MIRA INFORM REPORT

Report No. :	351818
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	STAINOX ALLOYS PRIVATE LIMITED
Registered Office :	B-103, Floor-1st, Plot-CS 1040, B, Mangalmurti, CHS, Khetwadi, 10th Lane, Khetwadi, Girgaon, Mumbai-400004, Maharashtra
Tel. No.:	91-22-67521280
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.07.2012
Com. Reg. No.:	11-233405
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U27310MH2012PTC233405
IEC No.:	0312057491
TAN No.: [Tax Deduction & Collection Account No.]	MUMS74661G
PAN No.: [Permanent Account No.]	AARCS8137Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Iron and Steel.
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 19000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2012 and it is engaged in the trading and importing of iron and steel. For the financial year ended 2014, the company has reported decent growth in its revenue profile but failed to maintained profit margins and reported low margins at 0.70% during the year under a review. Rating remain constrained on account of company’s moderate financial profile marked by low net worth base along with huge borrowings and weak debt coverage indicators. Rating also takes into consideration risk associated with trading nature of business along with susceptibility to fluctuation in steel prices as well as forex movement imparting volatility to profitability and intense competition and cyclical nature of the sector. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Nilesh Shah
Designation :	Accountant
Contact No.:	91-22-67521280
Date :	27.11.2015

LOCATIONS

Registered Office :	B-103, Floor-1st, Plot-CS 1040, B, Mangalmurti, CHS, Khetwadi, 10th Lane, Khetwadi, Girgaon, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-67521280/ 238585008/ 66362410
Fax No.:	91-22-67521280
E-Mail :	ketan.jain@hotmail.com office@sachinfcs.com stainoxalloys@gmail.com info@stainox.com
Website :	http://www.stainox.com
Location :	Rented
Locality :	Commercial
Warehouse :	1130, Road No. 13, Steel Warehousing Complex, Revenue Village, Kalamboli, Taluka-Panvel, District Raigad-410318, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ketan Rameshkumar Jain
Designation :	Director
Address :	3/5 Kanchwala Building. R.N.11-12 1st Floor, 1st Parsiwada Lane Nanubhai Desai Road, Mumbai-400004, Maharashtra, India
Date of Birth/Age :	02.11.1985
Date of Appointment :	16.07.2012
PAN No.:	AFLPJ9503P
DIN No.:	03371306
Name :	Mr. Prakash Bastimal Jain
Designation :	Director
Address :	25 A, Chandanwadi, 2nd Floor, C. P. Tank Road, Mumbai-400004, Maharashtra, India
Date of Birth/Age :	26.02.1968
Date of Appointment :	16.07.2012
PAN No.:	AABPJ4192R
DIN No.:	05302914
Name :	Mr. Vinay Kantilal Jain
Designation :	Director
Address :	25/A Chandawadi 2nd Floor, Opposite Madhav Baug, C P Tank Road, Mumbai- 400004, Maharashtra, India
Date of Birth/Age :	09.10.1990
Date of Appointment :	04.03.2014
PAN No.:	ALFPJ0246F
DIN No.:	06498358

KEY EXECUTIVES

Name :	Mr. Nilesh Shah
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ramesh Bastimal Jain	4500
Kantilal Bastimal Jain	4500
Prakash Bastimal Jain	4500
Ketan Rameshkumar Jain	4500
Bastimal Jain	4750
Mungiben Jain	4750
Sushila Jain	4500
Anju Jain	4500
Damyanti Jain	4500
Rasna Jain	4500
Vinay Jain	4494
Jitendra Jain	1
Bharat Chandan	1
Naresh Bhansali	1
Ravi.R.Kothari and Manjula.R.Kothari (Jointly)	1
Dinesh.A.Shah, Chirag.D.Shah, Ashok. A. Shah and Disha.C.Shah (Jointly)	1
Satish Doshi	1
Total	50000

AS ON 20.11.2014

Names of Allottees	No. of Shares
Ramesh Bastimal Jain	45000
Kantilal Bastimal Jain	45000
Prakash Bastimal Jain	45000
Ketan Rameshkumar Jain	45000
Bastimal Jain	47500
Mungiben Jain	47500
Sushila Jain	45000
Anju Jain	45000
Damyanti Jain	45000
Rasna Jain	45000
Vinay Jain	45000
Total	500000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Iron and Steel.

Products :

ITC Code No.	Product Descriptions
72099000	Coil
72202090	S S Pipes

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

Raw Material

Countries :

· China

· Singapore

· Malaysia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

End Users

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:	Yes Bank Limited
Branch:	9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-22-66749000/ 67478918 (No one is responding)
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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
Buyers’ Credit Facility	128.860	2.872
Total	128.860	2.872

Banking Relations :	--
Auditors :
Name :	M. C. Doshi and Company Chartered Accountants
Address :	219, Plaza Panchshil B Wing, Hughes RD, Next to Dharam Palace, Mumbai-400007, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAUFM8321L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 11.500 Million

Issued, Subscribed & Paid-up Capital : Rs. 11.500 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	6.166	(1.141)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6.666	(0.641)
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.022	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.022	0.000
(4) Current Liabilities
(a) Short term borrowings	374.563	118.819
(b) Trade payables	38.698	21.771
(c) Other current liabilities	20.047	3.312
(d) Short-term provisions	0.638	0.070
Total Current Liabilities (4)	433.946	143.972
TOTAL	440.634	143.331
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.105	0.014
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.105	0.014
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	19.873	30.060
(c) Trade receivables	234.800	25.159
(d) Cash and cash equivalents	109.877	3.097
(e) Short-term loans and advances	74.256	84.972
(f) Other current assets	1.723	0.029
Total Current Assets	440.529	143.317
TOTAL	440.634	143.331

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013
	SALES
		Income			27.514
		Other Income			0.039
		TOTAL		1041.139	27.553
Less	EXPENSES
		TOTAL		1030.909	28.694
	PROFIT BEFORE TAX			10.230	(1.141)
Less	TAX			2.923	0.000
	PROFIT AFTER TAX			7.307	(1.141)
	Earnings Per Share (Rs.)			146.14	(22.82)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash Generated from Operations	NA	NA
Net Cash Flow from used in Operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	NA	(4.15)
Return on Total Assets (PBT/Total Assets}	(%)	2.32	(0.80)
Return on Investment (ROI) (PBT/Networth)		1.53	1.78
Debt Equity Ratio (Total Debt/Networth)		56.19	(185.37)
Current Ratio (Current Asset/Current Liability)		1.02	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500
Reserves & Surplus	(1.141)	6.166
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	(0.641)	6.666
Long-term borrowings	0.000	0.000
Short term borrowings	118.819	374.563
Total borrowings	118.819	374.563
Debt/Equity ratio	(185.365)	56.190

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	27.553	1041.139
		3,678.677

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	27.553	1041.139
Profit	(1.141)	7.307
	(4.14%)	0.70%

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)	Yes
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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10411436	15/10/2015 *	250,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI- 400018, MAHARASHTRA, INDIA	C67564534

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
From Directors, Shareholders and Relatives	144.503	24.447
From Others	101.200	91.500
Total	245.703	115.947

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

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

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	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.