MIRA INFORM REPORT

Report No. :	313728
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	BHADRASHREE STEEL AND POWER LIMITED
Registered Office :	2/37, 4^th Floor, Ansari Road, Daryaganj, New Delhi – 110 002
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.11.2004
Com. Reg. No.:	55-130754
Capital Investment / Paid-up Capital :	Rs.62.371 million
CIN No.: [Company Identification No.]	U27106DL2004PLC130754
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB5066E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing of sponge iron and trading of mild steel sections and other steel parts.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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. The rating takes into consideration fair profit margin and liquidity of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	01.10.2014

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 PARTED BY

Name :	Mr. Sanjay Kumar
Designation :	Accounts Manager
Contact No.:	91-9811646866
Date :	26.03.2015

LOCATIONS

Registered Office :	2/37, 4^th Floor, Ansari Road, Daryaganj, New Delhi – 110 002, India
Tel. No. :	91-11-47481648/ 45875073/ 23275016
Mobile No. :	91-9811646866 (Mr. Sanjay Kumar)
Fax No. :	Not Available
E-Mail :	snjy_jn@yahoo.co.in bspl2008@gmail.com monishuppal@yahoo.com
Corporate Office :	‘Anand Nilaiya’, Jain Colony Near Baldota New Park, Hospet – 583 201, Karnataka, India
Tel. No. :	91-8394-321144/ 320808
Factory :	Survey No.108, 109, 114 and 116, Village Kunikeri, District Koppal, Karnataka, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dayanand Agarwal

Designation :

Director

Address :

92/93, Nalini Ranjan Avenue, Block-B, New Alipore, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

07.04.1950

Date of Appointment :

24.11.2004

DIN No. :

00034175

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	U27106DL2004PLC130754	BHADRASHREE STEEL AND POWER LIMITED	Director	24/11/2004	24/11/2004	-	Active	NO
2	U51909WB1994PTC066589	ZINNIA TRADING PRIVATE LIMITED	Director	31/08/2005	31/08/2005	-	Active	NO
3	U29248WB2008PTC123131	BENGAL PIPE INDUSTRIES PRIVATE LIMITED	Director	26/02/2008	26/02/2008	-	Active	NO
4	U70102DL2011PTC224487	GROWING INFRACON PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
5	U51109WB1995PLC068746	PATHIK AGENCIES LIMITED	Director	21/02/2014	21/02/2014	-	Active	NO

Name :

Mr. Mukesh Kumar Goel

Designation :

Director

Address :

310, Patel Nagar, New Mandi, Muzaffar Nagar – 251 001, Uttar Pradesh, India

Date of Birth/Age :

13.08.1967

Date of Appointment :

24.11.2004

DIN No. :

00777017

PAN No.:

ACRPG3040M

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	U21015DL1996PTC082831	CONE CRAFT PAPER PRIVATE LIMITED	Director	23/10/1996	23/10/1996	07/06/2013	Active	NO
2	U27104UP2003PTC027580	UTTARAYAN STEEL PRIVATE LIMITED	Director	03/03/2004	03/03/2004	05/03/2009	Active	NO
3	U27106DL2004PLC130754	BHADRASHREE STEEL AND POWER LIMITED	Director	24/11/2004	24/11/2004	-	Active	NO
4	U51909WB1996PTC078963	GOLDEN VYAPAAR PRIVATE LIMITED	Director	12/01/2005	12/01/2005	30/06/2011	Active	NO
5	U21099WB2005PTC101894	SOUTH ASIA PULP AND PAPER MILLS PRIVATE LIMITED	Director	25/02/2005	25/02/2005	-	Active	NO
6	U45400UP2010PTC040261	MUZAFFARNAGAR BUILDTEC PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Active	NO

Name :

Mr. Mudit Goel

Designation :

Director

Address :

310, Patel Nagar, New Mandi, Muzaffar Nagar – 251 001, Uttar Pradesh, India

Date of Birth/Age :

26.08.1984

Date of Appointment :

30.09.2010

DIN No. :

02010550

PAN No.:

AAACZ1045M

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	U74900DL2009PTC196731	VEDANT UNIVERSAL TRADEX PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
2	U27106DL2004PLC130754	BHADRASHREE STEEL AND POWER LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
3	U51909WB1996PTC078963	GOLDEN VYAPAAR PRIVATE LIMITED	Director	25/11/2013	25/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Note:

Shareholding details file attached.

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	14.50
Bodies corporate	40.16
Directors or relatives of Directors	25.14
Other top fifty shareholders	20.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of sponge iron and trading of mild steel sections and other steel parts.
Products :	· Sponge Iron · Mild Steel Sections · Other Steel Parts
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
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 :

125 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	10184, Arya Samaj Road, Karol Bagh, New Delhi – 110 005, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	60.145	106.391
Other loans and advances	0.000	14.314
SHORT TERM BORROWINGS
Working capital loans from banks	104.614	90.422
Total	164.759	211.127

Banking Relations :	--
Auditors :
Name :	Shah and Taparia Chartered Accountants
Address :	53/27, Ramjas Road, Karol Bagh, New Delhi, India
PAN No.:	AAOFS0663D
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Cone Craft Paper Private Limited, India (CIN No.: U21015DL1996PTC082831)

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs.100.000 million

Issued, Subscribed & Paid-up Capital : Rs.67.111 million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6237149	Equity Shares	Rs.10/- each	Rs.62.371 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	62.371	62.371	51.171
(b) Reserves & Surplus	160.984	147.062	137.188
(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)	223.355	209.433	188.359
(3) Non-Current Liabilities
(a) Long-term borrowings	60.145	120.705	166.752
(b) Deferred tax liabilities (Net)	5.441	7.815	7.518
(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)	65.586	128.520	174.270
(4) Current Liabilities
(a) Short term borrowings	104.614	90.422	68.353
(b) Trade payables	91.944	67.171	89.597
(c) Other current liabilities	11.599	7.119	11.040
(d) Short-term provisions	6.200	3.809	3.999
Total Current Liabilities (4)	214.357	168.521	172.989
TOTAL	503.298	506.474	535.618
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	211.084	240.822	272.609
(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	0.000	0.000	5.014
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.896	2.916	0.000
(e) Other Non-current assets	0.733	1.465	2.197
Total Non-Current Assets	224.713	245.203	279.820
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	138.110	126.124	92.607
(c) Trade receivables	96.565	91.065	70.131
(d) Cash and cash equivalents	0.519	6.986	6.582
(e) Short-term loans and advances	42.508	36.605	83.425
(f) Other current assets	0.883	0.491	3.053
Total Current Assets	278.585	261.271	255.798
TOTAL	503.298	506.474	535.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	998.772	754.313	886.155
		Other Income	0.208	1.320	2.674
		TOTAL	998.980	755.633	888.829
Less	EXPENSES
		Cost of materials consumed	735.734	439.732	602.183
		Purchase of stock-in-trade	178.051	197.178	180.399
		Changes in inventories of finished goods, work-in-progress and traded goods	(39.706)	(5.000)	(16.802)
		Employee benefit expense	14.713	13.290	7.153
		Other expenses	29.811	24.275	22.424
		TOTAL	918.603	669.475	795.357
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		80.377	86.158	93.472
Less	FINANCIAL EXPENSES		30.644	35.259	35.377
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		49.733	50.899	58.095
Less/ Add	DEPRECIATION/ AMORTISATION		31.985	36.351	41.425
	PROFIT/ (LOSS) BEFORE TAX		17.748	14.548	16.670
Less	TAX		3.826	4.674	8.146
	PROFIT/ (LOSS) AFTER TAX		13.922	9.874	8.524
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.758	13.884	5.360
	BALANCE CARRIED TO THE B/S		37.680	23.758	13.884
	Earnings / (Loss) Per Share (Rs.)		2.23	1.93	2.16

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.39	1.31	0.96
Operating Profit Margin (PBDIT/ Sales)	(%)	8.05	11.42	10.55
Return on Total Assets (PBT/Total Assets}	(%)	3.53	2.87	3.14
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.09
Debt Equity Ratio (Total Debt/Networth)		0.74	1.01	1.25
Current Ratio (Current Asset/Current Liability)		1.30	1.55	1.48

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	51.171	62.371	62.371
Reserves & Surplus	137.188	147.062	160.984
Net worth	188.359	209.433	223.355
Long Term borrowings	166.752	120.705	60.145
Short Term borrowings	68.353	90.422	104.614
Total borrowings	235.105	211.127	164.759
Debt/Equity ratio	1.248	1.008	0.738

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	886.155	754.313	998.772
		(14.878)	32.408

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	886.155	754.313	998.772
Profit	8.524	9.874	13.922
	0.96%	1.31%	1.39%

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

NOTE:

The registered address of the company has been shifted from 4638/21, Upper Ground Floor, Ansari Road, Daryaganj, New Delhi – 110 002 to the present address w.e.f. 20.08.2012.

REVIEW OF OPERATION:

During the year, the Company has earned of Rs.998.980 million from Sales of Products, Interest and Other Incomes. The net profit after tax for the year under review has been Rs.13.922 million as against a net profit after tax of Rs.9.874 million during the previous financial year.

The Directors are continuously looking for avenues for future growth of the Company in healthcare industry.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10169013	23/02/2015 *	175,200,000.00	UNION BANK OF INDIA	10184 ARYA SAMAJ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	C46147120
2	10169014	29/06/2009	25,000,000.00	UNION BANK OF INDIA	ARYA SAMAJ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	A66512898

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· 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 records 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.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--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		41

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.