MIRA INFORM REPORT

Report No. :	487187
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	KRISLUR CASTOMECH PRIVATE LIMITED
Registered Office :	K-1/184, Industrial Estate (GIDC Chitra), Chitra, Ramdev Society, Chitra Gujarat Industrial Development Corporation, Bhavnagar-364004, Gujarat
Tel. No.:	91-278-2446472
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	22.03.2006
Com. Reg. No.:	04-047984
Capital Investment / Paid-up Capital :	INR 19.380 Million
CIN No.: [Company Identification No.]	U27100GJ2006PTC047984
IEC No.:	Not Divulged
GSTIN:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCK1995Q
Legal Form :	Private Limited Liability Company
Line of Business :	The business of manufacturing and trading of metallurgical products, iron casting and machining, ingots of non-ferrous metals like Copper, Brass, Aluminium Zinc Lead, scrap of all metals and refining and manufacturing of alloys thereof, rolling and drawing of ferrous and non-ferrous materials into sections, angles, window sections, joints, channels, flats (Registered Activity)
No. of Employees :	Information denied 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

Maximum Credit Limit :	USD 235800
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006 and it is having satisfactory track. For the financial year 2017, the company has increased in its revenue from operation and maintained average profitability margin of 2.15%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and average debt balance sheet. Further, rating also reflects company’s long standing track records along with improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 24.01.2018

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 DENIED BY

Name :	Mr. Jignesh Bhatt
Designation :	Commercial Manager
Contact No.:	91-278-2446472
Date :	20.01.2018

LOCATIONS

Registered Office/Factory :	K-1/184, Industrial Estate (GIDC Chitra), Chitra, Ramdev Society, Chitra Gujarat Industrial Development Corporation, Bhavnagar-364004, Gujarat, India
Tel. No.:	91-278-2446472
Fax No.:	91-278-2445843
E-Mail :	krislur@krislur.com sales@krislur.com
Website :	www.krislur.com

DIRECTORS

As on 31.03.2017

Name :	Mr. Nalinbhai Rameshbhai Mehta
Designation :	Managing Director
Address :	Block No. 601, Shreenathjipark Apartment, Atabhai Chowk, Bhavnagar -364002, Gujarat, India
Date of Birth/Age :	07.07.1961
Date of Appointment :	22.03.2006
PAN No.:	AATPM1775B
DIN No.:	00009358
Name :	Ms. Bhavna Nalinbhai Mehta
Designation :	Director
Address :	Block No. 601, Shreenathjipark Apartment, Atabhai Chowk, Bhavnagar -364002, Gujarat, India
Date of Birth/Age :	14.01.1964
Date of Appointment :	22.03.2006
DIN No.:	00009315

KEY EXECUTIVES

Name :	Mr. Jignesh Bhatt
Designation :	Commercial Manager

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Nalinbhai Rameshbhai Mehta	1783000	92.00
Bhavna Nalinbhai Mehta	155000	8.00
Total	1938000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

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

BUSINESS DETAILS

Line of Business :

The business of manufacturing and trading of metallurgical products, iron casting and machining, ingots of non-ferrous metals like Copper, Brass, Aluminium Zinc Lead, scrap of all metals and refining and manufacturing of alloys thereof, rolling and drawing of ferrous and non-ferrous materials into sections, angles, window sections, joints, channels, flats (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
73251000	Cast Articles of Iron and Steel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (As on 31.03.2017)

Licensed Capacity: Not Applicable

Installed capacity: 8400 MT

Particular	Unit	Actual production
Cast Iron and Steel	(Qty (MT))	4899.648

GENERAL INFORMATION

Suppliers :

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

Customers : (As per site visit)

• ABB Limited
• Seimens Limited
• Marathon Electric Private Limited
• Anson Electro Mechanical Works Private Limited
• Regal Beloit America Inc.
• Baldor Electric Company

No. of Employees :

Information denied by the management

Bankers :

• HDFC Bank Limited
• State Bank of India

Banker Name :	Axis Bank Limited
Branch :	Plot No. 4B, Vasundhara Complex, Opposite Dakshinamurthy School, Waghawadi Road, Bhavnagar-364001, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loans
From Bank (Excluding one year dues)
Axis Bank Limited –MTL V	0.000	0.117
Axis Bank Limited –MTL VL	0.000	0.761
Short-term borrowings
Loans repayable on demand
Cash credit from bank
Axis Bank Limited –WCDL	40.000	40.000
Axis Bank Limited –Cash Credit	13.742	20.203
Axis Bank Limited –PCFC (EURO)	7.216	1.281
Axis Bank Limited –PCFC (USD)	16.206	16.339
Axis Bank Limited –Advance against overdue bill	0.000	4.778
Runnign Packing Credit account	10.151	3.287
Total	87.315	86.766
Note: Long-term Borrowings Previous year term loan from Axis Bank Limited are secured by the hypothecation of all plant and machinery, factory building and guaranteed by the directors of the company Short-term borrowings Cash credit loan from Axis Bank Limited is secured by the hypothecation of inventories and book debt of the company and personal guarantee of the directors.

Auditors :
Name :	M.K. Makati and Company Chartered Accountants
Address :	105/A-B Krushna Darshan, Parimal Chowk, Bhavnagar-364002, Gujarat, India
Tel. No.:	91-278-2511050
Mobile No.:	91-9426210086
E-Mail :	manojmakati@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ACDPM3426B
Memberships :	Not Available
Collaborators :	Not Available
Enterprise in which significant influence in exercised by key management personnel:	Krislur Castech
Other related party:	Nalin R. Mehta (HUF)

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	INR 10/- each	INR 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1938000	Equity Shares	INR 10/- each	INR 19.380 Million

FINANCIAL DATA

[all figures are 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	19.380	19.380	19.380
(b) Reserves & Surplus	63.145	56.186	50.449
(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)	82.525	75.566	69.829
(3) Non-Current Liabilities
(a) long-term borrowings	35.081	36.573	42.689
(b) Deferred tax liabilities (Net)	3.208	3.125	2.746
(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)	38.289	39.698	45.435
(4) Current Liabilities
(a) Short term borrowings	87.315	85.888	58.235
(b) Trade payables	28.294	4.787	9.790
(c) Other current liabilities	5.105	10.274	9.886
(d) Short-term provisions	2.451	2.291	1.955
Total Current Liabilities (4)	123.165	103.240	79.866
TOTAL	243.979	218.504	195.130
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.884	95.902	93.649
(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	0.020	0.020	0.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.109	0.133	0.120
Total Non-Current Assets	94.013	96.055	93.789
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	46.864	34.368	43.428
(c) Trade receivables	77.022	65.989	50.342
(d) Cash and cash equivalents	1.060	4.717	0.782
(e) Short-term loans and advances	10.477	11.607	3.820
(f) Other current assets	14.543	5.768	2.969
Total Current Assets	149.966	122.449	101.341
TOTAL	243.979	218.504	195.130

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	323.259	294.046	244.578
	Other Income	7.648	3.987	1.700
	TOTAL	330.907	298.033	246.278
Less	EXPENSES
	Cost of Materials Consumed	165.499	153.849	131.300
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.825)	7.574	(0.212)
	Employees benefits expense	17.048	14.336	12.724
	Other expenses	123.214	95.686	76.028
	TOTAL	301.936	271.445	219.840
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	28.971	26.588	26.438
Less	FINANCIAL EXPENSES	10.746	10.589	11.335
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	18.225	15.999	15.103
Less/ Add	DEPRECIATION/ AMORTISATION	8.280	7.537	7.173
	PROFIT/ (LOSS) BEFORE TAX	9.945	8.462	7.930
Less	TAX	2.986	2.725	2.503
	PROFIT/ (LOSS) AFTER TAX	6.959	5.737	5.427
	EARNINGS IN FOREIGN CURRENCY	123.319	104.900	33.971
	Earnings / (Loss) Per Share (INR)	3.59	2.96	2.80

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	6.793	6.793
Cash generated from operations	5.416	(5.771)	8.697
Net cash flows from (used in) operating activity	2.513	(7.919)	7.075

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	86.97	81.91	75.13
Account Receivables Turnover (Income / Sundry Debtors)	4.20	4.46	4.86
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	62.40	11.36	27.22
Inventory Turnover (Operating Income / Inventories)	0.62	0.77	0.61
Asset Turnover (Operating Income / Net Fixed Assets)	0.32	0.28	0.28

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.65	0.67	0.66
Debt Equity Ratio (Total Liability / Networth)	1.48	1.71	1.54
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.49	1.37	1.14
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.11	1.27	1.34
Interest Coverage Ratio (PBIT / Financial Charges)	2.70	2.51	2.33

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.15	1.95	2.22
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.85	2.63	2.78
Return on Investment (ROI) ((PAT / Networth) * 100)	%	8.43	7.59	7.77

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.22	1.19	1.27
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.84	0.85	0.73
G-Score Ratio Financial (Networth / Total Assets)	0.34	0.35	0.36
G-Score Ratio Debt (Debts / Equity Capital)	6.32	6.67	5.56
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.22	1.19	1.27

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

FINANCIAL ANALYSIS

[all figures are in 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	19.380	19.380	19.380
Reserves & Surplus	50.449	56.186	63.145
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	69.829	75.566	82.525
long-term borrowings	42.689	36.573	35.081
Short term borrowings	58.235	85.888	87.315
Current maturities of long-term debts	6.793	6.793	0.000
Total borrowings	107.717	129.254	122.396
Debt/Equity ratio	1.543	1.710	1.483

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	244.578	294.046	323.259
		20.226	9.935

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	244.578	294.046	323.259
Profit	5.427	5.737	6.959
	2.22%	1.95%	2.15%

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	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)	No
16]	No. of employees	No
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	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

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advance from related parties
From directors	26.338	27.736
From share holders	8.743	7.959
Total	35.081	35.695

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G47622972	10233101	Axis Bank Limited	20/07/2010	23/06/2017	-	137500000.0	PLOT NO. 4B, VASUNDHARA COMPLEX, OPPOSITE DAKSHINAMURTHY SCHOOL, WAGHAWADI ROAD, BHAVNAGAR-364001, GUJARAT, INDIA

FIXED ASSETS

• Land
• Shed
• Machinery
• Air Conditioner
• Die Tools
• Mobile Instrument
• Water Cooler Machine
• Xerox Machine
• Fax Machine
• Generator
• Scooter
• Tea-Coffee Machine
• CCTV Camera
• Computer

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 63.76
UK Pound	1	INR 87.91
Euro	1	INR 78.20

INFORMATION DETAILS

Information Gathered by :	POON
Analysis Done by :	PSD
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.