MIRA INFORM REPORT

Report No. :	332447
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	DEEPA STEEL
Registered Office :	402, Broach Sadan Devji, Ratansey Marg, Masjid Bunder, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-30297630
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment:	1991
Capital Investment / Paid-up Capital :	Rs. 8.797 Million (AS On : 31.03.2014)
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAAFD6314J
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trading of Steel and Iron
No. of Employees :	2 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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 was established in the year 1991 as a partnership concern and it is having satisfactory track record. Mr. Ashish Ajmera, Partner has provided the information to us. The general financial position of the concern seems to be sound and healthy. During FY-2014, Company has reported marginal decline in its sales turnover, but it has achieved healthy operating profitability. Rating take consideration on concerns negligible debt and above average liquidity. Trade relations are fair. Business is active. Payment terms reported to be usually correct. In view aforesaid, the concern 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.

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. Ashish Ajmera
Designation :	Partner
Contact No.:	91-22-30297630
Date :	15.07.2015

LOCATIONS

Registered Office :	402, Broach Sadan Devji, Ratansey Marg, Masjid Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-30297630
Fax No.:	Not Available
E-Mail :	deepasteel@gmail.com
Location :	Owned and Commercial
Warehouse :	Near Panvel, Kalamboli, Maharashtra, India

PARTNERS

Name :	Mr. Ashish Ajmera
Designation :	Partner
Name :	Mr. Hitesh Gangadas Sanghavi
Designation :	Partner
Address :	Mumbai, Maharashtra, India
PAN No :	ABHPS3166K

BUSINESS DETAILS

Line of Business :	Trading of Steel and Iron
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, L/C, Cheque and Credit
Purchasing :	Cash, L/C, Cheque and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Kvijay Ispat Udyog
Name of the Person :	Mr. Ashok
Contact No.:	91-9323350500 (Continuously ringing)
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :

SI Construction

Name of the Person :

Mr. Irfan (Partner)

Contact No.:

91-9323850038

Since How Long Known :

7 Years (Approximately)

Maximum Limit Dealt :

Rs. 2.500 Million

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Excellent	Excellent

Remark:

As claimed by Mr. Irfan (Partner) that he is fully satisfied with subject company.

No. of Employees :

2 (Approximately)

Bankers :

• New India Co-op Bank

Bank Name	Kotak Mahindra Bank Limited
Branch	Fort – 1, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-22630376 (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)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Bank OD A/c. – New India Co-op	0.140	2.337
Kotak Mahindra Prime Limited	0.486	0.648
Total	0.626	2.985

Auditors :
Name :	Ashok Gokani and Company Chartered Accountants
Address :	J – 4, Mangal Kunjs V Road, Opposite Indraprasth shopping centre, Borivali (West), Mumbai- 400092, Maharashtra, India
PAN No.:	AADPG3562C
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

PARTNER’S CAPITAL ACCOUNT

Mr. Ashish Ajmera

Particulars	Rs. in Million	Particulars	Rs. in Million
To Drawings	0.180	By Balance B/f.	4.070
To Bank	0.573	By Partners Interest	0.369
To Advance Tax A.Y. 14-15	0.025	By Partners Remuneration	0.321
To Interest on Late TDS Payment	0.002	By Profit from Deepa Steel	0.138
		By Bank	0.070
		By Rent Received	0.090
To Balance C/f.	4.278
Total	5.058	Total	5.058

Mr. Hitesh Sanghvi

Particulars	Rs. in Million	Particulars	Rs. in Million
To Drawings	0.480	By Balance B/f.	4.727
To Bank	1.620	By Partners Interest	0.384
To Advance Tax A.Y. 14-15	0.025	By Partners Remuneration	0.321
To Interest on Late TDS Payment	0.001	By Profit from Deepa Steel	0.139
To LIC	0.021	By Bank	0.700
To Income Tax Paid F.Y. 12-13	0.009	By Rent Received	0.090
To Balance C/f.	4.205
Total	6.361	Total	6.361

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2015 (Audited)
Sales Turnover (Approximately)	147.200

Expected Sales (2015-16) : Rs. 150.000 Million (Due to Market Fluctuation and Payment due from Customers)

The above information has been parted by Mr. Ashish Ajmera (Partner)

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
SHAREHOLDERS FUNDS
1] Share Capital		8.482	8.797
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		8.482
LOAN FUNDS
1] Secured Loans		0.626	2.985
2] Unsecured Loans		32.111	34.261
TOTAL BORROWING		32.737	37.246
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		41.219	46.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.822	0.966
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	38.086	48.971
	Cash & Bank Balances	0.335	0.895
	Other Current Assets	4.605	4.047
	Loans & Advances	0.303	0.275
Total Current Assets		43.329	54.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.505	8.573
	Provisions	0.427	0.538
Total Current Liabilities		2.932	9.111
Net Current Assets		40.397	45.077
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		41.219	46.043

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	INCOME
	Sales	157.621	200.284
	Interest on FD	0.438	0.365
	Interest on Ree Deposit	0.018	0.005
	Commission	0.396	0.067
	Interest on New India Co-op Bank	0.000	0.001
	Interest Received	1.582	0.000
	Discount	0.000	0.027
	TOTAL	160.055	200.749
Less	EXPENSES
	Purchase	146.678	187.315
	Transportation charges	2.070	3.822
	Commission and Brokerage	0.737	1.516
	Freight	1.086	1.239
	Loading and Unloading	0.145	0.173
	Interest on purchase	0.038	0.053
	Audit fees	0.028	0.028
	Audit Fees M VAT	0.028	0.028
	Bad Debts w/off	1.944	0.000
	Bank Charges	0.005	0.005
	Bank Interest	0.127	0.099
	Computers Expenses	0.012	0.007
	Conveyance Expenses	0.257	0.260
	Court Fees	0.000	0.042
	Depreciation	0.161	0.190
	Donation	0.024	0.000
	Discount	0.057	0.000
	Electric Expenses	0.014	0.015
	Interest on Car loan	0.067	0.085
	Interest on Loan	3.586	3.826
	Interest on M VAT	0.000	0.011
	Interest to Partners	0.752	0.735
	Labour charges	0.024	0.022
	LC Charges	0.002	0.025
	Motor Car Insurance	0.021	0.022
	Office Expenses	0.248	0.117
	Postage and Courier Expenses	0.010	0.008
	Printing and Stationery	0.165	0.130
	Professional Fees	0.026	0.015
	Salaries	0.195	0.216
	Staff Welfare	0.000	0.006
	Sales Tax Asst	0.438	0.000
	Service Tax	0.069	0.118
	Telephone Expenses	0.067	0.060
	Weighting charges	0.056	0.052
	Partners Remuneration	0.641	0.395
	TOTAL	159.778	200.635
	NET PROFIT	0.277	0.114

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.17	0.06
Return on Total Assets (PBT/Total Assets}	(%)	0.67	0.25
Return on Investment (ROI) (PBT/Networth)		0.03	0.01
Debt Equity Ratio (Total Debt /Networth)		3.86	4.23
Current Ratio (Current Asset/Current Liability)		14.78	5.95

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	8.797	8.482
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	8.797	8.482
Secured Loans	2.985	0.626
Unsecured Loans	34.261	32.111
Total borrowings	37.246	32.737
Debt/Equity ratio	4.234	3.860

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	200.284	157.621	147.200
		(21.301)	(6.611)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	200.284	157.621
Profit	0.114	0.277
	0.06%	0.18%

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	No
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
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 two years	Yes
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 Loan

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Loans	34.261	32.111
Total	34.261	32.111

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.99.42
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KSP
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--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		42

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.