finance Branch, 1  55, Anna Salai, Chennai, Tamil Nadu - 600002, INDI  A	B30656540
2	10305686	17/12/2011 *	575,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, INDUSTRIAL FINANCE BRANCH, 1  55, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDI  A	B29265071

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

· Computer Software

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.63.39
UK Pound	1	Rs.96.85
Euro	1	Rs.75.67

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		31

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.