MIRA INFORM REPORT

Report No. :	302497
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	NETRA MERCANTILE PRIVATE LIMITED
Registered Office :	Cama Chamber, 1^st Floor, 23, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.09.2001
Com. Reg. No.:	11-133370
Capital Investment / Paid-up Capital :	Rs.42.500 Millions
CIN No.: [Company Identification No.]	U51909MH2001PTC133370
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMN10574E
PAN No.: [Permanent Account No.]	AABCN4276F
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers in HR, CR, GP, GI Coils or Sheets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 875000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

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	ICRA
Rating	Short Term Non Fund Based Limits = D
Rating Explanation	Instruments with this rating are in default or expected to be default on maturity.
Date	December 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.

LOCATIONS

Registered Office :	Cama Chamber, 1^st Floor, 23, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22622261
Fax No.:	91-22-22622261
E-Mail :	vvranka@indiatimes.com
Located:	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Vijendra Vijayraj Ranka

Designation :

Director

Address :

2639, Main Road, Gorakhpur, Jabalpur – 482002, Madhya Pradesh, India

Date of Birth/Age :

29.09.1979

Date of Appointment :

25.02.2013

DIN No.:

00164359

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	U27106TG2003PTC040783	ROYALOAK STEELS PRIVATE LIMITED	Director	10/02/2004	10/02/2004	05/03/2012	Active	NO
2	U51909MH2001PTC133370	NETRA MERCANTILE PRIVATE LIMITED	Director	25/02/2013	18/03/2005	-	Active	NO
3	U27100MH1997PTC104947	TRIBOS STEEL PRIVATE LIMITED	Director	01/05/2005	01/05/2005	-	Amalgamated	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	31/12/2009	Active	NO
5	U50103MH2004PTC145563	PHEONIX AUTO PRIVATE LIMITED	Director	03/09/2005	03/09/2005	31/03/2008	Active	NO
6	U99999MH1996PTC103123	Superways INVESTMENT & FINANCE Private Limited	Director	22/05/2006	22/05/2006	26/06/2010	Active	NO
7	U51909MH2006PTC163344	ROYALWAYS TRADING & INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	18/03/2010	Amalgamated	NO
8	U27106MH2007PTC171471	Oshiya Industries Private Limited	Director	09/06/2007	09/06/2007	-	Active	NO
9	U45202MH2008PTC182224	SHREE OSHIYA CONSTRUCTIONS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
10	U14200MH2008PTC183979	KANAK MINES AND MINERALS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	20/02/2013	Active	NO
11	U45202MH2009PTC197216	TEEVRA CONSTRUCTIONS PRIVATE LIMITED	Director	23/11/2009	23/11/2009	31/08/2010	Active	NO
12	U01400MH2010PTC198901	SHREE OSHIYA AGRO PRIVATE LIMITED	Director	14/01/2010	14/01/2010	-	Active	NO
13	U51909MH2003PTC141769	VIBRANT GLOBAL TRADING PRIVATE LIMITED	Additional director	20/04/2010	20/04/2010	24/06/2010	Active	NO
14	U29199MH2011PTC213310	DECATEX ENGINEERING PRIVATE LIMITED	Director	11/02/2011	11/02/2011	22/02/2013	Active	NO
15	U27100MH2007PTC167978	BALLARD STEELS PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	15/12/2011	Active	NO
16	U40200MH2011PLC218200	SHREE OSHIYA ENERGY LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
17	U70101MH2011PTC219149	SHREE OSHIYA REALTORS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
18	U27107MH2010PTC208315	SHREE OSHIYA STEELS PRIVATE LIMITED	Additional director	15/07/2011	15/07/2011	-	Active	NO
19	U52100MH2012PTC225753	SHREE OSHIYA FERRO ALLOYS PRIVATE LIMITED	Director	05/01/2012	05/01/2012	-	Active	NO
20	U27205MH2010PTC202214	SHREE OSHIYA STRIPS IMPEX PRIVATE LIMITED	Additional director	22/03/2012	22/03/2012	-	Active	NO
21	U45400MH2013PTC241808	SHREE OSHIYA INFRA PRIVATE LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO
22	U80900DL2014NPL265965	SHREE OSHIYA EDUCATION & SOCIAL DEVELOPMENT	Director	06/03/2014	06/03/2014	-	Active	NO
23	U01403GJ2012PTC070498	PARAM GREENTECH PRIVATE LIMITED	Additional director	26/05/2014	26/05/2014	-	Active	NO

Name :

Mr. Narendra Ratnakant Phatkare

Designation :

Additional Director

Address :

Room No.2 27-G, Champeshwar Building, Kothachi Wadi, V.P. Road, Girgaun, Mumbai - 400004, Maharashtra, India

Date of Appointment :

25.06.2012

DIN No.:

05219510

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	U51420MH2002PTC136512	NAVMI STEEL TRADERS PRIVATE LIMITED	Director	06/03/2012	06/03/2012	-	Active	NO
2	U51909MH2001PTC133370	NETRA MERCANTILE PRIVATE LIMITED	Additional director	25/06/2012	25/06/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Vijendra Ranka	5000
Suresh Bhise	5000
Reynolds Petrochem Limited	21600
Shree Datta Industries India Limited	19260
Gujarat Building Material Private Limited	23400
Shresth Leasing and Fin. Limited	29340
Ashwin Narendra Lodha	4000000
Sheela Abhay Lodha	146400
Total	4250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	2.20
Directors or relatives of Directors	0.11
Other top fifty shareholders	97.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealers in HR, CR, GP, GI Coils or Sheets

Products :

Product Description	Item Code No. (ITC Code)
HR Coils	72262011

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT APPLICABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211 Nariman Point, Nariman Point, Mumbai, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from others (Long term loan referred under secured loan from Financial Institutions are secured by way of hypothecation of respective asset taken against that loan.)	400.000	49.239
Total	400.000	49.239

Auditors :
Name :	Poonawala and Associates Chartered Accountants
Address :	126, Abdul Rehman Street, 2^nd Floor, Mariam Manzil, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23412143
Mobile No.:	91-9820746649
PAN No.:	AADPP5272E
Memberships :	--
Collaborators :	--
Associates :	Navmi Steel Traders Private Limited CIN No.: U51420MH2002PTC136512

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs.42.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs.42.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	42.500	42.500	42.500
(b) Reserves & Surplus	208.475	201.468	158.332
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	55.170	0.000	0.000
Total Shareholders’ Funds (1) + (2)	306.145	243.968	200.832
(3) Non-Current Liabilities
(a) long-term borrowings	400.000	49.239	49.239
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	400.000	49.239	49.239
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1,006.770	449.996	449.999
(c) Other current liabilities	12.523	46.096	0.006
(d) Short-term provisions	24.993	33.277	26.057
Total Current Liabilities (4)	1,044.286	529.369	476.062
TOTAL	1,750.431	822.576	726.133
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.036	0.062	0.088
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	288.536	2.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	288.572	2.562	0.088
(2) Current assets
(a) Current investments	0.000	0.000	90.473
(b) Inventories	129.056	371.054	208.959
(c) Trade receivables	1,063.914	314.070	396.179
(d) Cash and cash equivalents	82.334	92.136	3.135
(e) Short-term loans and advances	33.312	31.382	27.299
(f) Other current assets	153.243	11.372	0.000
Total Current Assets	1,461.859	820.014	726.045
TOTAL	1,750.431	822.576	726.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		8978.668	5279.932
		Other Income		5.414	4.478
		TOTAL (A)	NA	8984.082	5284.410
Less	EXPENSES
		Cost of material consumed		9002.524	5171.154
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		(162.095)	(16.411)
		Employee benefit expense		1.330	1.286
		Other administrative expense		28.444	15.557
		TOTAL (B)	NA	8870.203	5171.586
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	113.879	112.824
Less	FINANCIAL EXPENSES (D)		NA	50.000	50.113
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	63.879	62.711
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.026	0.039
	PROFIT BEFORE TAX (E-F) (G)		11.607	63.853	62.672
Less	TAX (I)		3.950	20.717	21.302
	PROFIT AFTER TAX (G-I) (J)		7.657	43.136	41.370
	Earnings Per Share (Rs.)		1.80	10.15	9.73

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	NA	0.48	0.78
Operating Profit Margin (PBDIT/Sales)	(%)	NA	1.27	2.14
Return on Total Assets (PBT/Total Assets}	(%)	0.79	7.79	8.63
Return on Investment (ROI) (PBT/Networth)		0.04	0.26	0.31
Debt Equity Ratio (Total Debt /Networth)		1.31	0.20	0.25
Current Ratio (Current Asset/Current Liability)		1.40	1.55	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	42.500	42.500	42.500
Reserves & Surplus	158.332	201.468	208.475
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	55.170
Net worth	200.832	243.968	306.145
Long Term borrowings	49.239	49.239	400.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	49.239	49.239	400.000
Debt/Equity ratio	0.245	0.202	1.307

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 two 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	Yes
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	Yes

OBSERVATION POINTS

Name Board :	Not Sighted
Location :	Easy
Landmark (if any) :	Opposite Central Bank of India, Fort Branch
Locality :	Office
Area :	Upmarket
Visiting card provided as proof of visit :	No

ACTIVITY

The Company has developed very good market for H.R. Coils/Sheets and C.R. Coils/Sheets at Mumbai. Looking to the present market potential we are expecting to achieve a good turnover in the next year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90354034	21/11/2011 *	450,000,000.00	Oriental Bank Of Commerce	Overseas Branch, Dalamal Towers,211 Nariman Point,  Nariman Point, Mumbai, Mumbai, Maharashtra - 400021, India	B30008502

*Date of modification Charges

FIXED ASSETS:

• Furniture and Fixtures
• Office Equipment
• Computer Equipments

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 records 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.62.69
UK Pound	1	Rs.94.17
Euro	1	Rs.73.62

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		18

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.