MIRA INFORM REPORT

Report No. :	305266
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	HINDUSTAN FERRO ALLOY INDUSTRIAL PRIVATE LIMITED
Registered Office :	Survey No. 37/1/1, SAMCO Industrial Estate, Near Pari Company, Narhe, Taluka – Haveli, Pune – 411041, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.09.2010
Com. Reg. No.:	25-137273
Capital Investment / Paid-up Capital :	Rs.94.000 Millions
CIN No.: [Company Identification No.]	U27310PN2010PTC137273
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACH5231M
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturer of Bright Bars · Distributors of All Types Ferrous and Non-Ferrous Metals
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and heathy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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

Name :	Mr. Mehabub
Designation :	Manager
Contact No.:	91-8888816696
Date :	28.01.2015

LOCATIONS

Registered Office / Factory :	Survey No. 37/1/1, SAMCO Industrial Estate, Near Pari Company, Narhe, Taluka – Haveli, Pune – 411041, Maharashtra, India
Tel. No.:	91-91-20-66475100 / 01 / 02
Mobile No.:	91-8888816696 (Mr. Mehabub)
Fax No.:	91-20-66475151
E-Mail :	dineshoswal@gmail.com kantioswal@yahoo.co.in
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2013

Name :	Mr. Dinesh Hastimal Oswal
Designation :	Whole Time Director
Address :	Sujay Garden, Building, Flat No. 502, 12 Mukund Nagar, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	29.04.1973
Date of Appointment :	07.09.2010
PAN No.:	AAAPO6821H
DIN No.:	02914420
Name :	Mr. Kantilal Hastimal Oswal
Designation :	Managing Director
Address :	Sujay Garden Building No.1, Flat No. 402, 12 Mukund Nagar, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	07.09.2010
PAN No.:	AABPO0918J
DIN No.:	02914421
Name :	Mr. Rahul Champalal Jain
Designation :	Whole Time Director
Address :	12 Mukund Nagar, Sujay Garden, Flat No.410, Chintamani Building, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	03.02.1979
Date of Appointment :	01.12.2010
PAN No.:	AEHPJ2151C
DIN No.:	03276387
Name :	Mr. Bhavesh Champalal Jain
Designation :	Whole Time Director
Address :	303/1, Nana Peth, Pune – 411002, Maharashtra, India
Date of Birth/Age :	22.06.1984
Date of Appointment :	01.12.2010
DIN No.:	03276395
Name :	Mr. Bharat Jethmal Oswal
Designation :	Whole Time Director
Address :	135, Nana Peth, Flat No. 14, Pune – 411002, Maharashtra, India
Date of Birth/Age :	22.07.1978
Date of Appointment :	01.12.2010
PAN No.:	AAIPO0810G
DIN No.:	03278483
Name :	Mrs. Prabha Dinesh Oswal
Designation :	Whole Time Director
Address :	Flat No. 502, Wing – k, Swayambhu Building, Sujay Garden, Mukund Nagar, Pune – 411037, Maharashtra, India
Date of Birth/Age :	01.06.1977
Date of Appointment :	01.12.2010
PAN No.:	AAGPO3389N
DIN No.:	03280186
Name :	Mrs. Pushpa Kantilal Oswal
Designation :	Whole Time Director
Address :	402, Vighnahara, Sujay Garden Society, Mukund Nagar, Pune – 411037, Maharashtra, India
Date of Birth/Age :	01.06.1970
Date of Appointment :	01.12.2010
PAN No.:	AAGPO6431K
DIN No.:	03306366

KEY EXECUTIVES

Name :	Mr. Mehabub
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders (Equity Shares)	No. of Equity Shares
Kantilal Hastimal Oswal	20000
Dinesh Hastimal Oswal	19998
Bharat Jethmal Oswal	20000
Rahul Champalal Jain	10000
Bhavesh Champalal Jain	10000
Pushpa Kantilal Oswal	10000
Prabha Dinesh Oswal	10000
Dinesh Hastimal Oswal, HUF	1
Kantilal Hastimal Oswal, HUF	1
Total	100000

Names of Shareholders (Preference Shares)	No. of Equity Shares
Kantilal Hastimal Oswal	359000
Dinesh Hastimal Oswal	306000
Bharat Jethmal Oswal	65000
Rahul Champalal Jain	22000
Bhavesh Champalal Jain	9000
Pushpa Kantilal Oswal	44000
Prabha Dinesh Oswal	35000
Total	840000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Manufacturer of Bright Bars

· Distributors of All Types Ferrous and Non-Ferrous Metals

Products :

Product	ITC Code
Bright Bars	7228

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	1. JHS 2. CSI
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 :

Wholesalers and Retailers

Reference :	Vishwas Auto Private Limited
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 denied by management

Bankers :

Banker Name	Canara Bank
Branch Address	Prime Corporate Branch, 11 M.G. Road, Camp, Pune – 411001, Maharashtra, 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 :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	2.305	4.892
Short Term Borrowing
Rupee term loans from banks	176.888	181.176
Total	179.192	186.068

Financial Institution :	Daimler Financial Service India Private Limited, Unit 202, 2nd Floor, Campus 3B, RMZ Millennia, Business Park No. 143, Dr. M.G.R. Road, Chennai – 600096, Tamil Nadu, India
Auditors :
Name :	SNR and Associates Chartered Accountants
Address :	14, Mahatma Gandhi, Road, Pune – 411001, Maharashtra, India
PAN No.:	ABYFS5130J
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Shree Ambika Metal Corporation, India · Panchasara Metal Corporation, India · Hindustan Steel Syndicate, India · Adinath Metal Corporation, India · Venus Industries, India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions
900000	Preference Shares	Rs.100/- each	Rs. 90.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions
840000	Preference Shares	Rs.100/- each	Rs.84.000 Millions
	Total		Rs.94.000 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	94.000	94.000	79.000
(b) Reserves & Surplus	14.098	10.480	4.670
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	108.098	104.480	83.670
(3) Non-Current Liabilities
(a) long-term borrowings	28.582	29.130	19.554
(b) Deferred tax liabilities (Net)	0.807	0.732	0.303
(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)	29.389	29.862	19.857
(4) Current Liabilities
(a) Short term borrowings	176.887	181.176	142.295
(b) Trade payables	59.603	113.685	94.591
(c) Other current liabilities	8.034	12.284	9.830
(d) Short-term provisions	7.024	5.137	3.813
Total Current Liabilities (4)	251.548	312.282	250.529
TOTAL	389.035	446.624	354.056
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.886	41.406	34.527
(ii) Intangible Assets	0.165	0.249	0.000
(iii) Capital work-in-progress	0.000	0.000	1.691
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.087
(d) Long-term Loan and Advances	8.995	1.981	0.019
(e) Other Non-current assets	0.000	0.233	0.395
Total Non-Current Assets	46.246	43.869	36.719
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	162.215	187.826	181.230
(c) Trade receivables	164.241	199.069	122.878
(d) Cash and cash equivalents	9.813	6.240	7.971
(e) Short-term loans and advances	6.520	9.457	5.095
(f) Other current assets	0.000	0.163	0.163
Total Current Assets	342.789	402.755	317.337
TOTAL	389.035	446.624	354.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	511.233	520.304	460.830
Less	TOTAL EXPENSES		505.695	479.246	421.633
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation and Finance Expenses)	41.058	39.197
Less	FINANCIAL EXPENSES			27.202	29.211
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			13.856	9.986
Less/ Add	DEPRECIATION/ AMORTISATION			5.330	4.602
	PROFIT BEFORE TAX		5.538	8.526	5.384
Less	TAX		1.920	2.716	2.016
	PROFIT AFTER TAX		3.618	5.810	3.368
	Earnings Per Share (Rs.)		3.85	6.18	3.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.42	1.91	1.53
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.06
Debt Equity Ratio (Total Debt /Networth)		1.90	2.01	1.93
Current Ratio (Current Asset/Current Liability)		1.36	1.29	1.27

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	79.000	94.000	94.000
Reserves & Surplus	4.670	10.480	14.098
Net worth	83.670	104.480	108.098
long-term borrowings	19.554	29.130	28.582
Short term borrowings	142.295	181.176	176.887
Total borrowings	161.849	210.306	205.469
Debt/Equity ratio	1.934	2.013	1.901

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	460.830	520.304	511.233
		12.906	(1.743)

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	460.830	520.304	511.233
Profit	3.368	5.810	3.618
	0.73%	1.12%	0.71%

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advance from related parties	26.277	24.238
Total	26.277	24.238

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396530	28/11/2012	1,768,000.00	Daimler Financial Services India Private Limited	Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143, Dr. M.G.R.Road, Perungudi, Chennai - 600096, Tamil Nadu, INDIA	B65725822
2	10275570	23/03/2013 *	254,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH., 11M.G. ROAD,CAMP, PUNE - 411001,  Maharashtra, INDIA	B72797905

* Date of charge modification

FIXED ASSETS

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.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.