MIRA INFORM REPORT

Report No. :	310370
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	BHAGYALAXMI ROLLING MILL PRIVATE LIMITED
Registered Office :	603, Laxmi Villa, Opposite Kala Hanuman Temple, M.G. Road, Kandivali (East), Mumbai-400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.08.2004
Com. Reg. No.:	11-148074
Capital Investment / Paid-up Capital :	Rs. 54.350 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC148074
TAN No.: [Tax Deduction & Collection Account No.]	MUMB16878B
PAN No.: [Permanent Account No.]	AADCB0390C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier and of Billets, Steel Bars, Steel Sheet, Steel Rod, Steel Pipe, etc.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 1430000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. 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 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

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 31-03-2014.

LOCATIONS

Registered Office :	603, Laxmi Villa, Opposite Kala Hanuman Temple, M.G. Road, Kandivali (East), Mumbai - 400067, Maharashtra, India
Tel. No.:	91-22-28878000
Mobile No.:	91-9730000013 [Mr. D. Agarwal]
Fax No.:	Not Available
E-Mail :	arunpolaad@gmail.com mktg@polaad.in
Website :	www.polaad.in
Head Office / Factory :	Gut No. 30, Daregaon, Adjacent to Additional MIDC (Phase II), Jalna - 431213, Maharashtra, India
Tel. No.:	91-2482-221844 / 224418
Fax No.:	91-2482-221833
Pune Office :	Ashiyana Building, 40, Pune-Mumbaid, Bapodi, Pune - 411003, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Shivshankar Sanganath Khichade

Designation :

Director

Address :

Anita Sadan, Opposite Cosmos Bank, Bhokardan Road, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

12.06.1978

Date of Appointment :

27.07.2013

DIN No.:

03379174

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	U27100MH2004PTC148073	BHAGYALAXMI STEEL ALLOY PRIVATE LIMITED	Director	29/08/2011	24/12/2010	Active	NO
2	U27100MH2004PTC148074	BHAGYALAXMI ROLLING MILL PRIVATE LIMITED	Director	27/07/2013	05/06/2011	Active	NO

Name :

Mr. Shivkumar Pannalal Agrawal

Designation :

Director

Address :

Plot-138, Durga Kunj, Bhokardan Road, Saklecha Nagar, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

22.01.1963

Date of Appointment :

27.07.2013

DIN No.:

06553934

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	U27100MH2004PTC148074	BHAGYALAXMI ROLLING MILL PRIVATE LIMITED	Director	27/07/2013	05/04/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Anita S. Agrawal	10000
Kamladevi K. Agrawal	28000
Sangita V. Agrawal	8500
Satish Kashmirilalji Agrawal	64000
Vishal Kashmirilalji Agrawal	65000
Sadhuramji Bisenlalji Goyal	30000
Sunil Banarasidasji Goyal	70500
Laxminarayan R. Agrawal	6000
Usha L. Garg	6000
Nitin R. Kabra	7000
Meeta Kabra	5000
Bhagyalaxmi Steel Alloy’s Private Limited, India	143498
Arun Kumar Manaklal Deedwania	100000
Jivanram M. Chaudhary	1
Voraram M. Chaudhary	1
Shivkumar P.l Agrawal	2
Shivshankar S. Khichade	2
Total	543504

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	26.40
Directors or relatives of Directors	73.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier and of Billets, Steel Bars, Steel Sheet, Steel Rod, Steel Pipe, etc.
Products :	· Billets · Steel Bars · Steel Sheet · Steel Rod · Steel Pipe, Etc.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Installed Capacity	Actual Production
TMT Bars, Melting and Rolled billets	M.T	1,20,000 P.A.	83,370.77
M.S. Billet and End Cuts	M.T	90,000 P.A.	73,418.87

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

The Cosmos Co-Operative Bank Limited, Jalna Branch, Nascent Tower, Plot No. 15, Bhokerdan Naka Road, Jalna - 431203, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Freehold and MIDC Land and Building Plant and Machinery Plot G 9 and Gut 30 Gut No 29 and 36 Plot G 8)	518.767	661.455
SHORT TERM BORROWINGS
Working capital loans from banks (All Current Assets Corporate Gurantees of Bhagyalaxmi Metals Private Limited and Bhagyalaxmi Rollong Mill Private Limited and Personal Gurantees)	581.880	485.708
Total	1100.647	1147.163

Banking Relations :	--
Auditors :
Name :	Uttam Abuwala and Company Chartered Accountants
Address :	409-410, Abuwala House Next to Big Bazar Kandivali (East), Mumbai - 400101, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFU6583C
Memberships :	--
Collaborators :	--
Group Company :	Bhagyalaxmi Steel Alloy Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs.100/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
543,504	Equity Shares	Rs.100/- each	Rs. 54.350 Millions

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	54.350	54.350	54.350
(b) Reserves & Surplus	447.454	383.704	350.127
(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)	501.804	438.054	404.477
(3) Non-Current Liabilities
(a) long-term borrowings	937.716	971.144	195.727
(b) Deferred tax liabilities (Net)	55.162	30.531	23.484
(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)	992.878	1001.675	219.211
(4) Current Liabilities
(a) Short term borrowings	581.880	485.708	520.477
(b) Trade payables	84.943	80.970	133.036
(c) Other current liabilities	191.112	35.994	32.887
(d) Short-term provisions	83.841	50.683	15.986
Total Current Liabilities (4)	941.776	653.355	702.386
TOTAL	2436.458	2093.084	1326.074
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1007.077	558.902	366.432
(ii) Intangible Assets	0.126	0.145	0.168
(iii) Capital work-in-progress	111.337	463.258	140.020
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.077	1.073	1.070
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.148	0.137	0.228
(e) Other Non-current assets	11.025	7.248	15.888
Total Non-Current Assets	1130.790	1030.763	523.806
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	306.085	195.878	217.746
(c) Trade receivables	507.400	384.061	280.464
(d) Cash and cash equivalents	94.556	86.606	112.822
(e) Short-term loans and advances	257.801	378.014	191.236
(f) Other current assets	139.826	17.762	0.000
Total Current Assets	1305.668	1062.321	802.268
TOTAL	2436.458	2093.084	1326.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3568.873	3236.884	3891.822
		Other Income	295.732	79.554	1.341
		TOTAL (A)	3864.605	3316.438	3893.163
Less	EXPENSES
		TOTAL (B)	3440.493	3108.116	3738.568
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		424.112	208.322	154.595
Less	FINANCIAL EXPENSES (D)		149.401	69.902	69.217
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		274.711	138.420	85.378
Less/ Add	DEPRECIATION/ AMORTISATION (F)		171.620	67.684	42.313
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		103.091	70.736	43.065
Less	TAX (H)		31.403	23.349	14.613
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		71.688	47.387	28.452
	Earnings / (Loss) Per Share (Rs.)		131.90	87.19	52.35

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.01	1.46	0.73
Operating Profit Margin (PBDIT/Sales)	(%)	11.88	6.44	3.97
Return on Total Assets (PBT/Total Assets}	(%)	4.44	4.34	3.63
Return on Investment (ROI) (PBT/Networth)		0.21	0.16	0.11
Debt Equity Ratio (Total Debt/Networth)		3.03	3.33	1.77
Current Ratio (Current Asset/Current Liability)		1.39	1.63	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	54.350	54.350	54.350
Reserves & Surplus	350.127	383.704	447.454
Net worth	404.477	438.054	501.804
long-term borrowings	195.727	971.144	937.716
Short term borrowings	520.477	485.708	581.880
Total borrowings	716.204	1456.852	1519.596
Debt/Equity ratio	1.771	3.326	3.028

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	3891.822	3236.884	3568.873
		(16.829)	10.256

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	3891.822	3236.884	3568.873
Profit	28.452	47.387	71.688
	0.73%	1.46%	2.01%

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 three years	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	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10391440	03/06/2014 *	420,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	JALNA BRANCH, NASCENT TOWER, PLOT NO. 15, BHOKERDAN NAKA ROAD, JALNA, MAHARASHTRA - 431203, INDIA	C39636204
2	10065241	02/07/2014 *	1,410,000,000.00	COSMOS CO-OPERATIVE BANK LIMITED	JALNA BRANCH, NASCENT TOWER, PLOT NO. 15, BHOKERDAN NAKA ROAD, JALNA, MAHARASHTRA - 431203, INDIA	C10443711

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	183.000	181.000
Rupee term loans from others	235.949	128.689
Total	418.949	309.689

CHANGE OF ADDRESS

The registered office of the company has been shifted from 601, Laxmi Villa, Opposite Kala Hanuman Temple, M.G. Road, Kandivali (West), Mumbai – 400067, Maharashtra, India to the present address w.e.f. 04.04.2009.

FINANCIAL HIGHLIGHTS

During the year, the company has given good performance and company is expecting better operation in current year looking to the demand of steel and good situation in global market.

BUSINESS OPERATIONS AND OVERALL PERFORMANCE

During the year, the company's turnover increased by 10.26% over the previous year. BRMPL has a fine state of art technology to produce TMTFE500 Bars of different sizes i.e. 8MM TO 32 MM, thereby having a good scope of profitability and future prospects.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipment’s

· Other Equipment’s

Intangible Assets

· Brands and Trade Marks

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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MRI

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	4
--LEVERAGE	1~10	4
--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	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.