MIRA INFORM REPORT

Report No. :	310023
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	BRILLIANT ALLOYS PRIVATE LIMITED
Registered Office :	103 Thiruvoodal Street, Tiruvannamalai-606601, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.06.2011
Com. Reg. No.:	18-081282
Capital Investment / Paid-up Capital :	Rs. 36.000 Million
CIN No.: [Company Identification No.]	U28113TN2011PTC081282
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEB08219B
PAN No.: [Permanent Account No.]	AAECB7243H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mild-steel billets.
No. of Employees :	Not Divulged

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Networth of the company has been eroded due to accumulated loss incurred from its operation. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 “B”
Rating Explanation	Have high risk of default
Date	30.12.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. Vediappa Inderjeeth
Designation :	Accountant
Contact No.:	91-9487100458
Date :	28.02.2015

LOCATIONS

Registered Office :	103 Thiruvoodal Street, Tiruvannamalai-606601, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9487100458 (Mr. Vediappa Inderjeeth)
Fax No.:	Not Available
E-Mail :	ijs_swizz@rediffmail.com
Factory :	S No 13 and 15 Vinnavannur Road, Paichal (Village and Post) Chengam, Thiruvanamalai-606601, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajkumar Dhanmul Sampathraj

Designation :

Director

Address :

Old No: 120, New No: 4, Iyvankula, Agrakaram Street, Thiruvannamalai -606601, Tamilnadu, India

Date of Birth/Age :

08.08.1958

Date of Appointment :

29.06.2011

DIN No.:

01010034

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	U27104PY1983PTC000215	KAVERI ALLOY CASTING PRIVATE LIMITED	Managing director	01/03/1995	01/03/1995	-	Active	NO
2	U28113TN2011PTC081282	BRILLIANT ALLOYS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO

Name :

Mr. Rajendra Kumar Dhanmul Sampathraj

Designation :

Director

Address :

Old No: 120, New No: 4, Iyvankula, Agrakaram Street, Thiruvannamalai-606601, Tamilnadu, India

Date of Birth/Age :

01.05.1962

Date of Appointment :

29.06.2011

DIN No.:

01010132

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	U27104PY1983PTC000215	KAVERI ALLOY CASTING PRIVATE LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
2	U28113TN2011PTC081282	BRILLIANT ALLOYS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO

Name :

Mr. Indrajeeth Rajkumar

Designation :

Director

Address :

No:120, Iyvankualaagragaram Street, Thiruvannamalai- 606601, Tamilnadu, India

Date of Birth/Age :

20.03.1980

Date of Appointment :

29.06.2011

DIN No.:

01010211

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	U27104PY1983PTC000215	KAVERI ALLOY CASTING PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U28113TN2011PTC081282	BRILLIANT ALLOYS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO

Name :

Mr. Arihanth Rajkumar

Designation :

Director

Address :

No:120, Iyvankualaagragaram Street, Thiruvannamalai- 606601, Tamilnadu, India

Date of Birth/Age :

21.01.1984

Date of Appointment :

29.06.2011

DIN No.:

01010533

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	U27104PY1983PTC000215	KAVERI ALLOY CASTING PRIVATE LIMITED	Director	28/01/2005	28/01/2005	-	Active	NO
2	U28113TN2011PTC081282	BRILLIANT ALLOYS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vediappa Inderjeeth
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Rajkumar Dhanmul Sampathraj	500	0.01
Rajendra Kumar Dhanmul Sampathraj	500	0.01
Indrajeeth Rajkumar	3598000	99.94
Arihanth Rajkumar	500	0.01
Sidharth Rajendrakumar	500	0.01
Total	3600000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Mild-steel billets.
Products :	Mild-steel 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 :

Not Divulged

Bankers :

Banker Name :	State Bank of India
Branch Address :	34, Kosamada Street, Tiruvannamalai - 606601, Tamilnadu, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Axis Bank Limited, India

Auditors :
Name :	Sidharth Mehta and Company Chartered Accountant
Address :	91, Govindappa Naicken Street, Chennai-600001, Tamilnadu, India
PAN No.:	AAHPS0301F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,600,000	Equity Shares	Rs.10/- each	Rs.36.000 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	36.000	15.000	15.000
(b) Reserves & Surplus	(37.210)	0.043	(0.002)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	47.750	5.100
Total Shareholders’ Funds (1) + (2)	(1.210)	62.793	20.098
(3) Non-Current Liabilities
(a) long-term borrowings	249.295	127.009	21.516
(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)	249.295	127.009	21.516
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	48.650	1.635	0.000
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.020	0.000
Total Current Liabilities (4)	48.650	1.655	0.000
TOTAL	296.735	191.457	41.614
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	138.088	149.387	0.017
(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	0.000
(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	1.896	2.405	2.546
Total Non-Current Assets	139.984	151.792	2.563
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	93.724	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	11.897	13.529	1.023
(e) Short-term loans and advances	21.886	6.896	23.028
(f) Other current assets	29.244	19.240	15.000
Total Current Assets	156.751	39.665	39.051
TOTAL	296.735	191.457	41.614

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL REVENUE	190.582	0.575	0.014
Less	EXPENSES	N.A	N.A	N.A
	PROFIT/ (LOSS) BEFORE TAX	N.A	N.A	N.A
Less	TAX	N.A	N.A	N.A
	PROFIT/ (LOSS) AFTER TAX	(37.253)	0.045	(0.002)
	Earnings Per Share (Rs.)	(10.35)	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	(206.03)	2.02	1.07
Current Ratio (Current Asset/Current Liability)	3.22	23.97	N.A

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	15.000	15.000	36.000
Reserves & Surplus	(0.002)	0.043	(37.210)
Share Application money pending allotment	5.100	47.750	0.000
Net worth	20.098	62.793	(1.210)
long-term borrowings	21.516	127.009	249.295
Short term borrowings	0.000	0.000	0.000
Total borrowings	21.516	127.009	249.295
Debt/Equity ratio	1.071	2.023	-206.029

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)
Total Revenue	0.014	0.575	190.582
		4,007.143	33,044.696

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	0.014	0.575	190.582
Profit	(0.002)	0.045	(37.253)
	(14.29%)	7.83%	(19.55%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last around two years ten Months	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans from Director	38.250	0.000
SBI Term Loan	117.912	127.009
SBI cash credit Account	93.133	0.000
Total	249.295	127.009

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10340689	05/03/2012	249,100,000.00	STATE BANK OF INDIA	34, KOSAMADA STREET, TIRUVANNAMALAI, Tamil Nadu - 606601, INDIA	B34370874

* Date of charge modification

FIXED ASSETS

• Furniture
• Building
• Office equipment
• Plant and Machinery
• Electrical Fittings

· 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.61.82
UK Pound	1	Rs.95.26
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	3
--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		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.