MIRA INFORM REPORT

Report No. :	504234
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	KUTTIPPULAN IRON AND STEEL COMPANY PRIVATE LIMITED
Registered Office :	D2, 24/2489, Chembaka Housing Colony, Pottamal Junction, Calicut – 673016, Kerala
Tel. No.:	91-495-2352718
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	25.08.2004
Com. Reg. No.:	09-017388
Capital Investment / Paid-up Capital :	INR 20.637 Million
CIN No.: [Company Identification No.]	U27109K2004PTC017388
IEC No.: [Import-Export Code No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCK4147K
GSTN : [Goods & Service Tax Registration No.]	32AACCK4147K1ZM
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing of Iron and Steel products. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject was incorporated in the year 2004. It is a manufacturer of iron and steel products. Management has failed to file its financials with the Registrar of Companies for the FY 2017. For the financial year 2016, the company has reported a dip in its revenue by 3.13% as compared to the previous year but has managed to maintain a fair profit margin of 11.22%. The moderate financial profile of the company is marked by erored net worth base due to continue losses. Payment seems to be slow and delayed. In view of aforesaid, dealings are recommended on safe and secured terms.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 19.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Shankara Lingam
Designation :	General Manager
Contact No.:	91-9842246688
Date :	19.04.2018

LOCATIONS

Registered Office :	Door No. 2, 24/2489, Chembaka Housing Colony, Pottamal Junction, Calicut – 673016, Kerala
Tel. No.:	91-495-2352718
Mobile No.:	91-9842246688 (Mr. Shankara Lingam)
Fax No.:	Not Available
E-Mail :	asa.acs@gmail.com
Factory :	Door No. 8 / 1018, Near CWC, Kinfra, Wise Park, Menonpara Road, Kanjikoda Palakkad – 6786621, Kerala, India
Tel. No.:	91-491-2569301
E-Mail :	kiscopalakkad@gmail.com

DIRECTORS

As on 31.03.2017

Name :

Muhammed Abdul Kareem Faisal

Designation :

Additional Director

Address :

Puthangot Vadekke Veettil House, Kappu Post Thekkekad, Via Pattikad, Malappuram – 679322, Kerala, India

Date of Appointment :

05.07.2009

DIN No.:

01113159

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U55101KL2004PTC017602	PRISTINE ISLE RESORTS PRIVATE LIMITED	16/09/2010	-
U55101TN1992PTC022136	ISMAIL & SONS HOTELS PRIVATE LIMITED	29/01/2007	-
U45201TN2003PTC050214	LEADER PROPERTIES & ESTATES PRIVATE LIMITED	01/07/2012	-
U45201DL2003PTC123598	EAST ASIA DEVELOPERS PRIVATE LIMITED	29/04/2015	-
U63090KL2006PTC019044	KEMPS MARITIME PRIVATE LIMITED	03/02/2016	-
U45202KL2006PTC019298	GREEN METRO DEVELOPERS AND BUILDERS PRIVATE LIMITED	27/03/2015	-
U55101RJ2006PTC023233	SUPERUS GUESTHOUSE HOSPITALITIES PRIVATE LIMITED	12/12/2013	-
U70100KL2009PTC023921	CRESTWOOD PROPERTIES AND DEVELOPERS PRIVATE LIMITED	02/04/2014	-
U36911MH2009PTC196390	SAARA GOLD PRIVATE LIMITED	01/10/2010	-
U55101KA2010PTC053957	EMARALD LEISURE PRIVATE LIMITED	22/03/2011	-
U70102DL2014PTC273330	EMARALD BUILDERS PRIVATE LIMITED	18/11/2014	-

Name :

Nellaya Puthan Peedikakkal Mohammed Shabeer

Designation :

Additional Director

Address :

Nellaya Puthanpeedikakkal House, P.O Thazhekode West, Malappuram – 679352, Kerala, India

Date of Appointment :

17.05.2008

PAN No.:

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45201TN2003PTC050214	LEADER PROPERTIES & ESTATES PRIVATE LIMITED	30/09/2009	-
U55101KA2010PTC053957	EMARALD LEISURE PRIVATE LIMITED	22/03/2011	-

Name :

Hamza Koolati

Designation :

Additional Director

Address :

Koolath House, Thelakkad, (PO) Pattikad, (Via) Malappuram – 679325, Kerala, India

Date of Appointment :

17.05.2008

DIN No.:

02137504

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U05004TG2005PTC047202	PHOENIX SEA FOODS PRIVATE LIMITED	23/08/2005	-
U72200TN2005PTC057081	KAPP SOFTWARE PRIVATE LIMITED	11/11/2013	-
U72900DL2005PTC137683	LEADER MEDIA CORPORATION PRIVATE LIMITED	30/06/2007	-
U52100KL2009PTC023840	RAPIDTECH TRADING PRIVATE LIMITED	18/02/2009	-

Name :

Abdul Latheef

Designation :

Director

Address :

2/172, Thazhathe Kalladi House Thonippuram, Pullissery, Po Palghat – 678582, Kerala, India

Date of Appointment :

21.09.2012

DIN No.:

05264016

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45201KL1994PTC007705	KANDALA GROUP CONSTRUCTIONS PVT LTD	24/09/2012	-

KEY EXECUTIVES

Name :	Mr. Shankara Lingam
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares
Muhammed Abdul Kareem Faisal	2061700
Nellaya Puthan Peedikakkal Mohammed Shabeer	2000
Total	2063700

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Iron and Steel products. (Registered activity)

Products :

Item Code No.	Product Description
99611924	Basic Iron and Steel

NIC Code No.	Product Description
27	To do the business of manufacturing of Iron and Steel products

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	The Federal Bank Limited
Branch	Kanjikode Branch, Palakkad – 678623, Kerala, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Bonds / Debenture
Term Loan
From Banks
The federal bank limited – Loan A/c No. 490	0.000	1.062
Toyota financial	1.056	1.229
Short-term Borrowings
Loans repayable on demand
From Banks
The federal bank Limited – CC A/c No. 843	21.447	21.211
Total	22.503	23.502

Auditors :
Name :	Balakrishananmanoharan Chartered Accountants
Address :	1/83 Radhika, Ambatt Colony, Court Road, Sultanpet, Palakkad – 678001, Kerala, India
Tel. No.:	91-491-2353851
Mobile No.:	91-9447516101
E-Mail :	Bmanoharan830@gmail.om Manoharan_meena@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AEKPM2386K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	INR 10/- each	INR 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2063700	Equity Shares	INR 10/- each	INR 20.637 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.637	20.637
(b) Reserves & Surplus	(48.577)	(34.065)
(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)	(27.940)	(13.428)
(3) Non-Current Liabilities
(a) long-term borrowings	34.701	35.935
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	34.701	35.935
(4) Current Liabilities
(a) Short term borrowings	21.461	21.211
(b) Trade payables	47.830	39.272
(c) Other current liabilities	3.829	3.157
(d) Short-term provisions	0.248	0.115
Total Current Liabilities (4)	73.368	63.755
TOTAL	80.129	86.262
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.295	20.572
(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	24.295	20.572
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	41.153	46.891
(c) Trade receivables	5.594	5.760
(d) Cash and cash equivalents	0.202	0.178
(e) Short-term loans and advances	2.002	5.991
(f) Other current assets	6.883	6.870
Total Current Assets	55.834	65.690
TOTAL	80.129	86.262

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	129.353	133.538
	Other Income	0.458	0.825
	TOTAL	129.811	134.363
Less	EXPENSES
	Cost of Materials Consumed	77.059	112.279
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	20.848	(6.906)
	Employees benefits expense	3.139	2.713
	Other expenses	36.723	34.771
	TOTAL	137.769	142.857
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(7.958)	(8.494)
Less	FINANCIAL EXPENSES	3.382	3.037
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(11.340)	(11.531)
Less/ Add	DEPRECIATION/ AMORTISATION	3.173	2.681
	PROFIT/ (LOSS) BEFORE TAX	(14.513)	(14.212)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(14.513)	(14.212)
	Earnings / (Loss) Per Share (INR)	(7.03)	(6.89)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from operating activity	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	15.78	15.74
Account Receivables Turnover (Income / Sundry Debtors)	23.12	23.18
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	226.55	127.67
Inventory Turnover (Operating Income / Inventories)	(0.19)	(0.18)
Asset Turnover (Operating Income / Net Fixed Assets)	(0.33)	(0.41)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.35	1.16
Debt Equity Ratio (Total Liability / Networth)	(2.01)	(4.26)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(2.63)	(4.75)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.87)	(1.53)
Interest Coverage Ratio (PBIT / Financial Charges)	(2.35)	(2.80)

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(11.22)	(10.64)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(18.11)	(16.48)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	51.94	105.84

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.76	1.03
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.20	0.29
G-Score Ratio Financial (Networth / Total Assets)	(0.35)	(0.16)
G-Score Ratio Debt (Debts / Equity Capital)	2.72	2.77
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.76	1.03

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016
	INR In Million	INR In Million
Share Capital	20.637	20.637
Reserves & Surplus	(34.065)	(48.577)
Net worth	(13.428)	(27.940)
Long Term borrowings	35.935	34.701
Short Term borrowings	21.211	21.461
Total borrowings	57.146	56.162
Debt/Equity ratio	(4.256)	(2.010)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016
	INR In Million	INR In Million
Sales	133.538	129.353
		(3.134)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016
	INR In Million	INR In Million
Sales	133.538	129.353
Profit / (Loss)	(14.212)	(14.513)
	(10.64%)	(11.22%)

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	No
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	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

NOTE: Registered office of the company has been shifted from Door No 6/1143 Leela Quartersnear Water Tank, Puthussery Village, Kanjikode, Post Palakkad – 678621, Kerala, India to the present address w.e.f. 16.02.2009

UNSECURED LOAN

Unsecured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
From Other Parties
Abu haji	0.500	0.500
A. karim	0.150	0.150
A. P. Jaffer	0.014	0.013
A. P. Siddique	0.028	0.028
C.T. Muhammed	0.250	0.250
Moosa Haji	0.150	0.150
Q. P. Siddique	0.150	0.150
Loan form directors	21.303	21.303
From Group concerns
Bency and company limited	3.150	3.150
Green metro co. P. Limited	7.950	7.950
Short-term Borrowings
Deposits
Security deposit	0.014	0.000
Total	33.659	33.644

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	B04188686	10262223	THE FEDERAL BANK LIMITED	12/01/2011	-	-	28500000.0	Kanjikode Branch, Palakkad – 678623, Kerala, India

FIXED ASSETS

• Office Building
• Factory Building
• Furniture and fixture
• Plant and machinery
• Electrical and electronic fittings and equipment
• Car
• Mould
• land

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	INR
US Dollar	1	INR 65.45
UK Pound	1	INR 93.28
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	PRY
Analysis Done by :	PRT
Report Prepared by :	KJL

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.