MIRA INFORM REPORT

Report No. :	347996
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	STEELEX PRECISIONS PRIVATE LIMITED

Registered Office :	23, Chhota Sonapur, M. S. Ali Road, Mumbai – 400008, Maharashtra
Tel. No.:	91-22-23052346 / 47

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.03.2011

Com. Reg. No.:	11-215225

Capital Investment / Paid-up Capital :	Rs.30.298 Million

CIN No.: [Company Identification No.]	U74999MH2011PTC215225

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMS78813A

PAN No.: [Permanent Account No.]	AAPCS6600L

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Galvanised Steel Products.

No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 was incorporated on 24^th March, 2011, it has moderate track record. The rating takes into consideration hefty debt level which leads to create risk to liquidity position of the company. It has modest networth, low reserves as well as low profitability. Further, there is unfavorable gap between trade receivables and trade payables. However, trade relations are reported as fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Yogesh
Designation :	Accountant
Contact No.:	91-22-23052346
Date :	04.11.2015

LOCATIONS

Registered Office :	23,Chhota Sonapur, M. S. Ali Road, Mumbai – 400008, Maharashtra, India
Tel. No.:	91-22-23052346 / 47
Fax No.:	91-22-23052346
E-Mail :	yogesh@steelex.net.in arif@steelex.net.in info@steelex.net.in
Website :	www.steelex.net.in
Location :	Owned
Locality :	Commercial

Correspondence Address :	Orchid City Centre Mall, 3^rd Floor, 5A, Bellasis Road, Mumbai – 400008, Maharashtra, India
Location :	Rented

Warehouse :	MIDC, Taluka Raigad, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Yasmeen Chaudhary

Designation :

Director

Address :

604, A Wing, Pioneer Heritage Residences-II, Daulat Nagar, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

01.10.1956

Date of Appointment :

22.07.2013

DIN No.:

00339586

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	U51398MH1992PTC065990	JANNAT ENTERPRISES PRIVATE LIMITED	Director	20/03/1992	20/03/1992	-	Active	NO
2	U74999MH2011PTC215225	STEELEX PRECISIONS PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO

Name :

Mr. Abdul Qadir Chaudhary

Designation :

Director

Address :

604, A Wing, Pioneer Heritage Residences-II, Daulat Nagar, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

01.03.1955

Date of Appointment :

22.07.2013

DIN No.:

00339696

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	U51398MH1992PTC065990	JANNAT ENTERPRISES PRIVATE LIMITED	Director	20/03/1992	20/03/1992	-	Active	NO
2	U74999MH2011PTC215225	STEELEX PRECISIONS PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO

Name :

Mr. Abdul Majid Abdul Qadir Chaudhary

Designation :

Director

Address :

604, Wing A, Pioneer Heritage Residency II, Daulat Nagar, Off. S. V. Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

08.12.1980

Date of Appointment :

24.03.2011

DIN No.:

03427098

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	U74999MH2011PTC215225	STEELEX PRECISIONS PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
2	U45400MH2013PTC243894	CHAUDHARY INFRA REALESTATE AND DEVELOPERS PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO

Name :

Mr. Basit Abdul Choudhary

Designation :

Director

Address :

604, A Wing, Pioneer Heritage Residency II, Daulat Nagar, Opposite S. V. Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

09.09.1985

Date of Appointment :

24.03.2011

DIN No.:

03427261

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	U74999MH2011PTC215225	STEELEX PRECISIONS PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
2	U45400MH2013PTC243894	CHAUDHARY INFRA REALESTATE & DEVELOPERS PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO

Name :

Mr. Atif Abdul Qadir Chaudhary

Designation :

Director

Address :

604,605, A Wing, Poineer Residency II (Horizon), Co-Operative Society Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

27.04.1982

Date of Appointment :

22.07.2013

DIN No.:

06588044

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	U45400MH2013PTC243894	CHAUDHARY INFRA REALESTATE & DEVELOPERS PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO
2	U74999MH2011PTC215225	STEELEX PRECISIONS PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO

Name :

Mr. Rajeev Singh

Designation :

Additional Director

Address :

13/D, 13th Floor, Harmony Towers, Dr. E Moses Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

07.10.1973

Date of Appointment :

10.07.2014

DIN No.:

06603416

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	U27100MH1994PLC083403	SKM STEELS LIMITED	Whole-time director	01/06/2013	01/06/2013	03/05/2014	Active	NO
2	U74999MH2011PTC215225	STEELEX PRECISIONS PRIVATE LIMITED	Additional director	10/07/2014	10/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Basit Abdul Chaudhary		215000
Abdul Majid Abdul Qadir Chaudhary		215000
Jannat Enterprises Private Limited, India		1084900
Jawed Khan, USA		757450
Rizwan Khan, USA		757450
Total		3029800

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	35.81
Directors or relatives of Directors	14.19
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Galvanised Steel Products.

Products :	Aluminum Galvanised Steel

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash, Cheque and Credit

Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Posco Maharashtra Steel
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 :

Retailers and End Users

Reference :	Hitachi Home Appliances, Ahmedabad, Gujarat, India
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 :

25 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Maratha Mandir Branch, Mumbai Central, Mumbai – 400008, Maharashtra, 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

United Bank of India, Hotel Oberoi Tower Building, Nariman Point, Mumbai - 400021, Maharashtra, India

Auditors :
Name :	Mayank H. Shah and Company Chartered Accountants
Address :	134, Shanta Industrial Estate, I B Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-26855913
Fax No.:	91-22-26855914
E-Mail :	mhs@mayankshah.info

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Jannat Enterprises Private Limited Steelex

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

3029800	Equity Shares	Rs.10/- each	Rs.30.298 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	30.298	0.100	0.100
(b) Reserves & Surplus	2.538	(0.036)	(0.025)
(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)	32.836	0.064	0.075

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.012	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	201.360	0.000	0.000
Total Non-current Liabilities (3)	201.372	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	55.086	0.010	0.010
(c) Other current liabilities	0.464	0.000	0.000
(d) Short-term provisions	0.237	0.000	0.000
Total Current Liabilities (4)	55.787	0.010	0.010

TOTAL	289.995	0.074	0.085

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.268	0.000	0.000
(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	4.797	0.030	0.030
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.065	0.030	0.030

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.179	0.000	0.000
(c) Trade receivables	210.279	0.000	0.000
(d) Cash and cash equivalents	3.472	0.044	0.001
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.054
Total Current Assets	283.930	0.044	0.055

TOTAL	289.995	0.074	0.085

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	361.300	0.000	0.000
	Other Income	NA	NA	0.000
	TOTAL	NA	NA	0.000

	EXPENSES	NA	NA	0.025

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3.887	(0.010)	(0.025)

Less	INTEREST	0.018	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.869	(0.010)	(0.025)

Less/ Add	DEPRECIATION/ AMORTISATION	0.046	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX	3.823	(0.010)	(0.025)

Less	TAX	1.237	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	2.586	(0.010)	(0.025)

	Earnings / (Loss) Per Share (Rs.)	0.85	0.00	(0.01)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.72	0.00	0.00

Operating Profit Margin (PBDIT / Sales)	(%)	1.08	0.00	0.00

Return on Total Assets (PBT/Total Assets}	(%)	1.32	(13.51)	(29.41)

Return on Investment (ROI) (PBT/Networth)		0.12	(0.16)	(0.33)

Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		5.09	4.40	5.50

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	0.100	0.100	30.298
Reserves & Surplus	(0.025)	(0.036)	2.538
Net worth	0.075	0.064	32.836

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	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

OPERATION

The company has started its operating activity of dealing in Galvanised Steel products in the mid of financial year 2013-2014 and has achieved turnover of Rs.361.300 Million during the year.

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10561402	17/03/2015	100,000,000.00	UNITED BANK OF INDIA	HOTEL OBEROI TOWER BUILDING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C50063445

* Date of charge modification

FIXED ASSETS

Computer
Furniture and Fixtures

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.65.79
UK Pound	1	Rs.99.49
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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		26

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

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