MIRA INFORM REPORT

Report Date :

27.04.2011

Note :- Registered office of the company has been shifted from 211, Shrimohini, 345, Kingsway, Nagpur – 440001, Maharashtra, India to the present address w.e.f. 07.10.2008

IDENTIFICATION DETAILS

Name :	MAHARASHTRA METAL POWDERS LIMITED
Formerly Known As:	SEMI CONDUCTOR PACKAGES PRIVATE LIMITED
Registered Office :	116, Trinity Building, 227, Dr. C.H. Street, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.10.1973
Com. Reg. No.:	11-30813
CIN No.: [Company Identification No.]	U32300MH1983PLC030813
IEC No.	0388199091
TAN No.: [Tax Deduction & Collection Account No.]	NGPM00276D
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer of importer of aluminum powder, aluminum paste, magnese oxide.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 553000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The Company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	116, Trinity Building, 227, Dr. C.H. Street, Mumbai – 400002, Maharashtra, India
E-Mail :	sales@mmpowders.net mmp_1@satyam.net.in vkmassociates@gmail.com
Website :	http://www.mmpowders.com
Factory 1 :	Village, Naregaon Post, Shahpur, District – Bhandara – 441906, Maharashtra, India
Tel. No.:	91-7784-281126
Area :	26 acres
Location:	Owned

DIRECTORS

As on 09.08.2010

Name :	Mr. Prasannamal M. Lodha
Designation :	Director
Address :	10, Gangwal Park, Jaipur – 302 004, Rajasthan, India
Date of Birth/Age :	01.07.1930
Date of Appointment:	22.07.1999
Name :	Mr. Arun Bhandari
Designation :	Managing Director
Address :	83, Shivagi Nagar, Nagpur – 440 010, Maharashtra, India
Date of Birth/Age :	18.09.1955
Date of Appointment:	05.02.1981
Name :	Mr. Shivram V. Bhagwat
Designation :	Director
Address :	“Sadicha”, 80, Vidya Vihar, Pratap Nagar, Nagpur – 440 022, Maharashtra, India
Date of Birth/Age :	08.11.1926
Date of Appointment:	11.02.1991
Name :	Mr. Maganmal K. Jain
Designation :	Director
Address :	Gokul , Behind Labour Court, Civil Lines, Nagpur- 440 001, Maharashtra, India
Date of Birth/Age :	20.06.1934
Date of Appointment:	06.01.1995
Name :	Mr. Madanmohan Agrawal
Designation :	Whole Time Director
Address :	C/O Manohar Shende, Chhindwada Road, Krishnakunj, Opp. Achraj Tower, Chhaoni Nagpur - 440013, Maharashtra, India
Date of Birth/Age :	04.08.1964
Date of Appointment:	01.08.2008
Name :	Mr. Lalit Bhandari
Designation :	Director
Address :	Flat No – 7, Laxmi Apartments, R.N.T. Road, Civil Lines, Nagpur – 440 001, Maharashtra, India
Date of Birth/Age :	24.02.1956
Date of Appointment:	01.08.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.08.2010

Names of Shareholders	No. of Shares
Prasann Mal Lodha	743100
Neelmani Jain	300000
Arun Bhandari	1306572
Neelam Prop Private Limited (India)	484100
Saroj Bhandari	284793
Mayank Prop. Private Limited (India)	928750
Star Cerc. And Engineering Limited (India)	400000
Vinod Kumar Chaudary	90800
M.M. Agrawal	76230
K. S. Kothari	70000
S. R. Bhansali	51200
Bhagwan Singh	30400
Sudhir G. Munje	70000
H. A. Jahagirdar	70800
Lalit Bhandari	117600
Mayank Bhandari	167675
Rohini Bhandari	49700
B. L. Gupta	32000
Vinod Gupta	30000
Jugal Kumar Gupta	51044
Ashok Kumar Kothari	27200
Mansaram Agarwal	10000
Ramesh Kumar Jain	10000
Shiv Charan Chouhan	10000
Tikaram Gupta	9000
Rajeev Baid	10000
Naveen Kumar Jain	10000
Diwan Chand Kothari	10000
Pawan Kumar Gupta	10000
Hukumat R. Chandawani	10000
Banarsi Das Arora	10000
Meharchand Ahuja	10000
Umesh Chand Agrawal	10000
Nikhil Kumar Jain	10000

As on 09.08.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies Corporate (not mentioned above)	27.81
Directors or relatives of directors	33.12
Other top fifty (50) shareholders (other than listed above)	15.97
Others	23.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of importer of aluminum powder, aluminum paste, magnese oxide.

Products :

Item Code No.	Product Description
76032000	Aluminium Powders
32129000	Aluminium Paste
28209000	Manganese Oxide and Manganese Dioxide
28211000	Iron Oxide Powder and Red Oxide Powder
27011902	Steam Coal Powder
74062000	Bronze Powder

Exports :

Products :

• Aluminum Powder
• Aluminum Paste

Countries :

• Jordan
• Nigeria
• Belgium

Imports :

Products :

• Raw Materials

Countries :

• Bahrain

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Flake Alu. Powder	M.T.	NA	3000	2951.198
Atomized Alu. Powder	M.T.	NA	6500	4185.714
Aluminium Paste	M.T.	NA	1100	538.640
Manganese / Magnetite	M.T.	NA	--	2489.570

GENERAL INFORMATION

Customers :

• Manufacturers

No. of Employees :

300 ( 30 – In Office + 270 – In Factory) (Approximately)

Bankers :

• Bank Of India, Dharampeth Branch, West High Court Road, Dharampeth, Nagpur – 440010, Maharashtra, India
• State Bank of India
• Bank of Baroda

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
SBI HIE Branch W/C	0.000	81.453
SBI HIE – Term Loan	0.000	13.137
BOB (Working Capital)	93.810	0.000
BOB (Term Loan)	16.204	0.000
BOB (EPC)	7.836	0.000
Total	117.850	94.590
Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Sales Tax Deferment	22.229	22.229
From Directors	0.010	0.010
From Others	4.042	3.542
Total	26.281	25.781

Banking Relations :	--
Auditors :
Name :	N. S. Rathore and Company Chartered Accountants
Address :	59, Sardar Patel Marg, Jaipur- 302 001, Rajasthan, India
Tel. No.:	91-941-2361830
Fax No.:	91-941-2372919
Associates/Subsidiaries :	STAR CIRCLIPS AND ENGINEERING LIMITED. Website : http://www.starcirclips.com Line of Business: Manufacturer of Auto Parts NPM Industries Website : http:// www.npmnagpur.com Line of Business : Manufacturer of Manganese Di Oxide Powder, Manganous Oxide Powder

CAPITAL STRUCTURE

As on 31.03.2010

Authorized Capital:

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs. 10 each	Rs. 85.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8290050	Equity Shares	Rs. 10 each	Rs.82.900 millions

Note :-

Of the above shares

1443550 Shares are allotted as Fully Paid up shares to the share holders of erstwhile Maharashtra Industrial Exports Private Limited and Nagpur Pulverisor Private Limited on amalgamation with the company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		82.900	82.900	68.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.391	44.343	29.916
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.291	127.243	98.716
LOAN FUNDS
1] Secured Loans		117.850	94.590	95.916
2] Unsecured Loans		26.281	25.781	66.269
TOTAL BORROWING		144.131	120.371	162.185
DEFERRED TAX LIABILITIES		19.251	18.481	17.574
TOTAL		301.673	266.095	278.475
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		110.839	110.495	111.071
Capital work-in-progress		11.326	5.510	2.307
INVESTMENT		17.087	17.087	16.147
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.233	92.060	90.235
	Sundry Debtors	85.760	74.926	68.639
	Cash & Bank Balances	3.191	1.403	1.039
	Other Current Assets	11.336	5.126	6.013
	Loans & Advances	7.776	4.623	10.293
Total Current Assets		210.296	178.138	176.219
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	43.241	43.624	26.869
	Provisions	4.634	1.511	0.400
Total Current Liabilities		47.875	45.135	27.269
Net Current Assets		162.421	133.003	148.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		301.673	266.095	278.475

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010	31.03.2009	31.03.2008
	SALES
			Income and Other Income	532.190	461.526	321.784
			TOTAL (A)	532.190	461.526	321.784
Less	EXPENSES
			Material and Manufacturing	394.872	308.342	232.113
			Personnel	54.084	45.716	30.794
			Administrative, Selling and Others	30.405	40.695	21.662
			Excise Duty and Cess	29.526	43.141	45.806
			Increase/Decrease in Stock	(4.205)	(1.485)	(10.668)
			TOTAL (B)	504.682	436.409	319.707
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			27.508	25.117	2.077
Less	FINANCIAL EXPENSES (D)			0.000	0.002	0.002
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			27.508	25.115	2.075
Less/ Add	DEPRECIATION/ AMORTISATION (F)			10.627	10.549	8.415
	PROFIT BEFORE TAX (E-F) (G)			16.881	14.566	(6.340)
Less	TAX (I)			5.771	2.802	1.558
	PROFIT AFTER TAX (G-I) (J)			11.110	11.764	(7.898)
Less	Income Tax relating to earlier year			0.063	0.250	NA
Less	Frinze Benefit Tax pertain to previous year			0.000	0.048	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.524	(4.643)	NA
Add	Transfer on Amalgamation			0.000	(1.299)	NA
Less	APPROPRIATIONS
		Transfer to General Reserve		0.000	5.000	NA
	BALANCE CARRIED TO THE B/S			11.571	0.524	NA
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	67.508	50.361	30.829
	TOTAL EARNINGS			67.508	50.361	30.829
	IMPORTS
			Raw Materials	0.371	18.721	17.229
	TOTAL IMPORTS			0.371	18.721	17.229
	Earnings Per Share (Rs.)			1.34	1.42

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.09	2.55	(2.45)
Return on Total Assets (PBT/Total Assets}	(%)	5.26	5.05	(2.20)
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	(0.06)
Debt Equity Ratio (Total Liability/Networth)		1.39	1.30	1.91
Current Ratio (Current Asset/Current Liability)		4.39	3.94	6.46

LOCAL AGENCY FURTHER INFORMATION

Review of Operations :

The company's consolidated revenue during the year crossed an important milestone of Rs.500.000 millions. The consolidated revenue was Rs.532.100 millions, up 15.31% from Rs.461.500 millions in the previous year.

The company's export performance also grew 68.14% to Rs.872.000 millions from Rs.538.000 millions in the previous year. Going forward the Company expects to enhance exports in the Mid-East and is taking steps to establish a customer base there.

The Company's operations have resulted in a EBIDT of Rs 40.575 millions and profit after tax of Rs.11.110 millions.

The company recently collaborated with AVL Metal Powders, Belgium to distribute their bronze powder range on exclusive basis in India. This will add to a stronger market presence and future business growth in the medium term.

Fixed Assets

• Freehold Land/ Leasehold Land

• Factory Building

• Non-Factory Building

• Furniture and Fixtures

• Plant and Machinery

• Electric Installation

• Vehicles

• Office and Laboratory Equipments

• Computers

• Holiday Resort

• Live Stock

• Goodwill

Form 8 :

Corporate identity number (CIN) Foreign company registration number	U32300MH1983PLC030813
Name of the Company	MAHARASHTRA METAL POWDERS LIMITED
Address	211 Shrimohini, 345, Kingsway, Nagpur – 440001, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10192419
Type of Charge	Immovable Property
Particulars of the charge holder	Bank of Baroda Dharampeth Branch, West High Court Road, Dharampeth, Nagpur – 440010, Maharashtra, India
Nature or description of the instrument(s) creating or modifying the charge	Memorandum of Entry
Date of the instrument creating or modifying the charge	15.03.2010
Amount secured by the charge	Rs. 355.600 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	(a) Rate of Interest:- Term loan I, II and III – Concessional ROI @0.50 % below, BPLR, (Presently 11.50% p.a with monthly rests.) CC limit – Concessional ROI@ 0.50% below BPLR, (Presently 11.50% p.a with monthly rests. (b) Terms of Repayment : - TL -I:- 26 Installments of Rs.0.400 million and last 27^th installment of Rs. 0.200 million to commence from the next month of take over. TL – II:- 71 Installments of Rs.0.210 million each and last installment i.e 72^nd of Rs 0.009 million. TL III:- 60 Installment of Rs. 3.000 million each. CC Limit:- Repayment on Demand or subject to the Renewal or review. LC Limit:- Repayment on Demand or subject to the Renewal or review. (c) Margin :- 1) Term Loan I – Not Applicable. 2) Term Loan II – 34.00% 3) Term Loan III – 28.00% On expansion project. 4) Cash Credit Limit – 25.00% 5) Letter Of Crdeit/Bank Guarantee – 15.00% in The form of FDR/SDF (d) Extent and operation of the Charge – To secure due repayments the existing banking limits of Rs. 355.600 miilion along with interest and other charges thereon, further secured by the immovable assets of the company described in colum no.15 below of form no.8 (e) Others – other terms and Conditions as per sanction letter dated 20.10.2009 and all the loaning documents executed between company and bank.
Particulars of the property charged	All that piece and parcel of Plot No K-61, situated at Tembhari, Kirmity and Tauka Hingna, Dist Nagpur adm 23040 Sq. mtr. Together with buildings and structures, plant and machinery thereon. All that piece and parcel of Plot no B-28 at Digdoh Taluka and Dist Nagpur Adm 3248 Sq.mtr. together with builings and structures, plant and machinery attached to the earth thereon. All that piece and parcel of Plot no B-28/1 at Digdoh Taluka and Dist Nagpur Adm 3248 Sq.mtr. together with builings and structures, plant and machinery attached to the earth thereon All that piece and parcel of Gut No 56/1 and 56/2 situated at Maregaon P.C 6, Tah and Dsit Bhandara together with builings and structures, plant and machinery adm H0.79R each All that piece and parcel of Gut No 55/1 situated at Maregaon P.C 6, Tah and Dsit Bhandara together with builings and structures, plant and machinery adm H0.42R All that piece and parcel of Gut No 6/1 (43) situated at Maregaon P.C 58, Tah and Dsit Bhandara together with builings and structures, plant and machinery adm H7.92R All that piece and parcel of land Survey No 1016, situated at mouza neri, Dist Nagpur.
Particulars of the present modification	By way of present modification, the existing banking limits of Rs. 355.600 millions along with interest and other charges thereon, further secured by the immovable assets of the company described in column no. 15 below of form no 8.

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	Indian Rupees
US Dollar	1	Rs. 44.59
UK Pound	1	Rs. 73.43
Euro	1	Rs. 64.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	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
-	NB	New Business	--

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.