MIRA INFORM REPORT

Report No. :	321641
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	KRISHNA SHEET PROCESSORS PRIVATE LIMITED
Registered Office :	801, Business Classic, 8^th Floor, Chincholi Bunder Road, Off S.V. Road, Malad (West), Mumbai – 400064, Maharashtra
Tel No.:	91-22-23453411 / 12 / 23411729
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.04.1995
Com. Reg. No.:	11-087327
Capital Investment / Paid-up Capital :	Rs.31.220 Million
CIN No.: [Company Identification No.]	U27100MH1995PTC087327
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMK13053F
PAN No.: [Permanent Account No.]	AAACK9040M
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Processing of all types of M.S. Iron and Steel.
No. of Employees :	25 (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 1600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of the Krishna group. It is a well-established company having satisfactory track. The company possesses an above average financial profile marked by a healthy net worth and comfortable gearing during 2013. The ratings also take into consideration the susceptibility of the profit margin due to volatility in steel prices and exposure to intense competition. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters and its established clientele and supplier base, the subject 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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.03.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	17.03.2015

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 (GENERAL DETAILS)

Name :	Mr. Vikram
Designation :	Son of Mr. Biharisaran Babulal Khandelwal
Contact No.:	91-22-23453411
Date :	06.05.2015

LOCATIONS

Registered Office :	801, Business Classic, 8^th Floor, Chincholi Bunder Road, Off S.V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-23453411 / 12 / 23411729
Mobile No.:	91-9322220809 (Mr. Gupta)
Fax No.:	91-22-23411739 / 40031000
E-Mail :	info@krishasheet.com amitgor8@gmail.com
Website :	http://www.krishnasheets.com
Location :	Owned
Locality :	Commercial
Warehouse :	C-26, M.I.D.C., Taloja, Navi Mumbai, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Kapilkumar Rupchand Agarwal

Designation :

Director

Address :

E-403, Pleasant Park, Plot No.60, Link Road, Opposite Movie Time Theater, Malad (West), Mumbai – 400084, Maharashtra, India

Date of Birth/Age :

20.09.1964

Date of Appointment :

10.04.1995

DIN No.:

00216944

PAN No.:

AACPA0977E

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	U27100MH1995PTC087327	KRISHNA SHEET PROCESSORS PRIVATE LIMITED	Director	10/04/1995	10/04/1995	-	Active	NO
2	U27106GJ2007PTC050197	KRISHNA COIL CUTTERS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO

Name :

Mr. Dharampal Rameshwar Dass Gupta

Designation :

Director

Address :

Row House No.13, Village Naupada Junction of LBS Marg, Eastern Highway, Thane – 400602, Maharashtra, India

Date of Birth/Age :

10.02.1948

Date of Appointment :

10.04.1995

DIN No.:

00216983

PAN No.:

ABTPG1622L

Name :

Mr. Biharisaran Babulal Khandelwal

Designation :

Director

Address :

A-602, Millenium Garden, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

20.10.1947

Date of Appointment :

10.04.1995

DIN No.:

00217021

PAN No.:

AACPK5606Q

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	U27100MH1995PTC087327	KRISHNA SHEET PROCESSORS PRIVATE LIMITED	Director	10/04/1995	10/04/1995	-	Active	NO
2	U92199MP1998PTC012615	ROYAL AMUSEMENT PRIVATE LIMITED	Director	19/02/2001	19/02/2001	09/12/2013	Active	NO
3	U27106GJ2007PTC050197	KRISHNA COIL CUTTERS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Biharisaran Khandelwal	19300
Biharisaran Khandelwal (HUF)	7000
Shashikala B. Khandelwal	35250
Sheenu V. Khandelwal	31500
Vikram B. Khandelwal	11000
Kapil Kumar Agarwal	27000
Bindu K. Agarwal	47550
Dharampal R. Gupta	3800
Rajendrakumar Singhal	100
Rohit D. Gupta	23000
Premier Soya Limited, India	23495
Indo Con Core Private Limited, India	11830
Smita R. Gupta	4100
Sudha D. Gupta	300
Krishna Coil Cutter Private Limited, India	66975
Total	312200

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	35.00
Directors or relatives of Directors	65.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading and Processing of all types of M.S. Iron and Steel.

Products :

Product Description	Item Code No. (ITC Code)
Iron and Steel	99651254

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

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
Remark :	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
Remark :	Not Divulged

No. of Employees :

25 (Approximately)

Bankers :

• Bank of Baroda, Prabhadevi Branch,Shop No.1,2,5 and 7,Kamna Chs Limited, S.K. Bole Road, Near Siddhivinayak Temple,, Mumbai - 400028, Maharashtra, India
• Bank of Baroda, Malad West Branch, Shantinath Shoppping Centre, 1st Floor, S. V. Road, Malad West,, Mumbai - 400064, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related parties	3.129	1.098
Total	3.129	1.098

Auditors :
Name :	Thakkar and Somaiya Chartered Accountants
Address :	101-A/102-B, Giriraj 1^st Floor, Sant Tukaram Road, Mumbai – 400009, Maharashtra, India
PAN No.:	AAAFT1285G
Memberships :	--
Collaborators :	--
Associates :	· Krishna Coil Cutters Private Limited CIN No.: U27106GJ2007PTC050197 · Krishna Sales and Marketing

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
312200	Equity Shares	Rs.100/- each	Rs.31.220 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	31.220	31.220	31.220
(b) Reserves & Surplus	527.382	501.059	465.522
(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)	558.602	532.279	496.742
(3) Non-Current Liabilities
(a) long-term borrowings	3.129	1.098	0.482
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	3.129	1.098	0.482
(4) Current Liabilities
(a) Short term borrowings	31.688	31.555	1.556
(b) Trade payables	226.189	469.804	314.570
(c) Other current liabilities	349.258	153.140	173.796
(d) Short-term provisions	12.479	16.603	13.767
Total Current Liabilities (4)	619.614	671.102	503.689
TOTAL	1,181.345	1,204.479	1,000.913
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.133	48.161	49.407
(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	62.631	62.631	62.631
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.621	52.084	87.853
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	173.385	162.876	199.891
(2) Current assets
(a) Current investments	30.451	0.000	0.000
(b) Inventories	262.400	413.107	157.301
(c) Trade receivables	488.539	416.343	335.956
(d) Cash and cash equivalents	173.266	130.664	141.648
(e) Short-term loans and advances	53.304	81.489	166.117
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1,007.960	1,041.603	801.022
TOTAL	1,181.345	1,204.479	1,000.913

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		2,880.671	3,032.409	2,900.056
Less	EXPENSES			2,839.045	2,978.414	2,855.170
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			41.626	53.995	44.886
Less	DEPRECIATION/ AMORTISATION			2.977	2.655	2.558
	PROFIT/(LOSS) BEFORE TAX			38.649	51.340	42.328
Less	TAX			12.326	15.803	13.698
	PROFIT/(LOSS) AFTER TAX			26.323	35.537	28.630
	IMPORTS
			C. I. F. Value of Imports	126.759	479.092	NA
	TOTAL IMPORTS			126.759	479.092	NA
	Earnings / (Loss) Per Share (Rs.)			84.31	113.83	91.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.45	4.50	4.51
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.09
Debt Equity Ratio (Total Debt /Networth)		0.06	0.06	0.00
Current Ratio (Current Asset/Current Liability)		1.63	1.55	1.59

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	31.220	31.220	31.220
Reserves & Surplus	465.522	501.059	527.382
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	496.742	532.279	558.602
Long Term borrowings	0.482	1.098	3.129
Short Term borrowings	1.556	31.555	31.688
Total borrowings	2.038	32.653	34.817
Debt/Equity ratio	0.004	0.061	0.062

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	2,900.056	3,032.409	2,880.671
		4.564	(5.004)

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	2,900.056	3,032.409	2,880.671
Profit	28.630	35.537	26.323
	0.99%	1.17%	0.91%

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	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	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
SHORT TERM BORROWINGS
Loans and advances from related parties	31.688	31.555
Total	31.688	31.555

OPERATIONS:

During the year, the company has been able to achieve Sales and Other Income of Rs.2886.700 Million and Decreased by 05.00% as compared to the previous year. The Pre-Tax Net Profits have down Rs.38.649 Million in the Current Year to Rs.51.340 Million. In Previous Year representing downward trend by 24.72%. Thus the margin of net profit slightly lower by 21.29%.

However the margins have been decreased marginally due to decreased in volume of Turnover in slack and tough competitive markets in the Current Year as compared to the previous year. The performance of the company even though is quiet better. The directors are however confident and capable as well to maintain the status quo as long as their consistent efforts to up lift the efficiencies in all the segments of its operation in the prevailing circumstances of market in India as well as International Market.

FUTURE OUTLOOK:

The economy has been passing through slow down particularly in automobiles, construction and infrastructures in view of lack of fund with Governmental Authorities. However, the directors feel that this scenario would not last too long and rays of hopes cannot be ruled out. As a protective approach, the directors are finding new avenues and opportunities to strengthen the working of the company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90152278	30/01/2010 *	600,000,000.00	BANK OF BARODA	MALAD WEST BRANCH, SHANTINATH SHOPPPING CENTRE, 1ST FLOOR, S. V. ROAD, MALAD WEST,, MUMBAI, MAHARASHTRA - 400064, INDIA	A79130373
2	80027869	30/01/2010 *	600,000,000.00	BANK OF BARODA	MALAD WEST BRANCH, SHANTINATH SHOPPPING CENTRE, 1ST FLOOR, S. V. ROAD, MALAD WEST,, MUMBAI, MAHARASHTRA - 400064, INDIA	A79129896

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SUB
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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.