MIRA INFORM REPORT

Report No. :	490438
Report Date :	12.02.2018

IDENTIFICATION DETAILS

Name :	LAXCON STEELS LIMITED (w.e.f. 21.06.2007)
Formerly Known As :	LAXCON STEELS PRIVATE LIMITED
Registered Office :	Plot No. 235, Sarkhej Bavla, N H 8A, Village Sari, Taluka Sanand, District Ahmedabad – 382220, Gujarat
Tel. No.:	91-79-40007600
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	12.08.1999
Com. Reg. No.:	04-036413
Capital Investment / Paid-up Capital :	INR 145.136 Million
CIN No.: [Company Identification No.]	U27100GJ1999PLC036413
IEC No.:	0800002881
TAN No.: [Tax Deduction & Collection Account No.]	AHML00104G
GSTIN :	27AAACL5064A1Z3
PAN No.: [Permanent Account No.]	AAACL5064A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Iron and Steel (Registered activity and also confirmed by management)
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 :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1999 and it is having good track records. The company manufactures stainless steel and alloy steel billets, ingots, round bars, bright bars, angles, and other products at its facility in Ahmedabad. For the financial year 2017, the company has increased its revenue from operation as compared to previous year and maintained average profitability margin of 2.17%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and average debt balance sheet. Further, rating also reflects from its extensive experience of the promoters in the steel products industry, its diversified product portfolio and integrated operations providing stability to its business risk profile and improvement in the revenue as well as profitability profile during the year. However, rating strength is partially offset by working capital-intensive operations, vulnerability to volatility in raw material prices and foreign exchange rates. Trade relations are reported as fair. Business is active. Payments terms are seem to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

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 (30.06.2017)	Current Rating (30.09.2017)
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	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	06.07.2017

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	06.07.2017

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 31-03-2016.

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 12.02.2018

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 PARTED BY

Name :	Mr. Dhanraj
Designation :	Account Head
Contact No.:	91-79-40007600
Date :	08.02.2018

LOCATIONS

Registered Office/ Factory:	Plot No. 235, Sarkhej Bavla, N H 8A, Village Sari, Taluka Sanand, District Ahmedabad – 382220, Gujarat, India
Tel. No.:	91-79-40007600 / 91-2717-610800
Fax No.:	91-79-40007666 / 2717-610824
E-Mail :	sales@gopalgroup.com laxcon@gopalgroup.com info@gopalgroup.com compleance@laxconsteels.com
Website :	http://www.gopalgroup.com http://www.laxconsteels.com
Area :	35000 Sq. ft.
Location :	Owned
Locality :	Industrial
Corporate Office :	C-55/2, Wazirpur Industrial Area, Delhi – 110052, India
Tel. No.:	91-11-42952500 [100 Lines] / 27377001 (5 Lines)
Fax No.:	91-11-27377373 / 7474
Location :	Owned
Head Office :	2^nd Floor, Rajiv Arcads, Opposite Gurukul Temple, Mem Nagar, Ahmedabad – 382252, Gujarat, India
Administrative Office	2^nd Floor, Rajiv Arcads, Opposite Gurukul Temple, Mem Nagar, Ahmedabad – 380052, Gujarat, India
Tel. No.:	91-79-40007600
Fax No.:	91-79-40007666 / 67 / 27478471

DIRECTORS

As on 31.03.2017

Name :

Mr. Gopal Swarup Surender Pal Gupta

Designation :

Managing Director

Address :

H-35, Ashok Vihar Phase 1, Ashok Vihar, Saraswati Vihar, North West Delhi, Delhi – 110052, India

Date of Birth/Age :

26.03.1965

Qualification :

B.Com.

Date of Appointment :

05.04.2007

PAN No :

AAGPG3933L

DIN No.:

00381600

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27100GJ2005PTC046176	OCEAN STEELS PRIVATE LIMITED	02/06/2005	-
U45201DL1998PTC091501	G G PROJECTS PRIVATE LIMITED	05/01/1998	-
U45201DL2000PTC103888	KRISHNA PROJECTS PRIVATE LIMITED	22/02/2000	-
U45201GJ2007PTC049892	KRAZE BUILDERS PRIVATE LIMITED	31/01/2007	-
U45202GJ2007PTC049912	MAJESTIC INDUSTRIAL PARK PRIVATE LIMITED	01/02/2007	-
U51101GJ2015PTC084957	METLAX INTERNATIONAL PRIVATE LIMITED	02/11/2015	-
U67120GJ1979PTC079099	ALLIED HOLDINGS PRIVATE LIMITED	12/02/1993	-
U74899DL1988PTC032409	COMET BUILDERS PRIVATE LIMITED	11/07/1988	-
U74899DL1993PLC054676	KRAZE EXPORTS LIMITED	30/07/1993	-

Name :

Mr. Vinod Surender Pal Gupta

Designation :

Director

Address :

H-34, Ashok Vihar, Phase – I, Delhi – 110052, India

Date of Birth/Age :

07.06.1977

Qualification :

B.Com.

Date of Appointment :

20.03.2002

PAN No :

AACHV3943D

DIN No.:

00381782

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L65921DL1989PLC035261	SUPRANEET FINANCE AND CONSULTANTS LIMITED	01/10/2008	-
U00000UP1991PTC052386	MEGA STEELS PRIVATE LIMITED	24/09/2010	-
U45201DL1998PTC091501	G G PROJECTS PRIVATE LIMITED	29/08/1999	-
U52110DL1979PTC009979	PARVATI PRIVATE LIMITED	01/01/1995	-
U74899DL1985PTC020065	UTILITY CONSULTANTS PRIVATE LTD	01/10/2004	-
U74899DL1993PLC054676	KRAZE EXPORTS LIMITED	10/03/2008	-

Name :

Mr. Sanjay Gupta

Designation :

Director

Address :

1009/67, Deva Ram Park, Tri Nagar, Delhi-110035, India

Date of Birth/Age :

08.11.1968

Qualification :

B.Com.

Date of Appointment :

20.03.2002

PAN No :

AAIPG0571C

DIN No.:

00383021

Name :

Mr. Rajan G Garg

Designation :

Director

Address :

A101, Sahajanand Apartment, Near Maharaja Agrasen Gurukul, Ahmedabad- 380054, Gujarat, India

Date of Birth/Age :

25.09.1975

Qualification :

B.Com.

Date of Appointment :

01.04.2004

PAN No :

AHFPG1259F

DIN No.:

00439436

Name :

Mr. Naresh Kumar Kakkar

Designation :

Director

Address :

76, Vaishali Pitampura, Delhi – 110088, India

Date of Birth/Age :

15.06.1942

Date of Appointment :

25.09.2009

DIN No.:

01541205

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74140DL2007PTC170832	ETERNUS CAPITAL CONSULTANCY PRIVATE LIMITED	27/11/2007	-

Name :

Mrs. Sangita Gupta

Designation :

Director

Address:

H-35, Ashok Vihar Phase 1 Ashok Vihar, North West Delhi, Delhi – 110052, India

Date of Birth/Age :

09.12.1966

Qualification :

Graduate

Date of Appointment :

24.09.2015

PAN No :

AAZPG9842K

DIN No.:

00381663

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27105TN1989PTC018469	VINAYAKA ALLOYS PRIVATE LIMITED	22/02/1991	-
U45201DL1998PTC091501	G G PROJECTS PRIVATE LIMITED	06/12/2006	-
U45201GJ2007PTC049892	KRAZE BUILDERS PRIVATE LIMITED	31/01/2007	-
U45202GJ2007PTC049912	MAJESTIC INDUSTRIAL PARK PRIVATE LIMITED	01/02/2007	-
U67120GJ1979PTC079099	ALLIED HOLDINGS PRIVATE LIMITED	09/08/1993	-
U74899DL1993PLC054676	KRAZE EXPORTS LIMITED	10/03/2008	-
U74899DL1995PLC066535	GOPAL UDYOG LIMITED	20/03/1995	-

Name :

Mr. Ravindra Kumar Gupta

Designation :

Director

Address:

C-127, Shakti Nagar Extension, Ashok Vihar, Phase - III, Delhi 110052, India  

Date of Birth/Age :

18.11.1949

Qualification :

Graduate

Date of Appointment :

24.09.2015

DIN No.:

00299331

Name :

Mr. Virinder Kumar

Designation :

Director

Address:

H. No. 180, Ramveer Colony, Ward No. 2, Jind -126102, Haryana, India

Date of Birth/Age :

08.03.1957

Qualification :

Graduate

Date of Appointment :

30.09.2016

DIN No.:

07563576

KEY EXECUTIVES

Name :	Mr. Dhanraj
Designation :	Account Head
Name :	Mr. Deepak Omprakash Agarwal
Designation :	Chief Finance Officer
Address:	J-201, I C B Island Gota , Taluka – Daskroi, Ahmedabad-380060, Gujarat, India
Date of Birth/Age :	04.09.1969
Qualification :	Graduate
Date of Appointment :	31.03.2015
PAN No.:	AASPA1432G
Name :	Mr. Jayeshkumar Ashokbhai Patoliya
Designation :	Company Secretary
Address:	15, Ankitapark Society, Behind Sagar Society, Punagam, Surat-394211, Gujarat, India
Date of Birth/Age :	12.06.1990
Qualification :	Graduate
Date of Appointment :	29.03.2016
PAN No.:	BCZPP4799M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Gopal Swarup Gupta	2068440
Gopal Swarup Gupta (HUF)	770000
Gaurav Gupta	819000
Pooja Gupta	1705859
Surendra Pal Gupta	1838030
Surendra Pal Gupta (HUF)	2032500
Sita Gupta	1301000
Sangita Gupta	781520
Vinod Gupta	1961000
Vinod Gupta (HUF)	100000
Varun Gupta	1136266
Total	14513615

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	33.76
Public – (Individual/ Hindu Undivided Family – Indian)	66.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Iron and Steel (Registered activity and also confirmed by management)

Products :

Item Code No.	Product Description
26190090	Mill Scale
72044900	End Cutting / Scrap
72141090	M S Round
72189910	SS Billets
72201190	SS Flats
72210012	SS Wire Rod (SP)
72221199	SS Round
72241000	AS Ingots
72269190	AS Flat
72283029	AS Round Bar
73269060	SS Forge (Sp) Machined

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Iron and Steel

Countries :

• UAE
• Indonesia

Imports :

Not Divulged

Terms :

Selling :

Credit

Purchasing :

Credit

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 :

Manufacturer

• Kimpplast Piping System

Reference :	Tubacex Prabhat Private Limited
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	Indian Overseas Bank
Branch	Sukhvilla 3, Shreyash Colony, Stadium Marg, Navarangpura, Ahmedabad-380009, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-79-26304335 ((Ringing)
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)	--
Bank Name	Punjab National Bank
Branch	Vanijya Bhavan, Opposite D.B. School Kankaria Road, Ahmedabad-380022, Gujarat, India
Contact Number	91-79-25453315 (Ringing)
Bank Name	The South Indian Bank Limited
Branch	32 To 36, Ground Floor, Satyam Arcade, Village Moraiya, Sarkhej-Bawla Highway, Changodar, Ahmedabad-382210, Gujarat, India
Contact Number	91-484-2365657 (Ringing)

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans from banks	60.460	158.939
(The loan is secured by mortagage of New Factory Shed / Building and New Machineries to be purchased out of term loan, first charge on the block of assets and personal guarantee of directors.)
Loans taken for fixed assets	8.450	3.303
(Hypothecation of Vehicles and Equipments purchased from the loans)
Short-term borrowings
Rupee term loans from banks	171.681	159.042
Foreign currency term loans from banks (Buyer's Credits in Foreign Currency)	708.314	363.427
Working capital loans from banks	729.438	963.782
Total	1678.343	1648.493

Auditors :
Name :	H. V. Vasa and Company Chartered Accountants
Address :	B-2, Usha Kiran, Opposite Khanpur Gate, Khanpur, Ahmedabad – 380 001, Gujarat, India
Tel. No.:	91-79-25502985
Fax No.:	91-79-25503700
E-Mail :	hvvasaco@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAGPV2872F
Secretarial Audit Report :
Name :	Murtuza Mandorwala and Associates
Address :	D-422 , B.G Tower Opposite Delhi Darwaja Sahibaug Ahmedabad – 380004, Gujarat, India
PAN No.:	CMYPM5060J
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Gopal Industries, India Mega Steels Private Limited, India U00000UP1991PTC052386 Supraneet Finance and Consultants Limited, India L65921DL1989PLC035261 Ocean Steels Private Limited, India U27100GJ2005PTC046176 Steelage Exim Private Limited, India U25200MH1997PTC109083 Gagar Steels Private Limited Vinayaka Alloys Private Limited G G Projects Private Limited Comet Builders Private Limited Gopal Udyog Limited Steelage Exim Private Limited Krishna Projects Private Limited Parvati Steel Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Supraneet Finance and Consultants Limited, India L65921DL1989PLC035261

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
25250000	Equity Shares	INR 10/- each	INR 252.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
14513615	Equity Shares	INR 10/- each	INR 145.136 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	145.136	145.136	149.504
(b) Reserves & Surplus	943.380	832.349	751.657
(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)	1088.516	977.485	901.161
(3) Non-Current Liabilities
(a) long-term borrowings	172.436	332.860	335.037
(b) Deferred tax liabilities (Net)	124.483	114.730	99.408
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.025	3.472	2.993
Total Non-current Liabilities (3)	301.944	451.062	437.438
(4) Current Liabilities
(a) Short term borrowings	1609.433	1486.251	1412.926
(b) Trade payables	253.358	199.216	179.177
(c) Other current liabilities	269.614	248.879	228.647
(d) Short-term provisions	90.874	68.283	76.566
Total Current Liabilities (4)	2223.279	2002.629	1897.316
TOTAL	3613.739	3431.176	3235.915
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	824.531	847.135	813.354
(ii) Intangible Assets	1.046	1.988	2.899
(iii) Capital work-in-progress	9.462	0.538	21.377
(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	2.686	4.850	9.491
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	837.725	854.511	847.121
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1582.916	1460.214	1177.931
(c) Trade receivables	824.912	812.964	815.911
(d) Cash and cash equivalents	139.848	107.823	136.699
(e) Short-term loans and advances	222.209	188.437	253.113
(f) Other current assets	6.129	7.227	5.140
Total Current Assets	2776.014	2576.665	2388.794
TOTAL	3613.739	3431.176	3235.915

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	5121.553	4408.977	5181.990
	Other Income	0.000	1.261	3.610
	TOTAL	5121.553	4410.238	5185.600
Less	EXPENSES
	Cost of Materials Consumed	3532.917	3276.421	4012.480
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.099)	(273.651)	(184.120)
	Employees benefits expense	42.263	30.028	27.795
	CSR expenditure	2.000	0.000	2.000
	Other expenses	1124.376	988.223	939.909
	TOTAL	4673.457	4021.021	4798.064
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	448.096	389.217	387.536
Less	FINANCIAL EXPENSES	185.580	182.867	152.357
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	262.516	206.350	235.179
Less/ Add	DEPRECIATION/ AMORTISATION	87.261	88.735	60.066
	PROFIT/ (LOSS) BEFORE TAX	175.255	117.615	175.113
Less	TAX	64.223	31.514	54.047
	PROFIT/ (LOSS) AFTER TAX	111.032	86.101	121.066
	Earnings / (Loss) Per Share (INR)	7.84	6.08	8.94

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	87.792	63.996	73.702
Net cash flows from (used in) operations	329.597	228.649	38.032
Net cash flows from (used in) operating activities	124.231	31.149	(147.468)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	58.79	67.30	57.47
Account Receivables Turnover (Income / Sundry Debtors)	6.21	5.42	6.35
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	26.18	22.19	16.30
Inventory Turnover (Operating Income / Inventories)	0.28	0.27	0.33
Asset Turnover (Operating Income / Net Fixed Assets)	0.54	0.46	0.46

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.69	0.70	0.71
Debt Equity Ratio (Total Liability / Networth)	1.72	1.93	2.02
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.04	2.05	2.11
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.77	0.87	0.93
Interest Coverage Ratio (PBIT / Financial Charges)	2.41	2.13	2.54

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.17	1.95	2.34
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.07	2.51	3.74
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.20	8.81	13.43

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.25	1.29	1.26
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.54	0.56	0.64
G-Score Ratio Financial (Networth / Total Assets)	0.30	0.28	0.28
G-Score Ratio Debt (Debts / Equity Capital)	12.88	12.97	12.18
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.25	1.29	1.26

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	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	149.504	145.136	145.136
Reserves & Surplus	751.657	832.349	943.380
Share Application money pending allotment	0.000	0.000	0.000
Net worth	901.161	977.485	1088.516
Long Term borrowings	335.037	332.860	172.436
Short Term borrowings	1412.926	1486.251	1609.433
Current Maturities of Long term debt	73.702	63.996	87.792
Total borrowings	1821.665	1883.107	1869.661
Debt/Equity ratio	2.021	1.926	1.718

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	5181.990	4408.977	5121.553
		(14.917)	16.162

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	5181.990	4408.977	5121.553
Profit	121.066	86.101	111.032
	2.34%	1.95%	2.17%

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	Yes
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	Yes
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	Yes
18	Major suppliers	No
19	Major customers	Yes
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	Yes
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

FINANCIAL RESULTS

As per the Audited Financial Results for the period ended 31st March, 2017, the company has registered a marginal in PBT/Operating Income of INR 175.300 Million in compare to INR 117.600 Million of the previous year and in PAT/total Operating Income of INR 111.000 Million in compare to the INR 86.100 Million of the previous year.

However, Earning per Share for the reporting period reveals the figure i.e. INR 7.84 in compare to previous year i.e INR 6.08.

OPERATIONAL PERFORMANCE

Gross Sales for the reported financial year is INR 5706.900 Million in comparison to INR 4962.200 Million in previous financial year. However in terms of Net Sales figure; Net Sales for the reported financial year are INR 5121.600 Million in comparison to INR 4409.000 Million in the previous financial year. The Gross Turnover of the company has registered a growth of (15.01%) over previous year. However the Net Turnover has registered a growth of (16.16%) over the previous year. The Company’s Export declined at INR 1109.600 Million in value terms during the reporting year as compared to INR 1161.100 Million in the previous year and registered a growth of (-4.44%) over previous year 2015-16.

In recent years they have grown exporting to more than 50 countries. Their presence in export market is almost all over the world and they gradually expanding their export in Asian country, Europe, US and major gulf countries.

The Company has awarded with various awards in reporting financial years and registered with various local or Government authorities i.e. ISO 9001:2008, PED, AD 2000 MERKBLATT W0, Class NK Certificate, CSIR, TEST Certificate, CREEP Test Report, IBR Certificate, and the company has presently established in house testing lab authorized by NABL Certificate, to ensure the best quality as paramount of the Company and Customer satisfaction.

Their consistent focus on technology has enabled to reach the group of quality of stainless steels product in India.

The Company has reported investment in fixed Assets of INR 1271.400 Million in current financial year as compare to INR 1219.500 Million of Previous year and registers a growth of 4.26% over the previous year.

STEEL INDUSTRY IN INDIA

Introduction

India was the world’s third-largest steel producer in 2016. @ The growth in the Indian steel sector has been driven by domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India’s manufacturing output.

The Indian steel industry is very modern with state-of-the-art steel mills. It has always strived for continuous modernization and up-gradation of older plants and higher energy efficiency levels

Market Size

India’s crude steel output grew 10.7 per cent year-on-year to 25.76 million tonnes (MT) during January-March 2017. India’s crude steel output during April 2017 grew by 5.4 per cent year-on-year to 8.107 MT.

India’s finished steel exports rose 102.1 per cent to 8.24 MT, while imports fell by 36.6 per cent to 7.42 MT in 2016-17. India’s steel exports rose 142 per cent in April 2017 to 747,000 tonnes over April 2016, while imports fell by 23 per cent to 504,000 tonnes in April 2017 over April 2016. Total consumption of finished steel grew by 3.4 per cent year-on-year at 6.015 MT during April 2017.

Investments

Steel industry and its associated mining and metallurgy sectors have seen a number of major investments and developments in the recent past. According to the data released by Department of Industrial Policy and Promotion (DIPP), the Indian metallurgical industries attracted Foreign Direct Investments (FDI) to the tune of US$ 10.33 billion in the period April 2000–March 2017.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Intercorporate borrowings	29.564	29.193
Loans and advances from directors	73.962	141.425
Total	103.526	170.618

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G73092850	100145517		20/12/2017	-	-	900000.0	Opp Handloom House,Chinubhai Tower, Ashram Road,AHMEDABADGJ380009IN
2	G60590627	100132367		13/10/2017	-	-	269000.0	Opp Handloom House,Chinubhai Tower, Ashram Road,AHMEDABADGJ380009IN
3	G60591906	100132368		13/10/2017	-	-	360000.0	Opp Handloom House,Chinubhai Tower, Ashram Road,AHMEDABADGJ380009IN
4	G73092124	100145513		23/09/2017	-	-	5384390.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
5	G43953850	100097765		27/03/2017	-	-	5200000.0	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WESTMUMBAIMH400013IN
6	G31175425	100067909		31/07/2016	-	-	750000.0	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WESTMUMBAIMH400013IN
7	G05874482	100034313		27/05/2016	-	-	770000.0	Sukhvilla 3, Shreyash Colony,Stadium Marg, NavarangpuraAHMEDABADGJ380009IN
8	G05307673	100031645		21/05/2016	-	-	800000.0	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WESTMUMBAIMH400013IN
9	G05307632	100031644		10/05/2016	-	-	900000.0	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WESTMUMBAIMH400013IN
10	G04926689	100030522		29/04/2016	-	-	1600000.0	10th Floor, 106 A & B, Maker Chambers III,Nariman Point,MumbaiMa400021IN
11	C70659909	10603542		30/10/2015	-	-	120000000.0	32 to 36, Ground floor,Satyam Arcade, vill MoraiyaSarkhej-Bawla Highway, ChangodarAHMEDABADGJ382210IN
12	C40106981	10542368		31/12/2014	-	-	1085000.0	Large Corporate BranchOpp Handloom House, Ashram RoadAhmedabadGJ380009IN
13	B71538953	10407266		08/01/2013	15/03/2013	-	100000000.0	VANIJAYA BHAVANAHMEDABADGJ380022IN
14	G31942238	80012130		21/11/2002	05/12/2016	-	2400000000.0	6th Floor, Gujarat Bhavan,Opposite M.J. Library, Ellisbridge,AhmedabadGJ380006IN
15	G31942063	80012131		21/11/2002	05/12/2016	-	2400000000.0	6th Floor, Gujarat Bhavan,Opposite M.J. Library, Ellisbridge,AhmedabadGJ380006IN
16	Y10144734	90063663		29/12/1989	29/12/1989	-	750000.0	H-11; CONNAUGHT CIRCUSNEW DELHIDL110001IN
17	Y10144730	90063659		18/11/1989	29/12/1989	-	1250000.0	H-11; CONNAUGHT CIRCUSNEW DELHIDL110001IN
18	Y10144702	90063631		07/03/1988	-	-	60000.0	H-11; CONNAUGHT CIRCUSNEW DELHIDL110001IN
19	Y10144666	90063595		29/12/1984	07/03/1988	-	700000.0	H-11; CONNAUGHT CIRCUSNEW DELHIDL110001IN
20	G75582445	10613442		17/12/2015	-	08/01/2018	50000000.0	VANIJYA BHAVAN , OPP. D.B. SCHOOLKANKARIA ROADAHMEDABADGJ380022IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Guarantees	0.000	80.291
Other money for which company is contingently liable	0.000	71.960

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Emission reduction equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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 records 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 64.36
UK Pound	1	INR 89.71
Euro	1	INR 78.89

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	PRS
Report Prepared by :	SUJ

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	YES
--AFFILIATION	YES/NO	YES
--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.