MIRA INFORM REPORT

Report No. :	343172
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	RANISATI INDUSTRIES LIMITED
Registered Office :	8 Bentinck Street. Kolkata – 700001, West Bengal
Tel. No.:	91-33-22480357
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.02.1983
Com. Reg. No.:	21-035956
Capital Investment / Paid-up Capital :	Rs.65.475 Million
CIN No.: [Company Identification No.]	L51909WB1983PLC035956
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trader of Iron and Steel
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Case site not working
Comments :	Subject was incorporated in the year 1983. It is established company having moderate track record. The company reported a sales turnover and net loss of Rs.8286.700 Million and Rs. 0.668 Million respectively in FY14 as against an operating income and net profit of Rs. 3544.200 Million and Rs. 0.114 Million respectively in FY2013. Rating is constrained on company moderate capital structure marked by decline in its reserves, cash and bank balance along with average debt protection metrics. However, rating takes into account on company’s experienced promoters, long track record of its business operations and significant growth in its sales turnover during FY-14. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution. Note : Company shares are Listed on the Calcutta Stock Exchange It’s shares are not trade since 1997 on Calcutta stock exchange.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Deepak Burman
Designation :	Accountant
Contact No.:	91-33-22480357
Date :	01.10.2015

LOCATIONS

Registered Office :	8 Bentinck St. Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22480357
Fax No.:	Not Available
E-Mail :	rinaltd@gmail.com
Area :	3000 sq. ft.
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :

Mr. Sajjan Kumar Hakim

Designation :

Additional Director

Address :

237 / 9 G. T. Road (45-54, 219-240), Bye No Line 11, Bally, Howrah - 711202, West Bengal, India

Date of Birth/Age :

05.07.1953

Date of Appointment :

01.11.2008

DIN No.:

02323038

Name :

Mr. Sanjay Gupta

Designation :

Director

Address :

49/1, S. P. Mukherjee Road, Kolkata - 700028, West Bengal, India

Date of Birth/Age :

02.06.1970

Date of Appointment :

03.09.2011

DIN No.:

00585481

Name :

Mr. Kailash Chand Saraf

Designation :

Director

Address :

31, G.T.Road(Uttar) (28-44/1), 13, Golabari, Howrah - 711101, West Bengal, India

Date of Birth/Age :

20.11.1949

Date of Appointment :

30.09.2013

DIN No.:

00578694

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	U27109WB1988PLC044545	TIF (CASTINGS) LIMITED	Director	02/06/1988	02/06/1988	25/11/2011	Active	NO
2	U27109WB1994PLC052024	S G STRIPS LIMITED	Director	12/06/1996	12/06/1996	21/03/2009	Active	NO
3	U27101WB1982PLC035314	CMG DUCTILES LIMITED	Director	31/03/2006	31/03/2006	30/11/2011	Active	NO
4	L51909WB1983PLC035956	RANISATI INDUSTRIES LTD	Director	30/09/2013	09/06/2006	-	Active	NO
5	U51909WB2011PTC164642	EVERNEW SHOPPERS PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
6	U51909WB2011PTC163394	SUBHBIJAY VANIJYA PRIVATE LIMITED	Director	15/07/2011	15/07/2011	29/11/2012	Active	NO
7	U45400WB2013PTC194205	DHANAASHA NIRMAAN PRIVATE LIMITED	Director	31/08/2013	31/08/2013	-	Active	NO
8	U72200WB2001PLC093976	IMPEX INFOTECH LIMITED	Additional director	01/12/2014	01/12/2014	-	Active	NO
9	U51909WB2013PTC192597	SNOWRISE VYAPAAR PRIVATE LIMITED	Additional director	01/12/2014	01/12/2014	-	Active	NO
10	U18204WB2010PTC150149	VISHWARUPA FASHIONS PRIVATE LIMITED	Director	03/12/2014	03/12/2014	-	Active	NO
11	U67190WB2010PTC154275	VISHWARUPA SECURITIES PRIVATE LIMITED	Director	03/12/2014	03/12/2014	-	Active	NO
12	U27105WB2007PTC120017	VISHWARUPA ISPAT PRIVATE LIMITED	Director	03/12/2014	03/12/2014	-	Active	NO
13	U60231WB2010PTC150150	VISHWARUPA LOGISTICS PRIVATE LIMITED	Director	15/12/2014	15/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Burman
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	28.89
Other top fifty shareholders	32.09
Other	32.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel
Products :	Iron and Steel
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

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 :
Remark:	Not Divulged

Customers :

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 :
Remark:	Not Divulged

No. of Employees :

8 (Approximately)

Bankers :

Bank Name	Allahbad Bank
Branch	Kolkata main Branch. 14 India Exchange Place, Kolkata – 700001, West Bengal, India
Person Name (With Designation)	Mr. P.S. Mina (Chief Manager in credit Department)
Contact Number	91-33-22306772
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	10 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs. 200.000 Million
Account Operation	Fair
Remarks (If any)	Banker is not satisfied with their transaction. The account transaction of subject company is poor, also have not paid their interest rate from July 2015

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	200.265	200.246
Total	200.265	200.246

Auditors :
Name :	D. N. Gupta and Associates Chartered Accountants
Address :	10, Ganesh Chandra Avenue, 5^th Floor, Suite No. 32, Kolkata – 700013, West Bengal
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFD7545K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Concast Ispat Limited S.J. Coasting Limited P.I.F. Costing Limited Ranisati Metal Industries Surekha Exports Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million
650000	Preference Shares	Rs.100/- each	Rs.65.000 Million
	Total		Rs.75.0000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.10/- each	Rs.2.450 Million
630250	Preference Shares	Rs.100/- each	Rs.63.025 Million
	Total		Rs.65.475 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	65.475	65.475	65.475
(b) Reserves & Surplus	1.879	1.946	1.832
(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)	67.354	67.421	67.307
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	200.265	200.246	200.227
(b) Trade payables	1.046	1.040	0.680
(c) Other current liabilities	2.040	0.238	0.179
(d) Short-term provisions	0.000	0.055	0.073
Total Current Liabilities (4)	203.351	201.579	201.159
TOTAL	270.705	269.000	268.466
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.172	0.172	0.172
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.045	0.090
Total Non-Current Assets	0.172	0.217	0.262
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	192.536	185.404	156.658
(c) Trade receivables	75.386	79.607	108.881
(d) Cash and cash equivalents	2.492	3.617	2.547
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.119	0.155	0.118
Total Current Assets	270.533	268.783	268.204
TOTAL	270.705	269.000	268.466

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	8286.768	3559.212	3324.057
	Other Income	0.000	0.000	0.000
	TOTAL (A)	8286.768	3559.212	3324.057
Less	EXPENSES
	Purchases of Stock-in-Trade	8241.332	3544.294	3246.955
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.132)	(28.745)	37.462
	Employees benefits expense	0.480	0.480	0.345
	Other expenses	18.125	8.035	7.316
	TOTAL (B)	8252.805	3524.064	3292.078
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	33.963	35.148	31.979
Less	FINANCIAL EXPENSES (D)	33.990	34.971	31.742
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(0.027)	0.177	0.237
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(0.027)	0.177	0.237
Less	TAX (H)	0.040	0.063	0.084
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(0.067)	0.114	0.153
	Earnings / (Loss) Per Share (Rs.)	(0.27)	0.47	0.62

Particulars	31.03.2015
Sales Turnover	3600.000
	(Due to market fluctuation)

The above information has been parted by Mr. Deepak Burman (Accountant)

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 (used in) operations	(1.048)	1.132	32.208
Net cash flow from operating activity	29.114	34.860	32.108

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.41	0.99	0.96
Return on Total Assets (PBT/Total Assets}	(%)	-0.01	0.07	0.09
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		2.97	2.97	2.97
Current Ratio (Current Asset/Current Liability)		1.33	1.33	1.33

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	65.475	65.475	65.475
Reserves & Surplus	1.832	1.946	1.879
Net worth	67.307	67.421	67.354
long-term borrowings	0.000	0.000	0.000
Short term borrowings	200.227	200.246	200.265
Total borrowings	200.227	200.246	200.265
Debt/Equity ratio	2.975	2.970	2.973

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	3324.057	3559.212	8286.768
		7.074	132.826

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	3324.057	3559.212	8286.768
Profit / (Loss)	0.153	0.114	(0.067)
	0.00%	0.00%	0.00%

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	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%	Yes
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	90253575	25/01/2010 *	200,000,000.00	ALLAHABAD BANK	KOLKATA MAIN BRANCH, 14, INDIA EXCHANGE PLACE, KO  LKATA, West Bengal - 700001, INDIA	A80870108

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.07

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.