MIRA INFORM REPORT

Report No. :	321934
Report Date :	13.05.2015

IDENTIFICATION DETAILS

Name :	JAI BALAJI MINERALS
Registered Office :	Ward No.7, Shop No.1, Durga Chowk, Acchuli, Birgaon, Raipur – 492003, Chhattisgarh
Tel. No.:	91-771-4030336
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	December 2012
Capital Investment / Paid-up Capital :	Rs.5.676 Million
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Iron and Steel.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new proprietary concern having moderate track record. The rating is constrained on account concern limited track record of business operations and risk associated with highly competitive nature of steel industry. However, trade relations are improving. Business is active. Payment terms are slow but correct. The concern 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

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 DENIED DECLINED BY

Name :	Mr. Suraj Joshi
Designation :	Proprietor
Contact No.:	91-9039466666
Date :	09.05.2015

LOCATIONS

Registered Office :	Ward No.7, Shop No.1, Durga Chowk, Acchuli, Birgaon, Raipur – 492003, Chhattisgarh, India
Tel. No.:	91-771-4030336
Mobile No.:	91-9039466666 (Mr. Suraj Joshi)
Fax No.:	Not Available
E-Mail :	jaibalajiminerals123@gmail.com
Location :	Rented
Locality :	Industrial
Warehouse :	Loha Bazar, Raipur, Chhattisgarh, India

SOLE PROPRIETOR

Name :	Mr. Suraj Joshi
Designation :	Proprietor
Date of Birth/Age :	38 Years

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel.
Products :	Iron Steel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :

Godawari Power and Ispat Limited

Name of the Person :

Mr. Pankaj Agrawal (Sales Manager)

Contact No.:

91-9630016555

Since How Long Known :

5 Years

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Not Divulged

Remark :

He informed we have very good relation with this company no complaints. Payment behaviour are good.

Customers :

Reference :

Uttam Galva Steels Limited

Name of the Person :

Mr. Purjit Pande (Deputy General Manager)

Contact No.:

91-8879994376

Since How Long Known :

4 Years

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Not Divulged

Remark :

He informed we are very much satisfied by their product quality and delivery behaviour.

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Allahabad Bank
Branch Address	Telibandha, Raipur, Chhattisgarh, 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)	Cash Credit = Rs.5.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	UCO Bank
Branch Address	Mid Corporate, Raipur, Chhattisgarh, India
Person Name (With Designation)	Mr. Ashok Telang (Chief Manager)
Contact Number	91-9425507557
Name of Account Holder	Jai Balaji Minerals
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2 Months
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Good
Remarks (If any)	As Claimed by Mr. Ashok Telang (Chief Manager) that subject is having very good track record for banking transaction.

Auditors :
Name :	Mr. Kunal Khakhar Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2015

CAPITAL ACCOUNT

Capital Account	6.207
Less : Drawing	0.014
Less : Income Tax Paid (A.Y. – 2014-2015)	0.390
Less : Suraj LIP	0.127
Total	5.676

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Proprietor Capital		5.676	6.260
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		2.201	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		7.877	6.260
LOAN FUNDS
1] Secured Loans		32.614	3.956
2] Unsecured Loans		25.178	1.150
TOTAL BORROWING		57.792	5.106
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		65.669	11.366
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.824	7.403
Capital work-in-progress		0.000	0.000
INVESTMENT		0.991	0.992
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.206	11.564
	Sundry Debtors	51.260	2.519
	Cash & Bank Balances	0.655	0.997
	Other Current Assets	9.169	5.787
	Loans & Advances	2.300	20.135
Total Current Assets		92.590	41.002
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.273	36.952
	Other Current Liabilities	0.926	0.000
	Provisions	0.537	1.079
Total Current Liabilities		41.736	38.031
Net Current Assets		50.854	2.971
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		65.669	11.366

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	200.343	105.885
		Other Income	0.384	0.000
		TOTAL	200.727	105.885
Less	EXPENSES
		Cost of Goods Sold	171.379	86.685
		Direct Expenses	13.812	12.458
		Advertisement Expenses	0.924	0.445
		Bank Charges	0.064	0.037
		Loading Expenses	3.894	0.300
		Office Expenses	0.442	0.125
		Plot Rent	0.150	0.400
		Quantity and Quality Deduction	1.382	0.304
		Salary A/C	4.000	2.900
		Sampling and Analysis Fees	0.111	0.094
		Travelling and Conveyance	0.529	0.802
		Finance Charges	0.006	0.000
		Home Loan Processing Charges	0.007	0.000
		Interest on Home Loan	0.400	0.000
		Interest on TDS	0.004	0.000
		Interest on CC	0.554	0.000
		Office Rent	0.180	0.000
		Processing Charges Expenses	0.624	0.000
		Tally.ERP9 Gold South Asia	0.011	0.000
		Telephone and Mobile Expenses	0.031	0.000
		Web SMS Expenses	0.022	0.000
		Audit Fees	0.000	0.015
		Insurance	0.000	0.001
		Professional Fees	0.000	0.010
		Staff Health Welfare Expenses	0.000	0.200
		Depreciation on Assets	0.000	0.031
		Other Expenses	0.000	0.007
		Provision for Income Tax	0.000	0.508
		TOTAL	198.526	105.322
	NET PROFIT		2.201	0.563

The above information has been parted by Mr. Suraj Joshi (Proprietor)

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT/Sales)	(%)	1.09	0.53
Return on Total Assets (PBT/Total Assets}	(%)	2.06	2.21
Return on Investment (ROI) (PBT/Networth)		0.27	0.17
Debt Equity Ratio (Total Debt /Networth)		7.33	0.81
Current Ratio (Current Asset/Current Liability)		2.21	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Proprietor Capital	6.260	5.676
Reserves & Surplus	0.000	2.201
Net worth	6.260	7.877
Secured Loans	3.956	32.614
Unsecured Loans	1.150	25.178
Total borrowings	5.106	57.792
Debt/Equity ratio	0.816	7.337

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	105.885	200.343
		89.208

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	105.885	200.343
Profit	0.563	2.201
	0.53%	1.10%

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 two years	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

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.64.20
UK Pound	1	Rs.100.03
Euro	1	Rs.71.91

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.