MIRA INFORM REPORT

Report No. :	320764
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	INDORE STEEL AND IRON MILLS LIMITED
Registered Office :	71, Empire Chamber, 2^nd Floor, 134, D.N. Road, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-731-2422011
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.10.1972
Com. Reg. No.:	11-016082
Capital Investment / Paid-up Capital :	Rs.75.000 Million
CIN No.: [Company Identification No.]	U99999MH1972PLC016082
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI6050K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and exporter of steel wire rods and job processing of steel products for other companies.
No. of Employees :	300 (Approximately)

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 420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct. The company can be considered for business dealings at usually 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

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 PARTED BY

Name :	Mr. Ajit Kumar Chhajed
Designation :	Accounts Manager
Contact No.:	91-73-12422351
Date :	05.05.2015

LOCATIONS

Registered Office :	71, Empire Chamber, 2^nd Floor, 134, D.N.Road, Fort, Mumbai-400001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	isiml@sancharnet.in
Website :	http://www.isiml@sancharnet.in
Factory :	#314, Bhagirathpura, Indor-452003, Madhya Pradesh, India
Tel. No.:	91-731-2422011/ 2422351
Mobile No.:	91-9826032030 (Mr. Prabhasaran Singh Babbar)
Fax No.:	91-730-2424504

DIRECTORS

As on 30.09.2013

Name :

Mr. Sukhawant Singh

Designation :

Managing Director

Address :

H.No.E-1, Saket nagar, Indor, Indor-452018, M.P, India

Date of Birth/Age :

03.09.1948

Date of Appointment :

24.02.1985

DIN No.:

00242605

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	U99999MH1972PLC016082	INDORE STEEL AND IRON MILLS LIMITED	Managing director	24/02/1985	24/02/1985	-	Active	NO
2	U45203MP1996PTC010843	GHD PROPERTIES PRIVATE LIMITED	Director	20/05/1996	20/05/1996	30/01/2008	Active	NO
3	U67120MP1996PTC010897	G.T.B.OFFSHARE INVESTMENTS PRIVATE LIMITED	Director	06/06/1996	06/06/1996	-	Active	NO
4	U70101MP1996PTC010935	GAD REAL ESTATES PRIVATE LIMITED	Director	17/06/1996	17/06/1996	30/01/2008	Active	NO

Name :

Mr. Gurcharan Singh

Designation :

Director

Address :

H.No.35, Gulmohar Colony, Indor, Indor-452018, M.P, India

Date of Birth/Age :

10.12.1937

Date of Appointment :

14.05.1975

DIN No.:

00242331

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	U99999MH1972PLC016082	INDORE STEEL AND IRON MILLS LIMITED	Director	14/05/1975	14/05/1975	-	Active	NO
2	U45203MP1996PTC010843	GHD PROPERTIES PRIVATE LIMITED	Director	20/05/1996	20/05/1996	30/01/2008	Active	NO
3	U67120MP1996PTC010897	G.T.B.OFFSHARE INVESTMENTS PRIVATE LIMITED	Director	06/06/1996	06/06/1996	-	Active	NO
4	U70101MP1996PTC010935	GAD REAL ESTATES PRIVATE LIMITED	Director	17/06/1996	17/06/1996	30/01/2008	Active	NO

Name :

Mr. Narendra Sharma

Designation :

Director

Address :

494, Kalani nagar, Bijasan Road, Indor, Indor-452005, M.P, India

Date of Birth/Age :

15.03.1948

Date of Appointment :

26.07.2004

DIN No.:

00244409

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	U27106MP1997PTC012414	SARDAR ROLLING MILLS PRIVATE LIMITED	Director	30/09/2000	25/01/2000	10/09/2010	Active	NO
2	U27107MP1998PTC013147	NMI INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	01/11/2003	-	Active	NO
3	U99999MH1972PLC016082	INDORE STEEL AND IRON MILLS LIMITED	Director	26/07/2004	26/07/2004	-	Active	NO
4	U31300MH1990PLC055768	AURANGABAD CABLES LIMITED	Director	01/09/2004	01/09/2004	-	Active	YES
5	U70101MP1996PTC010935	GAD REAL ESTATES PRIVATE LIMITED	Director	30/09/2009	10/07/2009	17/08/2010	Active	NO
6	U45203MP1996PTC010843	GHD PROPERTIES PRIVATE LIMITED	Director	30/09/2009	10/07/2009	17/08/2010	Active	NO
7	U27106MP2008PTC020374	NMI STEEL & ENERGY PRIVATE LIMITED	Additional director	30/04/2011	30/04/2011	-	Under Process of Striking off	NO
8	U70100MH1980PTC022293	HARDIAL SINGH & COMPANY ESTATES PRIVATE LIMITED	Director	29/09/2012	06/01/2012	-	Active	N

KEY EXECUTIVES

Name :	Mr. Ajit Kumar Chhajed
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Gurcharan Singh	1300
Ishar Finances Private Limited	300
R.N.Choube	5000
Prabhsaran Singh Babbar	4734490
P.G.Chitle	25130
Nima Rana	1273870
Baby Gayatri	289890
Master Fateha	289890
GAD Real Estate Private Limited	439865
GHD Properties Private Limited	439865
Bharat Parikh	100
Mina Parikh	100
Ajinder Kaur	100
Manjot Kaur	100
Total	7500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	11.72
Directors or relatives of Directors	87.88
Other top fifty shareholders	0.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of steel wire rods and job processing of steel products for other companies.

Products :

Products Description	Item Code No.
WIRE ROD	76011040

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cheque, Credit

Purchasing :

Cheque, Credit

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

300 (Approximately)

Bankers :

Banker Name :	City Union Bank Limited
Branch :	149, Big Street, Kumbakonam, Tanjore District – 612001, Tamil Nadu, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• ICICI Bank Limited
• HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
Long Term Borrowings
Term loan from Banks	43.814	23.603
Total	43.814	23.603

Auditors :
Name :	M Mehta and Company Chartered Accountant
Address :	11/5, Sauth Tukogahj, Nath Mandir Road, Indor-452001, Madhya Pradesh, India
PAN No.:	AAGFM2167A
Collaborators :	Not Divulged
Membership :	Not Divulged
Related party:	--

CAPITAL STRUCTURE

AS ON 30.09.2013

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
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	75.000	75.000	75.000
(b) Reserves & Surplus	71.088	60.471	44.191
(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)	146.088	135.471	119.191
(3) Non-Current Liabilities
(a) long-term borrowings	45.117	23.603	41.651
(b) Deferred tax liabilities (Net)	15.838	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.415	6.330	5.050
Total Non-current Liabilities (3)	66.370	29.933	46.701
(4) Current Liabilities
(a) Short term borrowings	133.913	127.407	96.179
(b) Trade payables	9.471	10.618	7.163
(c) Other current liabilities	63.445	46.303	60.769
(d) Short-term provisions	1.150	2.084	4.986
Total Current Liabilities (4)	207.979	186.412	169.097
TOTAL	420.437	351.816	334.989
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	151.208	165.086	144.487
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	42.307	35.839	19.333
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.027	0.027	0.027
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.455	10.012	6.873
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	217.997	210.964	170.720
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.844	22.133	44.182
(c) Trade receivables	19.076	29.812	30.060
(d) Cash and cash equivalents	36.248	19.092	24.314
(e) Short-term loans and advances	116.091	69.554	65.546
(f) Other current assets	0.181	0.261	0.167
Total Current Assets	202.440	140.852	164.269
TOTAL	420.437	351.816	334.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	455.603	422.489	371.176
		Other Income	6.763	6.491	4.429
		TOTAL (A)	462.366	428.980	375.605
Less	EXPENSES
		Cost of Materials Consumed	8.089	2.211	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.077)	21.601	6.261
		Employees benefits expense	71.814	69.983	61.382
		Other expenses	303.788	267.787	232.291
		TOTAL (B)	382.614	361.582	299.934
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.752	67.398	75.671
Less	FINANCIAL EXPENSES (D)		20.464	21.940	22.551
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.288	45.458	53.120
Less	DEPRECIATION/ AMORTISATION (F)		24.433	24.112	24.797
	PROFIT BEFORE TAX (E-F) (G)		34.855	21.346	28.323
Less	TAX (H)		19.973	0.802	0.000
	PROFIT AFTER TAX (G-H) (I)		14.882	20.544	28.323
	IMPORTS OF RAW MATERIAL		-	10.115	-
	Earnings Per Share (Rs.)		1.98	2.74	3.78

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	390.000	430.000
	[Due to market fluctuation]

The above information has been parted by Mr. Ajit

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	3.27	4.86	7.63
Operating Profit Margin (PBDIT/Sales)	(%)	17.50	15.95	20.39
Return on Total Assets (PBT/Total Assets)	(%)	9.22	6.76	8.97
Return on Investment (ROI) (PBT/Networth)		0.24	0.16	0.24
Debt Equity Ratio (Total Debt /Networth)		1.23	1.11	1.16
Current Ratio (Current Asset/Current Liability)		0.97	0.76	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	75.000	75.000	75.000
Reserves & Surplus	44.191	60.471	71.088
Net worth	119.191	135.471	146.088
long-term borrowings	41.651	23.603	45.117
Short term borrowings	96.179	127.407	133.913
Total borrowings	137.830	151.010	179.030
Debt/Equity ratio	1.156	1.115	1.225

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	371.176	422.489	455.603
		13.824	7.838

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	371.176	422.489	455.603
Profit	28.323	20.544	14.882
	7.63%	4.86%	3.27%

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%	Yes
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	Yes
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	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
Long Term Borrowings
Term loan from others	1.303	0.000
Short term Borrowing
Incorporate Borrowing	50.497	47.278
Deposits from shareholders	60.824	56.021
Deposits from others	22.592	24.108
Total	135.216	127.407

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428396	30/04/2013	1,300,000.00	CITY UNION BANK LIMITED	149, BIG STREET, KUMBAKONAM,TANJORE DISTT, TANJOR E DISTT, TANJORE DISTT, Tamil Nadu - 612001, INDIA	B75978171
2	10413505	22/03/2013	24,850,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA	B71356240
3	10389453	30/11/2012	19,222,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA	B63137327

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	NKT

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
--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		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

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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.