MIRA INFORM REPORT

Report No. :	350824
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	RADHA RAJ ISPAT PRIVATE LIMITED
Registered Office :	5190, Lahori Gate, Delhi-110006
Tel. No.:	91-11-23968328
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.07.1994
Com. Reg. No.:	55-060395
Capital Investment / Paid-up Capital :	Rs. 0.105 Million
CIN No.: [Company Identification No.]	U74899DL1994PTC060395
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	DELR09759B
PAN No.: [Permanent Account No.]	AAACR3275K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is an Investment Company and it invests in Shares and Securities.
No. of Employees :	10 (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 321600
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1994, it has moderate track. The company is primarily an Investment Company. It invests in Shares and Securities. Mr. Raman Sapra (Company Secretary) claimed that Subject Company is going to amalgamate with KRBL Limited upon the approval from high court for the same. Further he denied to provide any information about the subject to us. As per the available financials of the year 2014, the company has acceptable Net Worth along with comfortable debt level. In view of aforesaid, 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

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 DECLINED BY

Name :	Mr. Raman Sapra
Designation :	Company Secretary
Contact No.:	91-120-4060365
Date :	26.11.2015

LOCATIONS

Registered Office :	5190, Lahori Gate, Delhi-110006, India
Tel. No.:	91-11-23968328
Fax No.:	91-11-23968328
E-Mail :	bibhu@krblindia.com
Website :	cs@krblindia.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Anil Kumar Mittal
Designation :	Director
Address :	J-207, Saket, New Delhi-110017, India
Date of Birth/Age :	03.03.1951
Date of Appointment :	10.08.1994
Voter ID No.:	DL/03/033/024728
DIN No.:	00030100
Name :	Mr. Arun Kumar Gupta
Designation :	Director
Address :	5-Court Lane, Civil Lines, Delhi-110054, India
Date of Birth/Age :	12.05.1957
Date of Appointment :	10.08.1994
Voter ID No.:	DL/03/033/024706
DIN No.:	00030127
Name :	Mr. Anoop Kumar Gupta
Designation :	Director
Address :	F-208, Sainik Farms, New Delhi-110062, India
Date of Birth/Age :	13.02.1959
Date of Appointment :	10.08.1994
Voter ID No.:	DL/03/033/024729
DIN No.:	00030160
Name :	Ms. Priyanka Mittal
Designation :	Director
Address :	J-207, Saket, New Delhi-110017, India
Date of Birth/Age :	06.04.1977
Date of Appointment :	13.01.2005
DIN No.:	00030479
Name :	Mr. Anulika Gupta
Designation :	Director
Address :	5-Court Lane, Civil Lines, Delhi-110054, India
Date of Birth/Age :	14.10.1959
Date of Appointment :	13.01.2005
DIN No.:	00030671
Name :	Mr. Binita Gupta
Designation :	Director
Address :	F-208, Sainik Farms, New Delhi-110062, India
Date of Birth/Age :	22.05.1967
Date of Appointment :	13.0102005
DIN No.:	00030697

KEY EXECUTIVES

Name :	Mr. Raman Sapra
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Tara Devi	2
Binta Gupta	3506
Preeti Mittal	3506
Anulika Gupta	3506
Total	10520

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is an Investment Company and it invests in Shares and Securities.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

· Karnataka Bank

Facilities :

--

Banking Relations :	--
Auditors :
Name :	SPMR and Associates Chartered Accountants
Address :	A-121, First Floor, Main Vikas Marg, Shakarpur, Delhi-110092, India
Income-tax PAN of auditor or auditor's firm :	AADFP3610N
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs. 10/- each	Rs. 0.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,520	Equity Shares	Rs. 10/- each	Rs. 0.105 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	0.105	0.105	0.105
(b) Reserves & Surplus	112.471	87.145	76.610
(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)	112.576	87.250	76.715
(3) Non-Current Liabilities
(a) Long-term borrowings	18.129	48.744	57.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.092	0.093	0.092
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.221	48.837	57.092
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities and Provisions	0.727	0.129	0.016
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.727	0.129	0.016
TOTAL	131.524	136.216	133.823
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	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	111.237	111.237	111.237
(c) Deferred tax assets (net)	3.832	5.226	5.406
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	115.069	116.463	116.643
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.498	16.937	16.937
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.032	0.117	0.074
(e) Short-term loans and advances	3.925	2.699	0.169
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	16.455	19.753	17.180
TOTAL	131.524	136.216	133.823

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sale of Shares/ Mutual Funds	8.598	0.000	0.363
		Other Income	22.578	8.818	8.670
		TOTAL	31.176	8.818	9.033
Less	EXPENSES
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(0.001)	0.007
		Other Administrative expenses		0.020	0.051
		TOTAL	4.458	0.019	0.058
	PROFIT BEFORE INTEREST AND TAX		[Including Financial Expenses]	8.799	8.975
Less	FINANCIAL EXPENSES			0.001	1.084
	PROFIT BEFORE TAX		26.718	8.798	7.891
Less	TAX		1.393	(1.738)	0.305
	PROFIT AFTER TAX		25.325	10.536	7.586
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.146	76.610	69.024
	BALANCE CARRIED TO THE B/S		112.471	87.146	76.610
	Earnings Per Share (Rs.)		2407.32	10.54	7.59

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 Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	294.55	0.00	2089.81
Operating Profit Margin (PBDIT/Sales)	(%)	NA	0.00	2472.45
Return on Total Assets (PBT/Total Assets}	(%)	162.37	44.54	45.93
Return on Investment (ROI) (PBT/Networth)		0.24	0.10	0.10
Debt Equity Ratio (Total Debt/Networth)		0.16	0.56	0.74
Current Ratio (Current Asset/Current Liability)		22.63	153.12	1073.75

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	0.105	0.105	0.105
Reserves & Surplus	76.610	87.145	112.471
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	76.715	87.250	112.576
Long-term borrowings	57.000	48.744	18.129
Short term borrowings	0.000	0.000	0.000
Total borrowings	57.000	48.744	18.129
Debt/Equity ratio	0.743	0.559	0.161

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	0.363	0.000	8.598
		(100.000)

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	0.363	0.000	8.598
Profit	7.586	10.536	25.325
	2089.81%		294.55%

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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Anil Kumar Mittal	6.043	16.248
Arun Kumar Gupta	6.043	16.248
Anoop Kumar Gupta	6.043	16.248
Total	18.129	48.744

FUTURE PROPSPECTS:

The directors are making untiring efforts to explore the shares and securities market in the best possible manner. Due deliberations are also going on for obtaining certain lucrative business contracts. The directors are hopeful for a bright future ahead.

PRESS RELEASE:

KRBL LIMITED APPROVES AMALGAMATION OF RADHA RAJ ISPAT PRIVATE LIMITED

2015-02-18

Based on the recommendation of the Audit Committee, Board of Directors of KRBL Ltd has, at its meeting held on February 18, 2015, consider and approved the scheme of Amalgamation under section 391 to 394 read with 100 to 103 of the companies Act, 1956 and corresponding sections of the Companies Act, 2013 (as and when such corresponding sections are notified in the Official Gazette by the Central Government) between KRBL and Radha Raj Ispat Private Limited ('Radha Raj') and their respective shareholders and creditors ('Scheme'). The Scheme is proposed to be effective from April 01, 2015, being the Appointed Date.

Radha Raj is part of the Promoter Group of KRBL. Radha Raj holds 11.86% of KRBL's Paid-Up Equity Share Capital. Pursuant to the proposed amalgamation of Radha Raj with KRBL, post-merger paid-up capital of the Company will remain same and there will be no dilution for any shareholders including public shareholders. The individual Promoters will directly hold shares in KRBL and there will be no change in the Promoter shareholding of KRBL.

The Promoters will continue to hold the same percentage of shares in KRBL i.e. 58.81% of KRBL's Paid-Up Equity Share Capital even after this proposed merger. The purpose of this amalgamation is to simplify the shareholding structure and reduction of shareholding tiers and to demonstrate the Promoter Group's direct commitment to and engagement with KRBL.

Shares of KRBL Limited was last trading in BSE at Rs.133.5 as compared to the previous close of Rs. 131.6. The total number of shares traded during the day was 10832 in over 358 trades.

The stock hit an intraday high of Rs. 134 and intraday low of 132.1. The net turnover during the day was Rs. 1.442 Million.

FIXED ASSETS:

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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. 66.75
UK Pound	1	Rs. 100.68
Euro	1	Rs. 70.88

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	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	NO
--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.