MIRA INFORM REPORT

Report Date :

19.08.2008

IDENTIFICATION DETAILS

Name :	META COPPER AND ALLOYS LIMITED
Registered Office :	36/ 37,Mittal Chambers, Nariman Point, Mumbai-400 021,Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	11.03.1997
Com. Reg. No.:	106475
CIN No.: [Company Identification No.]	U29230MH199PLC106475
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22906C
PAN No.: [Permanent Account No.]	AAACM7357B
Legal Form :	Closely held public limited liability company
Line of Business :	Manufacturers and Exporters of Brass Strips, Sheets, Copper and Copper Based Alloy Strips, Foils

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 795693500
Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well established and reputed company. The company has some accumulated losses but it is expected to be wiped off soon. Trade relations are fair. Business is active. Payments are reported as slow but correct . The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered /CorporateOffice :	36/37,Mittal Chambers, Nariman Point, Mumbai-400 021,Maharashtra
Tel. No.:	91-22-5630 6818
Fax No.:	91-22-5630 6819
E-Mail :	sales@metacopper.com, manoj.palaria@metacopper.com
Works & Marketing Office :	P.O.Box 6 Post Zurianagar,Goa – 403726,India
Tel. No.:	91-832-2783 944 47/ 91-832-2783 952
Fax No.:	91-832 2783 953
E-Mail :	Info@metacopper.com
Branches :	Delhi Office: 1010,Arunachal Bldg,Barakhamba Road, New Delhi-110 001 Tel.: 91-11-3042355 / 56 Email: metastripsdelhi@gmail.com Bangalore Office: S-218,2^nd Floor, South Block, Dickenson Road , Bangalore-560 001. Tel.:91-80-558 7588 Fax.:91-22-558 7588 Email:mslbir@sify.com
Overseas Office:	Italian Office: I-15067 NOVI LIGURE (AL)- Viale dell’Artigianato 13/1 – C.F./P.IV.A 02138910068 - Capitale sociale 50.000 i.v. Reg.Imp.Di AL n 02138910068 –C.CI.A.A di AL R.E.A 229895 Tel: 39-0143-314510 Fax: 39-0143-78989 Email: renatobetold@alice.it Turkish Office: Gulsuyu Mahallesi Bilinear Sokak No:7 Kat:581530 Maltepe / Istanbul – TURKEY Tel.: 90 216 427 38 05 Email: meta.turkey@superonline.com USA Office: 30N,Plandome RD,Port Washington, New York-11050 Tel:1-516-996 845 Email:vtej@aol.com

DIRECTORS

Name :	Mr. Sushil Khaitan
Designation :	Chairman cum Managing Director
Nationality:	Indian
Address :	44,Jolly maker Apartment 11,cuffe parade, Mumbai Maharashtra -400 005
Date of Birth/Age :	07.10.1960
Date of Appointment :	11.03.1997
Name :	Ms Asha Khaitan
Designation :	Director
Nationality:	Indian
Address :	504,Glen Classic Hiranandani Garden ,Powai,Mumbai Maharashtra -400076
Date of Birth/Age :	20.08.1963
Date of Appointment :	11.03.1997
Name :	Mr. Aditya Kumar Ahuja
Designation :	Director
Nationality:	Indian
Address :	12-7-295,G-2,ShantinivaApartments,Mettugaon,Secunderabad ,Andhra Pradesh 500 017
Date of Birth/Age :	05.10.1947
Date of Appointment :	25.09.2000
Date of Ceasing:	29.06.2004
Name :	Mr.Debarata Guha Chaudhary
Designation :	Director
Nationality:	Indian
Address :	5C,Sagar Sangeet,58,Shahid Bhagat Singh Road Colaba,Mumbai,Maharashtra-400 005
Date of Birth/Age :	08.02.1954
Date of Appointment :	29.06.2004
Name :	Mr.Arun V Parekh
Designation :	Whole Time Director
Nationality:	Indian
Address :	Sai Krupa ,509/A 15TH’A’ Main Road Basveshwarnagar,Bangalore,Karnataka 560 079
Date of Birth/Age :	13.08.1950
Date of Appointment :	29.06.2002
Date of Ceasing:	20.06.2004
Name :	Mr. Shailesh.S Vaidya
Designation :	Director
Nationality:	Indian
Address :	Kangasco,Ready Money Mansion,43,Veer Nariman Road, Mumbai ,Maharashtra-400 001
Date of Birth/Age :	03.11.1957
Date of Appointment :	29.06.2002
Date of Ceasing:	01.09.2004
Name:	Mr. Ravindranath B.
Designation:	Director
Address:	14B,Sterling Apartments Deshmukh Marg ,Mumbai,Maharashtra – 400 026
Nationality:	Indian
Date of Birth/Age:	30.04.1955
Date of Appointment:	28.09.2002
Name:	Mr. Anand Swaroop Khanna
Designation:	Director
Address:	14B,Sterling Apartments Deshmukh Marg ,Mumbai,Maharashtra – 400 026
Nationality:	Indian
Date of Birth/Age:	15.09.1952
Date of Appointment:	23.10.2003
Name:	Ms Parvathi Sem P.
Designation:	Director
Address:	A-27,Sunset heights ,Pali hill,Bandra,Mumbai,Maharashtra-400 050
Nationality:	Indian
Date of Birth/Age:	14.08.1941
Date of Appointment:	30.09.2004

KEY EXECUTIVES

Name:	Mr Umesh Kumar Agarwal
Designation:	Secretary
Nationality:	Indian
Date of Birth/Age:	26.04.1968
Date of Appointment:	30.06.2003

MAJOR SHAREHOLDERS

List of allotties of equity shares against cash:

(As On 31.03.2006)

Names of Shareholders	No. of Shares
India Debt Management Limited	10000
Life Insurance Corporation of India	500
Total	10500

Equity Share Capital breakup (percentage of total equity)

(As on 31.03.2007)

Category	Percentage
Public Financial Companies	29.96
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies Or Others	7.52
Bodies corporate (not mentioned above)	48.69
Directors or Relatives of Directors	13.83

BUSINESS DETAILS

Line of Business :	Manufacturers & Exporters of Brass Strips, Sheets, Copper and Copper Based Alloy Strips, Foils.
Products :	Copper – Zinc base alloys

GENERAL INFORMATION

Bankers :	· Industrial Development Bank of India Limited,IDBI Tower,Cuffe Parade,Mumbai-400 005 · Canara Bank, Mathias Plaza, Off June Road, Panaji – 403 001,Goa- GA
Facilities :	--

Banking Relations :	Satisfactory
Auditors :
Name :	S Surana and Associates
	Chartered Accountants
Address :	310, Ahura Centre, 82,Mahakali Caves Road,Andheri(East)-400 093,Mumbai-Maharashtra.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs. 10.00 each	Rs. 1300.000 millions
8000000	Preference Shares	Rs. 100.00 each	Rs 800 millions
	Total		Rs.2100 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
102110175	Equity Shares	Rs.10.00 each	Rs.1021.102 millions
7988750	Preference Shares	Rs.100.00 each	Rs.798.875 millions
	Total		Rs. 1819.977

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		905.227	905.227	905.227
2] Share Application Money		914.650	384.824	0.000
3] Reserves & Surplus		24.720	0.000	0.000
4] (Accumulated Losses)		(253.21)	(866.50)	(1070.886)
NETWORTH		1591.387	423.551	(165.659)
LOAN FUNDS
1] Secured Loans		1450.160	`2754.353	2882.102
2] Unsecured Loans		484.120	55.574	0.000
TOTAL BORROWING		1934.28	2809.927	2882.102
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3525.667	3233.478	2716.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2128..795	2277.663	2393.226
Capital work-in-progress		211.311	101.185	47.588
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		422.158	411.472	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	817.741	545.423	367.108
	Sundry Debtors	624.063	410.020	431.152
	Cash & Bank Balances	105.145	58.592	81.597
	Other Current Assets	5.608	19.032	0.695
	Loans & Advances	221.136	130.823	30.094
Total Current Assets		4535.957	3954.21	3351.494
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1014.110	736.306	660.665
	Provisions	6.523	3.609	2.363
	Contingent Liabilities	0.000	0.000	-
Total Current Liabilities		1020.631	739.911	663.028
Net Current Assets		753.062	423.979	247.618
MISCELLANEOUS EXPENSES		10.339	19.175	28.011
TOTAL		3525.667	3233.474	2716.443

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		5651.302	3009.719	2575.100
Other Income		44.739	22.216	15.500
Total Income		5696.041	3031.935	2613.300
Profit/(Loss) Before Tax		(122.765)	(203.070)	(354.600)
Provision for Taxation		8.904	35.755	0.000
Profit/(Loss) After Tax		(131.669)	(238.825)	(354.600)
Earnings in Foreign Currency :
	Export Earnings	4332.233	2151.489	NA
Total Earnings		4332.233	2151.489	NA
Expenditures :
	Raw Material Consumed	5221.780	2654.487	2000.900
	Consumption of stores and spares parts	57.164	70.916	0.000
	Increase/(Decrease) in Finished Goods	(318.086)	(171.921)	22.700
	Salaries, Wages, Bonus, etc.	83.261	66.193	54.500
	Managerial Remuneration	2.971	2.377	0.000
	Payment to Auditors	0.653	0.540	0.000
	Interest	149.242	153.117	310.000
	Insurance Expenses	5.412	4.447	0.000
	Power& Fuel	310.363	166.328	144.700
	Depreciation & Amortization	137.186	145.772	143.800
	Other Expenditure	168.860	142.719	314.000
Total Expenditure		5818.806	3235.005	4991.500

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	(2.31)	(3.65)	(13.56)
Net Profit Margin (PBT/Sales)	(%)	(2.17)	(6.70)	13.77
Return on Total Assets (PBT/Total Assets}	(%)	1.68	3.01	6.12
Return on Investment (ROI) (PBT/Networth)		0.08	0.48	(2.14)
Debt Equity Ratio (Total Liability/Networth)		1.86	8.38	18.89
Current Ratio (Current Asset/Current Liability)		6.02	9.33	5.05

LOCAL AGENCY FURTHER INFORMATION

FORM 8:-

Name of the company	META COPPER AND ALLOYS LIMITED (formerly known as Meta Strips Limited)(hereinafter referred to as “the Company”)
Presented By	Anil Agarwal ,Executive Director
1) Date and description of instrument creating the change	24^th January 2006.Deed of Hypothecation executed by the company in favour of Industrial Development Bank of India Limited (IDBI).
2) Amount secured by the charge/amount owing on the securities of charge	Working Capital facilities Aggregating to Rs.200 millions Fund Based – Rs.50 millions Non-Fund Based – Rs. 150 millions Agreed to be lent and advanced by IDBI to the Company together with interest, additional interest, commission, liquidated damages, premia on prepayment or on redemption, costs, charges, expenses and all other moneys payable by the Company to IDBI in terms of the Facilities Agreement dated 24^th January 2006 entered into between the Company of the One Part and IDBI of the Other Part.
3) Short particular of the property charged. If the property acquired is META COPPER AND ALLOYS LIMITED to charge, date of the acquired of the property should be given	The Whole of the movable properties of the Company present and future goods, book debts, stock of raw materials, semi finished goods and finished goods, consumable stores and all other movable assets of the Borrower including but not limited to the goods, outstanding moneys receivables including receivables by way of cash assistance and/ or cash incentives under the Duty Drawback Credit Scheme or any other Scheme, bills, invoices, documents, contracts, insurance policies guarantees, engagements securities, investments and rights and all future machinery belonging to or in the possession of or under the control of the Company wherever lying stored and kept and whether in possession of the Borrower or of any third party whether in India or elsewhere throughout the world(including all such goods, other movable assets as may be in course of shipment transit or delivery ) whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security be brought into or upon or to be stored in or about the Company’s factories, premises and godowns or wherever else the same may be or be held by any party to the order or delivery, howsoever and wheresoever in the course of transit or on high seas or on order, or delivery, howsoever and wheresoever in the possession of the Company and either by way of substitution or addition.
4) List of the terms and conditions and extent and operation of the charge.	· The charge operates as security, inter alia, for the due repayment by the Company to IDBI of its Working capital Facilities Aggregating to Rs. 200 millions together with interest, commission, liquidated damages, premia on prepayment or on redemption, costs, charge, expenses and all other moneys payable by the company to IDBI in terms of the said Facilities Agreement. · The charge in favour of IDBI under the said Deed of Hypothecation ranks paripassu with all other banks which have a charge on the aforementioned assets. · The Company has undertaken to keep the goods hypothecated in marketable and good condition at its costs and to insure the same in the joint names of the Company and IDBI. · All the goods hypothecated and all realisations and insurance proceeds thereof and all documents in respect of the said security are to be kept distinguishable and held as the exclusive property of IDBI. · The security created under the said Deed of Hypothecation is to be a continuing security.
5) Name and Address and description of the person entitled to the charge.	Industrial Development Bank of India Limited, IDBI Totheyr, Cuffe Parade, MUMBAI – 400 005. Branch Office:EDC House, Dr. Atmaram Borkar Road, Panaji, Goa
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Corporate identity number of the company	U29230MH1997PLC106475
Name of the company	META COPPER AND ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	36/37,Mittal Chambers, Nariman Point, Mumbai-400 021,Maharashtra
This form is for	Creation of Charge
Type of charge	· Book Debts · Others: Stock
Particular of charge holder	Name and Address:Canara Bank, Mathias Plaza, Off 18^th June Road,Panaji-403 001,Goa- GA. E Mail:hbi0308@canbank.co.in
Nature of instrument creating charge	Hypothecation Agreement of Goods and Book Debts for DALC.
Date of instrument Creating the charge	02.01.2008
Amount secured by the charge	Rs. 100,000,000.00
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of Interest :As applicable time to time · Terms of repayment: On demand · Margin: as applicable · Extent and operation of the charge: Hypothecates/charge
Particulars of the property charged	All the goods and commodities purchased, acquired, received under the said credit facilities particulars whereof will be furnished from time to time, now lying or hereinafter stored at the godown, yards and premises near Uphasnager, Zuari Nagar, Goa – 403726 or lying at any other place wheresoever.

Website Details Attached:

Located at the Port town of Mormugao on the western Coast of India, Meta is effectively connected to all the major Seaports in the World. As an Export Oriented Unit, Meta enjoys a tax-free working environment, which adds to its competitive advantage.

Meta uses state of art machines that have been carefully selected from Band of Machine Builders of International repute. These machines provide superior tolerance on critical parameters and thus translate Customer’s requirements into delivered products.

Meta is managed by a team of experienced professionals with expertise in Non – ferrous Metallurgy. Professionals are involved in each level and are characterized by the in – depth knowledge of the process and high sensivity to Customer’s requirements. Skills upgradation and human resource development is a priority activityinMeta.

Meta believes the quality of the delivered product depends largely on the input quality and hence uses extensive Feedforward control methods to ensure every gram of raw material used in the production exceeds International Standards.

Manufacturing is done under a controlled environment. The process data is recorded, monitored and preserved through Baan ERP System which guarantees 100% adherence to the customer’s specifications at all levels and ensures trace ability to the raw material supplies. Vertical Slab Casting, Jet Floatation Annealing, Bell annealing, Chamber Annealing Precession Rolling with automatic gauge controllers, Laser Pin Hole Detection, Automated Surface Defect Eliminating System, Semi Automatic Packaging Line etc are some of unique practices in Meta .

This man, machines and fine raw materials combination along with locational advantage makes Meta a cost effective and quality supplier of Copper and Copper Alloys rolled flat products. Products are easily available in over 37 countries through an efficient Supply Chain System. Their Quality Assurance and Technical support team is alert to every Customer need and is in the relentless pursuit of maximizing the Productivity of their Customers.

They are committed to understand your requirements and translate them into delivered products in totality.

PRODUCTS

Subject offer brass in various forms of sheets, strips and foils as per international quality standards.

The technology adopted for slab casting and hot rolling followed by precision cold rolling achieves the coil weight and quality. The automated surface defect eliminating system is incorporated in the slitting machine for any defects and pinholes identification.

Their Products are subject to a rigorous quality control system with sophisticated inspection devices for precise dimensions, desirable physical properties, and surface conditions.

Their Products have wide range of applications in electronics, computers, Telecommunications, Automotive, Defence, Engineering and Garments.

Their team helps you to find the exact alloy with the shortest possible delivery time and prompt services.

Their pledge for continuous improvement on their customer relationships helps in “Delivering Value” with every order.

PRODUCT APPLICATIONS:

MAJOR APPLICATIONS:

AUTOMOTIVE

Subject is a major supplier to the automotive industry in India. They comply ISO 9001/2000 and ISO14001/2005 standards.

The excellent properties of copper and copper alloys make these products preferred choices for the automotive manufacturers when it comes to features such as corrosion resistance, durability, heat transfer, electronics, welding ability, and electrical conductivity.

Automotive Connectors

They supply copper and brass for electrical and electronic connectors and interconnection systems. Their customers benefit from the tight tolerances, which is vital for this application. They present new technology opportunities for cost-effective solutions.

Radiators & Heat Exchangers

Copper and brass with excellent conductivity, formability and solder ability are the best choices for heat exchangers. Their focus is to develop a cost effective high-quality thin strip.

CONSUMER PRODUCTS:

Their products are used for zippers, buttons and hose coupling. LME A grade copper cathodes used in this application ensure good workability and durability.

ELECTRICAL

Their copper and copper-based alloys are widely used in different electrical applications, such as energy, power and transportation systems. Copper provides the electrical and thermal conductivity that ensures reliability and high performance in a wide variety of products. They provide new technology opportunities for cost-effective, high performance material solutions. Their unique process technologies enable us to provide local supply to meet your most demanding requirements.

They maintain key features like superior electrical conductivity, bending ability, consistency and stamping ability to match industry specific requirement. This product is available in pancake and traverse wound form.

Transformer Strips

Transformer strips are used in electric distribution and power transformers. Their overall manufacturing process encompasses all stages from hot milling to deburred and slitted edges.

Soft annealing and excellent ductility of copper enables superb coiling properties; strips will bend easily along rolling direction. The intermediate surface brushing guarantees a clean surface.

Strip for Electrical Devices

Copper and copper alloys provide the electrical and thermal conductivity that insures reliability and high performance.

Recommended alloys for use in the Electrical Industry are copper C110, alloys C260 and C268. 

Heating, ventilation, air conditioning and refrigeration

In heat transfer applications like air conditioners, refrigerators and heating unit the excellent conductivity of copper helps in designing energy efficient equipment and systems in a cost effective manner.

ORDNANCE

Their product finds its use to manufacture cups, discs and ordnance strips for Military and commercial markets. The strips are engineered with tight tolerances, deep drawing properties with uniform grain across sections.

SOLAR

Solar Panels

Photovoltaic Modules

Their product offers optimal high thermal conductivity for solar thermal energy applications and good formability.

Solar Thermal collector

Their product offers an excellent thermal conductivity, designed to the customer’s specific requirement.

OTHER APPLICATIONS

MANUFACTURING RANGE

Their products have the benefit of technological collaboration and meet international quality standards. The state-of-art equipment they use was hand picked from some of the leading equipment manufacturers around the globe. The technology adopted for slab casting; hot rolling; precision cold rolling help in achieving high standards and consistent production.

The automated system used for Laser based Pin Hole Detection, Mass flow AGC, Auto slow down and Auto shape correction, enables high quality products that meet stringent international quality parameters necessary in the Connector, Radiator, Defense and Electrical Industries.

META 'S COPPER AND BRASS ARE SUPPLIED AS
Coil Pancake	Millimeters	Inches
Thickness	0.10-5.00	0.0039-0.1968
Width	10-500	0.393-19.685
Internal Diameter	100/150/200/250/300/400/500	3.93/5.90/7.87/9.84/11.81/11.81/15.74/19.68
Mill Width Coils	305/355/406/457/500	12/14/16/18/19.7
Cut to Length Sheets	Millimeters	Inches
Thickness	0.20-4.00	0.007874-0.1574
Width	20-500	0.7874-19.685
Length	400-3000	15.748-118.110'
Packing	Palletised Boxes	Palletized Boxes
General Parameters
Standard Tolerances	Thickness: +/- 1.5 %	Width : +/- 0.5 %
	Tolerances as per Customer' specific requirements or as per the chosen Standard of reference
Temper	Annealed to Spring Hard
Coil Weight	11.5 Kg/mm width Approx
Packing	Coils wrapped in VCI paper and Palletized
Shipping	Factory stuffed and Sealed in 20' Containers or as per Customer's choice

QUALITY AND ENVIRONMENT

Mission Statement and Quality Policy

“To be the leading manufacturer of Copper and Copper based Alloy Strips, Foils and Sheets in the global market by setting the benchmark of quality and building a motivated workforce, in a cohesive family atmosphere.”

At Meta Copper they have been awarded the prestigious ISO 9001-2000 Certification for their effective Quality Management System. They firmly believe in their policy of “Quality First” which begins from the right selection of raw material, to its being converted into world class quality products with state of art facilities by highly experienced, motivated and trained manpower, where all the quality aspects of the product required by their customers are monitored.

This Quality Management System is reviewed by the top management at regular intervals for its effectiveness and, proactive action is initiated well in time to prevent any quality defects.

In addition, on a regular basis, their products are endorsed, by their esteemed customers, for its consistently exceptional quality.

META COPPER AND ALLOYS LIMITED
Sr. No.	Process	Characteristics to be checked	Measuring Instruments
1	Raw Material Inspection	Purity	Spectro Analyzer
		Surface quality	Visual
2	Melting & Casting	Charge Quantity	Weighing Scale
		Temperature	Temp. Stick
		Chemical Composition	Spectro Analyzer
3	Slab Saw	Appearance	Visual
4	Re-Heating	Temperature	Thermocouple
		Soaking Duration	RHF log sheet
5	Hot Rolling	Temperature	Pyrometer
		Thickness	Micrometer
		Width	Measuring Tape
		Surface	Visual
6	Milling	Surface	Visual
		Thickness	Micrometer
7	Breaking (1 st Cold Rolling)	Surface	Visual
		Thickness	Micrometer & Vollmer
		Width	Measuring Tape
8	Annealing
	Bell Annealing	Temperature	Thermocouple
		Soaking Cycle	PID Control
	Continuous Annealing	Temperature	Thermo Couple
		Speed	Speed Controller
		On line Inspection	Metallurgist
		Surface	Visual
		Width	Measuring Tape
		Thickness	Vollmer gauge, Micrometer
		Physical & Mechanical Test	UTM, Hardness Tester Etc.
9	Edge Trimming	Width	Measuring Tape
10	Pickling	Surface	Visual
		Width	Measuring Tape
		Thickness	Micrometer
11	Tension Leveler	Flatness	I value
12	Slitting/cut to length/final inspection	Surface	Visual
		Physical & Mechanical Test	UTM, Hardness Tester Etc.
		Inner & Outer Dia	Measuring Tape
		Weight	Weighing Scale / Weight Chart
		Surface	Visual
		Dimensions	Micrometer / Vernier / Measuring Tape
		Physical & Mechanical Test	UTM, Hardness Tester Etc.
13	Packing	Marking & Packing	As Per Customer Requirement

Physical & Mechanical Test

UTM, Hardness Tester Etc.

13

Packing

Marking & Packing

As Per Customer Requirement

Their Environment: They care!  

They believe that Natural resources like fresh water, clean air and vegetation provide sustenance and a foundation for social and economic development.

They have supported this by not only voluntarily incorporating State of the Art Technology for taking care of its polluting sources but also by implementing the ISO 14001:2004EMS. They intend to Protect and conserve the quality of air, land, water and other resources, while fostering economic development & a healthy and safe work environment. To validate its support to resource conservation, MCAL has adopted the practice o f rainwater harvesting to meet its water requirements

The company also practices a zero discharge policy. Effluent is treated & reused in process/irrigation. ZnO and dross is filtered from emissions & molt respectively. Hazardous waste like used oil, sludge, dross and ZnO are dealt by CPCB/MOEF authorized recyclers.

MCAL has acknowledged its environmental obligations by operating over & above the requirements of the Consent to Operate under both the Water (Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act, 1981 , as well as the Authorization of Hazardous Wastes Management & The Registration of Recyclers under the Hazardous Wastes (Management and Handling) Rules, 2003.

Also, as required under the Environment Protection Act 1986 an Environmental Statement is submitted at the end of every financial year thus facilitating comprehensive look at its industrial operations, which further facilitates understanding of material flows and focus on areas where waste reduction and consequently savings in input costs is possible.

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 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	Indian Rupees
US Dollar	1	Rs.43.23
UK Pound	1	Rs.80.89
Euro	1	Rs.63.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
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
TOTAL		54

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, they have no basis upon which to recommend credit dealings	No Rating

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