MIRA INFORM REPORT

Report No. :	313897
Report Date :	23.03.2015

IDENTIFICATION DETAILS

Name :	SALASAR TECHNO ENGINEERING PRIVATE LIMITED (w.e.f. 13.06.2006)
Formerly Known As :	SALASAR PETROCHEMICALS PRIVATE LIMITED
Registered Office :	F-24, 1^st Floor, Gali No.10 Parwana Road, Jagat Puri, Delhi-110051
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.10.2001
Com. Reg. No.:	55-174076
Capital Investment / Paid-up Capital :	Rs. 48.757 Million
CIN No.: [Company Identification No.]	U23201DL2001PTC174076
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICS6856K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the fabrication of steel structures required for telecom and power transmission line towers.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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

Rating Agency Name	CARE
Rating	Long term Bank Facilities BB+
Rating Explanation	Moderate risk of default
Date	Aug 22, 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.

INFORMATION DENIED BY

Name :	Mr. Pawan Goel
Designation :	Accounts Manager
Contact No.:	91-8527230231
Date :	19.03.2015

LOCATIONS

Registered Office :	F-24, 1^st Floor, Gali No.10 Parwana Road, Jagat Puri, Delhi-110051, India
Tel. No.:	91-120-6546670
Mobile No.:	91-8527230231 (Mr. Pawan Goel)
Fax No.:	Not Available
E-Mail :	towers@salasartechno.com
Factory 1 :	Khasra No.283, Village-Parsaun-Dasna P.O – Jindal Nagar, Distt – Hapur-201313 Uttar Pradesh, India
Tel. No.:	91-8938802180/7351991000
Fax No.:	91-120-45823834
Factory 2 :	Khasra No. 1184/1185, Village – Khera P.O – Pilkhuwa, Teh and Distt – Hapur-201313, Uttar Pradesh, India
Corporate Office :	KL-46, Kavi Nagar, Ghaziabad-201002, Uttar Pradesh, India
Tel. No.:	91-120-6546670
Fax No.:	91-120-45823834

DIRECTORS

As on 30.09.2014

Name :

Shalabh Agarwal

Designation :

Director

Address :

R1/11, Raj Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Appointment :

03.07.2014

DIN No.:

00316155

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	U29220DL2008PTC181144	MORE ENGINEERING PRIVATE LIMITED	Director	30/09/2010	01/03/2010	-	Active	NO
2	U01122DL1997PLC090908	HILL VIEW INFRABUILD LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
3	U27205DL2010PLC201399	SALASAR STAINLESS LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
4	U51109UP1977PLC004510	GANGES CONCAST INDUSTRIES LIMITED	Director	29/09/2012	29/03/2012	-	Active	NO
5	U23201DL2001PTC174076	SALASAR TECHNO ENGINEERING PRIVATE LIMITED	Director	30/09/2014	03/07/2014	-	Active	NO

Name :

Alok Kumar

Designation :

Managing director

Address :

KL-46, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Appointment :

01.07.2014

DIN No.:

01474484

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	U74899DL2005PTC143117	SHIKHAR FABTECH PRIVATE LIMITED	Director	13/11/2005	13/11/2005	-	Active	NO
2	U23201DL2001PTC174076	SALASAR TECHNO ENGINEERING PRIVATE LIMITED	Managing director	01/07/2014	03/05/2006	-	Active	NO
3	U29220DL2008PTC181168	BASE ENGINEERING PRIVATE LIMITED	Director	30/09/2010	01/03/2010	-	Active	NO
4	U27205DL2010PLC201399	SALASAR STAINLESS LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
5	U51109UP1977PLC004510	GANGES CONCAST INDUSTRIES LIMITED	Director	29/09/2012	29/03/2012	-	Active	NO

Name :

Gyanendra Kumar Agarwal

Designation :

Director

Address :

Moh. Katramal, Chandpur, Biznor-246725 Uttar Pradesh, India

Date of Appointment :

03.05.2006

DIN No.:

01474512

Name :

Tripti Gupta

Designation :

Director

Address :

KL-46, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Appointment :

30.09.2014

DIN No.:

06938805

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	U23201DL2001PTC174076	SALASAR TECHNO ENGINEERING PRIVATE LIMITED	Director	30/09/2014	01/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pawan Goel
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr. Shashank Agarwal	782000
Mr. Gyanendra Kumar Agarwal	180500
Mrs. Mithilesh Agarwal	102000
Mr. Shalabh Agarwal	180000
Mrs. Anshu Agarwal	289000
Mrs. Taru Agarwal	4000
Mr. Alok Kumar	547000
M/s. Alok Kumar (HUF)	10000
Mr. Shikhar Gupta	138000
Mrs. Kamlesh Gupta	350000
M/s. Shikhar Fabtech (P) Limited.	492500
M/s More Engineering (P) Limited	233000
M/s Base Engineering (P) Limited	233000
M/s Hill View Infrabuild Limited	1334750
Total	4875750

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	47.04
Directors or relatives of Directors	52.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the fabrication of steel structures required for telecom and power transmission line towers.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

• Bank of India, Main Branch, 59-60 G.T Road, Ghaziabad - 201001, Uttar Pradesh, India

• Canara Bank SME Branch, C-109 BS Industrial Area, Ghaziabad - 201001, Uttar Pradesh, India

• Punjab National Bank Sector -27 , Noida, Noida - 201301, Uttar Pradesh, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	43.129	0.451
Other loans and advances	4.287	0.000
Short Term Borrowing
Working capital loans from banks	447.504	285.294
Total	494.920	285.745

Auditors :
Name :	VAPS and Company Chartered Accountant
Address :	C-42, South Extension Part II, New Delhi – 110049, Delhi, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	SALASAR STAINLESS LIMITED CIN No.:U27205DL2010PLC201399
Associates :	Capital Founders

CAPITAL STRUCTURE

As on 30.09.2014

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
4875750	Equity Shares	Rs.10/- each	Rs.48.757 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	48.757	48.757	48.757
(b) Reserves & Surplus	555.966	495.822	447.341
(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)	604.723	544.579	496.098
(3) Non-Current Liabilities
(a) long-term borrowings	73.480	10.083	10.233
(b) Deferred tax liabilities (Net)	11.946	7.477	7.611
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.252	4.769	0.000
Total Non-current Liabilities (3)	87.678	22.329	17.844
(4) Current Liabilities
(a) Short term borrowings	447.504	285.294	304.200
(b) Trade payables	341.691	157.198	68.513
(c) Other current liabilities	241.299	122.171	99.227
(d) Short-term provisions	15.086	16.612	19.149
Total Current Liabilities (4)	1045.580	581.275	491.089
TOTAL	1737.981	1148.183	1005.031
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	222.518	87.456	81.757
(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	179.460	179.460	179.460
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.568	3.858	4.053
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	455.546	270.774	265.270
(2) Current assets
(a) Current investments	4.635	4.635	4.635
(b) Inventories	389.624	319.005	257.175
(c) Trade receivables	612.690	406.398	339.124
(d) Cash and cash equivalents	39.329	19.336	14.898
(e) Short-term loans and advances	234.937	128.035	122.664
(f) Other current assets	1.220	0.000	1.265
Total Current Assets	1282.435	877.409	739.761
TOTAL	1737.981	1148.183	1005.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	2452.226	1675.126	1159.554
Less	EXPENSES
		TOTAL	2360.310	1629.051	1056.141
	PROFIT BEFORE TAX		91.916	46.075	103.413
Less	TAX		31.772	(2.406)	22.885
	PROFIT AFTER TAX		60.144	48.481	80.528
	Earnings Per Share (Rs.)		12.34	9.94	16.52

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	2.45	2.89	6.94
Return on Total Assets (PBT/Total Assets}	(%)	5.90	4.76	12.53
Return on Investment (ROI) (PBT/Networth)		0.15	0.08	0.21
Debt Equity Ratio (Total Debt /Networth)		0.86	0.54	0.63
Current Ratio (Current Asset/Current Liability)		1.23	1.51	1.51

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	48.757	48.757	48.757
Reserves & Surplus	447.341	495.822	555.966
Net worth	496.098	544.579	604.723
long-term borrowings	10.233	10.083	73.480
Short term borrowings	304.200	285.294	447.504
Total borrowings	314.433	295.377	520.984
Debt/Equity ratio	0.634	0.542	0.862

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1159.554	1675.126	2452.226
		44.463	46.391

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1159.554	1675.126	2452.226
Profit	80.528	48.481	60.144
	6.94%	2.89%	2.45%

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	No
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

Note:

Registered office of the company has been shifted from 22, Community Centre, 2^nd Floor Phase-I, Mayapuri New Delhi-110064, Delhi, India to the present address w.e.f.01.11.2012

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans and advances from related parties	26.064	9.632
Total	26.064	9.632

Year in Retrospect

During the financial year ended 31^st March, 2014 under review the total income of the Company is Rs. 2,452.226 Million as against Rs.1675.126 Million in the previous year. The Company is having profit after Tax for the period ended 31^st March, 2014 of Rs. 60.144 Million as against profit of Rs. 48.481 Million in the previous year. Your Management is putting in their best efforts to improve the performance of the Company. The Company is performing well and therefore future prospects looks bright and in the year to come, the Company will strive to achieve the projected profitability and increase its scale of operation. Material Changes etc.

Save as mentioned elsewhere in this Report, no material changes and commitments affecting the financial position of the Company have occurred between the end of the financial period of the Company and the date of this Report.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502988	31/05/2014	25,000,000.00	Bank Of India	Main Branch, G T Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	C06642227
2	10460867	02/11/2013	900,000.00	Bank Of India	Main Branch, 59-60, Grand Trunk Road, Ghaziabad,  Uttar Pradesh - 201001, INDIA	B89791826
3	10402942	17/01/2013	750,000.00	Bank of India	59-60, G.T. Road,, Ghantaghar,, Ghaziabad, Uttar Pradesh - 201001, INDIA	B68064526
4	10243359	23/03/2012 *	320,000,000.00	PUNJAB NATIONAL BANK	SECTOR-27, NOIDA, Uttar Pradesh - 201301, INDIA	B37479599
5	10156463	13/08/2010 *	75,000,000.00	BANK OF INDIA	59-60 G.T.ROAD, GHAZIABAD BRANCH, GHAZIABAD, Uttar Pradesh - 201001, INDIA	A94698206
6	10156456	07/11/2013 *	510,000,000.00	Bank of India	Main Branch, 59-60 G.T Road, Ghaziabad, Uttar Pradesh - 201001, INDIA	B89792550
7	10156464	26/06/2013 *	450,000,000.00	Bank of India	Main branch, 59-60, G T Road, Ghaziabad, Uttar Pradesh - 201001, INDIA	B79356002

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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.62.49
UK Pound	1	Rs.92.26
Euro	1	Rs.66.80

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	JYTK

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
--PROFITABILIRY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.