MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	SOHONI METAL CRAFT PRIVATE LIMITED
Registered Office :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai-401602, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.07.1992
Com. Reg. No.:	11-067532
Capital Investment / Paid-up Capital :	Rs. 0.999 million.
CIN No.: [Company Identification No.]	U99999MH1992PTC067532
TAN No.: [Tax Deduction & Collection Account No.]	PNES19030E / MUMS38462E
PAN No.: [Permanent Account No.]	AACHS4789Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Sheet Metal Components, Dry Cell Battery Components.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 86000
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

INFORMATION PARTED BY

Name :	Mr. Dilip
Designation :	Director
Contact No.:	91-9825136193
Date :	16.08.2011

LOCATIONS

Registered Office :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu(West), Mumbai-401602, Maharashtra, India
Tel. No.:	91-2528-22859
Mobile No.:	91-9825136193 (Mr. Dilip)
E-Mail :	main.sohanimetal@gmail.com admin@sohonimetal.com
Location :	Owned
Corporate Office / Factory 1 :	Plot No.1302, G. I. D. C., Umbergaon-396171, Gujarat, India
Tel. No.:	91-260-3290595 / 2563049
Fax No.:	91-260-2563048

DIRECTORS

AS ON 30.06.2010

Name :	Mr. Dilip Shrikrishna Sohoni
Designation :	Director
Address :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu(West), Mumbai-401602, Maharashtra, India
Date of Birth/Age :	15.11.1949
Date of Appointment :	03.07.1992
DIN No :	00411810
Name :	Mrs. Rajani Shrikrishna Sohoni
Designation :	Director
Address :	10, Gurukripa Apartments, N C Kelkar Road, Mumbai – 400 028, Maharashtra
Date of Birth/Age :	04.02.1929
Date of Appointment :	03.07.1992
DIN No :	02948519
Name :	Mrs. Sujata Dilip Sohoni
Designation :	Director
Address :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu(West), Mumbai-401602, Maharashtra, India
Date of Birth/Age :	01.10.1975
Date of Appointment :	01.10.1995
DIN No :	00414309

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2010

Names of Shareholders	No. of Shares
Rajani Sohoni	2550
Dillip Sohoni	5000
Sandhiya Sohoni	1650
Abhijit Sohoni	90
Sujata Sohoni	450
Sangita Save	250
Total	9990

AS ON 30.06.2010

Category	Percentage
Directors or relatives of Directors	97.50
Other top fifty shareholders	2.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sheet Metal Components, Dry Cell Battery Components.

Products :

ITC CODE	PRODUCT
85.06	Primary Cells and Primary Batteries, Parts Thereof (Battery Components)

Exports :

Products :

· Sheet Metal Components

Countries :

· Europe

· USA

· Japan

Imports :

Products :

· Steel Strip

· Brass Strip

Countries :

· China

· UK

· Japan

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Battery Components	Pcs.	NA	2100000	2048875

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India, GIDC Estate Branch, 210, GIDC Estate, Umbergaon, Valsad-396171, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
ICICI Car Loan	0.000	0.000
SBI Car Loan	1.088	0.478
Less : Portion Repayable during next 12 months	(0.421)	(0.217)
Total	0.667	0.261

Banking Relations :	--
Auditors :
Name :	Raman S Shah and Company Chartered Accountants
Address :	Sam Plaza , “A” Wing, 2^nd Floor, Dahanu Road, Thane – 401 602, Maharashtra
Sister Concern :	Umber Cell Components Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9990	Equity Shares	Rs.100/- each	Rs. 0.999 Million

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		0.999	0.999	0.999
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.562	19.034	18.189
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.561	20.033	19.188
LOAN FUNDS
1] Secured Loans		0.667	0.261	0.000
2] Unsecured Loans		9.743	11.751	14.137
TOTAL BORROWING		10.410	12.012	14.137
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.971	32.045	33.325
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.913	18.755	16.517
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.011	0.051	0.156
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.694	30.668	22.303
	Sundry Debtors	23.133	16.803	18.742
	Cash & Bank Balances	3.980	3.879	2.248
	Other Current Assets	4.708	6.003	5.457
	Loans & Advances	0.610	0.632	0.700
Total Current Assets		49.125	57.985	49.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.197	14.372	12.797
	Other Current Liabilities	22.627	28.393	17.573
	Provisions	3.254	1.981	2.428
Total Current Liabilities		39.078	44.746	32.798
Net Current Assets		10.047	13.239	16.652
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.971	32.045	33.325

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	127.124	113.578	107.579
		Foreign Exchange Rate Gain	0.028	0.000	0.000
		Other Income	0.186	0.232	0.164
		TOTAL (A)	127.338	113.810	107.743
Less	EXPENSES
		Raw Material Consumption	79.737	71.985	70.626
		Consumption of Other Stores	6.908	7.104	7.266
		Job Work Expenses	2.406	2.245	1.301
		Utilities	5.663	5.705	5.092
		Transportation	1.205	1.304	1.283
		Export / Import Clearing Expenses	0.204	0.251	0.187
		Waste Disposal Expenses	0.023	0.024	0.040
		Maintenance and Repairs	3.233	3.023	3.138
		Personal Expenses	11.132	9.423	7.420
		Administrative Expenses	3.103	3.436	2.551
		Rates and Taxes	0.084	0.042	0.065
		Write -Offs	0.017	0.056	0.037
		Loss / Profit on Sale of Fixed Assets	0.000	0.004	(0.070)
		Decrease / (Increase) in Inventory	2.055	0.151	(0.794)
		TOTAL (B)	115.770	104.753	98.142
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.568	9.057	9.601
Less	FINANCIAL EXPENSES (D)		4.233	4.218	3.458
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.335	4.839	6.143
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.953	2.610	2.972
	PROFIT BEFORE TAX (E-F) (G)		4.382	2.229	3.171
Less	TAX (I)		(1.393)	(0.798)	(1.108)
	PROFIT AFTER TAX (G-I) (J)		2.989	1.431	2.063
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.054	0.033	0.038
Less	APPROPRIATIONS
		Transfer to General Reserve	(1.500)	(0.825)	(1.025)
		Dividend	(1.249)	(0.499)	(0.899)
		Tax on Dividend	(0.212)	(0.085)	(0.139)
		Vat Tax 05-06	0.000	(0.001)	(0.005)
	BALANCE CARRIED TO THE B/S		0.082	0.054	0.033
	EXPORT VALUE		4.045	3.570	1.978

Particulars	31.03.2011
Sales Turnover (Approximately)	150.000

Expected Sales (2011-2012) : Rs. 160.000 Millions

The above information has been parted by Mr. Dilip.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.35	1.26	1.91
Net Profit Margin (PBT/Sales)	(%)	3.45	1.96	2.95
Return on Total Assets (PBT/Total Assets}	(%)	6.17	2.90	4.80
Return on Investment (ROI) (PBT/Networth)		0.20	0.11	0.16
Debt Equity Ratio (Total Liability/Networth)		2.29	2.83	2.45
Current Ratio (Current Asset/Current Liability)		1.26	1.30	1.51

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE AND RESULTS:

The company registered 10.2% growth in quantitative sales and 11.9% growth in sales value wise, Profit after Tax increased by 109% as a result of better realization of margins which had been badly affected in the previous year due to recession and upheavals in the raw material prices.

The company expects to keep up the improved performance, helped by the fact that a major input, tinplate, has been booked for the whole year at a reasonable rate insulating us from the cost push experienced from Q1 of 2010-11. Sales outlook is also expected to improve.

The Directors recommend payment of Dividend at 125% for the year ended March 31, 2010.

FORM 8

Corporate identity number of the company	U99999MH1992PTC067532
Name of the company	SOHONI METAL CRAFT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu(West), Mumbai-401602, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, GIDC Estate Branch, 210, GIDC Estate, Umbergaon, Valsad-396171, Gujarat, India
Nature of instrument creating charge	Supplemental agreement of loan-cum-hypothecation
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs. 48.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit 14.10% Terms of repayment Working Capital Repayable On Demand Margin As Prescribed By Bank Extent and operation of the charge First And Exclusive Charge In Favour Of State Bank Of India
Short particulars of the property charged (Including location of the property)	Hypothecation Of All Present And Future Goods, Book Debts, Movable And Other Assets Including Present And Future Machinery
Charge identification number of the charge to be modified	90149501
Date of instrument modifying the charge	07.10.2008
Particulars of the present modification	Original charge modified from time to time lastly modified on 07.10.2008 is now further modified vide this supplemental deed. Now the company is sanctioned additional [1] C.C. Limit of Rs. 3.000 millions and [2] L/C Rs. 5.000 millions. Now total charge stand for Rs. 48.000 millions.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Dies and Tools

· Electrical Installation

· Lab Equipment

· Computer

· Air Conditioner

· Furniture and Fixtures

· Vehicles

· Borewell

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. 45.61
UK Pound	1	Rs. 75.32
Euro	1	Rs. 65.68

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	4
--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		45

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.