MIRA INFORM REPORT

Report No. :	322616
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	ISHWAR ISPAT INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 168, Sector – C, Urla, Industrial Area Urla, Raipur – 493221, Chhattisgarh
Tel. No.:	91-771-325549
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.2005
Com. Reg. No.:	33-018046
Capital Investment / Paid-up Capital :	Rs. 100.000 Million
CIN No.: [Company Identification No.]	U02710CT2005PTC018046
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCI4258C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mild Steel Products, Mild Steelingots, MS Flat Bars, Mild Steel Channels, Steel Channels, Stainless Stealibeam.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B ( 29 )

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per ROC the date of balance sheet ( i.e. financial filed ) is shown as 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial of 2013, reserves level of company seems to be low. However, Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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.

GENERAL INFORMATION

Name :	Mr. Jitendra
Designation :	Key Executive
Contact No.:	91-771-325549
Date :	15.05.2015

LOCATIONS

Registered Office :	Plot No. 168, Sector – C, Urla, Industrial Area Urla, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-325549
Fax No.:	Not Available
E-Mail :	ishwargovt@yahoo.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on : 30.09.2014

Name :

Mr. Dharmendra Navin Patel

Designation :

Director

Address :

H. No. 19 / 07, Fafadih, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

21.04.1985

Date of Appointment :

18.10.2005

DIN No.:

01797726

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	U02710CT2005PTC018046	ISHWAR ISPAT INDUSTRIES PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
2	U26940CT2013PTC001114	Ishwartech Cement Industries Private Limited	Director	15/10/2013	15/10/2013	-	Active	NO

Name :

Mr. Anil Kumar Patel

Designation :

Director

Address :

H. No. 1312, Fafadih, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

03.01.1974

Date of Appointment :

18.10.2005

PAN No.:

AESPP3433L

DIN No.:

01797737

Name :

Mr. Deepak Patel

Designation :

Director

Address :

New Timber Market, Fafadih, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

18.11.1984

Date of Appointment :

18.10.2005

DIN No.:

01798223

Name :

Mr. Haresh Kumar Patel

Designation :

Director

Address :

C/o Shree Ishwar Saw Mill, New Timber Market, Fafadih, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

07.08.1983

Date of Appointment :

20.04.2011

PAN No.:

AJEPP4209M

DIN No.:

03492268

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	U02710CT2005PTC018046	ISHWAR ISPAT INDUSTRIES PRIVATE LIMITED	Director	28/09/2012	20/04/2011	-	Active	NO
2	U26940CT2013PTC001114	Ishwartech Cement Industries Private Limited	Director	15/10/2013	15/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jitendra
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Anil Patel	662,900
Haresh Patel	378,700
Deepak Patel	343,500
Dharmendra Patel	326,400
Gangaram Bhai Patel	343,600
Harjivan Bhai Patel	322,300
Lalji Virji Patel and Sons ( HUF )	230,000
Narayanji Patel	159,300
Navin Patel	192,000
Charulata Ben Patel	200,940
Neeta Ben Patel	291,960
Shanta Ben Patel	231600
Hansha Ben Patel	105,000
Mangla Ben Patel	175,000
Nilesh Patel	113,000
Vijay Patel	212,400
Harilal Murlji Bhai Patel and Sons	225,000
Shantilal Mulji Bhai Patel and Sons	193,000
Vanita Ben Patel	363,600
Damyanti Ben Patel	162,500
Kiran Patel	188,700
Varuna Ben Patel	299000
Sneha Patel	70,000
Mulji Bhai Daya Bhai Patel and Sons	309,600
Anil Shantilal Patel ( HUF )	290,000
Urmila Ben Patel	172,800
Kanta Ben Patel	219,200
Velji Bhai Patel	104,700
Suresh Bhai Patel	225,300
Ramila Ben Patel	151,200
Chetana Ben Patel	159,000
Vijya Ben Patel	137,550
Arjan Bhai Patel	105,000
Leela Ben Patel	138,300
Bhailal Patel	189,300
Mohanlal Patel	133,000
Neeta Ben Patel	138,000
Rekha Ben Patel	149,950
Ratanshi Patel	105,900
Vinod Patel	103,000
Dharmistha Ben Patel	161,200
Laxmi Ben Patel	181,100
Pravin Patel	148,300
Varsh Ben Patel	128,300
Ramesh Patel	150,000
Shanta Ben Patel	308,900
Deepak Purushottam Patel ( HUF )	150,000
Vijay Dhanji Patel ( HUF )	150,000
Total	10,000,000

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Mild Steel Products, Mild Steelingots, MS Flat Bars, Mild Steel Channels, Steel Channels, Stainless Stealibeam.

Products :

Item Code No.	Product Description
72039000	Ingots

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Cheque

Purchasing :

Cash / 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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers

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 :

100 (Approximately)

Bankers :

Bank Name	State Bank Of India
Branch	Me Sales Hub, SME Branch Premises, Administrative Office Building, Raipur – 492001, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Borrowing	6.915	12.988
Short-term borrowings
Borrowing	98.638	98.916
Total	105.553	111.904

Auditors :
Name :	Ashok K. and Company Chartered Accountants
Address :	A 12, Mahavir Gaushala Complex, K K Road, Moudhapara, Raipur – 492001, Chhattisgarah, India
PAN N Income-tax PAN of auditor or auditor's firm :	AJJPS3824Q
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,076,923	Equity Shares	Rs.10/- each	Rs.130.769 Million

As on : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 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	100.000	70.000	70.000
(b) Reserves & Surplus	14.434	1.099	-7.331
(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)	114.434	71.099	62.669
(3) Non-Current Liabilities
(a) long-term borrowings	35.109	54.166	42.546
(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)	35.109	54.166	42.546
(4) Current Liabilities
(a) Short term borrowings	98.638	98.916	80.706
(b) Trade payables	8.018	15.332	24.283
(c) Other current liabilities	18.713	19.481	12.521
(d) Short-term provisions	2.900	2.120	0.930
Total Current Liabilities (4)	128.269	135.849	118.440
TOTAL	277.812	261.114	223.655
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	112.089	77.565	75.313
(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)	6.271	5.584	5.540
(d) Long-term Loan and Advances	14.685	11.314	8.283
(e) Other Non-current assets	0.078	0.103	0.129
Total Non-Current Assets	133.123	94.566	89.265
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.448	76.092	65.829
(c) Trade receivables	86.100	71.941	44.396
(d) Cash and cash equivalents	1.123	3.816	8.161
(e) Short-term loans and advances	5.340	2.271	7.100
(f) Other current assets	11.678	12.428	8.904
Total Current Assets	144.689	166.548	134.390
TOTAL	277.812	261.114	223.655

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1936.775	1495.593	1348.202
		Other Income	NA	NA	NA
		TOTAL	1936.775	1495.593	1348.202
Less	EXPENSES
		TOTAL	1888.155	1454.497	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		48.620	41.096	NA
Less	FINANCIAL EXPENSES		15.528	16.903	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		33.092	24.193	19.906
Less/ Add	DEPRECIATION/ AMORTISATION		17.544	13.687	14.907
	PROFIT BEFORE TAX		15.548	10.506	4.999
Less	TAX		2.213	2.076	1.603
	PROFIT AFTER TAX		13.335	8.430	6.602
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.099	(7.331)	(13.933)
	BALANCE CARRIED TO THE B/S		14.434	1.099	(7.331)
	Earnings Per Share (Rs.)		1.33	0.84	0.66

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	35.109	54.166	42.546
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.69	0.56	0.49
Operating Profit Margin (PBIDT/Sales)	(%)	2.51	2.75	100.00
Return on Total Assets (PBT/Total Assets}	(%)	5.73	4.11	2.29
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.08
Debt Equity Ratio (Total Debt /Networth)		1.48	2.91	2.65
Current Ratio (Current Asset/Current Liability)		1.13	1.23	1.13

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	70.000	70.000	100.000
Reserves & Surplus	(7.331)	1.099	14.434
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	62.669	71.099	114.434
long-term borrowings	42.546	54.166	35.109
Short term borrowings	80.706	98.916	98.638
CURRENT MATURITIES OF LONG-TERM DEBTS	42.546	54.166	35.109
Total borrowings	165.798	207.248	168.856
Debt/Equity ratio	2.646	2.915	1.476

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	1348.202	1495.593	1936.775
		10.932	29.499

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	1348.202	1495.593	1936.775
Profit	6.602	8.430	13.335
	0.49%	0.56%	0.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Borrowing	28.194	41.178
Total	28.194	41.178

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80037060	25/06/2013 *	197,327,208.00	STATE BANK OF INDIA	ME SALES HUB, SME BRANCH PREMISES,, ADMINISTRATIV E OFFICE BUILDING, RAIPUR, Chhattisgarh - 492001, INDIA	B80438674

FIXED ASSETS

• Plant machinery
• Office equipments
• Computer equipments
• Furniture fixtures
• 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. 63.57
UK Pound	1	Rs. 99.66
Euro	1	Rs. 70.92

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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		29

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.