MIRA INFORM REPORT

Report No. :	310905
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	ILC IRON AND STEEL PRIVATE LIMITED
Registered Office :	C 30, Industrial Estate, Dam Road, Hospet – 583203, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.10.2008
Com. Reg. No.:	08-048045
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U27310KA2008PTC048045
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 :	Manufacturer of Iron and Steel Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financial for the year 2014 with the government department. As per Registrar of Companies, the date of balance sheet i.e. financials filed is shown as 31.03.2013 but the documents related to the financial for the year 2013, 2012 and 2011 are not available from any sources. Ms. Padma [Finance Head] has denied to disclose any information about the subject to us. However, business is active as per the status shown in the documents registered with the Registrar of Companies. Payment terms are unknown. 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

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.

INFORMATION DECLINED BY

Name :	Ms. Padma
Designation :	Finance Head
Contact No.:	91-9880321791
Date :	07.03.2015

LOCATIONS

Registered Office :	C 30, Industrial Estate, Dam Road, Hospet – 583203, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-9880321791 [Ms. Padma]
Fax No.:	Not Available
E-Mail :	chentha@gmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Somasekhar Kovvur

Designation :

Director

Address :

Dwarakamayee Joladarasigudda, Behind RTO Office, Hospet, Bellary – 583201, Karnataka, India

Date of Birth/Age :

03.03.1967

Date of Appointment :

17.10.2008

DIN No.:

01721685

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	U60231KA2000PLC028284	ILC INDUSTRIES LIMITED	Director	13/12/2000	13/12/2000	-	Active	NO
2	U63090KA2002PTC031188	SVM NETT PROJECT SOLUTIONS PRIVATE LIMITED	Director	07/11/2002	07/11/2002	01/02/2010	Active	NO
3	U55101KA2008PTC047882	ILC HOTELS PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
4	U27310KA2008PTC048045	ILC IRON & STEEL PRIVATE LIMITED	Director	17/10/2008	17/10/2008	-	Active	NO
5	U40108KA2009PTC050995	VIJAYANAGAR ENERGY PRIVATE LIMITED	Director	22/09/2009	22/09/2009	-	Active	NO
6	U15143KA2009PTC050996	KARATAGI REFINERIES PRIVATE LIMITED	Director	22/09/2009	22/09/2009	-	Active	NO

Name :

Chandrashekhar Kovvur

Designation :

Director

Address :

No. 2/75, Bandiharlapur, Koppal – 583234, Karnataka, India

Date of Birth/Age :

01.06.1969

Date of Appointment :

17.10.2008

DIN No.:

01741252

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	U60231KA2000PLC028284	ILC INDUSTRIES LIMITED	Director	11/03/2010	13/12/2000	Active	NO
2	U55101KA2008PTC047882	ILC HOTELS PRIVATE LIMITED	Director	29/09/2008	29/09/2008	Active	NO
3	U27310KA2008PTC048045	ILC IRON & STEEL PRIVATE LIMITED	Director	17/10/2008	17/10/2008	Active	NO
4	U40108KA2009PTC050995	VIJAYANAGAR ENERGY PRIVATE LIMITED	Director	22/09/2009	22/09/2009	Active	NO
5	U15143KA2009PTC050996	KARATAGI REFINERIES PRIVATE LIMITED	Director	22/09/2009	22/09/2009	Active	NO
6	U01403KA2013PTC067617	KARATAGI AGRO PRIVATE LIMITED	Director	22/01/2013	22/01/2013	Active	NO

Name :

Ananda Kumar Bellary Prithvirajsingh

Designation :

Additional director

Address :

No. 5/805, KR Road, Hospet – 583201, Karnataka, India

Date of Birth/Age :

03.10.1966

Date of Appointment :

09.05.2009

DIN No.:

01941076

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	U07010KA2004PTC034744	HEMADRI FORUM PRIVATE LIMITED	Director	23/09/2004	23/09/2004	25/06/2012	Active	NO
2	U74210WB1997PLC085310	SHREE VAISHNO DEVI MARKETING VENTURES LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
3	U13100KA2008PTC045278	VYSHNAVIANAND PROJECTS PRIVATE LIMITED	Director	15/04/2011	14/02/2008	01/08/2014	Active	NO
4	U27310KA2008PTC048045	ILC IRON & STEEL PRIVATE LIMITED	Additional director	09/05/2009	09/05/2009	-	Active	NO

Name :

Kovvur Raghvendra

Designation :

Additional director

Address :

Vasavi Nagar, Karaatagi, Koppal – 583234, Karnataka, India

Date of Birth/Age :

05.08.1977

Date of Appointment :

24.09.2013

DIN No.:

06699376

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	U27310KA2008PTC048045	ILC IRON & STEEL PRIVATE LIMITED	Additional director	24/09/2013	24/09/2013	Active	NO
2	U15143KA2009PTC050996	KARATAGI REFINERIES PRIVATE LIMITED	Additional director	24/09/2013	24/09/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
ILC Industries Limited, India	5099900
Vyshanavi Minerals, India	4900000
Somasekhar Kovvur	100
Total	10000000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.90
Directors or relatives of directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Iron and Steel Products.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

College Road Branch, Parwaj Plaza, College Road, Hospet - 583201, Karnataka, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Guru and Jana Chartered Accountants
Address :	No.10/1, 2nd Floor, 3rd Main, Hanumantha Nagar, Bangalore – 560019, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFA5265A
Holding Company :	ILC Industries Limited, India [U60231KA2000PLC028284]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(0.014)	(0.006)
NETWORTH		0.086	0.094
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.086	0.094
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.107	0.100
	Other Current Assets	0.000	0.000
	Loans & Advances	0.000	0.000
Total Current Assets		0.107	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.707	0.692
	Provisions	0.000	0.000
Total Current Liabilities		0.707	0.692
Net Current Assets		(0.600)	(0.592)
MISCELLANEOUS EXPENSES		0.686	0.686
TOTAL		0.086	0.094

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		TOTAL	NA	0.000
Less	EXPENSES
		TOTAL	NA	0.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.014)	(0.006)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000
	PROFIT BEFORE TAX		(0.014)	(0.006)
Less	TAX		0.000	0.000
	PROFIT AFTER TAX		(0.014)	(0.006)
	Earnings Per Share (Rs.)		(1.40)	(0.60)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(13.08)	(6.00)
Return on Investment (ROI) (PBT/Networth)		(0.16)	(0.06)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.15	0.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	0.000	0.000
(Accumulated Losses)	(0.006)	(0.014)
Net worth	0.094	0.086
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

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 one year	Yes
12]	Profitability for last two 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	No
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	No
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	10232254	15/06/2010	680,000,000.00	STATE BANK OF INDIA	COLLEGE ROAD BRANCH, PARWAJ PLAZA, COLLEGE ROAD, HOSPET, KARNATAKA - 583201, INDIA	A88746060

COMPANY REVIEW

Subject is a company engaged in the business of activities relating to Iron and Steel.

OPERATIONS AND PERFORMANCE RESULTS

The company has been incorporated in the year 2009-10 and is yet to begin the operations.

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

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.