MIRA INFORM REPORT

Report No. :	485061
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	ATHARVA STEEL CORPORATION
Registered Office :	Shop No. 6, 7, Samrath Krupa, Opposite Ratnakar Bank, Old DP Road, Katrap, Badlapur East, Thane-421503, Maharashtra
Mobile No.:	91-9821870028 (Mr. Sameer S. Jage)
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment:	November, 2010
Capital Investment / Paid-up Capital :	INR 5.010 Million (As on 31.03.2015)
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AMTPJ5869M
GSTIN:	27AMTPJ5869M1ZY
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Steel and Iron. (Confirmed by management)
No. of Employees :	15 (Approximately)

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 :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietorship concern established in the year 2010 and it is a trader of Iron and Steel. Mr. Sameer (Proprietor) has provided general information and he claimed that the subject has achieved a sound revenue of INR 900 million in the FY 2017 and INR 700 million in the FY 2016. However, the figures are not verified. Rating takes into consideration the subject’s satisfactory track record of business operations and sound revenue profile of the subject. Rating is further constrained on account of risk associated with trading nature of business operations and intense competition from other organized and unorganized players in the steel industry. Payments terms are reported to be slow but correct. In view of aforesaid, the subject 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	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 31-03-2016.

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 09.01.2018

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. Sameer S. Jage
Designation :	Proprietor
Contact No.:	91-9821870028
Date :	08.01.2018

LOCATIONS

Registered Office/ Head Office :	Shop No. 6,7, Samrath Krupa, Opposite Ratnakar Bank, Old DP Road, Katrap, Badlapur East, Thane-421503, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9821870028 (Mr. Sameer S. Jage) 91-9322274966 (Mr. Santosh Pandey)
Fax No.:	Not Available
E-Mail :	info@atharvasteel.com sales@atharvasteel.com
Website :	www.atharvasteel.com
Location:	Owned
Locality:	Commercial
Warehouse :	Taloja, Navi Mumbai, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Sameer S. Jage
Designation :	Proprietor
Date of Birth/Age :	29 Years
Qualification :	Diploma in Piping
Experience :	8 Years

KEY EXECUTIVES

Name :	Mr. Santosh Pandey
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Trader of Steel and Iron. (Confirmed by management)
Products :	· Steel · Iron
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	L/C, Cash, Cheque, Credit (30/60 Days)
Purchasing :	L/C, Cash, Cheque, Credit (30/60 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users

Reference :	Sharda Motors Industries Limited, Nashik
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	The Greater Bombay Co-Operative bank Limited
Branch	Dombivli (East), Thane, Maharashtra, India
Person Name (With Designation)	--
Contact Number	91-251-2430213 (Denied to provide information)
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Cash Credit Limit= INR 15.000 million (Not confirmed by management)
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2015 (INR in Million)
DNS Bank CC/ 310	1.555
Total	1.555

Auditors :

Name :

Tejashree Rane

Chartered Accountant

Membership No.:

154357

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern (As confirmed by management) :

Name:	Atharva Metal Private Limited
Address:	Flat No. 102 and 103, 1st Floor, Bonzer Avenue Co-Operative HSG, Katrap Road, Near Old Petrol Pump, Badlapur (East), Thane-421503, Maharashtra

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Owned :	INR 5.010 Million
Borrowed :	--
Total :	INR 5.010 Million

FINANCIAL DATA

[all figures are in INR Million]

Particulars	31.03.2017	31.03.2016
Sales Turnover (Approximately)	900.000	700.000
	(Due to Business Growth)

Expected Sales (2017-2018): INR 950.000 Million

The above information has been parted by Mr. Santosh Pandey (Manager)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2015
SHAREHOLDERS FUNDS
1] Proprietors Capital			5.010
2] Share Application Money			0.000
3] Reserves & Surplus			0.000
4] (Accumulated Losses)			0.000
NETWORTH			5.010
LOAN FUNDS
1] Secured Loans			1.555
2] Unsecured Loans			1.000
TOTAL BORROWING			2.555
DEFERRED TAX LIABILITIES			0.000
TOTAL			7.565
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			2.512
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERRED TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets			41.861
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		36.808
	Other Current Liabilities
	Provisions
Total Current Liabilities			36.808
Net Current Assets			5.053
MISCELLANEOUS EXPENSES			0.000
TOTAL			7.565

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015
	SALES
	Income	54.062
	Other Income	0.082
	Closing Stock	10.089
	TOTAL	64.233
Less	EXPENSES
	Purchase	59.468
	Wages and Salary	0.999
	Packing Charges	0.178
	Transport Charges	1.367
	Conveyance	0.084
	Cutting Charges	0.012
	Electricity Charges	0.025
	Extra Delivery Charges	0.001
	Holding Charges	0.001
	Loading Unloading Charges	0.075
	Printing and Stationery	0.025
	Service Charges	0.006
	Software Expenses	0.018
	Staff Welfare	0.025
	Sundry expenses	0.014
	Telephone Charges	0.024
	Weighment Charges	0.016
	TOTAL	62.338
	PROFIT/ (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION	1.895
Less	INTEREST	0.227
	PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION	1.668
Less/ Add	DEPRECIATION/ AMORTISATION	0.007
	NET PROFIT	1.661

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.75

LEVERAGE RATIOS

PARTICULARS	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.89
Debt Equity Ratio (Total Liability / Networth)	0.51
Current Liabilities to Networth (Current Liabilities / Net Worth)	7.35
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.50
Interest Coverage Ratio (PBIT / Financial Charges)	8.35

PROFITABILITY RATIOS

PARTICULARS		31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.07
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.74
Return on Investment (ROI) ((PAT / Networth) * 100)	%	33.15

SOLVENCY RATIOS

PARTICULARS	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.14
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.14
G-Score Ratio Financial (Networth / Total Assets)	0.11
G-Score Ratio Debt (Debts / Equity Capital)	0.51
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.14

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

FINANCIAL ANALYSIS

[all figures are INR Million]

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 Turnover	54.062	700.000 (Approximately)	900.000 (Approximately)
		1194.810	28.571

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	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	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	No
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 one year	Yes
30	Major shareholders, if available	No
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	31.03.2015 (INR in Million)
Loan from Spaa	1.000
Total	1.000

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 63.39
UK Pound	1	INR 85.74
Euro	1	INR 76.25

INFORMATION DETAILS

Information Gathered by :	POON
Analysis Done by :	VIV
Report Prepared by :	RKI

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	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.