MIRA INFORM REPORT

Report No. :	498923
Report Date :	20.03.2017

IDENTIFICATION DETAILS

Name :	MONO STEEL (INDIA) LIMITED
Registered Office :	105, 1^st Floor, Batliboy House, 59/61, Nagdevi Cross Road, Off Abdul Rehman Street, Mumbai – 400003, Maharashtra
Tel. No.:	91-22-23453648
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	16.03.1992
Com. Reg. No.:	11-065934
Capital Investment / Paid-up Capital :	INR 130.000 Million
CIN No.: [Company Identification No.]	U27106MH1992PLC065934
IEC No.: [Import-Export Code No.]	2404006592
GSTN : [Goods & Service Tax Registration No.]	24AADCM313C1Z1
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCM3137C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the business of manufacturing of Sponge Iron, Billets, TMT Bars and finished 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 :

A

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

Maximum Credit Limit :	USD 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992 and it is having fine track records. Management of the company has not failed its financials of 2017 with government department. For the financial year 2016, the company has increased its revenue from operation as compared to previous year and maintained average profitability margin of 2.74%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and average debt balance sheet. Further, rating also derives strength from its long track records of business operation and decent improvement in the revenue profile during the year. However, rating strength is partially offset by volatility in raw material prices, working capital intensive operation and intense competition from industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular. In view of the 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 (30.09.2017)	Current Rating (31.12.2017)
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	CARE
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	28.11.2017

Rating Agency Name	CARE
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	28.11.2017

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 20.03.2018

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

MANAGEMENT NON-COOPERATIVE (Tel No.91-278-2515677)

LOCATIONS

Registered Office :	105, 1^st Floor, Batliboy House, 59/61, Nagdevi Cross Road, Off Abdul Rehman Street, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23453648
Mobile No.:	91-9879576771 (Mr. Ketan Dhruv)
Fax No.:	Not Available
E-Mail :	info@monosteel.co.in monosteel@gmail.com mehtamb@gmail.com
Website :	http://www.monosteel.in
Factory :	Survey No. 374, 397/2, 398 and 396/1 Paiki 2, Dhamadaka, Taluka, Anjar, District Kutch - 370200, Gujarat, India
Tel. No.:	91-2837-285911 / 3004502
Fax No.:	91-2837-285910
E-Mail :	purchase@monosteel.in
Admin Office :	202, Prithvi Complex, Kalanala, Bhavnagar - 364001, Gujarat, India
Tel. No.:	91-278-2515677/3004502
Fax No.:	91-278-3004500
E-Mail :	admin@monosteel.in
Sales Office :	202 – 2^nd Floor, Ashopalav Arcade, Sector – 9A, Plot o. 4, Tagore Road, Gandhidham, Gujarat, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Jaysukhlal Mavjibhai Shah

Designation :

Director

Address :

Krishna Nagar, Geeta Chawk, Bhavnagar – 364001, Gujarat, India

Date of Birth/Age :

07.10.1948

Qualification :

HSC

Date of Appointment :

21.01.2005

PAN No.:

AAGPS6625K

DIN No.:

00319874

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40103MH2010PTC210581	MSIL SOLAR PV POWER CORPORATION PRIVATE LIMITED	03/12/2010	-
U40105MH2006PLC164161	CHAMAN ELECTRICALS LIMITED	29/08/2006	-

Name :

Mr. Hitesh Chimanlal Shah

Designation :

Additional Director

Address :

Krishna Nagar, Geeta Chawk, Bhavnagar-364001, Gujarat, India

Date of Appointment :

04.10.2016

DIN No.:

00320531

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36998GJ1992PLC018503	NAVKAAR ISPAT LIMITED	02/05/2015	-
U27100MH1999PLC121538	KEYUR ISPAT LIMITED	31/08/1999	-
U17119MH1988PLC160381	TANAWALA SYNTHETIC TEXTILES LIMITED (TRF.)	15/04/1989	-
U45201GJ2007PTC051623	SHIVA SHIP BUILDERS PRIVATE LIMITED	29/08/2007	-

Name :

Mr. Bhupatrai Mavjibhai Shah

Designation :

Director

Address :

Krishna Nagar, Geeta Chawk, Bhavnagar – 364 001, Gujarat, India

Date of Birth/Age :

17.06.1954

Qualification :

BSC

Date of Appointment :

05.10.2010

PAN No :

AAGPS6624J

DIN No.:

00320612

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U14200MH2008PLC187056	SHRI RAIPUR MINERALS AND LOGISTICS LIMITED	25/09/2008	-
U40103MH2010PTC210581	MSIL SOLAR PV POWER CORPORATION PRIVATE LIMITED	03/12/2010	-
U40105MH2006PLC164161	CHAMAN ELECTRICALS LIMITED	29/08/2006	-
U45201GJ2007PTC051623	SHIVA SHIP BUILDERS PRIVATE LIMITED	29/08/2007	-

Name :

Ms. Sangeeta Dharmendra Shah

Designation :

Director

Address :

947, Geeta Chowk, Near Dawn Building, Krishna Nagar, Bhavnagar - 364001, Gujarat, India

Date of Appointment :

17.07.2015

DIN No.:

07290572

Name :

Mr. Pareshkumar Vora Dhirajlal

Designation :

Director

Address :

663/B-3, Arihant Flat, Deri Road, Krishna Nagar, Bhavnagar-364001, Gujarat, India

Date of Appointment :

08.04.2016

DIN No.:

07442564

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36998GJ1992PLC018503	NAVKAAR ISPAT LIMITED	14/03/2016	-

Name :

Mr. Jayant Shah Popatlal

Designation :

Director

Address :

Block No. 104, Parashwa Palace, Near Trupati Flat, Kalubha Road Bhavnagar, Bhavnagar-364001, Gujarat, India

Date of Appointment :

08.04.2016

DIN No.:

07442572

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36998GJ1992PLC018503	NAVKAAR ISPAT LIMITED	14/03/2016	-

KEY EXECUTIVES

Name :	DG Patel and Associates
Designation :	Company Secretaries
Address :	Opposite Bank of Baroda, Lokhand Bazar, Bhavnagar-364001, Gujarat, India
Tel. No.:	91-278-2515036
Mobile No.:	91-9898432306
E-Mail :	csdgpatel@gmail.com

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Name of Shareholders	No of Shares
AM Ispat Limited, India	1100000
Bhadresh J. Shah	600000
Bhavesh Shah	400000
Bhupatrai Shah	800000
Charulata Shah	500000
Chhaya Shah	344500
Chimanlal Shah	500000
Dalkan Ship Breaking Limited	1400000
Dharmendra V. Shah	600000
Dipti Shah	40000
Gaurang Shah	340000
Gaurav Shah	500000
Gunvantiben J. Shah	750000
Hemali Shah	311500
Hiren V. Shah	500000
Hitesh Shah	500000
Jaysukhlal Shah	550000
Manjulaben C. Shah	400000
Nehal B. Shah	250000
Paras Ship Breaking Limited, India	670000
Parul H. Shah	500000
Pushpaben Shah	506000
Sangita Shah	290000
Tejas Shah	48000
Vinaychand M. Shah	600000
Total	13000000

AS ON 30.09.2016

Equity Share Break up	Percentage
Category
Promoters – [Individual/Hindu Undivided Family – Indian]	45.68
Public/Other than promoters - [Individual/Hindu Undivided Family – Indian]	29.94
Public/Other than promoters -[Bodies corporate]	24.38
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of manufacturing of Sponge Iron, Billets, TMT Bars and finished Steel. (Registered Activity)

Products / Services :

ITC Code	Product/ Services Description
72279090	TMT Bars
98010013	Solar Power Generation
73071110	Sponge Iron
72071920	Billets

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 :

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

No. of Employees :

Information denied by the management

Bankers :

• Bank of India
• Dena Bank Limited

Bank Name	Bank of Baroda
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 (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG TERM BORROWINGS
Term loans from banks	258.119	382.962
Other loans and advances	12.577	0.000
SHORT TERM BORROWINGS
Term loans from banks	2351.887	2204.523
Total	2622.583	2587.485

Auditors :
Name :	A J Mandera and Company Chartered Accountants
Address :	305, Turning Point, Near Sahkari Hat, Waghawadi Road, Bhavnagar-364001, Gujarat, India
PAN No.:	AAYFA2649F
Secretarial Auditors:
Name :	DG Patel and Associates Company Secretaries
Address :	Opposite Bank of Baroda, Lokhand Bazar, Bhavnagar-364001, Gujarat, India
Tel No.:	91-278-2515036
Mobile No.:	91-9898432306
Email.:	csdgpatel@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associate Company :	Mono Exim Private Limited, India U45309MH2011PTC214960
Key Management Personnel :	Jaysukhlal M Shah, Paras Steel Corporation Chimanlal M Shah, Vijaykumar and Company Bhupatrai M Shah, M V Steel
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Jay Bharat Corporation
Other Related Parties :	Paras Ship Breakers Limited, India U61000MH1993PLC071267 Keyur Ispat Limited, India U27100MH1999PLC121538 Navkaar Ispat Limited U36998GJ1992PLC018503

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	INR 10/- each	INR 130.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	INR 10/- each	INR 130.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	130.000	130.000	130.000
(b) Reserves & Surplus	1194.752	992.128	773.081
(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)	1324.752	1122.128	903.081
(3) Non-Current Liabilities
(a) long-term borrowings	532.579	730.809	1140.852
(b) Deferred tax liabilities (Net)	0.666	0.000	0.000
(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)	533.245	730.809	1140.852
(4) Current Liabilities
(a) Short term borrowings	2351.887	2204.523	525.461
(b) Trade payables	278.562	143.561	1046.667
(c) Other current liabilities	158.040	126.606	29.615
(d) Short-term provisions	50.022	58.305	0.070
Total Current Liabilities (4)	2838.511	2532.995	1601.813
TOTAL	4696.508	4385.932	3645.746
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1437.366	1234.911	1373.086
(ii) Intangible Assets	0.000	0.000	0.502
(iii) Capital work-in-progress	0.000	211.765	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.000	10.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.886	4.422	10.520
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1512.252	1461.098	1384.108
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1429.532	820.350	460.262
(c) Trade receivables	840.649	1125.807	889.665
(d) Cash and cash equivalents	502.961	764.904	401.861
(e) Short-term loans and advances	411.114	213.773	509.850
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3184.256	2924.834	2261.638
TOTAL	4696.508	4385.932	3645.746

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	7588.021	6513.200	4092.754
	Other Income	44.199	53.062	30.708
	TOTAL	7632.220	6566.262	4123.462
Less	EXPENSES
	Cost of Materials Consumed	4586.469	4658.463	1960.429
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(285.423)	(99.915)	809.652
	Employees benefits expense	36.475	11.910	14.514
	Extraordinary items	0.000	0.000	0.981
	CSR Expenditure	0.277	0.175	0.000
	Other expenses	2700.095	1412.012	1135.638
	TOTAL	7037.893	5982.645	3921.214
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	594.327	583.617	202.248
Less	FINANCIAL EXPENSES	171.356	130.464	168.307
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	422.971	453.153	33.941
Less/ Add	DEPRECIATION/ AMORTISATION	163.745	175.663	199.528
	PROFIT/ (LOSS) BEFORE TAX	259.226	277.490	(165.587)
Less	TAX	50.666	58.163	0.000
	PROFIT/ (LOSS) AFTER TAX	208.560	219.327	(165.587)
	IMPORTS
	Raw Materials	53.452	38.480	0.000
	TOTAL IMPORTS	53.452	38.480	0.000
	Earnings / (Loss) Per Share (INR)	16.04	16.87	-12.74

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	94.000	94.000	0.000
Net cash flow from (used in) operations	111.636	967.270	227.112
Net cash flow from operating activities	111.636	967.270	227.112

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	40.44	63.09	79.34
Account Receivables Turnover (Income / Sundry Debtors)	9.03	5.79	4.60
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	22.17	11.25	194.87
Inventory Turnover (Operating Income / Inventories)	0.42	0.71	0.44
Asset Turnover (Operating Income / Net Fixed Assets)	0.41	0.40	0.15

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.74	0.77	0.75
Debt Equity Ratio (Total Liability / Networth)	2.25	2.70	1.85
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.14	2.26	1.77
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.09	1.29	1.52
Interest Coverage Ratio (PBIT / Financial Charges)	3.47	4.47	1.20

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to Sales [(PAT/Sales) * 100)	%	2.75	3.37	(4.05)
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.44	5.00	(4.54)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.74	19.55	(18.34)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.12	1.15	1.41
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.62	0.83	1.12
G-Score Ratio Financial (Networth / Total Assets)	0.28	0.26	0.25
G-Score Ratio Debt (Debts / Equity Capital)	22.91	23.30	12.82
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.12	1.15	1.41

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	130.000	130.000	130.000
Reserves & Surplus	773.081	992.128	1194.752
Net worth	903.081	1122.128	1324.752
Long Term borrowings	1140.852	730.809	532.579
Short Term borrowings	525.461	2204.523	2351.887
Current Maturities of Long term debt	0.000	94.000	94.000
Total borrowings	1666.313	3029.332	2978.466
Debt/Equity ratio	1.845	2.700	2.248

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	4092.754	6513.200	7588.021
		59.140	16.502

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	4092.754	6513.200	7588.021
Profit/ (Loss)	(165.587)	219.327	208.560
	(4.05)%	3.37%	2.75%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	130.000	130.000
(b) Reserves & Surplus	1194.746	992.128
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1324.746	1122.128
(3) Non-Current Liabilities
(a) long-term borrowings	532.579	730.809
(b) Deferred tax liabilities (Net)	0.666	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	533.245	730.809
(4) Current Liabilities
(a) Short term borrowings	2351.887	2204.523
(b) Trade payables	278.562	143.562
(c) Other current liabilities	158.039	126.605
(d) Short-term provisions	50.021	58.305
Total Current Liabilities (4)	2838.509	2532.995
TOTAL	4696.500	4385.932
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1437.366	1234.911
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	211.765
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.992	10.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	64.886	4.422
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1512.244	1461.098
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1429.532	820.350
(c) Trade receivables	840.649	1125.807
(d) Cash and cash equivalents	502.961	764.904
(e) Short-term loans and advances	411.114	213.773
(f) Other current assets	0.000	0.000
Total Current Assets	3184.256	2924.834
TOTAL	4696.500	4385.932

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	7588.021	6513.201
	Other Income	44.199	53.062
	TOTAL	7632.220	6566.263
Less	EXPENSES
	Cost of Materials Consumed	4586.469	4658.463
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(285.423)	(99.915)
	Employees benefits expense	36.475	11.910
	CSR Expenditure	0.277	0.175
	Exceptional Item	0.008	0.000
	Other expenses	2700.095	1412.012
	TOTAL	7037.901	5982.645
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	594.319	583.618
Less	FINANCIAL EXPENSES	171.356	130.464
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	422.963	453.154
Less/ Add	DEPRECIATION/ AMORTISATION	163.745	175.664
	PROFIT/ (LOSS) BEFORE TAX	259.218	277.490
Less	TAX	50.665	58.163
	PROFIT/ (LOSS) AFTER TAX	208.553	219.327
	Earnings / (Loss) Per Share (INR)	16.04	16.87

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	No
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	Yes
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

BACKGROUND:

The Company is engaged in the business of manufacturing of Sponge and billets and finished steel and further having the Solar Power Plant and captive power plant. The manufacturing plant is situated at survey no 396/1,2 Dhamadaka, Anjar Kutch (Gujarat). The registered office of the company is at 105,1st floor, Batiliboy house 59/61, Nagdevi cross Road, off. Abdul Rehman Steet, Mumbai 400003, Maharashtra, India.

UNSECURED LOANS:

Unsecured Loan	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG-TERM BORROWINGS
Loans and advances from related parties	261.883	347.847
Total	261.883	347.847

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G04394508	100028943	TATA MOTORS FINANCE LIMITED	28/03/2016	-	-	25547520.0	10th Floor, 106 A & B, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra, India
2	B86353232	10452273	PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CONSORTIUM BOI - DB - BOB	13/09/2013	-	-	3414000000.0	MOTOR SALES AND SERVICES BUILDING, ASHRAM ROAD, AHMEDABAD – 380009, GUJARAT, INDIA
3	B65109332	10394814	BANK OF INDIA	19/12/2012	-	-	1350000000.0	AHMEDABAD MID CORPORATE BRANCH, 1ST FLOOR BOI BLDGNR SWASTIK CHAR RASTA, C G ROAD, NAVARANGPUR, AAHMEDABAD – 380009, GUJARAT, INDIA
4	B36269082	10345529	DENA BANK	12/03/2012	-	-	500000000.0	Industrial Finance Branch, 2nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Ahmedabad – 380009, Gujarat, India
5	B75207175	10314324	BOI CONSORTIUM - BANK OF INDA - DENA BANK - BANK OF BARODA	27/09/2011	19/03/2013	-	3414000000.0	AHMEDABAD MID CORPORATE BRANCH, 1ST FLOOR BOI BLDGNR SWASTIK CHAR RASTA, C G ROAD, NAVARANGPUR, AAHMEDABAD – 380009, GUJARAT, INDIA
6	B86695657	10317055	BANK OF INDIA	27/09/2011	-	13/09/2013	1867700000.0	AHMEDABAD MID CORPORATE BRANCH, 1ST FLOOR BOI BLDGNR SWASTIK CHAR RASTA, C G ROAD, NAVARANGPUR, AAHMEDABAD – 380009, GUJARAT, INDIA
7	B25166976	80015295	BANK OF INDIA	28/11/2005	26/09/2009	10/11/2011	427707000.0	AHMEDABAD MAIN BRANCH MEZZANINE FLOOR, BOI BUILDING BHADRA, AHMEDABAD – 380001, GUJARAT, INDIA
8	B25168667	80015299	BANK OF INDIA	28/11/2005	29/09/2009	10/11/2011	525000000.0	AHMEDABAD MAIN BRANCH MEZZANINE FLOOR, BOI BUILDING BHADRA, AHMEDABAD – 380001, GUJARAT, INDIA
9	Y10253930	90154160	STATE BANK OF INDIA	07/12/1993	30/12/1993	21/10/2005	27500000.0	DIWANPARA ROAD, BHAVNAGAR – 364001, GUJARAT, INDIA

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment’s

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 65.04
UK Pound	1	INR 90.56
Euro	1	INR 79.78

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	PRS
Report Prepared by :	KJL

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	New 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.