MIRA INFORM REPORT

Report No. :	310183
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	NEELKAMAL STEELS PRIVATE LIMITED
Registered Office :	401 C, 4^th Floor, Narayan Plaza, Exhibition Road, Patna – 800 001, Bihar
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.07.2005
Com. Reg. No.:	03-011454
Capital Investment / Paid-up Capital :	Rs.46.125 million
CIN No.: [Company Identification No.]	U27101BR2005PTC011454
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PTNN00570D
PAN No.: [Permanent Account No.]	AACCN1536H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the manufacture of mild steel wire rods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 607000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. 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 condition.

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	ICRA
Rating	Fund Based Limits - Cash Credit: BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	Non-Fund Based Limit - Letter of Credit: A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	August, 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.

LOCATIONS

Registered Office :	401 C, 4^th Floor, Narayan Plaza, Exhibition Road, Patna – 800 001, Bihar, India
Tel. No. :	91-612-2205296
Fax No. :	Not Available
E-Mail :	neelkamal_steels2006@yahoo.in
Website :	http://neelkamalsteels.com

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Binay Kumar Singh

Designation :

Managing Director

Address :

Sabalpur, PS - Didarganj, Patna – 800 009, Bihar, India

Date of Birth/Age :

01.02.1963

Date of Appointment :

12.07.2005

DIN No. :

00272887

PAN No.:

AKHPS1622H

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	U27105BR1996PLC007468	DADI JI STEELS LIMITED	Director	18/09/1996	18/09/1996	-	Active	NO
2	U63031BR2001PTC009675	BALAJI WAREHOUSE PRIVATE LIMITED	Director	12/11/2001	12/11/2001	-	Active	NO
3	U19201BR1993PTC005449	SHIVA POLYTUBES PRIVATE LIMITED	Director	07/07/2005	07/07/2005	-	Active	NO
4	U27101BR2005PTC011454	NEELKAMAL STEELS PRIVATE LIMITED	Managing director	12/07/2005	12/07/2005	-	Active	NO
5	U27100BR1991PLC004417	J G FOUNDRY LIMITED	Director	20/12/2005	20/12/2005	01/04/2010	Active	NO
6	U70101WB2004PTC098710	ANUBHAV PROMOTERS PRIVATE LIMITED	Director	30/07/2008	30/07/2008	-	Active	NO
7	U27109BR2005PLC015686	NIRANJAN METALLIC LIMITED	Director	16/10/2008	16/10/2008	-	Active	NO
8	U27100BR2009PTC014275	SHREEBALAJI TRADERS PRIVATE LIMITED	Director	25/02/2009	25/02/2009	12/06/2013	Active	NO
9	U27100BR2009PTC015011	TRIVENI SMELTERS PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO
10	U27106BR2013PTC021346	GOVARDHAN ISPAT (INDIA) PRIVATE LIMITED	Director	23/10/2013	23/10/2013	-	Active	NO

Name :

Ms. Pushpa Singh

Designation :

Director

Address :

Panchkati, Nepali Kothi, Boring Road, Patna – 800 001, Bihar, India

Date of Birth/Age :

04.07.1965

Date of Appointment :

12.07.2005

DIN No. :

01213487

PAN No.:

ANLPS6672A

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	U27101BR2005PTC011454	NEELKAMAL STEELS PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
2	U70101WB2004PTC098710	ANUBHAV PROMOTERS PRIVATE LIMITED	Director	03/09/2008	03/09/2008	-	Active	NO

Name :

Mr. Vibhor Singh

Designation :

Director

Address :

Panchkati, Nepali Kothi, Boring Road, Patna – 800 001, Bihar, India

Date of Birth/Age :

14.04.1990

Date of Appointment :

23.07.2012

DIN No. :

05338743

PAN No.:

BWJPS0146R

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	U27101BR2005PTC011454	NEELKAMAL STEELS PRIVATE LIMITED	Director	27/09/2012	23/07/2012	-	Active	NO
2	U70101WB2004PTC098710	ANUBHAV PROMOTERS PRIVATE LIMITED	Director	10/09/2012	01/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Binay Kumar Singh	1469000
Pushpa Singh	282500
Anubhav Promoters Private Limited, India	1174000
Chakdana Motor Finance Private Limited, India	82500
Vidhya Mercantile Private Limited, India	28000
Shivangan Promoter Private Limited, India	22000
Trilok Goods Private Limited, India	25000
Infinity Suppliers Private Limited, India	25000
Jodhraj Finassist Private Limited, India	25000
Vibhor Singh	999500
Ready Leasings Private Limited, India	60000
Albino Investment Consultans Private Limited, India	137500
Welkin Investment Consultans Private Limited, India	137500
Himalayan Investment Consultans Private Limited, India	62500
Vikash Kumar Mishra	20000
Maya Devi	62500
Total	4612500

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	38.57
Directors or relatives of Directors	59.64
Other top fifty shareholders	1.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the manufacture of mild steel wire rods.

Products :

Item Code No. (ITC Code)	72149110
Product Description	M.S Bar, TMT, Rods
Item Code No. (ITC Code)	72111410
Product Description	MS Sections

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS (AS ON 31.03.2012):

Particulars	Unit	Installed Capacity
Iron Rod, TMT Bars	MT	30000
M.S. Ingot	MT	35640

Particulars	Unit	Actual Production
M.S. Bar, TMT, Rods and Sections	MT	23117.720

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 :

Banker Name	Bank of Baroda
Branch Address	Fraser Road, Patna – 800 001, Bihar, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

State Bank of India, Patna, Bihar, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks [Secured by first charge by way of equitable mortgage of all immovable property both present and future, Guarantee of Directors and other]	67.511	27.223
Loans taken for vehicles [Secured by first charge by way of equitable mortgage of Vehicle, Guarantee of Directors and other]	1.164	1.008
SHORT TERM BORROWINGS
Working capital loans from banks [Secured by first charge of stock and book debts, Guarantee of Directors and other]	133.567	62.907
Total	202.242	91.138

Banking Relations :	--
Financial Institutions :	Tata Motors Finance Limited, C/O. Tata Motors Limited, 3^rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	Subodh Goel and Company Chartered Accountants
Address :	202, Rani Plaza, Exhibition Road, Patna – 800 001, Bihar, India
Tel. No.:	91-612-2320912/ 3255675
Mobile No.:	91-9431019121
E-Mail :	skgoel_fca@rediffmail.com
PAN No.:	AABFS7371N
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Triveni Smelters Private Limited, India (CIN No.: U27100BR2009PTC015011)

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4612500	Equity Shares	Rs.10/- each	Rs.46.125 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	46.125	46.125	38.950
(b) Reserves & Surplus	166.369	144.857	107.780
(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)	212.494	190.982	146.730
(3) Non-Current Liabilities
(a) Long-term borrowings	73.603	33.159	8.228
(b) Deferred tax liabilities (Net)	2.323	1.921	1.835
(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)	75.926	35.080	10.063
(4) Current Liabilities
(a) Short term borrowings	133.567	62.907	62.497
(b) Trade payables	74.790	102.070	53.355
(c) Other current liabilities	173.295	134.973	117.269
(d) Short-term provisions	14.028	12.978	8.316
Total Current Liabilities (4)	395.680	312.928	241.437
TOTAL	684.100	538.990	398.230
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	142.010	103.244	106.990
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	87.090	26.462	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.150	0.150	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.956	28.705	25.901
(e) Other Non-current assets	0.012	0.000	0.000
Total Non-Current Assets	281.218	158.561	132.891
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.960	144.664	107.589
(c) Trade receivables	109.228	107.713	64.746
(d) Cash and cash equivalents	73.428	39.365	10.811
(e) Short-term loans and advances	104.071	87.798	81.440
(f) Other current assets	1.195	0.889	0.753
Total Current Assets	402.882	380.429	265.339
TOTAL	684.100	538.990	398.230

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		65.612	46.297	40.212
Less	INTEREST		14.835	8.920	10.691
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		50.777	37.377	29.521
Less/ Add	DEPRECIATION/ AMORTISATION		18.646	14.773	16.331
	PROFIT/ (LOSS) BEFORE TAX		32.131	22.604	13.190
Less	TAX		10.619	7.052	4.323
	PROFIT/ (LOSS) AFTER TAX		21.512	15.552	8.867
	Earnings / (Loss) Per Share (Rs.)		4.66	3.99	2.28

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.39	4.41	3.31
Return on Investment (ROI) (PBT/Networth)		0.15	0.12	0.09
Debt Equity Ratio (Total Debt/Networth)		0.97	0.50	0.48
Current Ratio (Current Asset/Current Liability)		1.02	1.22	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	38.950	46.125	46.125
Reserves & Surplus	107.780	144.857	166.369
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	146.730	190.982	212.494
Long Term borrowings	8.228	33.159	73.603
Short Term borrowings	62.497	62.907	133.567
Total borrowings	70.725	96.066	207.170
Debt/Equity ratio	0.482	0.503	0.975

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and advances from others	4.800	4.800
Other loans and advances	0.128	0.128
Total	4.928	4.928

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506264	10/06/2014	6,855,338.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, MAHARASHTRA  - 400001, INDIA	C09400805
2	10505100	10/06/2014	7,834,672.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, MAHARASHTRA  - 400001, INDIA	C08369639
3	10408479	09/02/2013	1,272,000.00	BANK OF BARODA	PATNA (MAIN) BRANCH, FRASER ROAD, PATNA, BIHAR - 800001, INDIA	B69773257
4	80032316	12/02/2013 *	260,000,000.00	BANK OF BARODA	PATNA MAIN BRANCH, FRASER ROAD, PATNA, BIHAR - 800001, INDIA	B68317924
5	80032317	29/03/2006	37,500,000.00	BANK OF BARODA	PATNA MAIN BRANCH, FARSER ROAD, PATNA, BIHAR - 800001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Office Building

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Motor Vehicles

· Computer Equipments

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.67.10

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--LEVERAGE	1~10	5
--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		46

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.