MIRA INFORM REPORT

Report No. :	324084
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	NILESH STEEL AND ALLOYS PRIVATE LIMITED
Registered Office :	D-69, Additional MIDC Area, Jalna – 431203, Maharashtra
Tel. No.:	91-2482-221669
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.04.2002
Com. Reg. No.:	11-135560
Capital Investment / Paid-up Capital :	Rs. 16.500 Million
CIN No.: [Company Identification No.]	U27106MH2002PTC135560
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCN4686N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing of TMT bars and energy source is power MSEB.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 300000
Status :	Temporary closure of business operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As claimed by Mr. Rajesh Pitty (Accounts Manager) that there is no activity in the company from November 2014 due to some financial difficulties faced by the company He further also claimed that the company will re-start its business activity from 30^th June 2015. As per the Registrar of companies the status of the company is shown as active. Payments terms are unknown In view of temporary closure of business operation the company can be considered for business dealings on a fully safe and secured 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	CRISIL
Rating	Long-Term Rating (BB-)
Rating Explanation	Moderate risk of default
Date	February 2014

Rating Agency Name	CRISIL
Rating	Short-Term Rating (A4+)
Rating Explanation	Minimal degree of safety and carry very high credit risk
Date	February 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajesh Pitty
Designation :	Accounts Manager
Contact No.:	91-9423158064
Date :	26.015.2016

LOCATIONS

Registered Office / Factory :	D-69, Additional MIDC Area, Jalna – 431203, Maharashtra, India
Tel. No. :	91-2482-221669 / 8
Mobile No. :	91-9423158064 (Mr. Rajesh Pitty)
Fax No. :	91-2482-220658
E-Mail :	arjoshiassociates@gmail.com nileshsteel@gamil.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjay Ramkishan Mantri

Designation :

Director

Address :

187, Sambhajinagar, Jalna - 431203, Maharashtra, India

Date of Appointment :

12.07.2005

DIN No. :

01560657

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	U27100MH2004PTC147918	MAHALAXMI TMT PRIVATE LIMITED	Director	10/08/2004	10/08/2004	30/03/2011	Active	NO
2	U27106MH2002PTC135560	NILESH STEEL AND ALLOYS PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
3	U51109MH2005PTC260561	MAHESHWARI CONSTRUCTIONS PRIVATE LIMITED	Director	13/09/2008	13/09/2008	-	Active	NO
4	U27101MH2009PTC196990	DHANLAXMI TMT BARS PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO
5	U40109MH2009PTC197820	NARAYANA POWER & STEEL PRIVATE LIMITED	Director	14/12/2009	14/12/2009	-	Active	NO

Name :

Mr. Nilesh Sriniwas Chechani

Designation :

Director

Address :

Plot No.343/76B, Bhokardan Naka,Sambhajinagar, Jalna - 431203, Maharashtra, India

Date of Appointment :

17.04.2002

DIN No. :

01590745

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	U27106MH2002PTC135560	NILESH STEEL AND ALLOYS PRIVATE LIMITED	Director	17/04/2002	17/04/2002	-	Active	NO
2	U27101MH2009PTC196990	DHANLAXMI TMT BARS PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO
3	U40109MH2009PTC197820	NARAYANA POWER & STEEL PRIVATE LIMITED	Director	14/12/2009	14/12/2009	-	Active	NO

Name :

Mr. Nitin Kantilal Chordiya

Designation :

Additional Director

Address :

1-19-47, Dr. R. P. Road Jalna - 431203, Maharashtra, India

Date of Appointment :

03.10.2012

DIN No. :

06566358

KEY EXECUTIVES

Name :	Mr. Rajesh Pitty
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Sanjay Ramkishan Mantri	800000
Narayandas Karwa	232500
Ramkishan Nanakram Mantri	200000
Anil S Chechani	150000
Nilesh S Chechani	150000
Atish Chechani	20000
Shivprasad R Chechani	20000
Subhashchandra R Chechani	20000
Ashokkumar R. Chechani	20000
Shriniwas R. Chechani	20000
Santoshkumar G Baheti	10000
Nitin Kantilal Chordiya	7500
Total	1650000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing of TMT bars and energy source is power MSEB.

Products :

Item Code No.	Product Description
72249091	M S Billets

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 Hyderabad
Branch Address	Jalna Manin Branch, Jalana - 431203, 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

• Union Bank of India, Jalna Branch, Pitty Complex, Nehru Road, Jalna – 431203, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	122.514	14.068
Term loans from others	0.000	0.447
SHORT TERM BORROWINGS
Loans repayable on demand from banks	100.280	99.630
Total	222.794	114.145

Auditors :
Name :	G.G. Ladda and Associate Chartered Accountants
Address :	Venkatesh Nagar, Shivaji Statue, Dr. Hedgewar Path , Beed – 431122, Maharashtra, India
PAN No.:	ABAFS9591F
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Dhanlaxmi TMT Bars Private Limited Maheshwari Construction P Limited Dhanlaxmi Software Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10 each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1650000	Equity Shares	Rs. 10 each	Rs. 16.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	16.500	16.500	15.000
(b) Reserves & Surplus	91.364	88.687	84.192
(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)	107.864	105.187	99.192
(3) Non-Current Liabilities
(a) long-term borrowings	137.914	51.515	57.262
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	137.914	51.515	57.262
(4) Current Liabilities
(a) Short term borrowings	100.280	99.630	100.515
(b) Trade payables	36.660	68.005	106.370
(c) Other current liabilities	3.265	6.710	6.919
(d) Short-term provisions	5.688	16.380	8.272
Total Current Liabilities (4)	145.893	190.725	222.076
TOTAL	391.671	347.427	378.530
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.534	87.628	94.044
(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	5.887	5.887	5.887
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	81.421	93.515	99.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	66.340	46.101	100.475
(c) Trade receivables	60.503	186.719	126.601
(d) Cash and cash equivalents	7.132	8.538	9.798
(e) Short-term loans and advances	127.747	2.915	16.017
(f) Other current assets	48.528	9.639	25.708
Total Current Assets	310.250	253.912	278.599
TOTAL	391.671	347.427	378.530

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Gross Sales	674.413	1316.816	1128.197
Less	EXPENSES			NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	NA	29.119
Less/ Add	DEPRECIATION/ AMORTISATION			13.497
	PROFIT/ (LOSS) BEFORE TAX	4.300	7.919	15.622
Less	TAX	1.623	3.424	5.075
	PROFIT/ (LOSS) AFTER TAX	2.677	4.495	10.547
	Earnings / (Loss) Per Share (Rs.)	1.62	2.72	6.39

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.40	0.34	0.93
Return on Total Assets (PBT/Total Assets}	(%)	1.11	2.32	4.19
Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.16
Debt Equity Ratio (Total Liability/Networth)		2.21	1.44	1.59
Current Ratio (Current Asset/Current Liability)		2.13	1.33	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	15.000	16.500	16.500
Reserves & Surplus	84.192	88.687	91.364
Share Application money pending allotment	0.000	0.000	0.000
Net worth	99.192	105.187	107.864
long-term borrowings	57.262	51.515	137.914
Short term borrowings	100.515	99.630	100.280
Total borrowings	157.777	151.145	238.194
Debt/Equity ratio	1.591	1.437	2.208

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	1128.197	1316.816	674.413
		16.719	(48.785)

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	1128.197	1316.816	674.413
Profit	10.547	4.495	2.677
	0.93%	0.34%	0.40%

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	Yes
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	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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Intercorporate borrowings	15.400	37.000
Total	15.400	37.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10510498	26/06/2014	32,500,000.00	CHIKHLI URBAN CO-OP. BANK LIMITED CHIKHLI	DR. SHYAMAPRASAD MUKHERJI MARG, SHIVAJI CHOWK, C  HIKHLI, MAHARASHTRA - 443201, INDIA	C12392411
2	10488783	13/03/2014	120,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, AURANGABAD, MAHARASHTRA - 431005, INDIA	C02368975
3	10276253	17/03/2011	137,500,000.00	STATE BANK OF HYDERABAD	JALNA MANIN BRANCH, JALNA, MAHARASHTRA - 431203, INDIA	B09238080
4	10237088	15/07/2010	4,300,000,000.00	UNION BANK OF INDIA	IND FIN. BRANCH, 1ST FLOOR, UNION BANK BHAWAN, 239, VIDHAN BHAWAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A92255181

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Vehicles
• Motor vehicles
• Office equipment
• Other equipments

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 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. 63.61
UK Pound	1	Rs. 97.26
Euro	1	Rs. 69.63

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	0
--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		17

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.