MIRA INFORM REPORT

Report No. :	515432.2
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	BLUCORE METALS
Registered Office :	Plot No A15, 1^st Cross Street, Balaji Nagar, Ambattur, Chennai – 600053, Tamilnadu
Mobile No.:	91-9994676305 (Mr. Lala Lajapathi A)
Country :	India
Financials (as on) :	31.03.2018 (Sales Turnover) 31.03.2017 (Detailed Financial)
Year of Establishment :	December 2014
Capital Investment / Paid-up Capital :	INR 7.757 Million
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAOFB4821G
GSTN : [Goods & Service Tax Registration No.]	33AAOFB4821G1ZN
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Trader and Supplier of Stainless Steel Sheet, Stainless Steel Coil and Stainless Steel Plate. [Confirmed by management]
No. of Employees :	8 (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 partnership firm established in the year 2014. It is a trader and supplier of Stainless Steel Sheet, Stainless Steel Coil and Stainless Steel Plate. Mr. Lala Lajapathi (Partner) has claimed that the subject has achieved revenue INR 70.000 million for the FY 2018 (Which could not be verified). As per the financial records of 2017, the firm has achieved a massive growth in its revenue as compared to previous year but has reported low profit margin of 0.67%. The rating takes into consideration the satisfactory financial profile of the firm marked by comfortable capital base along with negligible debt balance sheet profile. However, these rating strengths are partially offset by highly competitive steel industry. Business is active. Payment seems 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 (31.12.2017)	Current Rating (01.04.2018)
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

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 22.06.2018

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. Lala Lajapathi A
Designation :	Partner
Contact No.:	91-9994676305
Date :	16.06.2018

LOCATIONS

Registered Office / Warehouse:	Plot No A15, 1^st Cross Street, Balaji Nagar, Ambattur, Chennai – 600053, Tamilnadu, India
Tel. No.:	91-44-26580288/25216547
Mobile No.:	91-9994676305 (Mr. Lala Lajapathi A)
Fax No.:	Not Available
E-Mail :	blucore.metals@gmail.com
Area :	3700 Sq. Ft
Location :	Rented
Locality :	Commercial

PARTNERS

Name :	Mr. Lala Lajapathi.A
Designation :	Partner
Address:	5/D, 5th Street, Rajivi Gandhi Nagr, Ambattur, Chennai – 600 053, Tamilnadu, India
Date of Birth/Age:	10.07.1979
Qualification:	D.M.E
Experience:	17 Years
Name :	Mr. Nandakumar P
Designation :	Partner
Address:	29, 2nd Street, Kannadasan Nagar, Kodungaiyur, Chennai – 600 118, Tamilnadu, India
Date of Birth/Age:	05.08.1987
Qualification:	B.E., MBA
Experience:	7 Years
Name :	Mr. Joseph Kennedy. A
Designation :	Partner
Address:	213A, 2nd Main Road, M R Nagar, Kodungaiyur, Chennai -600 118, Tamilnadu, India
Date of Birth/Age:	29.09.1977
Qualification:	B.Com
Experience:	18 Years

BUSINESS DETAILS

Line of Business :	Trader and Supplier of Stainless Steel Sheet, Stainless Steel Coil and Stainless Steel Plate. [Confirmed by management]
Products :	Stainless Steel Sheet Stainless Steel Coil Stainless Steel Plate
Brand Names :	Not Available
Agencies Held :	Jindal Stainless Limited Steel Authority of India Limited Salem Steel Plant
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C, Credit and Others
Purchasing :	Others

PRODUCTION DETAILS (AS ON 31.03.2018)

Products	Installed Capacity
ETO Crane	12MT

GENERAL INFORMATION

Suppliers :

Reference :

Ananya Steel Industries, Mumbai

Name of the Person :

Mr. Sunil (Partner)

Contact No.:

91-9833654965

Since How Long Known :

1 Year

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

Spoke to Mr. Sunil (Partner) he confirmed that he is satisfy from the transaction of subject company.

Reference :

Om Shanthi Impex, Chennai

Name of the Person :

Mr. Chintan Jain (Head of the company)

Contact No.:

91-9884183416

Since How Long Known :

2 Years

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Good

Remark:

Spoke to Mr. Chintan Jain (Head of the company) he confirmed that he is satisfy from the transaction of subject company.

Customers :

Retailers, End Users, OEM’s and Export and SEZ Units

• Steel Authority of India Limited

Reference :	Jindal
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

8 (Approximately)

Bankers :

Banker Name :	The Lakshmi Vilas Bank Limited
Branch :	# 275 Thambu Chetty Street, Chennai -600 001, Tamilnadu, India

Banker Name :	HDFC Bank Limited
Branch :	419, Madras, Thiruvallur High Road, Varadharajapuram, Ambattur, Chennai – 600072, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	186026716161 (Tollfree) Number continuously ringing
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 :	--

Auditors :
Name :	Dagliya and Company Chartered Accountants
Address:	1, Gengu Reddy Road, Opposite Hotel Blue Diamond, I Floor, Sundarkrishna Building, Egmore, Chennai – 600008, Tamilnadu, India
Membership No.:	209246
Tel No.:	44-43367222
Collaborators :	Not Available
Membership :	Not Available
Sister Concern :	Name : FASTWAY LOGISTICS Address : New No: 79, Old no: 38, Moore Street, Chennai - 600 001, Tamilnadu, India Line of Business : Transport and Logistics Tel No.: 91-44 2521 6404 Name : Power Logistics Private Limited Address : SMJ Parrys Plaza, 2F, 2nd Floor, Old No12, New No 28, 2nd Line Beach, Chennai – 600 001, Tamilnadu, India Line of Business : Custom Broker Tel No.: 91-44 2521 1477 Name : SRF LOGISTICS Address : No 384, Rice Mills Road, Near MGR Statue, Grandlyon, Redhills, Chennai – 600 052, Tamilnadu, India Line of Business : Transportation Tel No.: 91-44-2632 0688

CAPITAL STRUCTURE

As on 31.03.2017

Capital Investment :
Owned :	INR 7.757 Million
Borrowed :	--
Total :	INR 7.757 Million

FINANCIAL DATA

[all figures are INR Million]

Particulars	31.03.2018
Sales Turnover (Approximately)	70.000

Expected Sales (2018-2019): INR 100.000 Million (Due to business growth)

The above information has been parted by Mr. Lala Lajapathi A (Partner)

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016
EQUITY AND LIABILITIES
1] Share Capital		7.757	7.972
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		7.757	7.972
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		2.416	0.691
TOTAL BORROWING		2.416	0.691
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		10.173	8.663
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.022	0.007
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.656	2.244
	Sundry Debtors	8.180	6.069
	Cash & Bank Balances	0.657	0.090
	Other Current Assets	0.000	0.000
	Loans & Advances	0.641	0.370
Total Current Assets		11.134	8.773
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.180	0.004
	Other Current Liabilities	0.817	0.134
	Provisions	0.000	0.000
Total Current Liabilities		0.997	0.138
Net Current Assets		10.137	8.635
MISCELLANEOUS EXPENSES		0.014	0.021
TOTAL		10.173	8.663

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	63.085	23.258
	Other Income	0.063	0.000
	TOTAL	63.148	23.258
Less	EXPENSES
	Cost of Goods Sold	55.296	20.231
	Direct Expenses	3.756	0.572
	Advertisement	0.021	0.000
	Audit Fees	0.036	0.030
	Bonus	0.075	0.070
	Commission	1.431	0.000
	Consultancy Charges	0.028	0.028
	Conveyance	0.074	0.071
	Handling Charges	0.021	0.000
	Insurance	0.004	0.004
	Discount	0.000	0.019
	Godown Rent	0.000	0.054
	Office Maintenance	0.000	0.009
	Printing and Stationery	0.000	0.008
	Other Expenses	0.048	0.000
	Remuneration to Partner	0.500	0.300
	Pooja Expenses	0.000	0.025
	Postage and Courier	0.000	0.000
	Preliminary Expenses W/o	0.000	0.007
	Rates & Taxes	0.008	0.004
	Rent	0.062	0.000
	Salary	0.908	1.283
	Sales Promotion	0.003	0.000
	Staff Welfare	0.020	0.035
	Telephone Charges	0.039	0.046
	Travelling Expenses	0.013	0.000
	TOTAL	62.343	22.796
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	0.805	0.462
Less	FINANCIAL EXPENSES	0.365	0.040
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.440	0.422
Less/ Add	DEPRECIATION/ AMORTISATION	0.019	0.010
	PROFIT/ (LOSS) BEFORE TAX	0.421	0.412

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	47.33	95.24
Account Receivables Turnover (Income / Sundry Debtors)	7.71	3.83
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	1.19	0.07
Inventory Turnover (Operating Income / Inventories)	0.49	0.21
Asset Turnover (Operating Income / Net Fixed Assets)	36.55	66.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.31	0.09
Debt Equity Ratio (Total Liability / Networth)	0.31	0.09
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.44	0.10
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	2.21	11.55

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	0.67	1.77
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.77	4.68
Return on Investment (ROI) ((PAT / Networth) * 100)	%	5.43	5.17

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	3.26	10.58
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.78	7.88
G-Score Ratio Financial (Networth / Total Assets)	0.69	0.91
G-Score Ratio Debt (Debts / Equity Capital)	0.31	0.09
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.26	10.58

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	31.03.2016	31.03.2017
	INR In Million	INR In Million
Share Capital	7.972	7.757
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	7.972	7.757
long-term borrowings	0.000	0.000
Short term borrowings	0.691	2.416
Total borrowings	0.691	2.416
Debt/Equity ratio	0.087	0.311

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	23.258	63.085
		171.240

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	23.258	63.085
Profit/(Loss)	0.412	0.421
	1.77%	0.67%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	No
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	Yes
29	Profitability for last two years	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

TRADER REFERENCE

• Sidhhi Ganesh Metals Private Limited – Hyderabad- (91-9866055888)
• Ananya Steel Industries Mumbai – (91-98336 54965)

· Om Shanthi Impex – Chennai – (91-98841 83416)

• Kanoi Metal LLP – Chennai – (91-44-25229984)

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 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79

INFORMATION DETAILS

Information Gathered by :	RBY
Analysis Done by :	VAR
Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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.