MIRA INFORM REPORT

Report No. :	330138
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	BHARTIYA ALLOYS AND STEELCAST LIMITED
Registered Office :	10/11, Industrial Estate, Kenpura Road, Rani – 306115, Rajasthan
Tel. No.:	91-2934-220006
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.10.1996
Com. Reg. No.:	17-012711
Capital Investment / Paid-up Capital :	Rs.8.892 Million
CIN No.: [Company Identification No.]	U27101RJ1996PLC012711
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 :	The company is engaged in manufacturing of mild steel rolled products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a well-established private limited company incorporated in the year 1996, having moderate track. Rating constraints on account of weak financial position of the company characterized by low profitability and leveraged capital structure. Further, company has reported decrease in its profit in FY2014 as compare to previous year. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Long term fund based – Cash credit = B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	January, 2015

Rating Agency Name	ICRA
Rating	Short term fund based = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January, 2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Jain
Designation :	Director
Contact No.:	91-9869203037
Date :	03.07.2015

LOCATIONS

Registered Office :	10/11, Industrial Estate, Kenpura Road, Rani – 306115, Rajasthan, India
Tel. No.:	91-2934-220006
Mobile No.:	91-9869203037 (Mr. Jain)
Fax No.:	91-2934-222911
E-Mail :	info@bhartiyaispat.com
Website :	www.bhartiyaispat.com
Manufacturing Unit :	Plot No. 180, 181, 182 and 274, Bhiwandi-Wada Road, (Met Naka), Village: Ghonsai, Taluka: Wada, District : Thane - 421312, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Mangilal Sankalchand Jain

Designation :

Managing Director

Address :

C-201, Gundecha Garden,, Gas Company Lane, Lalbaug, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

03.10.1958

Date of Appointment :

31.01.2000

DIN No.:

00507849

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	U27107RJ1992PLC006650	RANAKPUR ISPAT LIMITED	Managing director	13/04/1992	13/04/1992	-	Active	NO
2	U27101RJ1996PLC012711	BHARTIYA ALLOYS AND STEELCAST LIMITED	Managing director	31/01/2000	31/01/2000	-	Active	NO

Name :

Mr. Chandulal Sankalchand Jain

Designation :

Director

Address :

D-303, Gundecha Garden,, Gas Company Lane, Lalbaug, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

08.08.1962

Date of Appointment :

08.10.1996

DIN No.:

01199048

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	U27107RJ1992PLC006650	RANAKPUR ISPAT LIMITED	Director	13/04/1992	13/04/1992	-	Active	NO
2	U27101RJ1996PLC012711	BHARTIYA ALLOYS AND STEELCAST LIMITED	Director	08/10/1996	08/10/1996	-	Active	NO

Name :

Mr. Dinesh Mangilal Jain

Designation :

Director

Address :

C-201, Gundecha Garden, Gas Company Lane, Lalbaug, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

10.06.1978

Date of Appointment :

31.01.2000

DIN No.:

01205604

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	U27107RJ1992PLC006650	RANAKPUR ISPAT LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
2	U27101RJ1996PLC012711	BHARTIYA ALLOYS AND STEELCAST LIMITED	Director	31/01/2000	31/01/2000	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDERS FILE ATTACHED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	10.18
Directors or relatives of Directors	69.92
Other top fifty shareholders	19.90
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in manufacturing of mild steel rolled products.
Products :	Mild Steel Rolled Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

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 :

Information declined by the management.

Bankers :

Banker Name	State Bank Of Patiala
Branch Address	Mhada Colony, Mulund East, Mumbai – 400081, 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 Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
State Bank of Patiala – Packing Credit – Foreign Currency	2.765	0.979
State Bank of Patiala – Cash Credit	108.634	110.635
Total	111.399	111.614

Auditors :
Name :	ASJ and Company LLP Chartered Accountant
Address :	201 Rajshila, 597 J.S.S Road, Chira Bazar, Mumbai – 400002, Maharashtra, India
PAN No.:	AAVFA5318C
Memberships :	Not Available
Collaborators :	Not Available
Other Enterprise over which key managerial persons or persons owing voting power or their relatives , exercise control or significant influence :	Bhartiya Metacast Private Limited Ranakpur Ispat Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
889207	Equity Shares	Rs.10/- each	Rs.8.892 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	8.892	8.892	8.892
(b) Reserves & Surplus	27.854	25.967	22.902
(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)	36.746	34.859	31.794
(3) Non-Current Liabilities
(a) long-term borrowings	3.978	3.978	0.000
(b) Deferred tax liabilities (Net)	7.985	7.706	7.469
(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)	11.963	11.684	7.469
(4) Current Liabilities
(a) Short term borrowings	157.472	141.460	136.488
(b) Trade payables	21.710	17.855	12.837
(c) Other current liabilities	7.629	7.314	3.851
(d) Short-term provisions	0.338	0.466	0.295
Total Current Liabilities (4)	187.149	167.095	153.471
TOTAL	235.858	213.638	192.734
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.377	45.966	44.667
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.447	1.447	1.447
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	48.824	47.413	46.114
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.606	118.459	103.758
(c) Trade receivables	57.873	34.050	28.459
(d) Cash and cash equivalents	2.224	0.746	1.270
(e) Short-term loans and advances	8.331	12.425	12.628
(f) Other current assets	0.000	0.545	0.505
Total Current Assets	187.034	166.225	146.620
TOTAL	235.858	213.638	192.734

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	296.978	274.355	348.055
	Other Income	0.115	0.171	0.000
	TOTAL	297.093	274.526	348.055
Less	EXPENSES
	Cost of Materials Consumed	250.153	269.100	281.187
	Purchases of Stock-in-Trade	0.000	2.536	1.524
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.630)	(50.508)	6.274
	Employees benefits expense	4.334	4.279	4.002
	Other expenses	22.654	23.034	31.548
	TOTAL	272.511	248.441	324.535
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	24.582	26.085	23.520
Less	FINANCIAL EXPENSES	17.448	17.332	15.340
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.134	8.753	8.180
Less/ Add	DEPRECIATION/ AMORTISATION	4.224	5.546	3.901
	PROFIT/ (LOSS) BEFORE TAX	2.910	3.207	4.279
Less	TAX	1.022	0.143	1.766
	PROFIT/ (LOSS) AFTER TAX	1.888	3.064	2.513
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.967	12.342	50.377
	TOTAL EARNINGS	0.967	12.342	50.377
	Earnings / (Loss) Per Share (Rs.)	2.12	3.44	2.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	8.908	14.712	1.662

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.64	1.12	0.72
Operating Profit Margin (PBDIT / Sales)	(%)	8.28	9.51	6.76
Return on Total Assets (PBT/Total Assets}	(%)	1.23	1.50	2.22
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.13
Debt Equity Ratio (Total Debt/Networth)		4.39	4.17	4.29
Current Ratio (Current Asset/Current Liability)		1.00	0.99	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.892	8.892	8.892
Reserves & Surplus	22.902	25.967	27.854
Net worth	31.794	34.859	36.746
long-term borrowings	0.000	3.978	3.978
Short term borrowings	136.488	141.460	157.472
Total borrowings	136.488	145.438	161.450
Debt/Equity ratio	4.293	4.172	4.394

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	348.055	274.355	296.978
		(21.175)	8.246

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	348.055	274.355	296.978
Profit	2.513	3.064	1.888
	0.72%	1.12%	0.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND

The company is engaged in manufacturing of mild steel rolled products, having plant at village-Gonshai (Taluka - Wada) in Maharashtra's notified backward area.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans from related parties	3.978	3.978
SHORT TERM BORROWING
From related parties	28.924	12.697
Sales tax deferred	17.149	17.149
Total	50.051	33.824

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10070635	30/05/2012 *	115,000,000.00	STATE BANK OF PATIALA	MHADA COLONY, MULUND EAST, MUMBAI - 400081, Maharashtra, INDIA	B42442772

* Date of charge modification

FIXED ASSETS

• Land
• Building - (Factory)
• Plant and Machinery
• Motor Vehicles
• Office Equipment
• Computer System

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.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KIN
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.