MIRA INFORM REPORT

Report No. :	344213
Report Date :	09.10.2015

IDENTIFICATION DETAILS

Name :	YATIN STEELS INDIA PRIVATE LIMITED
Registered Office :	Joshi Chamber, 66-B,Ground Floor, Ahmedabad Street,  Mumbai-400009, Maharashtra
Tel. No.:	91-22-42454705
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.03.2004
Com. Reg. No.:	11-145365
Capital Investment / Paid-up Capital :	Rs. 33.000 Million
CIN No.: [Company Identification No.]	U27100MH2004PTC145365
IEC No.:	0304026107
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACY2171R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of trading in Iron and steels.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Yatin Steels India Private Limited (YSIPL) trades in iron and steel products, such as hot-rolled and cold-rolled coils and sheets, galvanised plain and corrugated coils and sheets, scrap, sponge iron fines, and sponge iron lumps. Company reported a profit after tax (PAT) of Rs. 6.200 Million on net sales of Rs. 9150.000 Million for 2013-2014 (refers to financial year, April 1 to March 31), against a PAT of Rs. 1.299 Million on net sales of Rs. 7590.000 Million for 2012-2013. The rating on company reflects an increase in its scale of operations and satisfactory financial risk profile marked by a healthy net worth along with negligible debt and above average debt protection metrics. The rating also reflect the extensive experience of company’s promoters in the steel-trading industry and supported by its established customer relationship. This strengths is partially offset by the susceptibility of company’s thin profitability margins to volatility in steel prices and in foreign exchange (forex) rates. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the concern can be considered for business dealing at usual trade terms and conditions. Note: - The partial financials information is taken from indirect source i.e. CRISIL.

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	CRISIL
Rating	Long term bank facilities BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	06.10.2014

Rating Agency Name	CRISIL
Rating	Short term bank facilities A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	06.10.2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Manoj More
Designation :	Account Manager
Contact No.:	91-9920998287
Date :	08.10.2015

LOCATIONS

Registered Office :	Joshi Chamber, 66-B,Ground Floor, Ahmedabad Street,  Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-42454705
Mobile No.:	91-9920998287 (Mr. Manoj)
Fax No.:	91-22-43454712
E-Mail :	yatinsteels@yahoo.com
Location :	Owned
Locality :	Commercial
Warehouse :	Plot No. 1247, Kalamboli Taluka Panvel, Dist. Raigad-400602, Maharashtra, India

DIRECTORS

As on 30.07.2014

Name :	Mr. Yatin Jagmohan Khanna
Designation :	Director
Address :	804-A, Ghamat Lodge, 5th Floor, Dr. B. A. Road, Mumbai-400014, Maharashtra, India
Date of Birth/Age :	07.01.1968
Date of Appointment :	26.03.2004
DIN No.:	00472140
Name :	Mrs. Sharda Jagmohan Khanna
Designation :	Director
Address :	804-A, Ghamat Lodge, 5th Floor, Dr. B. A. Road, Mumbai-400014, Maharashtra, India
Date of Birth/Age :	14.04.1943
Date of Appointment :	26.03.2004
DIN No.:	00964689
Name :	Mr. Pavan Yatin Khanna
Designation :	Director
Address :	804-A, Ghamat Lodge, 5th Floor, Dr. B. A. Road, Mumbai-400014, Maharashtra, India
Date of Birth/Age :	04.09.1966
Date of Appointment :	26.03.2004
DIN No.:	01174895

KEY EXECUTIVES

Name :	Mr. Manoj More
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2014

Names of Equity Shareholders	No. of Shares
Yatin Jagmohan Khanna	2668000
Pavan Yatin Khanna	101000
Sharda Jagmohan Khanna	31000
Total	2800000

Names of Preference Shareholders
Shree Global Tradefine Limited, India	500000
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on 30.07.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of trading in Iron and steels.

Products :

Item Code No.	Product Description
72089000	H.R. Steel Coil/Sheets, H.R. Steel Plates and H.R. Rtound Bar, H.R. Chequered Steel Coils
72091890	C.R. Coil/Sheets
72107000	Colour Coated Steel Sheets
72103010	Gal/G.P./G.C. Coils Sheets
72142090	Iron in Molten Form (Pig Iron)
73079990	Sponge Iron Fines
73079990	Sponge Iron Lumps

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Credit (30/60/90 Days)

Purchasing :

Cash / Credit (30/60/90 Days)

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 :	Not Divulged
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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	Corporate Banking Branch, Fort, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-22694260 (Ringing)
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)	Rs.3440.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Canara Bank, Fort Market Branch, Padhyan House, Fort Market, Mumbai - 400038, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from others	2.521	3.191
Short-term borrowings
Working capital loans from banks	0.008	200.755
Total	2.529	203.946

Auditors :
Name :	Lakhani and Company Chartered Accountants
Address :	Hemsharsaka,19 Gola Lane, Behind Badri Mahal, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFL1302L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- each	Rs. 120.000 Million
500,000	Preference Shares	Rs.10/- each	Rs. 5.000 Million
	Total		Rs. 125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,800,000	Equity Shares	Rs.10/- each	Rs. 28.000 Million
500,000	Preference Shares	Rs.10/- each	Rs. 5.000 Million
	Total		Rs. 33.000 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	33.000	33.000	33.000
(b) Reserves & Surplus	743.078	680.108	550.164
(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)	776.078	713.108	583.164
(3) Non-Current Liabilities
(a) long-term borrowings	2.521	3.191	0.000
(b) Deferred tax liabilities (Net)	2.254	2.495	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)	4.775	5.686	0.000
(4) Current Liabilities
(a) Short term borrowings	188.643	283.601	223.336
(b) Trade payables	2432.064	2284.639	2047.802
(c) Other current liabilities	156.786	151.476	46.621
(d) Short-term provisions	12.184	10.977	2.302
Total Current Liabilities (4)	2789.677	2730.693	2320.061
TOTAL	3570.530	3449.487	2903.225
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.189	24.152	22.259
(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	35.743	63.596	64.928
(e) Other Non-current assets	340.691	284.587	457.291
Total Non-Current Assets	397.623	372.335	544.478
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	108.386	145.727
(c) Trade receivables	2438.388	2270.528	1182.930
(d) Cash and cash equivalents	513.538	393.902	731.772
(e) Short-term loans and advances	180.759	224.501	215.027
(f) Other current assets	40.222	79.835	83.291
Total Current Assets	3172.907	3077.152	2358.747
TOTAL	3570.530	3449.487	2903.225

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	9150.000 (Approximately)
		Other Income	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		93.930	158.552	-72.307
Less	TAX		30.959	28.608	-0.350
	PROFIT/ (LOSS) AFTER TAX		62.971	129.944	-71.957
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		548.508	418.564	490.521
	BALANCE CARRIED TO THE B/S		611.479	548.508	418.564
	Earnings Per Share (Rs.)		19.08	39.37	(21.80)

Particulars	31.03.2015
Sales Turnover (Approximately)	12520.000

Expected Sales 2015-2016 : Rs.15000.000 Million

The above information has been parted by Mr. Manoj More (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.670	2.282	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	238.742	(430.136)	699.895

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.63	4.60	(2.49)
Return on Investment (ROI) (PBT/Networth)		0.12	0.22	(0.12)
Debt Equity Ratio (Total Debt /Networth)		0.25	0.41	0.38
Current Ratio (Current Asset/Current Liability)		1.14	1.13	1.02

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	33.000	33.000	33.000
Reserves & Surplus	550.164	680.108	743.078
Net worth	583.164	713.108	776.078
long-term borrowings	0.000	3.191	2.521
Short term borrowings	223.336	283.601	188.643
Current Maturities Of Long-Term Debts	0.000	2.282	0.670
Total borrowings	223.336	289.074	191.834
Debt/Equity ratio	0.383	0.405	0.247

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	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 two years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from directors	186.859	81.502
Loans and advances from others	1.776	1.344
Total	188.635	82.846

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540023	26/12/2014	300,000,000.00	UNION BANK OF INDIA	Mumbai Samachar Marg Branch,, 66/80,Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, INDIA	C38884706
2	10154522	10/08/2015 *	3,990,000,000.00	Corporation Bank (Lead Bank)	Corporate Banking Branch, 104, Bharat House, Ground Floor, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, INDIA	C62468574

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and machinery

· Vehicle

· Computer

· 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 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.65.15
UK Pound	1	Rs.99.78
Euro	1	Rs.73.32

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
Report Prepared by :	JYTK

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.