MIRA INFORM REPORT

Report No. :	326561
Report Date :	18.07.2015

IDENTIFICATION DETAILS

Name :	STEEL CONSTRUCTION
Registered Office :	C-30, First Floor, Koel Nagar, Rourkela – 769 014, Orissa
Tel. No.:	91-661-2475628
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	Around 1985
Capital Investment / Paid-up Capital :	Rs.16.047 million
IEC No.:	Not Available
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the Partners
Line of Business :	Subject is engaged into civil and mechanical activities.
No. of Employees :	Approximately 30 (On Contract Basis 250)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 partnership concern having satisfactory track record. Mr. Kalyankumar (Accounts Department) has provided us with all information. Sales turnover of the concern has increased compared to previous year general financial position of the concern also seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 :	Mr. Kalyankumar
Designation :	Accounts Department
Contact No.:	91-9937328995
Date :	17.07.2015

LOCATIONS

Registered Office :	C-30, First Floor, Koel Nagar, Rourkela – 769 014, Orissa, India
Tel. No.:	91-661-2475628
Mobile No.:	91-9937328995 (Mr. Kalyankumar)
Fax No.:	Not Available
E-Mail :	chandan_deepak@rediffmail.com

PARTNERS

Name :	Mr. Deepak Chandan
Designation :	Partner
Name :	Mrs. Bharti Chandan
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Kalyankumar
Designation :	Accounts Department

BUSINESS DETAILS

Line of Business :	Subject is engaged into civil and mechanical activities.
Products/ Services :	Civil Work Excavation and Back filling PCC work (Cement Concrete) RCC (Cement Concrete with Rod) Shuttering Work Plastering Brick Work All types of Flooring work (Cement, Tile, and Marble etc.) Painting work Sanitary work Falls Ceiling Mechanical Work Fabrication of Steel Structures Erection work Fabrication and erection of all types of Pipe lines Mechanical repair and maintenance jobs Fabrication and Fixing of Overhead Tanks
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment and Credit

GENERAL INFORMATION

Suppliers :

Reference :

Diwan Balmik

Name of the Person :

Diwan Balmik (Partner)

Contact No.:

91-9040073774

Since How Long Known :

2 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company. They are satisfied with their payment behaviour and market goodwill.

Reference :

Bhibubushan Beura

Name of the Person :

Bhibubushan Beura

Contact No.:

91-7873380152

Since How Long Known :

5 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Average	Average	Average

Remark:

They are working with them from last 5 years overall they are satisfied with them but there is some delay in payment behaviour from last three months hence they gave average remark.

Customers :

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Approximately 30 (On Contract Basis 250)

Bankers :

Banker Name	Syndicate Bank
Branch Address	Rourkela Main Branch, Orissa, India
Person Name (With Designation)	Mr. Nayak (Relationship Manager)
Contact Number	91-661-2510358 (Continuously Ringing)
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)	Due to public holiday the Bank is not working.

Banking Relations :	--
Auditors :
Name :	R. Gopal and Associates Chartered Accountants (G.D. Agarwala-Partner)
Address :	Uditnagar, Raurkela, Orissa, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs.16.047 million
Borrowed :
Total :	Rs.16.047 million

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partner’s Capital		16.047	13.407	8.144
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.047	13.407	8.144
LOAN FUNDS
1] Secured Loans		1.732	1.599	4.992
2] Unsecured Loans		1.459	1.497	0.787
TOTAL BORROWING		3.191	3.096	5.779
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.238	16.503	13.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.457	3.629	3.530
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.517	1.530	0.318
	Sundry Debtors	24.125	17.325	19.149
	Cash & Bank Balances	2.536	1.744	0.652
	Other Current Assets	3.096	2.324	3.460
	Loans, Advances & Deposits	2.342	1.772	1.670
Total Current Assets		34.616	24.695	25.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors, Other Current Liabilities & Provisions	18.835	11.821	14.856
Total Current Liabilities		18.835	11.821	14.856
Net Current Assets		15.781	12.874	10.393
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.238	16.503	13.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	18.058	15.988	25.243
		Job Work	34.042	17.276	29.184
		Other Income	0.002	0.000	0.024
		TOTAL	52.102	33.264	54.451
Less	EXPENSES
		Material Cost	12.447	12.031	25.406
		Labour Cost	5.801	5.026	7.202
		Sub Contract (Job Works)	12.876	4.138	6.803
		Other Direct Expenses	5.356	5.210	3.826
		Sales and Administrative Expenses	8.583	2.246	6.727
		Interest and Remuneration to Partners	1.906	1.026	1.275
		TOTAL	46.969	29.677	51.239
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5.133	3.587	3.212
Less	INTEREST		0.667	0.537	0.935
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.466	3.050	2.277
Less/ Add	DEPRECIATION/ AMORTISATION		0.607	0.579	0.621
	PROFIT/ (LOSS) BEFORE TAX		3.859	2.471	1.656
Less	TAX		1.046	0.629	0.835
	PROFIT/ (LOSS) AFTER TAX		2.813	1.842	0.821

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.40	5.54	1.51
Operating Profit Margin (PBIDT/Sales)	(%)	9.85	10.78	5.90
Return on Total Assets (PBT/Total Assets}	(%)	10.14	8.72	5.75
Return on Investment (ROI) (PBT/Networth)		0.24	0.18	0.20
Debt Equity Ratio (Total Debt /Networth)		0.20	0.23	0.71
Current Ratio (Current Asset/Current Liability)		1.84	2.09	1.70

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	8.144	13.407	16.047
Reserves & Surplus	0.000	0.000	0.000
Net worth	8.144	13.407	16.047
Secured Loans	4.992	1.599	1.732
Unsecured Loans	0.787	1.497	1.459
Total borrowings	5.779	3.096	3.191
Debt/Equity ratio	0.710	0.231	0.199

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)
Income	54.427	33.264	52.100
		(38.883)	56.626

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	54.427	33.264	52.100
Profit	0.821	1.842	2.813
	1.51%	5.54%	5.40%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
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	Yes
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 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 :	PRT
Analysis Done by :	RAS
Report Prepared by :	SMN

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	5
--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		46

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.