MIRA INFORM REPORT

Report No. :	324079
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	BALAJEE STRUCTURAL (INDIA) LIMITED

Formerly Known As :	BALAJEE STRUCTURALS (INDIA) LIMITED (w.e.f. 24.04.2006) BALAJEE STRUCTURALS (INDIA) PRIVATE LIMITED

Registered Office :	Near Agrasen Chowk, Bajrang Nagar, Raipur – 492001 , Chattisgarh

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.02.2000

Com. Reg. No.:	10-014067

Capital Investment / Paid-up Capital :	Rs.34.018 Million

CIN No.: [Company Identification No.]	U27106CT2000PLC014067

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCB7575P

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Manufacturer and Supplier of all types of structural steel, flat steel, Reinforcement steel and iron.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 870000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is low however, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 carry moderate credit risk.
Date	December 24, 2014

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. Dilip Yadav
Designation :	Accountant
Contact No.:	91-771-2535851
Date :	23.05.2015

LOCATIONS

Registered Office :	Near Agrasen Chowk, Bajrang Nagar, Raipur – 492001 , Chattisgarh, India
Tel. No.:	91-771-2535851 / 2225151
Fax No.:	91-771-2536751
E-Mail :	balajeegroupryp@yahoo.in rkscaryp@yahoo.co.in marketing@balajeegroupindia.com sureshjindal@balajeegroupindia.com vishnujindal@balajeegroupindia.com pawanjindal@balajeegroupindia.com vishnujindal@balajeegroupindia.com amitjindal@balajeegroupindia.com ankitjindal@balajeegroupindia.com jpjindal@balajeegroupindia.com sureshjindal@balajeegroupindia.com
Website :	www.balajeegroupindia.com
Location :	Owned

Factory :	Ring Road No. 2, Tatibandh, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4043251 / 4043351 / 3298151

DIRECTORS

Name :

Mr. Suresh Kumar Agarwal

Designation :

Director

Address :

11, Jalasaya Marg, Chobey Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

21.04.1965

Qualification :

Graduate

Date of Appointment :

25.02.2000

DIN No.:

00182991

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	U27106CT1989PLC005016	BALAJEE LOHA LIMITED	Director	17/01/1989	17/01/1989	-	Active	NO
2	U27106CT2000PLC014067	BALAJEE STRUCTURAL(INDIA) LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
3	U27106CT1985PLC002989	SHREE HANUMAN LOHA Limited	Director	20/06/2014	20/06/2014	-	Active	NO
4	U85300CT2015NPL001730	Lilawati Devi Bhagwan Das Dharmada Sewa Sansthan	Director	23/04/2015	23/04/2015	-	Active	NO

Name :

Mr. Amit Kumar Agarwal

Designation :

Director

Address :

7, Jalasaya Marg, Chobey Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

11.07.1973

Qualification :

Graduate

Date of Appointment :

25.02.2000

PAN No.:

ACJPA2704J

DIN No.:

00182995

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	U27101CT1996PTC010800	Balajee Realinfra Private Limited	Director	02/05/1996	02/05/1996	11/05/2012	Active	NO
2	U27106CT2000PLC014067	BALAJEE STRUCTURAL(INDIA) LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
3	U27106CT1985PLC002989	SHREE HANUMAN LOHA Limited	Director	20/04/2009	20/04/2009	11/05/2012	Active	NO
4	U51909WB2004PTC100422	GLORIOUS TIE-UP PRIVATE LIMITED	Director	13/07/2009	13/07/2009	-	Active	NO

Name :

Mr. Amit Jindal

Designation :

Director

Address :

11, Jindal House, Jalasaya Marg, Chobey Colony, Raipur – 492001,

Chhattisgarh, India

Date of Birth/Age :

10.07.1983

Qualification :

Graduate

Date of Appointment :

21.01.2006

PAN No.:

AFHPJ2268P

DIN No.:

01598411

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	U27106CT2000PLC014067	BALAJEE STRUCTURAL(INDIA) LIMITED	Director	21/01/2006	21/01/2006	-	Active	NO
2	U27106CT1985PLC002989	SHREE HANUMAN LOHA Limited	Director	07/04/2006	07/04/2006	-	Active	NO
3	U72200WB2010PTC155633	VIZCOM SOLUTIONS PRIVATE LIMITED	Director	11/06/2014	11/06/2014	-	Active	NO
4	U51909WB2010PTC154761	HIGHRANK VINCOM PRIVATE LIMITED	Director	14/08/2014	14/08/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Vishu Kumar Agarwal	88700
Suresh Kumar Agarwal	3400
B.D. Agarwal	3500
Pawan Kumar Agarwal	97000
Jai Prakash Agarwal	122700
Rekha Agarwal	10000
S.K.Agarwal (HUF)	6700
Gayatri Agarwal	15000
M.R.Agarwal (HUF)	13700
J.P. Agarwal (HUF)	6700
Indu Bai Agarwal	62500
Mohan Lal Agarwal	100000
Jindal Loha Private Limited	878900
Balajee Realinfra Private Limited	947000
Glorious Tie-Up Private Limited	336000
Vizcom Solutions Private Limited	710000
Total	3401800

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	84.39
Directors or relatives of Directors	15.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of all types of structural steel, flat steel, Reinforcement steel and iron.

Products :

Item Code No. (ITC Code)	Product Description
72282000	Ms Ingot and Rolled Product

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 :	Jayaswal Neco Industries Limited
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 :

Manufacturer

Reference :	J J Steel Corporation
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 :

150 (Approximately)

Bankers :

Banker Name	Punjab Naional Bank
Branch Address	Main Branch, Motibagh chowk, Raipur – 492001 (CG), Chhattisgarh, India
Person Name (With Designation)	Mr. Nikhil Chowdhary (AGM)
Contact Number	91-771-2537853
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)	He denied to provide his opinion.

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Working Capital loans from banks	97.628	190.123
Total	97.628	190.123

Auditors :
Name :	Rajesh J. Agrawal and Company Chartered Accountant
Address :	Near Dr. Farista, Beside SBI Zonal Office, Katora Talab, Raipur (C.G.), Chhattisgarh, India
PAN No.:	AAIFR5780L

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Balajee Loha Limited Shree Hanuman Metalics (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

4400000	Equity Shares	Rs.10/-each	Rs.44.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

3401800	Equity Shares	Rs.10/-each	Rs.34.018 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	34.018	26.918	26.918
(b) Reserves & Surplus	273.759	214.621	210.892
(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)	307.777	241.539	237.810

(3) Non-Current Liabilities
(a) long-term borrowings	128.711	110.323	98.214
(b) Deferred tax liabilities (Net)	4.345	3.857	2.877
(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)	133.056	114.180	101.091

(4) Current Liabilities
(a) Short term borrowings	97.628	190.123	104.850
(b) Trade payables	83.876	62.837	26.969
(c) Other current liabilities	50.417	36.498	68.930
(d) Short-term provisions	0.000	0.000	1.070
Total Current Liabilities (4)	231.921	289.458	201.819

TOTAL	672.754	645.177	540.720

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118.647	112.842	72.582
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.299
(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	26.465	23.644	16.754
(e) Other Non-current assets	1.988	0.462	0.381
Total Non-Current Assets	147.100	136.948	90.016

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	238.926	192.254	173.857
(c) Trade receivables	235.825	190.085	187.058
(d) Cash and cash equivalents	11.531	63.240	15.230
(e) Short-term loans and advances	39.125	61.816	74.087
(f) Other current assets	0.247	0.834	0.472
Total Current Assets	525.654	508.229	450.704

TOTAL	672.754	645.177	540.720

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2358.510	1828.746	1777.953
	Other Income	3.508	2.417	1.574
	TOTAL	2362.018	1831.163	1779.527

Less	EXPENSES
	Cost of Materials Consumed	1844.099	1464.108	1272.253
	Purchases of Stock-in-Trade	173.741	111.730	336.649
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.648)	9.704	(44.095)
	Employees benefits expense	4.019	2.477	3.173
	Other expenses	314.412	202.137	172.963
	TOTAL	2315.623	1790.156	1740.943

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	46.395	41.007	38.584

Less	FINANCIAL EXPENSES	18.843	16.949	17.472

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	27.552	24.058	21.112

Less/ Add	DEPRECIATION/ AMORTISATION	24.067	18.631	16.091

	PROFIT/ (LOSS) BEFORE TAX	3.485	5.427	5.021

Less	TAX	1.147	1.699	1.512

	PROFIT/ (LOSS) AFTER TAX	2.338	3.728	3.509

	Earnings / (Loss) Per Share (Rs.)	0.69	1.10	1.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	0.10	0.20	0.20

Operating Profit Margin (PBDIT/Sales)	(%)	1.96	2.24	2.17

Return on Total Assets (PBT/Total Assets}	(%)	0.52	0.84	0.93

Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.02

Debt Equity Ratio (Total Liability/Networth)		0.74	1.24	0.85

Current Ratio (Current Asset/Current Liability)		2.27	1.76	2.23

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	26.918	26.918	34.018
Reserves & Surplus	210.892	214.621	273.759
Net worth	237.810	241.539	307.777

long-term borrowings	98.214	110.323	128.711
Short term borrowings	104.850	190.123	97.628
Total borrowings	203.064	300.446	226.339
Debt/Equity ratio	0.854	1.244	0.735

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)
Sales	1777.953	1828.746	2358.510
		2.857	28.969

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1777.953	1828.746	2358.510
Profit	3.509	3.728	2.338
	0.20%	0.20%	0.10%

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	No
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	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90204242	30/03/2013 *	200,000,000.00	PUNJAB NATIONAL BANK	MAIN BRANCH, JAISTHAMBH CHOWK, RAIPUR, RAIPUR, Chhattisgarh - 492001, INDIA	B74908385

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from others	115.177	97.211
Loans and advances from Directors	13.534	13.112
Total	128.711	110.323

FIXED ASSETS

Land
Buildings
Office building
Factory building
Plant and equipment
Factory Equipments
Vehicles
Motor vehicles
Computer Equipments

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 :	KMN

Analysis Done by :	DIV

Report Prepared by :	PNM

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.

MIRA INFORM REPORT

1.96

Unit