MIRA INFORM REPORT

Report No. :	327047
Report Date :	12.06.2014

IDENTIFICATION DETAILS

Name :	GIRIRAJ EXIM PRIVATE LIMITED

Registered Office :	Bunglow No. 14, Final Plot No. 18, Vanshri Co-operative Housing Society Limited, Thaltej, Ahmedabad – 380054, Gujarat
Tel. No.:	91-79-26840170

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.03.2008

Com. Reg. No.:	04-053429

Capital Investment / Paid-up Capital :	Rs.13.000 Million

CIN No.: [Company Identification No.]	U52390GJ2008PTC053429

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 :	Private Limited Liability Company

Line of Business :	Trader and Importer of Iron and Steel Items, i.e. H.R. Sheet Coil/ Sheets and Plates, etc.

No. of Employees :	11 (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 :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s established market position in the steel trading business supported by above average financial base and moderate debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade term 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

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 = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	30.05.2015

RBI DEFAILTERS’ 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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Maitray Shailesh Shah
Designation :	Director
Contact No.:	91-79-26840170
Date :	12.06.2015

LOCATIONS

Registered Office / Warehouse :	Bunglow No. 14, Final Plot No. 18, Vanshri Co-Operative Housing Society Limited, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-26840170/ 26840171/ 2684017
Fax No.:	Not Available
E-Mail :	casaumilshah@gmail.com giristeel@yahoo.co.in
Website :	www.girirajsteel.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhadresh Vadilal Shah

Designation :

Managing Director

Address :

B/16, Aryaman Bunglows, Near Railway Crossing, Thaltej - Shilaj Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

23.09.1963

Date of Appointment :

01.04.2011

DIN No.:

01773165

Other Directorship:

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

U52390GJ2008PTC053429

GIRIRAJ EXIM PRIVATE LIMITED

Managing director

01/04/2011

31/03/2008

Active

U51101GJ2011PLC065137

GIRIRAJ IRON LIMITED

Director

26/04/2011

Active

Name :

Mr. Shailesh Vadilal Shah

Designation :

Director

Address :

A/50, Aryaman Bunglows, Near Railway Crossing, Thaltej - Shilaj Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

23.08.1956

Date of Appointment :

31.03.2008

DIN No.:

01752190

Other Directorship:

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

U52390GJ2008PTC053429

GIRIRAJ EXIM PRIVATE LIMITED

Director

31/03/2008

Active

U51101GJ2011PLC065137

GIRIRAJ IRON LIMITED

Director

26/04/2011

Active

Name :

Mr. Maitray Shailesh Shah

Designation :

Director

Address :

A/50, Aryaman Bunglows, Near Railway Crossing, Thaltej - Shilaj Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

09.02.1982

Date of Appointment :

31.03.2008

DIN No.:

01752174

Other Directorship:

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

U52390GJ2008PTC053429

GIRIRAJ EXIM PRIVATE LIMITED

Director

31/03/2008

Active

U51101GJ2011PLC065137

GIRIRAJ IRON LIMITED

Director

26/04/2011

Active

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Bhadreshkumar V. Shah		220000
Shaileshkumar V. Shah		339000
Maitray Shailesh Shah		180000
Darshin Bhadresh Shah		7000
Jitali Bhadresh shah		10000
Radhika Bhadresh Shah		10000
Utkarsh Shailesh Shah		122000
Kinal Maitray Shah		7000
Suchi Utkarsh Shah		27000
Bhadreshkumar V. Shah H.U.F.		120000
Ulty Business Solutions, India		110000
Trupti Badresh Shah		148000
Total		1300000

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 :	Trader and Importer of Iron and Steel Items, i.e. H.R. Sheet Coil/ Sheets and Plates, etc.

Products :	H.R. Sheet Coil/ Sheets and Plates, etc.

Brand Names :	--

Agencies Held :	--

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Amar Metal Corporation -
Aryaship Breaking Co. Private Limited
Jsw Steel Limited (Dolvi)
Jsw Steel Limited
Shah Alloys Limited
Shrinathji Trading Co.
Bansal Metal Industries
Hari Enterprise
Krishna Steel

Customers :

Yug Enterprise
Yashvi Enterprise
Aesha Steels
Harshad Machinary Private Limited
Janam Steel and Alloys
Rajlaxmi Enterprise
S.R Steel
Samyak Steel Corporation
Alpesh Metal Corporation
Ambica Agency

No. of Employees :

11 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· State Bank of India, Madhupura Branch, Advani Market, Ahmedabad - 380023, Gujarat, India

· Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Inland Letter of Credit with HDFC Bank Limited	40.157	69.764
(Less) : F.D With HDFC Bank Limited with Accrued Interest	13.038	21.377
State Bank of India (Chain Finance) -	89.372	0.000
(Less) : F.D with SBI (Including Accrued Interest)	30.532	0.000
HDFC Bank Limited OD A/c No. 00237	5.301	10.075
Total	91.260	58.462

(All Bank Facilities are Secured against Hypothecation of Stock & Book Debts, Collateral Securities of Immovable Properties & Personal guarantee of Director's & Corporate Guarantee)


Auditors :
Name :	P A Patel and Company Chartered Accountants
Address :	302/C Shahjanand Shopping Center, Shahibaug, Ahmedabad – 380004, Gujarat, India
PAN No.:	AAMPP2307B

Memberships :	--

Collaborators :	--

Common control and Management :	Giriraj Iron Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1300000	Equity Shares	Rs.10/- each	Rs.13.000 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	13.000	2.980	2.980
(b) Reserves & Surplus	24.559	22.926	21.686
(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)	37.559	25.906	24.666

(3) Non-Current Liabilities
(a) long-term borrowings	25.000	0.000	95.811
(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)	25.000	0.000	95.811

(4) Current Liabilities
(a) Short term borrowings	91.261	58.462	0.000
(b) Trade payables	84.930	0.293	52.797
(c) Other current liabilities	20.096	0.021	0.000
(d) Short-term provisions	9.867	2.827	0.984
Total Current Liabilities (4)	206.154	61.603	53.781

TOTAL	268.713	87.509	174.258

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.973	6.980	6.988
(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	0.000	0.000	27.934
(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	0.178	0.000	0.045
Total Non-Current Assets	7.151	6.980	34.967

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	172.662	26.039	8.991
(c) Trade receivables	82.952	52.278	58.506
(d) Cash and cash equivalents	0.256	0.285	0.889
(e) Short-term loans and advances	5.692	1.927	70.905
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	261.562	80.529	139.291

TOTAL	268.713	87.509	174.258

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	717.464	413.657	NA

Less	EXPENSES
		TOTAL (B)	709.256	407.117	NA

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.208	6.540	6.805

Less	FINANCIAL EXPENSES (D)		5.819	4.704	5.552

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.389	1.836	1.253

Less	DEPRECIATION/ AMORTISATION (F)		0.007	0.009	0.01

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.382	1.827	1.243

Less	TAX (H)		0.749	0.588	0.385

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.633	1.239	0.858

	Earnings / (Loss) Per Share (Rs.)		1.26	4.16	2.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.89	2.09	0.85

Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.05

Debt Equity Ratio (Total Debt /Networth)		3.10	2.26	3.88

Current Ratio (Current Asset/Current Liability)		1.27	1.31	2.59

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	2.980	2.980	13.000
Reserves & Surplus	21.686	22.926	24.559
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	24.666	25.906	37.559

Long Term borrowings	95.811	0.000	25.000
Short Term borrowings	0.000	58.462	91.261
Total borrowings	95.811	58.462	116.261
Debt/Equity ratio	3.884	2.257	3.095

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	413.657	717.464
		73.444

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	413.657	717.464
Profit	1.239	1.633
	0.30%	0.23%

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)	No
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 two 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	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
Unsecured Loans	25.000	0.000
Total	25.000	0.000

NATURE OF OPERATIONS

Subject is engaged in Selling of Iron & Steel Items, i.e. H.R. Sheet Coil/Sheets and Plates etc.

REVIEW OF OPERATIONS

This is the sixth year of operation of company. The company is engaged in wholesale trading of Iron and Steel. The company has achieved moderate turnover during the year. The company hopes to have better financial results in the forthcoming years.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472400	28/01/2015 *	500,000,000.00	State Bank Of India	Special Commercial Branch,, Shahibaug,, Ahmedabad, Gujarat - 380004, India	C43485267
2	10270224	15/02/2011	100,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B07185846
3	10270225	10/02/2011	100,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharahtra - 400013, India	B07186448

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.89
UK Pound	1	Rs.98.90
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KAR

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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.

MIRA INFORM REPORT

Unit