MIRA INFORM REPORT

Report No. :	326248
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	AGRASEN ISPAT PRIVATE LIMITED
Registered Office :	505, 5^th Floor, Progressive Point Complex Dhamtari Road, Rajpur – 492001, Chhattisgarh
Tel. No.:	91- 33 - 30285351 / 5352 / 5353
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.08.2007
Com. Reg. No.:	10-020362
Capital Investment / Paid-up Capital :	Rs. 36.999 Million
CIN No.: [Company Identification No.]	U27100CT2007PTC020362
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JBPA02338A
PAN No.: [Permanent Account No.]	AAGCA5187P
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader, Exporter and Importer of Iron and Steel Products.
No. of Employees :	25(approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007 and it is primarily engaged in trading of varied steel products viz. MS Channels, angels, beams, plates etc. It is an established company having satisfactory track. Profitability of the company seems to be low. There seems dip in the sales turnover of the company during 2014. However, the ratings take into account the experience of the promoters in the steel trading business and diversified trading products portfolio. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company 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	ICRA
Rating	Fund Based Limits = BB- (Suspended)
Rating Explanation	Have inadequate credit quality and carry high credit risk
Date	November, 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A4 (Suspended)
Rating Explanation	Have minimal degree of safety and Carry very high credit risk
Date	November, 2014

Reason for suspension: The suspension follows ICRA’s inability to carry out a rating surveillance in the absence of the requisite information from the entity.

RBI DEFAULTER’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTER’ 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. Bharat Kumar
Designation :	Accounts Manager
Contact No.:	91-771-4242003
Date :	06.06.2015

LOCATIONS

Registered Office :	505, 5^th Floor, Progressive Point Complex Dhamtari Road, Rajpur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4242000 (20 Lines)
Mobile No.:	91- 8871144333 (Nitin)
Fax No.:	91-771-4269330
E-Mail :	vishnu.aiplr@gmail.com bharat.aiplrpr@gmail.com
Website :	www.agrasenispat.com
Area :	1248 Sq. Ft.
Location :	Owned
Locality :	Commercial
Warehouse:	Kalamboli, Panvel, Navi Mumbai, Maharashtra, India
Branch Office :	Located At : Indore Hyderabad Mumbai

DIRECTORS

As on: 30.09.2014

Name :	Mr. Vipin Kumar Ganga Dhar Aggarwal
Designation :	Director
Address :	MPTI Nagar, Raipur – 492001, Chhattisgarh, India
Date of Birth/Age :	13.09.1986
Date of Appointment :	30.08.2007
DIN No.:	01671150

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	U27100CT2007PTC020362	AGRASEN ISPAT PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
2	U70100CT2010PTC021880	AGRASEN REALTY PROJECTS PRIVATE LIMITED	Director	01/01/2011	01/01/2011	01/04/2013	Active	NO
3	U27106CT2011PTC022508	AGRASEN ALLOYS PRIVATE LIMITED	Director	02/06/2011	02/06/2011	28/04/2014	Active	NO
4	U27310CT2013PLC000983	HINDUSTHAN LOHA LIMITED	Director	24/07/2013	24/07/2013	01/11/2013	Active	NO

Name :

Mr. Vikash Kumar Aggarwal

Designation :

Managing Director

Address :

Boriya Road, Moti Nagar, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

15.07.1982

Date of Appointment :

01.05.2013

DIN No.:

01789293

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	U27100CT2007PTC020362	AGRASEN ISPAT PRIVATE LIMITED	Director	01/05/2013	18/11/2007	-	Active	NO
2	U27100CT2010PTC021804	AGRASEN IRON AND STEELS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	01/03/2013	Active	NO
3	U70100CT2010PTC021880	AGRASEN REALTY PROJECTS PRIVATE LIMITED	Director	21/02/2011	21/02/2011	01/10/2012	Active	NO

Name :

Mr. Suman Devi Agrawal

Designation :

Director

Address :

B4, Anand Vihar, Near Gulmohar Vatika, Mahavir Nagar, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

01.09.1978

Date of Appointment :

01.05.2013

DIN No.:

05319444

Name :

Ms. Gayatri Agrawal

Designation :

Director

Address :

B4, Anand Vihar, Near Gulmohar Vatika, Mahavir Nagar, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

11.12.1984

Date of Appointment :

01.05.2013

DIN No.:

05319466

Name :

Mr. Manish Kumar Agrawal

Designation :

Director

Address :

House No. 1, Boriykhurd, Opp. Royal Bar, Moti Nagar, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

25.01.1993

Date of Appointment :

01.03.2014

DIN No.:

06852152

KEY EXECUTIVES

Name :	Mr. Bharat Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on. 30.09.2014

Names of Shareholders	No. of Shares
Vikas Kumar Aggarwal	3800
Vikas Kumar Aggarwal (HUF)	3800
Arvind Kumar Aggrawal	98800
Arvind Kumar Aggrawal (HUF)	98800
Gangadhar Aggrawal	203300
Pushpa Devi Aggrawal	3800
Gaytri Devi	3800
Suman Devi Aggrawal	3800
Gangadhar Aggrawal (HUF)	28880
Mohit Garg	70300
Dhiraj Agrawal	32300
Kamal Agrawal	3800
Vishnu Agrawal	51300
Prem Lata Agrawal	3800
Gajanand Agrawal	3800
Niti Agrawal	3800
Subhash Chandra Agrawal (HUF)	3800
Vijay Laxmi Devi Agrawal	3800
Nand Kishore Aggrawal	260300
Vipin Aggrawal	241300
N.K. Agrawal(Huf)	76000
Agrasen Iron And Steels Private Limited – India	513000
Nandan Vicom Private	18000
Exclusive Infraprojects Private Limited	20000
Mooncity Commercial Private Limited	25000
Origin Dealtrade Private Limited	45000
Ganeshvani Infrabuild Private Limited	20000
Evergreen Barter Private Limited	10000
Jayton Trading Private Limited	20000
Allmost Vyappaar Private Limited	45000
O.D.Promoters and Credit Private Limited	50000
Mahamaya Creations Private Limited	475000
Rujula CommoTrade Private Limited	1255910
Total	3699990

As on. 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	67.48
Directors or relatives of Directors	32.52
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Iron and Steel Products.
Products :	Iron Steel Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Singapore Thailand China Bhutan
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Avinash Ispat Private Limited
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 :

Wholesalers, Retailers, End Users and OEM’s

Reference :	Dilip Buildcon Limited
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 :

25(approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Block B-1, Pujari Chambers, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Agrasen Ispat Private Limited
Account Number	911030007559039
IFSC Code :	UTIB0000537
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = 147.500 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Karnataka Bank Limited, Fafadin Chowk, Raipur – 492001, Chattisgarh, India

• United Bank of India, Budhapara, Bujli Office Chowk, Raipur – 492001, Chhattisgarh, India

• HDFC Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Banks	0.160	0.270
Short Term Borrowing
Working Capital Loans From Banks	139.873	101.231
Total	140.032	101.501

Auditors :
Name :	Rahul Mishra and Associates Chartered Accountants
Address :	Mishra Bhavan, Tatya Para Chowk, Raipur – 492001, Chhattisgarh, India
PAN No. :	ABJFS1094G
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Agrasen Iron and Steels Private Limited, India Agrasen Alloys Private Limited, India Hindusthan Loha Limited, India Agrasen Realty Projects Private Limited, India

CAPITAL STRUCTURE

Authorised Capital:

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3699990	Equity Shares	Rs.10/- each	Rs.36.999 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	36.999	24.440	24.440
(b) Reserves & Surplus	53.912	32.212	27.150
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	29.200	0.000
Total Shareholders’ Funds (1) + (2)	90.911	85.852	51.590
(3) Non-Current Liabilities
(a) long-term borrowings	0.160	0.270	0.987
(b) Deferred tax liabilities (Net)	0.000	0.000	0.069
(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)	0.160	0.270	1.056
(4) Current Liabilities
(a) Short term borrowings	141.755	105.537	47.272
(b) Trade payables	193.794	97.396	29.910
(c) Other current liabilities	3.446	4.563	4.535
(d) Short-term provisions	2.575	0.000	0.000
Total Current Liabilities (4)	341.570	207.496	81.717
TOTAL	432.641	293.618	134.363
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.134	16.831	6.283
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.134
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.224	0.136	0.214
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.624	0.374	0.000
Total Non-Current Assets	16.982	17.341	6.631
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.105	44.168	7.265
(c) Trade receivables	347.118	203.626	110.353
(d) Cash and cash equivalents	5.805	5.309	0.385
(e) Short-term loans and advances	23.631	23.174	9.729
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	415.659	276.277	127.732
TOTAL	432.641	293.618	134.363

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
GROSS INCOME	1935.850	2554.044	1923.406
TOTAL EXPENSES	1907.453	2536.053	1917.279
PROFIT BEFORE TAX	7.562	7.288	5.278
PROFIT AFTER TAX	5.059	5.062	3.595
Earnings Per Share (Rs.)	0.13	0.13	0.09

Particulars	31.03.2015
Sales Turnover (Approximately)	2350.000

Expected Sales (2015 - 2016): Rs.2400.000 Million

The above information has been parted by Mr. Bharat Kumar (Accounts Manager).

LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.495	0.690	1.013
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.26	0.20	0.19
Return on Total Assets (PBT/Total Assets}	(%)	1.75	2.48	3.94
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.10
Debt Equity Ratio (Total Debt /Networth)		1.57	1.24	0.96
Current Ratio (Current Asset/Current Liability)		1.22	1.33	1.56

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	24.440	24.440	36.999
Reserves & Surplus	27.150	32.212	53.912
Share Application money pending allotment	0.000	29.200	0.000
Net worth	51.590	85.852	90.911
long-term borrowings	0.987	0.270	0.160
Short term borrowings	47.272	105.537	141.755
Current Maturities of Long Term Debt	1.013	0.690	0.495
Total borrowings	49.272	106.497	142.410
Debt/Equity ratio	0.955	1.240	1.566

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)
Gross Income	1923.406	2554.044	1935.850
		32.788	(24.205)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Income	1923.406	2554.044	1935.850
Profit	3.595	5.062	5.059
	0.19%	0.20%	0.26%

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	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four 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	Yes
31	External Agency Rating, if available	Yes
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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Short Term Borrowing
Loans and Advances From Related Parties	1.882	1.708
Other Loans and advances, others	0.000	2.598
Total	1.882	4.306

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10272450	22/03/2014 *	147,500,000.00	Axis Bank Limited	SME Centre Raipur , Tagore Nagar Branch , Pujari Chambers, Block-B1,Pachpedi Naka, NH 43, Raipur - 492001, Chhattisgarh, INDIA	C01145697

* Date of charge modification

FIXED ASSETS

• Car
• Computer
• Mobile
• Two Wheeler
• Office equipment

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.64.11
UK Pound	1	Rs.97.84
Euro	1	Rs.71.11

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
RBI	YES/NO	NO
EPF	YES/NO	NO
TOTAL		43

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.