MIRA INFORM REPORT

Report No. :	323579
Report Date :	22.05.2015

IDENTIFICATION DETAILS

Name :	SUPERIOR STEEL OVERSEAS
Registered Office :	Mardia Bhavan, 6th Khetwadi, Mumbai-400004, Maharashtra
Tel. No.:	91-22-6628790/ 23877979
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment:	February, 2009
Capital Investment / Paid-up Capital :	Rs. 28.834 Million
IEC No.:	0309008425
Tin No.:	Not Available
PAN No.: [Permanent Account No.]	ABOFS2693A
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Exporter and Importer of Engineering goods.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 82000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track. The concern has decent profit margin and good liquidity position during FY2014. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 PARTED BY

Name :	Mr. Ashok Mehta
Designation :	Partner
Contact No.:	91-9819618303
Date :	20.05.2015

LOCATIONS

Registered Office :	Mardia Bhavan, 6th Khetwadi, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-6628790/ 23877979
Mobile No.:	91-9819618303 (Mr. Ashok)
Fax No.:	91-22-23855719
E-Mail :	amehta@superiorsteel.in
Location :	Owned

PARTNERS

Name :	Mr. Ashok Mehta
Designation :	Partner
Name :	Mr. Sanjay Mehta
Designation :	Partner
Name :	Mr. Kalpesh Mehta
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Exporter and Importer of Engineering goods.
Products :	--
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Above engineering goods
Countries :	Middle East Africa
Imports :
Products :	Finished Goods
Countries :	US Japan Dubai Europe
Terms :
Selling :	--
Purchasing :	Depend

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 :

Trade, Distributor and Others

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 :

25 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Not Divulged
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

Auditors :
Name :	Sanjay Rane and Associates Chartered Accountants
Address :	Mumbai
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern [Group Company]:	Superior Steel Industries

CAPITAL STRUCTURE

As on: 31.03.2014

Capital Investment :
Owned :	Rs. 28.834 Million
Borrowed :	--
Total :	Rs. 28.834 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
PARTNER FUNDS
1] Partner Capital		28.834	23.566
2] Share Application Money		0.000	0.000
3] Profit and Loss		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		28.834	23.566
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		28.834	23.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.176	0.024
Capital work-in-progress		0.000	0.000
INVESTMENT		0.902	0.833
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	5.232
	Sundry Debtors	12.825	18.387
	Cash & Bank Balances	4.731	5.481
	Other Current Assets	17.088	0.025
	Loans & Advances	0.032	6.394
Total Current Assets		34.676	35.519
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.478	12.618
	Other Current Liabilities	0.442	0.192
	Provisions	0.000	0.000
Total Current Liabilities		6.920	12.810
Net Current Assets		27.756	22.709
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		28.834	23.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	49.733	96.312
		Other Income	2.883	2.674
		TOTAL	52.616	98.986
Less	EXPENSES
		Cost of goods sold	40.651	80.439
		Forwarding charges	1.328	3.100
		Advertisement and publicity	0.292	0.309
		Audit fees	0.065	0.067
		Bank charges	0.144	0.145
		Commission and brokerage	0.180	0.835
		Conveyance	0.138	0.186
		Cutting charges	0.158	0.137
		Hel Hamali expenses	0.122	0.170
		Interest on TDS and PT	0.007	0.011
		Labor expenses	0.015	0.068
		Custom duty	0.125	0.000
		Office expenses	0.115	0.238
		Printing and stationery	0.002	0.007
		Salaries	0.542	0.501
		Sales promotion	0.258	0.383
		Service tax	0.019	0.000
		Staff welfare	0.198	0.000
		Telephone charges	0.023	0.029
		Travelling expenses	0.115	0.250
		Testing charges	0.210	0.161
		Transportation charges	0.493	0.246
		Computer charges	0.037	0.021
		Courier expenses	0.326	0.273
		General expenses	0.071	0.094
		Membership and subscription	0.008	0.004
		Professional Fees	0.058	0.079
		Penalty on profession Tax	0.001	0.000
		Miscellanies Charges	0.000	0.027
		TOTAL	45.701	87.780
	PROFIT BEFORE DEPRECIATION		6.915	11.206
Less/ Add	DEPRECIATION		0.042	0.009
	NET PROFIT		6.873	11.197

Particulars	31.03.2015
Sales Turnover (Approximately)	165.000

The above information has been parted by Mr. Ashok Mehta (Partner)

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	13.82	11.63
Return on Total Assets (PBT/Total Assets}	(%)	19.72	31.50
Return on Investment (ROI) (PBT/Networth)		0.24	0.48
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.01	2.77

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Partner Capital	23.566	28.834
Profit and Loss	0.000	0.000
Net worth	23.566	28.834
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total Loan	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	96.120	49.733
		(48.259)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	96.120	49.733
Profit	11.197	6.873
	11.65%	13.82%

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	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No
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	No
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 records 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.63.70
UK Pound	1	Rs.98.92
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.