MIRA INFORM REPORT

Report No. :	332168
Report Date :	14.07.2015

IDENTIFICATION DETAILS

Name :	STEELCASE
Registered Office :	40, Bhaga Singh Road, Nagardas Mansion, Vile Parle West, Mumbai – 400056, Maharashtra
Tel. No.:	91-22-26288177
Country :	India
Financials (as on) :	31.03.2014
Year of establishment :	1962
Capital Investment / Paid-up Capital :	Rs. 58.950 Million
IEC No.:	0302029052
VAT TIN No.:	24250500305
CST TIN No.:	24750500305
TAN No.: [Tax Deduction & Collection Account No.]	MUMK16599C
PAN No.: [Permanent Account No.]	AABPB8843R
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of various types of laboratory furniture, fumehood, glove boxes and allied engineering fabrications products in mild steel, wood, stainless steel, plastics engineering fabrications from MS, SS, Aluminium, Plastic, FRP, etc.
No. of Employees :	152 (Approximately)(In Office = 18 and Factory = 108+26)

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 :	Steelcase is a proprietorship firm set up in 1962 in Mumbai by Mr. Kamlesh J Bhuta. It is having a satisfactory track. There seems dip in the profit of the concern during the FY 2013-2014. Reserves of the concern also seems to be low. However, sales turnover of the concern has increase compared to previous year. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The concern can be considered 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Ms. Varsha
Designation :	Account and Finance Manager
Contact No.:	91-9821361775
Date :	13.07.2015

LOCATIONS

Registered Office :	40, Bhaga Singh Road, Nagardas Mansion, Vile Parle West, Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26288177 / 26714967
Fax No.:	91-22-26288177 / 26714967 Ext-107
E-Mail :	steelcaseindia@gmai.com vas.steelcase@gmail.com uas.steelcase@gmail.com
Area :	100000 Sq. ft
Location :	Owned
Factory 1 :	Village Dhanoli, Bombay Ahmedabaad Highway No.8, Taluka Umbergaon, Via Bhilad, District Valsad -396105, Gujarat, India
Tel. No.:	91-260-3250583
Fax No.:	91-260-2784714
Area :	3480 Sq. ft.
Location :	Owned
Factory 2 :	Shed No, C-1B-13, 1^st Phase, Near GIDC Water Plant, GIDC, Vapi – 396195, Gujarat, Indai
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Kamlesh J. Bhuta
Designation :	Proprietor
Address :	40, Bhaga Singh Road, Nagardas Mansion, Vile Parle West, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	21.08.1957
Qualification :	DME, DPE
Experience :	35 Years

KEY EXECUTIVES

Name :	Mr. Shubhendu K. Bhuta
Designation :	Chief Executive Office
Address :	40, Bhaga Singh Road, Nagardas Mansion, Vile Parle West, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	28.10.1982
Qualification :	BE, MBA, Mater in Political Sciences (U.S.A.)
Experience :	10 Years
Name :	Ms. Varsha
Designation :	Account and Finance Manager

BUSINESS DETAILS

Line of Business :

Manufacturer of various types of laboratory furniture, fumehood, glove boxes and allied engineering fabrications products in mild steel, wood, stainless steel, plastics engineering fabrications from MS, SS, Aluminium, Plastic, FRP, etc.

Products :

Not Available

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :	Countries :
Duechem Lab tops and Accessories Limited	China
KK Lab Supplies SDN	Malaysia
Temperature Electronics Limited	UK
Watersaver Sales Asia Pte Limited	Singapore
Tianjin Foreign Trade Smooth Company	China
Hengshui Products Trade Company	China
Maica Laminates SDN BHD	Malaysia

Terms :

Selling :

L/C, Cash and Credit (30 Days)

Purchasing :

L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

152 (Approximately)(In Office = 18 and Factory = 108+26)

Bankers :

Banker Name	Corporation Bank
Branch Address	Dharti Chember, Vapi Branch, Gujarat, 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)	Credit Limited Rs.84.100 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Mr. Janak Mehta Chartered Accountant
Address :	8, Swastik Plaza, Next to Kala Niketan, V.L. Meta Road, Juhu, Mumbai – 400049, Maharashtra, India
Tel. No.:	91-22-26184030
E-Mail :	janakmm@gmail.com
Memberships :	--
Collaborators :	--
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 58.950 Million
Borrowed :	--
Total :	Rs. 58.950 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		58.950	56.731	34.531
2] Share Application Money		0.764	0.000	0.000
3] Reserves & Surplus		0.000	0.764	0.764
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.714	57.495	35.295
LOAN FUNDS
1] Secured Loans		31.874	42.125	15.418
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		31.874	42.125	15.418
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		91.588	99.620	50.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		46.509	48.074	27.572
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.046	20.022	14.414
	Sundry Debtors	76.393	60.801	32.870
	Cash & Bank Balances	3.450	8.228	7.045
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.269	9.132	6.995
Total Current Assets		95.158	98.183	61.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.268	37.597	31.711
	Other Current Liabilities	0.000	9.040	6.472
	Provisions	8.811	0.000	0.000
Total Current Liabilities		50.079	46.637	38.183
Net Current Assets		45.079	51.546	23.141
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		91.588	99.620	50.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	472.682	452.290	407.094
		Other Income	0.374	0.677	0.146
		TOTAL (A)	473.056	452.967	407.240
Less	EXPENSES
		Manufacturer Expenses	419.035	414.186	381.256
		Payments and Provision for Employees	5.362	3.500	3.360
		Administration and Selling Expenses	35.502	18.190	12.560
		TOTAL (B)	459.899	435.876	397.176
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.157	17.091	10.064
Less	FINANCIAL EXPENSES (D)		2.226	2.111	2.089
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.931	14.980	7.975
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.239	3.167	3.345
	PROFIT BEFORE TAX (E-F) (G)		6.692	11.813	4.630
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		6.692	11.813	4.630

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.42	2.61	1.14
Operating Profit Margin (PBIDT/Sales)	(%)	2.78	3.78	2.47
Return on Total Assets (PBT/Total Assets}	(%)	4.72	8.08	5.21
Return on Investment (ROI) (PBT/Networth)		0.11	0.21	0.13
Debt Equity Ratio (Total Debt /Networth)		0.53	0.74	0.45
Current Ratio (Current Asset/Current Liability)		1.90	2.11	1.61

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	34.531	56.731	58.950
Reserves & Surplus	0.000	0.000	0.764
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	34.531	56.731	59.714
Secured Loans	15.418	42.125	31.874
Unsecured Loans	0.000	0.000	0.000
Total borrowings	15.418	42.125	31.874
Debt/Equity ratio	0.446	0.743	0.534

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	407.094	452.290	472.682
		11.102	4.509

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	407.094	452.290	472.682
Profit	4.630	11.813	6.692
	1.14%	2.61%	1.42%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
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	No
25	Last accounts filed at ROC, if applicable	No
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	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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.63.47
UK Pound	1	Rs.98.47
Euro	1	Rs.70.69

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

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