MIRA INFORM REPORT

Report No. :	509151
Report Date :	16.05.2018

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) :	31.03.2017
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.]	27AADCM3137C1ZV
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 :	Manufacturer and Supplier of Sponge Iron, Billets, TMT Bars and finished Steel etc., exporter of finished goods and importer of raw material. [Registered activity and also confirmed by management]
No. of Employees :	250 (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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1992 and it is engaged as manufacturer and supplier of sponge iron, billets, TMT bars, and finished steels as well as exporter of finished goods and importer of raw material. For the financial year 2017, the company has achieved decent growth of 10.93% in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the satisfactory financial risk profile marked by adequate net worth base and comfortable debt protection metrics. Rating continue to derive strength from its established track record of its business operation backed by its well experienced promoters and management team in steel industry. However, these ratings strengths are partially offset by large working capital requirement due to fragmented and highly competitive steel industry. These factors result to inability of subject to scale up its operations without facing profitability pressures. Payments seems to be usually correct. In view of 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	28.11.2018

Rating Agency Name	CARE
Rating	Short term rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	28.11.2018

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 16.05.2018

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. Ketan
Designation :	Accounts Manager
Contact No.:	91-9879576771
Date :	15.05.2018

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
Website :	http://www.monosteel.in
Location :	Owned
Locality :	Commercial
Factory :	Survey No 374, 397/1, 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 31.03.2018

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 :

Director

Address :

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

Date of Appointment :

28.09.2017

DIN No.:

00320531

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36998GJ1992PLC018503	NAVKAAR ISPAT LIMITED	29/09/2017	-
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 :	Mr. Ketan
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

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

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	45.68
Public/Other than promoters- Individual/Hindu Undivided Family- Indian	29.94
Public/Other than promoters - Body corporate	24.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Sponge Iron, Billets, TMT Bars and finished Steel etc., exporter of finished goods and importer of raw material. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Sponge Iron, Billets, TMT Bars and Finished products of Steel	2410

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Dubai
• African Countries

Imports :

Products :

Raw materials

Countries :

• Dubai
• America
• United Kingdom
• Australia

Terms :

Selling :

L/C, Advance Payment and Cheque

Purchasing :

L/C, Advance Payment and Cheque

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers, End Users

• Vishwakarma Steel

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

No. of Employees :

250 (Approximately)

Bankers :

Banker Name :	Bank of India
Branch :	Plot No. 19, Ghanshyam Nagar, Sanasar Naka, Near Khodiyar, Temple Anjar, Kutch – 370110, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	91-283-6244589 (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 :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Rupee term loans from banks	161.119	258.119
Loans taken for fixed assets	5.858	12.577
SHORT TERM BORROWING
Term loans from banks	2396.034	2309.248
Loans taken for fixed assets	31.200	22.675
Total	2594.211	2602.619

Auditors :
Name :	A J Mandera and Company Chartered Accountants
Address :	305, Turning Point, Near Sahkari Hat, Waghawadi Road, Bhavnagar –364001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAYFA2649F
Memberships :	Not Available
Collaborators :	Not Available
Other related party:	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:	Navkaar Ispat Limited, India [U36998GJ1992PLC018503] Keyur Ispat Limited, India [U27100MH1999PLC121538] Jay Bharat Corporation AM Ispat Limited, India [U27100MH1999PLC121539]

CAPITAL STRUCTURE

AS ON 31.03.2017

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	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	130.000	130.000	130.000
(b) Reserves & Surplus	1373.464	1194.752	992.128
(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)	1503.464	1324.752	1122.128
(3) Non-Current Liabilities
(a) long-term borrowings	439.818	532.579	730.809
(b) Deferred tax liabilities (Net)	0.000	0.666	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)	439.818	533.245	730.809
(4) Current Liabilities
(a) Short term borrowings	2433.234	2331.923	2204.523
(b) Trade payables	521.308	278.562	143.561
(c) Other current liabilities	125.679	156.360	126.605
(d) Short-term provisions	57.531	50.022	58.305
Total Current Liabilities (4)	3137.752	2816.867	2532.994
TOTAL	5081.034	4674.864	4385.931
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1292.893	1437.366	1234.911
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	211.765
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.000	10.000	10.000
(c) Deferred tax assets (net)	9.906	0.000	0.000
(d) Long-term Loan and Advances	64.895	64.886	4.422
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1377.694	1512.252	1461.098
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1522.845	1429.532	820.350
(c) Trade receivables	1009.967	840.649	1125.807
(d) Cash and cash equivalents	519.121	482.997	764.904
(e) Short-term loans and advances	651.407	409.434	213.772
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3703.340	3162.612	2924.833
TOTAL	5081.034	4674.864	4385.931

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	8417.588	7588.021	6513.201
	Other Income	79.628	(64.935)	53.062
	TOTAL	8497.216	7523.086	6566.263
Less	EXPENSES
	Cost of Materials Consumed	5424.297	4586.469	4658.463
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(141.456)	(285.422)	(99.915)
	Employees benefits expense	28.442	36.475	11.910
	CSR expenditure	0.991	0.277	0.175
	Other expenses	2508.136	2590.960	1412.012
	TOTAL	7820.410	6928.759	5982.645
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	676.806	594.327	583.618
Less	FINANCIAL EXPENSES	244.585	171.356	130.464
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	432.221	422.971	453.154
Less/ Add	DEPRECIATION/ AMORTISATION	197.391	163.745	175.664
	PROFIT/ (LOSS) BEFORE TAX	234.830	259.226	277.490
Less	TAX	46.927	50.666	58.163
	PROFIT/ (LOSS) AFTER TAX	187.903	208.560	219.327
	IMPORTS
	Raw Materials	33.281	53.452	38.481
	TOTAL IMPORTS	33.281	53.452	38.481
	Earnings / (Loss) Per Share (INR)	14.45	16.04	16.87

Particulars	31.03.2018
Sales Turnover (Approximately)	12000.000

Expected Sales (2018-2019): INR 15000.000 Million

The above information has been parted by Mr. Ketan

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	94.000	92.321	94.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	160.481	91.672	689.780
Net cash flows from (used in) operating activities	160.481	91.672	967.270

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	43.79	40.44	63.09
Account Receivables Turnover (Income / Sundry Debtors)	8.33	9.03	5.79
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	35.08	22.17	11.25
Inventory Turnover (Operating Income / Inventories)	0.44	0.42	0.71
Asset Turnover (Operating Income / Net Fixed Assets)	0.52	0.41	0.40

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.72	0.74	0.77
Debt Equity Ratio (Total Liability / Networth)	1.97	2.23	2.70
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.09	2.13	2.26
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.86	1.09	1.29
Interest Coverage Ratio (PBIT / Financial Charges)	2.77	3.47	4.47

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.23	2.75	3.37
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.70	4.46	5.00
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.50	15.74	19.55

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.18	1.12	1.15
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.69	0.62	0.83
G-Score Ratio Financial (Networth / Total Assets)	0.30	0.28	0.26
G-Score Ratio Debt (Debts / Equity Capital)	22.82	22.74	23.30
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.18	1.12	1.15

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	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	130.000	130.000	130.000
Reserves & Surplus	992.128	1194.752	1373.464
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1122.128	1324.752	1503.464
Long Term borrowings	730.809	532.579	439.818
Short Term borrowings	2204.523	2331.923	2433.234
Current Maturities of Long term debt	94.000	92.321	94.000
Total borrowings	3029.332	2956.823	2967.052
Debt/Equity ratio	2.700	2.232	1.973

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	6513.201	7588.021	8417.588
		16.502	10.933

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	6513.201	7588.021	8417.588
Profit	219.327	208.560	187.903
	3.37%	2.75%	2.23%

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	1373.527	1194.746
(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)	1503.527	1324.746
(3) Non-Current Liabilities
(a) long-term borrowings	439.818	532.579
(b) Deferred tax liabilities (Net)	0.000	0.666
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	439.818	533.245
(4) Current Liabilities
(a) Short term borrowings	2433.234	2331.923
(b) Trade payables	521.308	278.562
(c) Other current liabilities	125.679	156.360
(d) Short-term provisions	57.554	50.020
Total Current Liabilities (4)	3137.775	2816.865
TOTAL	5081.120	4674.856
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1292.893	1437.366
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.086	9.991
(c) Deferred tax assets (net)	9.906	0.000
(d) Long-term Loan and Advances	64.895	64.886
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1377.780	1512.243
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1522.845	1429.532
(c) Trade receivables	1009.967	840.649
(d) Cash and cash equivalents	519.121	482.997
(e) Short-term loans and advances	651.407	409.435
(f) Other current assets	0.000	0.000
Total Current Assets	3703.340	3162.613
TOTAL	5081.120	4674.856

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	8417.588	7588.021
	Other Income	79.628	-64.935
	TOTAL	8497.216	7523.086
Less	EXPENSES
	Cost of Materials Consumed	5424.297	4586.469
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(141.456)	(285.423)
	Employees benefits expense	28.442	36.475
	CSR expenditure	0.991	0.277
	Other expenses	2508.136	2590.960
	Exceptional items	(0.094)	0.009
	TOTAL	7820.316	6928.767
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	676.900	594.319
Less	FINANCIAL EXPENSES	244.585	171.356
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	432.315	422.963
Less/ Add	DEPRECIATION/ AMORTISATION	197.391	163.745
	PROFIT/ (LOSS) BEFORE TAX	234.924	259.218
Less	TAX	46.950	50.665
	PROFIT/ (LOSS) AFTER TAX	187.974	208.553
	Earnings / (Loss) Per Share (INR)	14.46	16.04

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)	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	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%	Yes
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

STATE OF COMPANY’S AFFAIRS:

Company is engaged in the business of manufacturing of Sponge Iron, Billets, TMT Bars and Finished Steel. Further, company is also having a Solar Power Plant and Captive Power Plant. During the year, revenue from operations from all the segments of the company increased to INR 8.418 Million as compared to 7.588 Million in previous year. However, profit for the year decreased to INR 187.903 Million as compared to a profit of INR 208.560 Million during the previous year. The directors shall strive harder to achieve better result in future.

CORPORATE INFORMATION

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.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Loans and advances from directors	51.766	34.083
Loans and advances from others	218.075	227.800
Total	269.841	261.883

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,MUMBAIMA400021IN
2	B86353232	10452273	PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CONSORTIUM BOI - DB - BOB	13/09/2013	-	-	3414000000.0	MOTOR SALES & SERVICES BUILDINGASHRAM ROADAHMEDABADGJ380009IN
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, NAVARANGPURAAHMEDABADGJ380009IN
4	B36269082	10345529	DENA BANK	12/03/2012	-	-	500000000.0	INDUSTRIAL FINANCE BRANCH2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROADAHMEDABADGJ380009IN
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, NAVARANGPURAAHMEDABADGJ380009IN
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, NAVARANGPURAAHMEDABADGJ380009IN
7	B25166976	80015295	BANK OF INDIA	28/11/2005	26/09/2009	10/11/2011	427707000.0	AHMEDABAD MAIN BRANCH MEZZANINE FLOORBOI BUILDING BHADRAAHMEDABADGJ380001IN
8	B25168667	80015299	BANK OF INDIA	28/11/2005	29/09/2009	10/11/2011	525000000.0	AHMEDABAD MAIN BRANCH MEZZANINE FLOORBOI BUILDING BHADRAAHMEDABADGJ380001IN
9	Y10253930	90154160	STATE BANK OF INDIA	07/12/1993	30/12/1993	21/10/2005	27500000.0	DIWANPARA ROADBHAVNAGARGJ364001IN

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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 67.53
UK Pound	1	INR 91.49
Euro	1	INR 80.53

INFORMATION DETAILS

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

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	YES
--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.