MIRA INFORM REPORT

Report No. :	310180
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	AGARWAL CHANNEL MILLS PRIVATE LIMITED
Registered Office :	34-35, Phase – II, Industrial Area, Siltara, Raipur – 492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.07.2006
Com. Reg. No.:	10-020024
Capital Investment / Paid-up Capital :	Rs. 19.178 Million
CIN No.: [Company Identification No.]	U27106CT2006PTC020024
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JBPA01984D
PAN No.: [Permanent Account No.]	AAFCA7929N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Steel Ingots and Rolled Steel Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has reported low profitability during the financial year 2013-14. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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

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 :	34-35, Phase – II, Industrial Area, Siltara, Raipur – 492001, Chhattisgarh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	admin@acmpl.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Arvind Kumar Agarwal

Designation :

Director

Address :

Goodluck Plastic Ind. Santoshi Nagar, Tikrapara, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

19.12.1983

Date of Appointment :

01.10.2013

DIN No.:

01939817

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	U24132CT1988PTC004838	NAVDURGA ISPAT PRIVATE LIMITED	Director	01/11/2004	01/11/2004	08/02/2008	Active	NO
2	U27100CT2007PTC020362	AGRASEN ISPAT PRIVATE LIMITED	Director	01/05/2013	01/04/2008	01/01/2015	Active	NO
3	U27106CT2006PTC020024	AGRAWAL CHANNEL MILLS PVT. LTD	Director	01/10/2013	11/09/2012	-	Active	NO

Name :

Bihari Banke Agarwal

Designation :

Director

Address :

HNo. 252, Near Neelam Caters, Beside Dalal House, Samta Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

12.07.1985

Date of Appointment :

11.09.2012

DIN No.:

02268957

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	U27100CT2008PTC020782	LAXMI KRIPA ISPAT PRIVATE LIMITED	Managing director	28/07/2008	28/07/2008	-	Active	NO
2	U13100CT2009PTC021335	SHIV KRIPA MINERALS PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO
3	U70101CT2011PTC022712	OM KRIPA BUILDCON INDIA PRIVATE LIMITED	Director	12/10/2011	12/10/2011	15/05/2014	Active	NO
4	U27106CT2006PTC020024	AGRAWAL CHANNEL MILLS PVT. LTD	Director	11/09/2012	11/09/2012	-	Active	NO

Name :

Pradeep Goyal

Designation :

Director

Address :

Nagar Nigam Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

24.04.1987

Date of Appointment :

04.11.2012

DIN No.:

02814866

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	U27100CT2010PTC021804	AGRASEN IRON AND STEELS PRIVATE LIMITED	Director	05/08/2010	05/08/2010	-	Active	NO
2	U27106CT2006PTC020024	AGRAWAL CHANNEL MILLS PVT. LTD	Director	04/11/2012	04/11/2012	-	Active	NO

Name :

Rakesh Kumar Agarwal

Designation :

Director

Address :

Rajesh Store, Sohela, Bargarh – 768033, Orissa, India

Date of Birth/Age :

13.09.1973

Date of Appointment :

04.11.2012

DIN No.:

03639874

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	U70101CT2011PTC022712	OM KRIPA BUILDCON INDIA PRIVATE LIMITED	Director	12/10/2011	12/10/2011	15/05/2014	Active	NO
2	U27106CT2006PTC020024	AGRAWAL CHANNEL MILLS PVT. LTD	Director	04/11/2012	04/11/2012	-	Active	NO

Name :

Suresh Kumar Agarwal

Designation :

Director

Address :

B-13/9, Sector 3, Udhya Society, Tatibandha, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

23.03.1963

Date of Appointment :

04.11.2012

DIN No.:

06402941

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	87.04
Directors or relatives of Directors	12.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of Steel Ingots and Rolled Steel Products.
Products :	Steel Ingots Rolled Steel Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Central Bank of India, Sunder Nagar Branch, Raipur - 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Indian rupee loan from banks	28.405	36.802
India rupee loan from financial institutions	0.808	1.091
SHORT TERM BORROWINGS
Cash credit / OD from banks	167.948	121.570
Total	197.161	159.463

Auditors :
Name :	Rahul Mishra and Associates Chartered Accountants
Address :	Mishra Bhawan, Tatya Para Chowk, Raipur – 492001, Chattisgarh, India
PAN No.:	ABJFS1094G
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Shri Kripa Minerals Private Limited Laxmi Kripa Fastners Private Limited Laxmi Kripa Ispat Private Limited Agrasen Iron and Steel Private Limited ODE Dealcom Private Limited Ekapad Commotrade Private Limited Agrason Alloys Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 25.478 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2263139	Equity Shares	Rs. 10/- each	Rs. 22.631 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1917823	Equity Shares	Rs. 10/- each	Rs. 19.178 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	19.178	11.978	10.245
(b) Reserves & Surplus	129.376	79.054	66.020
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	41.700	0.000
Total Shareholders’ Funds (1) + (2)	148.554	132.732	76.265
(3) Non-Current Liabilities
(a) long-term borrowings	29.213	37.893	0.000
(b) Deferred tax liabilities (Net)	4.423	2.780	1.990
(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)	33.636	40.673	1.990
(4) Current Liabilities
(a) Short term borrowings	173.506	121.570	47.303
(b) Trade payables	68.086	11.064	2.049
(c) Other current liabilities	33.552	25.579	5.625
(d) Short-term provisions	1.070	0.000	0.000
Total Current Liabilities (4)	276.214	158.213	54.977
TOTAL	458.404	331.618	133.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.962	52.851	53.281
(ii) Intangible Assets	0.102	0.114	0.000
(iii) Capital work-in-progress	18.753	58.211	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	19.348	25.195	10.610
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	162.165	136.371	63.891
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	121.169	68.287	37.414
(c) Trade receivables	146.397	86.367	23.625
(d) Cash and cash equivalents	1.123	8.172	1.973
(e) Short-term loans and advances	25.910	31.741	5.621
(f) Other current assets	1.640	0.680	0.708
Total Current Assets	296.239	195.247	69.341
TOTAL	458.404	331.618	133.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	926.682	318.174	279.457
		Other Income			24.464
		TOTAL (A)	926.682	318.174	303.921
Less	EXPENSES
		Cost of Materials Consumed			207.912
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade			23.639
		Employees benefits expense			0.436
		Other expenses			59.556
		TOTAL (B)	921.445	315.617	291.543
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including	Including	12.378
			Financial	Financial
Less	FINANCIAL EXPENSES (D)		And	And	7.804
			Depreciation	Depreciation
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		Expenses	Expenses	4.574
Less/ Add	DEPRECIATION/ AMORTISATION (F)				3.368
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		6.238	2.557	1.206
Less	TAX (H)		2.715	0.790	3.576
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.523	1.767	(2.370)
	Earnings / (Loss) Per Share (Rs.)		1.56	1.66	(2.31)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Total Income	(%)	0.38	0.55	(0.78)
Operating Profit Margin (PBDIT/ Total Income)	(%)	NA	NA	4.07
Return on Total Assets (PBT/Total Assets}	(%)	1.42	0.94	0.91
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.02
Debt Equity Ratio (Total Debts/Networth)		1.36	1.20	0.62
Current Ratio (Current Asset/Current Liability)		1.07	1.23	1.26

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	10.245	11.978	19.178
Reserves & Surplus	66.020	79.054	129.376
Share Application money pending allotment	0.000	41.700	0.000
Net worth	76.265	132.732	148.554
long-term borrowings	0.000	37.893	29.213
Short term borrowings	47.303	121.570	173.506
Total borrowings	47.303	159.463	202.719
Debt/Equity ratio	0.620	1.201	1.365

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)
Total Income	303.921	318.174	926.682
		4.690	191.250

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	303.921	318.174	926.682
Profit	(2.370)	1.767	3.523
	(0.78%)	0.56%	0.38%

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	No
10]	Designation of contact person	No
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	10396760	17/05/2014 *	359,400,000.00	CENTRAL BANK OF INDIA	SUNDER NAGAR BRANCH, RAIPUR, Chhattisgarh - 492001, INDIA	C09013335

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loan and advance from others repayable on demand	5.558	0.000
Total	5.558	0.000

FIXED ASSETS

• Leasehold Land
• Factory and Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments and Fittings
• Vehicles
• Computers

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. 62.75
UK Pound	1	Rs. 94.60
Euro	1	Rs. 67.09

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.