MIRA INFORM REPORT

Report No. :	310001.2
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	SHREE BAJRANG SALES PRIVATE LIMITED
Registered Office :	Flat No. 101, “Maa Ashish” Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.01.1989
Com. Reg. No.:	11-050265
Capital Investment / Paid-up Capital :	Rs.8.503 Million
CIN No.: [Company Identification No.]	U51900MH1989PTC050265
TIN No.:	27080002620
TAN No.: [Tax Deduction & Collection Account No.]	NGPB00121C
PAN No.: [Permanent Account No.]	AAECS0955M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Ores, Minerals, Metals, Ferro Alloys and Non-Ferro Alloys.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by leverage capital structure and thin profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ashish Bharatiya
Designation :	Chief Executive Officer
Contact No.:	91-9422102641
Date :	28.02.2015

LOCATIONS

Registered Office :	Flat No. 101, “Maa Ashish” Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-712-2725884
Mobile No.:	91-9422102641 (Mr. Ashish)
Fax No.:	91-712-2721984
E-Mail :	cspinkush@gmail.com ashish@bhartias.com pcscompliance@gmail.com
Area :	950 sq. ft.
Location :	Owned
Factory :	20, New Cotton Market, Nagpur – 440018, Maharashtra, India
Tel. No.:	91-712-2725884 / 6666555
Fax No.:	91-2721484
Area :	10000 sq. ft.
Location :	Owned
Branch Office 1 :	Arva Rice Mill, Mithumuda, Raigarh, Chhattisgarh – 496001, India
E-Mail :	ritesh_goyal_raigarh@yahoo.com raigarh@bhartias.com
Branch Office 2 :	Ring Road No. 1, Shaheed Bhagat Singh Ward No. 13, 1^st Lane, Plot No. 103, Tatibandh Transport Nagar, Raipur – 492010, India
Branch Office 3 :	X-49, MIDC Industrial Estate, Hingna Road, Nagpur – 440016, Maharashtra, India
Branch Office 4 :	Plot No. 65, Survey No. 70-72, Sanjeeviah Nagar Co-op House Building Society Limited, Thokatta, Secunderabad, Bowenpally, Hyderabad Urban, Andhra Pradesh – 500011, India
Also Branch Offices :	Located At: · Jabalpur · Jamshedpur · Indore · Belgaum

DIRECTORS

As on 30.09.2014

Name :

Mr. Santkumar Chatturbhujji Bhartia

Designation :

Managing Director

Address :

Sarswati, Khare Town, Dharmpeth, Nagapur – 440010, Maharashtra, India

Date of Birth/ Age :

20.08.1949

Date of Appointment :

01.12.1991

DIN No.:

00432335

Name :

Mr. Devendra Chatturbhujji Bhartia

Designation :

Director

Address :

Plot No. 8A, Law College, 204 Sarita Co-op. Housing Society Chourasta, Nagpur – 440010, Maharashtra, India

Date of Birth/ Age :

19.05.1945

Date of Appointment :

01.09.2004

DIN No.:

00432429

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	Company/ LLP Status	Defaulting status
1	U65990MH1992PTC066712	BHARTIA LEASING PRIVATE LIMITED	Director	11-05-1992	11-05-1992	Active	NO
2	U26922MH1998PTC114813	SHREE BHARTIA CEMENTS PRIVATE LIMITED	Director	15-07-1999	15-07-1999	Active	NO
3	U51900MH1989PTC050265	SHREE BAJRANG SALES PRIVATE LIMITED	Director	01-09-2004	01-09-2004	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish Bharatiya
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

As on 30.09.2014

NOTE: SHAREHODLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Ores, Minerals, Metals, Ferro Alloys and Non-Ferro Alloys.
Products :	Ores Minerals Metals Ferro Alloys Non-Ferro Alloys
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	· Pakistan · Indonesia · Korea
Imports :
Products :	Raw Materials
Countries :	· China · South Africa · Turkey
Terms :
Selling :	L/C, Cash and Credit (30 Days and 60 Days)
Purchasing :	L/C, Cash and Credit (30 Days and 60 Days)

GENERAL INFORMATION

Suppliers :

Company Name :	J. Punamchand and Company
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Wholesalers, Retailers, Manufacturer

Company Name :	Jindal Power and Steel Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

· Industrial Development Bank of India Limited, Sitabuldi Branch, Shewalkar Building, Jhashi Rani Square, Sitabuldi, Nagpur - 440012, Maharashtra, India

· HDFC Bank, Nagpur, Maharashtra, India

· Punjab National Bank, Nagpur, Maharashtra, India

· IDBI Bank, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
Long Term Borrowings
GE Money	7.336	9.038
HDFC Car term Loan	0.660	0.000
IDBI Bank Loan (FDR)	0.152	0.152
Standard Charted bank (LAP)	18.813	18.942
IDBI Bank Limited	0.012	0.012
Short Term Borrowings
IDBI Bank Cash Credit (Above cash credit limits/bank overdraft are secured against hypothecation of stock and debtors.)	38.338	30.182
Total	65.311	58.326

Banking Relations :	--
Auditors :
Name :	Jain Bhartia and Associates Chartered Accountants
Address :	77, Sadoday Complex, C A Road, Nagpur – 440002, Maharashtra, India
PAN No.:	AACFJ7530L
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Share	Rs.100/- each	Rs.9.000 Million
10000	Preference Share	Rs.100/- each	Rs.1.000 Million
	Total		Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83025	Equity Share	Rs.100/- each	Rs.8.303 Million
2000	Preference Share	Rs.100/- each	Rs.0.200 Million
	Total		Rs.8.503 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	8.503	8.503	8.503
(b) Reserves & Surplus	70.705	69.096	67.751
(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)	79.208	77.599	76.254
(3) Non-Current Liabilities
(a) long-term borrowings	112.073	152.953	157.976
(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)	112.073	152.953	157.976
(4) Current Liabilities
(a) Short term borrowings	36.645	38.338	30.182
(b) Trade payables	101.353	90.839	72.251
(c) Other current liabilities	1.841	0.923	1.803
(d) Short-term provisions	0.215	0.170	0.170
Total Current Liabilities (4)	140.054	130.270	104.406
TOTAL	331.335	360.822	338.636
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.088	37.997	36.917
(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	33.037	32.811	30.495
(c) Deferred tax assets (net)	0.384	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.415	0.437	0.273
Total Non-Current Assets	71.924	71.245	67.685
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	91.963	84.749	77.444
(c) Trade receivables	155.506	176.764	174.291
(d) Cash and cash equivalents	9.803	8.994	3.847
(e) Short-term loans and advances	2.139	12.992	9.938
(f) Other current assets	0.000	6.078	5.431
Total Current Assets	259.411	289.577	270.951
TOTAL	331.335	360.822	338.636

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	585.322	512.789	836.061
	Other Income	0.009	0.026	0.019
	TOTAL (A)	585.331	512.815	836.080
EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.069
	Purchases of Stock-in-Trade	546.458	479.341	814.506
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-6.764	-7.305	-21.237
	Employees benefits expense	8.613	5.518	4.560
	Other expenses	21.236	25.129	30.098
	Exceptional Items	0.000	0.000	0.021
	TOTAL (B)	569.543	502.683	828.017
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.788	10.132	8.063
FINANCIAL EXPENSES (D)		14.341	8.613	6.841
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.447	1.519	1.222
DEPRECIATION/ AMORTISATION (F)		0.736	0.941	0.733
PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.711	0.578	0.489
TAX (H)		0.223	0.174	0.170
PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.488	0.404	0.319
Earnings Per Share (Rs.)
Basic		5.88	4.87	3.85
Diluted		5.74	4.76	3.76

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.08	0.08	0.04
Operating Profit Margin (PBIDT/Sales)	(%)	2.70	1.98	0.96
Return on Total Assets (PBT/Total Assets}	(%)	0.24	0.18	0.16
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		1.88	2.47	2.47
Current Ratio (Current Asset/Current Liability)		1.85	2.22	2.60

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.503	8.503	8.503
Reserves & Surplus	67.751	69.096	70.705
Net worth	76.254	77.599	79.208
long-term borrowings	157.976	152.953	112.073
Short term borrowings	30.182	38.338	36.645
Total borrowings	188.158	191.291	148.718
Debt/Equity ratio	2.468	2.465	1.878

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	836.061	512.789	585.322
		(38.666)	14.145

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	836.061	512.789	585.322
Profit	0.319	0.404	0.488
	0.04%	0.08%	0.08%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGE

SR. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90237684	14/09/2012 *	100,000,000.00	IDBI BANK LIMITED	SME CENTRE, 1ST FLOOR, SANSKRUTIK SANKUL, JHANSI RANI SQUARE, SITABULDI, NAGPUR, MAHARASHTRA - 440012, INDIA	B59360008
2	90213874	12/09/2012 *	100,000,000.00	IDBI BANK LIMITED	SME CENTRE, 1ST FLOOR, SANSKRUTIK SANKUL, JHANSI RANI SQUARE, SITABULDI, NAGPUR, MAHARASHTRA - 440012, INDIA	B59360917
3	90237028	01/10/1996 *	500,000.00	THE UNITED WESTERN SAHAKARI BANK LIMITED	SITABULDI BRANCH, VARIETY SQURE, NAGPUR, MAHARASHTRA, INDIA	-

*Date of modification Charges

UNSECURED LOANS

Particulars	31.03.2013 Rs. In Million
Long Term Borrowings
Form directors	2.092
From share holders	18.879
Form others	67.469
From corporate bodies	37.540
Total	125.980

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 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.61.82
UK Pound	1	Rs.95.14
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.