MIRA INFORM REPORT

Report No. :	495187
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	N MOHANLAL RAILTRACK PRIVATE LIMITED

Registered Office :	2nd Floor, Devdeep Complex, Near Delux Cross Road, Nizampura, Vadodara - 390 002, Gujarat
Tel. No.:	91-265-2783381 / 2787081

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	14.04.1987

Com. Reg. No.:	04-009559

Capital Investment / Paid-up Capital :	INR 10.000 Million

CIN No.: [Company Identification No.]	U35200GJ1987PTC009559

IEC No.: [Import-Export Code No.]	Not Divulged

PAN No.: [Permanent Account No.]	AAACN1838Q

GSTN : [Goods & Service Tax Registration No.]	24AAACN1838Q1Z6

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Stockist of railway track materials and specialist in points and crossing. Manufacturing of Basic iron and steel (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 :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1987 and it is a manufacturer of metal and metal products. Management has failed to file its financials after FY 2016 with Government Registry. As per available financials of March 2016, the company has registered sharp decline in its revenue and has reported losses. Rating take into consideration the company’s moderate financial risk profile along with average debt coverage indicators and below average liquidity position. Rating is further constrained on account of company’s presence in highly competitive and huge working capital requirement steel industry. However, rating weakness is partially offset by established track record of business operations. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

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 10.03.2018

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. Nitesh Patel
Designation :	Accounts Department
Contact No.:	91-265-2787081
Date :	05.03.2018

LOCATIONS

Registered Office :	2nd Floor, Devdeep Complex, Near Delux Cross Road, Nizampura, Vadodara - 390 002, Gujarat, India
Tel. No.:	91-265-2783381 / 2787081
Fax No.:	91-265-2787081
E-Mail :	info@nmohanlal.com
Website :	http://www.nmohanlal.com

Factory / Works :	Village : Baska, Tajpura Road, Halol, Panch Mahal - 389 350, Gujarat, India
Tel. No.:	91-2676-247108, 247252, 247249
Fax No.:	91-2676-247108

DIRECTORS

As on 2018

Name :	Mr. Pankaj Patel
Designation :	Director
Address :	5, Vinay Park, Sardarnagar Nizampura, Vadodara – 390002, Gujarat, India
Date of Birth/Age :	15.12.1953
Date of Appointment :	14.04.1987
DIN No.:	02055314

Name :	Dharmisthaben Pankaj Patel
Designation :	Director
Address :	5, Vinay Park, Sardarnagar Nizampura, Vadodara – 390002, Gujarat, India
Date of Birth/Age :	14.07.1954
Date of Appointment :	14.04.1987
DIN No.:	02721245

KEY EXECUTIVES

Name :	Mr. Nitesh Patel
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2016

Names of Shareholders	No. of Shares	% of Holding
Pankaj Patel	594000	59.40
Dharmisthaben Patel	238000	23.80
Alpit P Patel	106000	10.60
Ami P Patel	56000	5.60
Narayan G Patel	6000	0.60
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	83.20
\Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	16.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Stockist of railway track materials and specialist in points and crossing.
Manufacturing of Basic iron and steel (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99886010	Basic iron and steel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers : (As per indirect sources)

Railway Boarda, New Delhi
Kandla Port Trust, Kandla
'RITES', Bangalore
'RITES' ,Secundrabad
'RITES', Nagpur
Gujarat Electricity Board Gandhinagar, Ukai and Wanakbori
IFFCO, Kalol
Gujarat Electricity Board, Vadodara
Maharastra State Electricity Board, Bombay
National Fertilizers Limited , Guna
Gas Authority of India Limited , Guna
Grasim Industries Limited , Nagda
M/s. Ghai Construction Limited , Pune
IFFCO, Bareilley
Kalindee Rail Nirman (Engineers) Limited., Jaipur
Track N Traction, Nagpur
Manikgarh Cement, Maharastra
National Aluminum Company Limited., Damanjodi
'RITES', Bhubaneshwar
'RITES', Calcutta
P. Bashaiah and Sons, Secundrabad
Gupta Enterprises, New Delhi
P.J. Baby and CO., Bangalore
Lakshmi Agencies, Hyderabad
M/s. Jekay Industrial Corporation Limited
Orissa Power Generation Corporation Limited
Bulk Cement Corporation Limited
South Eastern Coalfields
Birla Super Cements Limited
Indian Railway Construction Company Limited
Gujarat State Fertilizer Company Limited
Indian Oil Corporation Limited
Gujarat Narmada Valley Fertilizer Company Limited
Raymond Cement
J.K. Cements Limited
Associated Cements Co. Limited
Port Trust

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Not Divulged
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	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings

HDFC Bank Limited Term loan secured against hypothecation of xcent car	0.505	0.632

HDFC Bank Limited Term loan secured against hypothecation of Elantra	0.518	0.807

Short-term borrowings
Secured loans from bank	18.693	1.163
Dena bank	106.261	106.224

Total	125.977	108.626

Auditors :
Name :	M. P. Sutaria and Company Chartered Accountants
Address :	303, Harikrupa Tower, Behind Gujarat College, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26466863, 26447066
Mobile No.:	91-9825096347
E-Mail :	mpsutariaca@gmail.com
Income-tax PAN of auditor or auditor's firm :	ACVPS6981R

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	INR 10/- each	INR 10.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	44.253	66.158	85.788
(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)	54.253	76.158	95.788

(3) Non-Current Liabilities
(a) long-term borrowings	1.023	5.218	5.327
(b) Deferred tax liabilities (Net)	0.000	0.000	2.056
(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)	1.023	5.218	7.383

(4) Current Liabilities
(a) Short term borrowings	127.272	118.899	95.751
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.030	0.000	2.150
(d) Short-term provisions	0.173	0.000	0.270
Total Current Liabilities (4)	127.475	118.899	98.171

TOTAL	182.751	200.275	201.342

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.960	59.963	57.438
(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	0.270	3.805	2.533
(c) Deferred tax assets (net)	16.331	6.702	0.000
(d) Long-term Loan and Advances	22.160	4.497	1.927
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	94.721	74.967	61.898

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.626	83.285	100.084
(c) Trade receivables	43.667	40.756	37.438
(d) Cash and cash equivalents	0.737	1.267	1.516
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.406
Total Current Assets	88.030	125.308	139.444

TOTAL	182.751	200.275	201.342

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	263.966	523.927	415.178
	Other Income	1.866	0.421	0.882
	TOTAL	265.832	524.348	416.060

Less	EXPENSES
	Cost of Materials Consumed	279.989	524.232	385.832
	Employees benefits expense	2.114	3.106	2.179
	Other expenses	11.318	8.619	9.432
	TOTAL	293.421	535.957	397.443

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(27.589)	(11.609)	18.617

Less	FINANCIAL EXPENSES	2.733	15.909	11.919

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(30.322)	(27.518)	6.698

Less/ Add	DEPRECIATION/ AMORTISATION	1.211	0.871	1.299

	PROFIT/ (LOSS) BEFORE TAX	(31.533)	(28.389)	5.399

Less	TAX	(9.628	(8.759	1.726

	PROFIT/ (LOSS) AFTER TAX	(21.905)	(19.630)	3.673

	Earnings / (Loss) Per Share (INR)	(21.90)	(19.63)	3.67

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	60.38	28.39	32.91

Account Receivables Turnover (Income / Sundry Debtors)	6.04	12.86	11.09

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	0.00

Inventory Turnover (Operating Income / Inventories)	(0.63)	(0.14)	0.19

Asset Turnover (Operating Income / Net Fixed Assets)	(0.49)	(0.19)	0.32

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.70	0.62	0.51

Debt Equity Ratio (Total Liability / Networth)	2.36	1.63	1.06

Current Liabilities to Networth (Current Liabilities / Net Worth)	2.35	1.56	1.02

Fixed Assets to Networth (Net Fixed Assets / Networth)	1.03	0.79	0.60

Interest Coverage Ratio (PBIT / Financial Charges)	(10.09)	(0.73)	1.56

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	(8.30)	(3.75)	0.88

Return on Total Assets ((PAT / Total Assets) * 100)	%	(11.99)	(9.80)	1.82

Return on Investment (ROI) ((PAT / Networth) * 100)	%	(40.38)	(25.78)	3.83

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.69	1.05	1.42

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.35	0.35	0.40

G-Score Ratio Financial (Networth / Total Assets)	0.30	0.38	0.48

G-Score Ratio Debt (Debts / Equity Capital)	12.83	12.41	10.11

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.69	1.05	1.42

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	10.000	10.000	10.000
Reserves & Surplus	85.788	66.158	44.253
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	95.788	76.158	54.253

long-term borrowings	5.327	5.218	1.023
Short term borrowings	95.751	118.899	127.272
Total borrowings	101.078	124.117	128.295
Debt/Equity ratio	1.055	1.630	2.365

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	415.178	523.927	263.966
		26.193	(49.618)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	415.178	523.927	263.966
Profit/(Loss)	3.673	(19.630)	(21.905)
	0.88%	(3.75)%	(8.30)%

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	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	No
18]	Major suppliers	No
19]	Major customers	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%	--
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

NOTE: Registered office of the company has been shifted from “Shyamal Row House 3-B-5, Behind Sanjay Tower Anand Nagar Road Satellite Road Ahmedabad-380015, Gujarat India” to the present address w.e.f. 12.09.2011

UNSECURED LOAN

PARTICULAR	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Unsecured loans	0.000	3.779

Short-term borrowings
Sundry creditor	2.318	11.512

Total	2.318	15.291

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C04298733	10173362	DENA BANK	17/08/2009	24/03/2014	-	155000000.0	ALKAPURI BRANCH,R.C. DUTT ROAD,VADODARA-390005 GUJARAT INDIA
2	C00938696	10173363	DENA BANK	14/08/2009	24/03/2014	-	155000000.0	ALKAPURI BRANCH,R.C. DUTT ROAD,VADODARA-390005 GUJARAT INDIA
3	A68800010	90108004	UCO BANK	18/12/2003	-	13/08/2009	7500000.0	RAOPURA BRANCH VADODARA GUJARAT INDIA
4	A09574351	90112673	PRAGATI SAHAKARI BANK LTD	14/06/2001	-	11/01/2007	7000000.0	S. BRANCH VADODARA-390005 GUJARAT INDIA

FIXED ASSETS

Factory Land
Office and Factory Building
Furniture
Motor Car
Computer
Plant and Machinery

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 65.10
UK Pound	1	INR 79.59
Euro	1	INR 90.45

INFORMATION DETAILS

Information Gathered by :	SU P

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.