MIRA INFORM REPORT

Report No. :	321988
Report Date :	15.05.2015

IDENTIFICATION DETAILS

Name :	ISPAT TRADERS (INDIA) PRIVATE LIMITED
Registered Office :	Narsinhji’s Estate, Yamuna Mill Road, Pratap Nagar, Vadodara – 390004, Gujarat
Tel. No.:	91-265-2580724
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.02.2008
Com. Reg. No.:	04-052787
Capital Investment / Paid-up Capital :	Rs.3.734 Million
CIN No.: [Company Identification No.]	U52342GJ2008PTC052787
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDI00586F
PAN No.: [Permanent Account No.]	AABCI8210N
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Steel Metals.
No. of Employees :	15 (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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Ispat Traders (India) Private Limited was established in the year 1970 as a partnership firm in the name of M/s Indian Steel Traders and later it got converted to a private limited Company in 2008. Rating takes into consideration the company’s modest scale of operations, weak financial risk profile characterized by high gearing levels and low profit margin levels. However rating also takes into consideration, long track record of the company in steel trading business and its established relationships with customers and suppliers. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for business dealings at usual business 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	ICRA
Rating	BB -
Rating Explanation	ICRA has withdrawn ICRA BB – rating assigned to the Rs.70.000 Million cash credit facility and Rs.0.400 Million term loan facility as there is no amount outstanding against the trade facilities.
Date	March 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

Name :	Mr. Virendra
Designation :	Not Divulged
Contact No.:	91-265-2580724
Date :	09.05.2015

LOCATIONS

Registered Office / Godown / Corporate Office :	Narsinhji’s Estate, Yamuna Mill Road, Pratap Nagar, Vadodara – 390004, Gujarat, India
Tel. No.:	91-265-2580724 / 2580612
Fax No.:	Not Available
E-Mail :	info@ispattraders.com
Website :	www.ispattraders.com
Location :	Owned

DIRECTORS

As on 30.07.2014

Name :	Mr. Jayantilal Chimanlal Shah
Designation :	Chairman cum Managing Director
Address :	5/6, White House, Opposite Yogi Sai Chokdi, Near Darbar Chokdi, Vadodara – 390011, Gujarat, India
Date of Birth/Age :	14.10.1945
Date of Appointment :	01.10.2008
DIN No.:	01929285
Name :	Mr. Ronakkumar Jayantilal Shah
Designation :	Managing Director
Address :	GF-6, White House, Near Sai Chokdi, Manjalpur, Opposite Yogi Darshan Flats, Darbar Chokdi, Vadodara – 390011, Gujarat, India
Date of Birth/Age :	19.12.1973
Date of Appointment :	01.10.2008
DIN No.:	01929309

MAJOR SHAREHOLDERS

As on 30.07.2014

Names of Shareholders	No. of Shares
Jayantilal Chimanlal Shah	125000
Ronakkumar Jayantilal Shah	124960
Rahul Bhailalbhai Shah	10
Aditi Ravindra Patel	3400
Hansaben Rajanikant Shah	10
Kusumben Shah Jointly With Viralben Shah	120000
Jagruti Umeshbhai Patel	10
Keshyep Premraj	10
Total	373400

As on 30.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

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

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 :

15 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Pratap Nagar Branch, Vadodara, Gujarat, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Banks
Term Loan from Union Bank of India	0.000	0.378
Less : Current Maturities of Long term debt	0.000	0.246
SHORT TERM BORROWING
Loans repayable on demand
From Union Bank of India (Working Capital Facilities)	43.369	68.425
Total	43.369	68.557

Auditors :
Name :	Parikh Shah Chotalia And Associates Chartered Accountants
Address :	A/11, Sahajanand Apartments, Tarang Society, Opposite Akota Stadium, Productivity Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2335917 / 3052101
E-Mail :	contact@psca.in
PAN No.:	AADFR8971L
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
400000	Equity Shares	Rs.10/- each	Rs.4.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
373400	Equity Shares	Rs.10/- each	Rs.3.734 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	3.734	3.734	3.734
(b) Reserves & Surplus	29.825	20.795	17.699
(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)	33.559	24.529	21.433
(3) Non-Current Liabilities
(a) long-term borrowings	25.600	23.832	23.319
(b) Deferred tax liabilities (Net)	0.000	0.000	0.093
(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)	25.600	23.832	23.412
(4) Current Liabilities
(a) Short term borrowings	59.030	79.232	56.152
(b) Trade payables	33.437	21.145	21.679
(c) Other current liabilities	12.014	3.134	7.529
(d) Short-term provisions	2.552	0.000	0.577
Total Current Liabilities (4)	107.033	103.511	85.937
TOTAL	166.192	151.872	130.782
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.029	1.454	2.174
(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	10.739	1.736	10.382
Total Non-Current Assets	11.768	3.190	12.556
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.368	5.678	11.922
(c) Trade receivables	144.046	118.679	101.720
(d) Cash and cash equivalents	2.268	20.832	0.730
(e) Short-term loans and advances	3.625	3.283	3.745
(f) Other current assets	0.117	0.210	0.109
Total Current Assets	154.424	148.682	118.226
TOTAL	166.192	151.872	130.782

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	14.169	5.253	7.271
Less/ Add	DEPRECIATION/ AMORTISATION	0.413	0.595	0.545
	PROFIT/ (LOSS) BEFORE TAX	13.756	4.658	6.726
Less	TAX	4.726	1.562	2.191
	PROFIT/ (LOSS) AFTER TAX	9.030	3.096	4.535
	Earnings / (Loss) Per Share (Rs.)	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	8.28	3.07	5.14
Return on Investment (ROI) (PBT/Networth)		0.41	0.19	0.31
Debt Equity Ratio (Total Debt /Networth)		2.52	4.20	3.71
Current Ratio (Current Asset/Current Liability)		1.44	1.44	1.38

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	3.734	3.734	3.734
Reserves & Surplus	17.699	20.795	29.825
Net worth	21.433	24.529	33.559
long-term borrowings	23.319	23.832	25.600
Short term borrowings	56.152	79.232	59.030
Total borrowings	79.471	103.064	84.630
Debt/Equity ratio	3.708	4.202	2.522

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

REVIEW OF OPERATIONS AND FUTURE PROSPECTS

The Company achieved a top line growth of 17.35% on a year over year basis during the current period. This is mainly due to vigorous efforts of Directors to penetrate and tap the market. The Directors expect rapid growth in terms of turnover and profitability in the years to come.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and Advance from Related Parties
From Directors	9.000	9.000
From Directors Relatives	14.700	14.700
From Others	1.900	0.000
SHORT TERM BORROWING
Loans and Advance from Related Parties
From Directors	6.999	4.913
From Director’s Relatives	6.371	3.602
From Others	2.291	2.292
Total	41.261	34.507

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10530615	22/10/2014	100,000,000.00	ICICI Bank Limited	9th Floor, JMC House, Opposite Parimal Garden, Ambawadi,, Ahmedabad, Gujarat - 380006, INDIA	C33222290
2	10513569	05/08/2014	100,000,000.00	ICICI Bank Limited	9th Floor, JMC House, Opposite Parimal Garden, Ambawadi, Ahmedabad, Gujarat - 380006, INDIA	C15475924

* Date of charge modification

FIXED ASSETS

• Furniture and Fixtures
• Office Equipments
• Computer
• Vehicle
• Commercial Vehicle

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.63.83
UK Pound	1	Rs.100.64
Euro	1	Rs.72.87

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SAN
Report Prepared by :	PNM

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	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	--

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.