MIRA INFORM REPORT

Report No. :	318855
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	DILIP REROLLING PRIVATE LIMITED
Registered Office :	House No. 21-1-412, Near Agarwal School, Rikabgunj - 500002, Telangana
Tel No.:	91-9951329500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.12.2006
Com. Reg. No.:	01-052136
Capital Investment / Paid-up Capital :	Rs.33.900 Million
CIN No.: [Company Identification No.]	U60231TG2006PTC052136
TAN No.: [Tax Deduction & Collection Account No.]	HYDD03809B
PAN No.: [Permanent Account No.]	AACCD5864E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business to set up iron and steel making facilities and continuous casting and cold tolling mill plants for producing ferrous and nonferrous metals, alloy steels and all sizes of iron and steel rerolled sections
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and loss that company has incurred from its operational activities during financial year 2014. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of operational loss, the company can be considered for business dealing 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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DENIED BY

Name :	Mr. Neeraj Aggarwal
Designation :	Not Divulged
Contact No.:	91-9951329500
Date :	25.04.2015

LOCATIONS

Registered Office :	House No. 21-1-412, Near Agarwal School, Rikabgunj - 500002, Telangana, India
Tel. No.:	91-40-24572426/ 66140655
Mobile No.:	91-9951329500 (Mr. Neeraj)
Fax No.:	Not Available
E-Mail :	diliprolling@gmail.com
Factory :	Sy. No. 21 to 24, Gunded, Balannagar, Mahaboob Nagar, Hyderabad Telangana, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Goverdhan Das Agarwal

Designation :

Director

Address :

21-1-413, Near Agarwal School, Rikabbunj Hyderabad – 500002, Telangana, India

Date of Birth/Age :

22.10.1948

Date of Appointment :

27.12.2006

DIN No.:

01686175

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	U24114TG1988PTC008773	DILIP TEXTILES PVT LTD	Whole-time director	17/06/88	17/06/88	-	Active	NO
2	U60231TG2006PTC052136	DILIP REROLLING PRIVATE LIMITED	Director	27/12/06	27/12/06	-	Active	NO

Name :

Mr. Sudhanshu Shekar Agarwal

Designation :

Director

Address :

21-1-412/A, Near Agarwal School, Rikabbunj Hyderabad – 500002, Telangana, India

Date of Birth/Age :

22.10.1979

Date of Appointment :

27.12.2006

DIN No.:

02235374

Name :

Mr. Anurag Agarwal

Designation :

Whole Time Director

Address :

House No. 21-1-413/ Brikab Gunj, Near Agarwal School, Hyderabad – 500002, Telangana, India

Date of Appointment :

30.04.2008

DIN No.:

02237010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

SHAREHOLDING FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business to set up iron and steel making facilities and continuous casting and cold tolling mill plants for producing ferrous and nonferrous metals, alloy steels and all sizes of iron and steel rerolled sections
Products :	Alloy steels Steel ingots Steel slabs Billets Flat angels Rounds Sheet piles Plates, deformed bars Plain and cold twisted bars
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	ING Vysya Bank Limited
Branch	No.4-1-317 To 319,Troop Bazar,, Abid Road,, Hyderabad - 500001, Andhra Pradesh, 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 Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans	29.352	45.352
Short-term borrowings
Borrowings	70.924	41.755
Total	100.276	87.107

Auditors :
Name :	J. K. Mundada & Company Chartered Accountants
Address :	48, 3rd Floor, Abids Shopping Centre, Abids, Hyderabad-500001, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABOPM8055G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4150000	Equity Shares	Rs.10/- each	Rs.41.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3390000	Equity Shares	Rs.10/- each	Rs.33.900 Million

As on 29.09.2014

Authorised Capital : Rs. 41.500 Million

Issued, Subscribed & Paid-up Capital : 37.200 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	33.900	33.900	33.900
(b) Reserves & Surplus	45.166	58.167	52.577
(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)	79.066	92.067	86.477
(3) Non-Current Liabilities
(a) long-term borrowings	36.942	52.942	45.199
(b) Deferred tax liabilities (Net)	2.258	2.342	2.295
(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)	39.200	55.284	47.494
(4) Current Liabilities
(a) Short term borrowings	70.924	41.755	39.819
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	99.638	39.517	44.779
(d) Short-term provisions	0.051	2.666	4.206
Total Current Liabilities (4)	170.613	83.938	88.804
TOTAL	288.879	231.289	222.775
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.000	96.270	92.240
(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	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	32.688	29.306	16.868
Total Non-Current Assets	116.688	125.576	109.108
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.725	66.315	73.418
(c) Trade receivables	74.944	31.335	30.091
(d) Cash and cash equivalents	3.564	1.397	0.995
(e) Short-term loans and advances	4.577	4.755	8.275
(f) Other current assets	2.381	1.911	0.888
Total Current Assets	172.191	105.713	113.667
TOTAL	288.879	231.289	222.775

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	1122.972	889.792	1175.874
Less	EXPENSES	1136.057	881.533	1163.211
	PROFIT/ (LOSS) BEFORE TAX	(13.085)	8.259	12.663
Less	TAX	(0.084)	2.669	4.111
	PROFIT/ (LOSS) AFTER TAX	(13.001)	5.590	8.552
	Earnings / (Loss) Per Share (Rs.)	(3.84)	1.65	2.52

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	(1.16)	0.63	0.73
Return on Total Assets (PBT/Total Assets}	(%)	(4.53)	3.57	5.68
Return on Investment (ROI) (PBT/Networth)		(0.17)	0.09	0.15
Debt Equity Ratio (Total Debt /Networth)		1.36	1.03	0.98
Current Ratio (Current Asset/Current Liability)		1.01	1.26	1.28

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	33.900	33.900	33.900
Reserves & Surplus	52.577	58.167	45.166
Net worth	86.477	92.067	79.066
long-term borrowings	45.199	52.942	36.942
Short term borrowings	39.819	41.755	70.924
Total borrowings	85.018	94.697	107.866
Debt/Equity ratio	0.983	1.029	1.364

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)
Total Income	1175.874	889.792	1122.972
		(24.329)	26.206

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1175.874	889.792	1122.972
Profit	8.552	5.590	(13.001)
	0.73%	0.63%	(1.16%)

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	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	No
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

REVIEW OF OPERATIONS

The Company has achieved a Turnover of Rs.1122.972 Million as against turnover of Rs.889.792 Million. The company has incurred a loss of Rs.13.001 Million as against net profit of Rs.2.669 Million recorded in the previous financial year

The Company performances was adversely impacted primarily on account of the increase in the electricity charges consequent to levy of additional fuel surcharge adjustment charges (FSA) by the A.P State Electricity Distribution Companies pursuant to the orders of APERC.

FUTURE OUTLOOK:

The Performances of the company so far is not encouraging. However from the last quarter stating January, 2015 the company performance is expected to improve.

GENERAL CORPORATE INFORMATION:

The Company was incorporated on 27-12-2006 under the companies Act 1956 vide CIN U60231TG2006PTC052136 with the object of carrying the business to set up iron & steel making facilities and continuous casting & cold tolling mill plants for producing ferrous & nonferrous metals, alloy steels, steel ingots, steel slabs, billets & of all kinds of & all sizes of iron and steel rerolled sections i.e. flat angels, rounds, squares, rails, joists, channels, slabs, strips, coils, sheets, sheet piles, plates, deformed bars, plain & cold twisted bars & shafting and other profiles of all kinds.

The registered place of business is situated at 21-1-414, Rikab gunj, Hyderabad-500002, Telangana, India.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	7.590	7.590
Total	7.590	7.590

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10306457	03/02/2014 *	191,200,000.00	ING VYSYA BANK LIMITED	NO.4-1-317 TO 319,TROOP BAZAR,, ABID ROAD,, HYDER  ABAD, Andhra Pradesh - 500001, INDIA	B98681059

* Date of charge modification

FIXED ASSETS

Tangible assets

• Plant and equipment
• Factory Equipments
• 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.63.20
UK Pound	1	Rs.97.00
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.