MIRA INFORM REPORT

Report No. :	332370
Report Date :	18.07.2015

IDENTIFICATION DETAILS

Name :	HAQ STEELS PRIVATE LIMITED
Registered Office :	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakhiyal, Ahmedabad – 380023, Gujarat
Tel. No.:	91-9998565494 (Mr. Mushtaq)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.02.2013
Com. Reg. No.:	04-073571
Capital Investment / Paid-up Capital :	Rs.80.200 Million
CIN No.: [Company Identification No.]	U28999GJ2013PTC073571
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMH04529A
PAN No.: [Permanent Account No.]	AADCH1115K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and importer of TMT bars.
No. of Employees :	115 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new private limited company established on 15^th February 2013. However, it has started its business operations from December 2014 as claimed by Mr. Mustaq (Accountant). It is having moderate track. However, trade relations are improving. Business is active. Payment terms are reported to be unknown. In view of limited track record of operations, the company can be considered for business dealings with great 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

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 (GENERAL DETAILS)

Name :	Mr. Mustaq
Designation :	Accountant
Contact No.:	91-9998565494
Date :	17.07.2015

LOCATIONS

Registered Office :	116/B, Shah and Shah Estate, Behind Gujarat Botalling, Near Maniar Tailor, Rakhiyal, Ahmedabad – 380023, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9998565494 (Mr. Mushtaq)
Fax No.:	Not Available
E-Mail :	njshah78@gmail.com hsplviramgam@gmail.com
Factory :	Viramgam, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Inamulhaq Samsulhaq Iraki
Designation :	Director
Address :	Behind Commissioner Office, Tavdi Pura, Shahibaugh, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	02.12.1968
Date of Appointment :	15.02.2013
DIN No.:	00292588
Name :	Mr. Ibrarulhaq Inamulhaq Iraki
Designation :	Director
Address :	Heena House, Old Mayur Soap Factory, Tawdipura, Ahmedabad - 380004, Gujarat, India
Date of Appointment :	23.03.2015
DIN No.:	07121237
Name :	Mr. Ziyaulhaq Abdulhaq Iraki
Designation :	Director
Address :	Heena House, Old Mayur Soap Factory, Tawdipura, Ahmedabad - 380004, Gujarat, India
Date of Appointment :	23.03.2015
DIN No.:	07121250
Name :	Mr. Iraki Shadab Akhlaque Ahmad
Designation :	Director
Address :	A 305, Royal Appartment, Near Rehmat Nagar School, Rakhiyal, Ahmedabad - 380023, Gujarat, India
Date of Appointment :	19.05.2015
DIN No.:	07188873

KEY EXECUTIVES

Name :	Mr. Mustaq
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Inamulhaq Shamshulhaq Iraki	1039500
Rushabh P. shah	10000
Abdulhaq Shamshulhaq Iraki	1690000
Afsha Abdulhaq Iraki	550000
AIT Hotels Private Limited	2000000
Ganadhyaks Hospitalites Limited	200000
Haq Enterprises Private Limited	1000000
Ibrarulhaq Inamulhaq Iraki	28000
Mahelaka Inamulhaq Iraki	50000
Sadab Ahmed	1000
Shamsulhaq M Iraki	500
Sheetalben Dineshbhai Patel	1500000
Tahera Khatoon S. Iraki	400000
Taraben Dineshbahi Patel	1500000
Vijay Ambalal Modi	1000
Ziyauhaq Abdulhaq Iraki	30000
Total	10000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	32.00
Directors or relatives of Directors	68.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and importer of TMT bars.
Products :	TMT Bars
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Singapore
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

115 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Ahmedabad, Gujarat, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans from others	15.550	0.000
Short Term Borrowings
Term loans from banks	2.478	0.000
Total	18.028	0.000

Auditors :
Name :	K P S J and Associates Chartered Accountants
Address :	504 Sahajanand Shopping Centre, Shahibaug Road, Shahibaug, Ahmedabad, Gujarat, India
PAN No.:	AAGFK2924D
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Party :	Haq Enterprise

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

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

Issued, Subscribed & Paid-up Capital:

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

AS ON 31.03.2014

Authorised Capital:

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

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8020000	Equity Shares	Rs.10/- each	Rs.80.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	80.200	0.200
(b) Reserves & Surplus	0.003	(0.010)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	80.203	0.190
(3) Non-Current Liabilities
(a) long-term borrowings	40.450	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	40.450	0.000
(4) Current Liabilities
(a) Short term borrowings	2.478	0.000
(b) Trade payables	9.578	0.105
(c) Other current liabilities	0.285	0.011
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	12.341	0.116
TOTAL	132.994	0.306
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92.996	0.066
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(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	0.000	0.000
(e) Other Non-current assets	6.284	0.040
Total Non-Current Assets	99.280	0.106
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	10.250	0.200
(e) Short-term loans and advances	23.464	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	33.714	0.200
TOTAL	132.994	0.306

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013
Debt Equity Ratio (Total Debt /Networth)	0.54	0.00
Current Ratio (Current Asset/Current Liability)	2.73	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	0.200	80.200
Reserves & Surplus	(0.010)	0.003
Net worth	0.190	80.203
long-term borrowings	0.000	40.450
Short term borrowings	0.000	2.478
Total borrowings	0.000	42.928
Debt/Equity ratio	0.000	0.535

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)	Yes
16	No. of employees	Yes
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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
30	Major shareholders, if available	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans repayable on demand from others	24.900	0.000
Total	24.900	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488089	27/03/2014	400,000,000.00	State Bank of India	State Bank of India, Naroda, Ahmedabad, Gujarat - 382330, India	C02164192

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.63.49
UK Pound	1	Rs.99.43
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	3
--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		26

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.