MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	AGRAWAL METAL WORKS PRIVATE LIMITED
Registered Office :	B – 214, 2^ndFloor, R.G. Complex, Plot No. 2, D.B. Gupta Road, Motia Khan, Pahar Ganj, Delhi - 110055
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.06.1945
Com. Reg. No.:	55-000835
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U74899DL1945PTC000835
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in Non Ferrous Flat Rolled Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	B – 214, 2^ndFloor, R.G. Complex, Plot No. 2, D.B. Gupta Road, Motia Khan, Pahar Ganj, Delhi – 110055, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	finance@amwl.in agrawal@agrawalmetal.com
Website :	www.agrawalmetal.com
Factory 1 :	Jhajjar Road, Rewari – 123401, Haryana, India
Tel. No.:	91-1274-253401/ 253404
Fax No.:	91-1274-254412/ 256413
Factory 2 :	SPL 144 A and B, RIICO Industrial Area, Phase I, Bhiwadi – 301019, Rajasthan, India

DIRECTORS

As on 13.09.2011

Name :

Mr. Davinder Kumar Jain

Designation :

Managing Director

Address :

69 RL, Model Town, Rewari – 123401, Haryana, India

Date of Birth/Age :

14.11.1948

Date of Appointment :

31.07.2004

DIN No.:

00250693

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Managing director	6/03/2008	31/07/2004	-	Active	NO

Name :

Mr. Subhash Chand Jain

Designation :

Director

Address :

L – 18, Model Town, Rewari – 123401, Haryana, India

Date of Birth/Age :

18.09.1956

Date of Appointment :

07.07.2006

DIN No.:

00250598

Name :

Mr. Mayur Sunil Gupta

Designation :

Director

Address :

Flat No. 2201, 22^nd Floor, B – 30, Eden Woods, Shastri Nagar, Off Lokhandwla Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

02.03.1978

Date of Appointment :

15.07.2006

DIN No.:

00250780

Name :

Mr. Vivek Indermani Gupta

Designation :

Director

Address :

Vrindavan, 4^th Floor, 32, Mount Marry, Off Captain Villa, Bandara (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.07.1969

Date of Appointment :

05.09.2005

DIN No.:

00027546

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U67120MH1997PTC110941	GEPL Capital Private Limited	Director	26/09/1997	26/09/1997	-	Active	NO
U67190MH1998PTC115790	GEPL Commodities Private Limited	Director	15/07/1998	15/07/1998	-	Active	NO
U67120MH1999PTC123100	GEPL Insurance Broking Private Limited	Director	15/12/1999	15/12/1999	-	Active	NO
U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Director	5/09/2005	5/09/2005	-	Active	NO
U65190MH2007PTC174181	GEPL Finance Private Limited	Director	17/09/2007	17/09/2007	-	Active	NO

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

601/17, Heritage City, Mehrauli Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

11.04.1960

Date of Appointment :

18.06.2011

DIN No.:

00275752

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31300RJ1988PTC035751	Drawmet Wires Private Limited	Managing director	28/11/2000	28/11/2000	-	Active	NO
U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Director	13/09/2011	18/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.09.2011

Names of Shareholders	No. of Shares
Abhey Kumar Jain	31296
Saroj Jain	22000
Subhash Chand Jain	34769
Diya Jain	20000
Mahavir Prashad Jain	15396
Vijendra Kumar Jain	178460
Surendra Kumar Jain	178460
Mamta Jain	24000
Davinder Kumar Jain	15388
Vivek Gupta	41660
Pankaj Gupta	43698
Chitranjan Gupta	43000
Sunil Gupta	35600
Kiran Gupta	12900
Prateek Jain	41846
Shashi Gupta	109118
Amisha Gupta	26000
Mayur S. Gupta	34700
Santosh Gupta	25002
Rakesh Jain	24000

Equity Share Break up (Percentage of Total Equity)

As on 13.09.2011

Category	Percentage
Directors or relatives of Directors	69.20
Other top fifty shareholders	30.80
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in Non Ferrous Flat Rolled Products.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Copper Zinc Base Alloys (Brass) Sheets (others)	74092900
Copper Zinc Base Alloys (Brass) Strips in Coils	74092100
Copper (Refined) Strips in Coils	74091100

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Registered Capacity	Installed Capacity	Actual Production
I. Copper and Copper Alloy
Refined Unwrought		50	50	Nil*
Bars and Rods		80	80	--
Wires		100	20	Nil#
Strips, Sheets and Circles including Foil		28020	12400	100549
II. Ash
Copper and Copper Alloy				164

* Refined Unwrought production is merely 215 Kgs (Previous year 26.66 Kgs.) Hence considered “Nil”

# Wire production is merely 282 Kgs, (Previous year Nil). Hence considered “Nil”

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G 1 to G 5, 1 Floor, Shop No. 1001 to 1007, Barakhamba Road, New Delhi – 110001, India

State Bank of India, Kath Mandi, Rewari – 123401, Haryana, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Medium Term Loans [Secured against first charge an company's fixed assets (present and future) and second charge on goads, book debts and all other current assets]	70.089	127.263
Working Capital Facilities [Secured against first charge by way of hypothecation on goods, book debts and all other current assets and second charge on company’s fixed assets (present and future)]	506.018	326.615
Total	576.107	453.878
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Other than Banks (Other than Short Term Loans)
Loans from Directors	4.864	1.400
Loans from Other than Directors	10.136	13.600
Total	15.000	15.000

Banking Relations :	--
Auditors :
Name :	K C Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi – 110002, India
PAN.:	AAEFK4992K

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
1000000	Unclassified Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		487.658	352.976	446.165
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		500.158	365.476	458.665
LOAN FUNDS
1] Secured Loans		576.107	453.878	592.597
2] Unsecured Loans		15.000	15.000	20.000
TOTAL BORROWING		591.107	468.878	612.597
DEFERRED TAX LIABILITIES		51.719	52.563	51.981
TOTAL		1142.984	886.917	1123.243
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		363.461	355.243	349.302
Capital work-in-progress		10.476	7.371	29.707
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	410.325	289.999	409.340
	Sundry Debtors	377.275	211.035	413.540
	Cash & Bank Balances	18.228	9.086	8.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	123.933	65.234	66.359
Total Current Assets		929.761	575.354	897.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	104.204	16.678	83.898
	Other Current Liabilities	40.678	25.283	56.777
	Provisions	15.832	9.090	13.062
Total Current Liabilities		160.714	51.051	153.737
Net Current Assets		769.047	524.303	744.234
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1142.984	886.917	1123.243

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2738.639	2187.184	2668.864
		Other Income	10.615	27.188	10.776
		TOTAL (A)	2749.254	2214.372	2679.640
Less	EXPENSES
		Cost of goods sold	(90.824)	64.371	12.675
		Raw Material and Components Consumed	2275.847	1872.363	2230.383
		Manufacturing Expenses	226.233	206.911	204.069
		Excise Duty	1.516	(0.933)	0.174
		Administrative Expenses	51.445	40.235	42.418
		Selling Expenses	2.366	9.622	8.101
		TOTAL (B)	2466.583	2192.569	2497.820
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		282.671	21.803	181.820
Less	FINANCIAL EXPENSES (D)		70.076	71.505	81.127
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		212.595	(49.702)	100.693
Less/ Add	DEPRECIATION/ AMORTISATION (F)		46.029	45.199	42.913
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		166.566	(94.901)	57.780
Less	TAX (H)		24.801	1.072	20.349
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		141.765	(95.973)	37.431
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(80.524)	12.665	11.390
	PROVISION FOR TAXATION OF EARLIER YEARS WRITTEN BACK		0.000	2.784	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	15.000	0.000	32.500
		Interim Dividend	2.500	0.000	0.000
		Proposed Dividend	3.750	0.000	3.125
		Tax on Dividend	1.062	0.000	0.531
		Prior Period Income	(0.229)	0.000	0.000
	BALANCE CARRIED TO THE B/S		39.158	(80.524)	12.665
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	297.906	546.909	529.744
	TOTAL EARNINGS		297.906	546.909	529.744
	IMPORTS
		Raw Materials	12.038	0.000	38.003
		Stores & Spares	6.842	3.473	5.398
		Capital Goods	1.731	0.000	26.605
	TOTAL IMPORTS		20.611	3.473	70.006
	Earnings Per Share (Rs.)		113.41	(76.78)	29.95

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.16	4.33	1.39
Net Profit Margin (PBT/Sales)	(%)	6.08	(4.33)	2.16
Return on Total Assets (PBT/Total Assets}	(%)	12.87	(10.19)	4.63
Return on Investment (ROI) (PBT/Networth)		0.33	(0.25)	0.13
Debt Equity Ratio (Total Liability/Networth)		1.50	1.42	1.67
Current Ratio (Current Asset/Current Liability)		5.78	11.27	5.84

LOCAL AGENCY FURTHER INFORMATION

Note :

The registered address of the company has shifted from 10, Plaza Cinema Building, Connaught Place, New Delhi – 110001, India to the present address with effect from 01.08.2007.

FORM 8

Corporate identity number of the company	U74899DL1945PTC000835
Name of the company	AGRAWAL METAL WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-214, 2nd Floor, R.G.Complex, Plot No. 2, D.B.Gupta Road, Motia Khan, Pahar Ganj, New Delhi – 110055, India Email Id : finance@amwl.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10061904
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of Bikaner and Jaipur, Kath Mandi, Rewari – 123401, Haryana, India Email Id : sbbj10413@sbbj.co.in
Nature of instrument creating charge	Working Capital Consortium Agreement, Joint Deed Of Hypothecation
Date of instrument Creating the charge	12.10.2011
Amount secured by the charge	Rs.1350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment Payment on demand as per terms of sanction Margin Raw Material - 20%, Stock in Process - 20%, Finished Goods - 20%, Stores & Spares - 20%, Book Debts/ Receivables - 20% Extent and operation of the charge First pari passu charge by way of hypothecation on Company's entire Raw Material, Stock in Process, Finished Goods, Book Debts, Stores and Spares and other current assets of the Company etc. (Present and Future) Second pari passu charge with other consortium members on Company's entire Fixed Assets, Machinery, Land and Building etc. (Present and Future)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge by way of hypothecation on Company's entire Raw Material, Stock in Process, Finished Goods, Book Debts, Stores and Spares and other current assets of the Company etc. (Present and Future) Second pari passu charge with other consortium members on Company's entire Fixed Assets, Machinery, Land and Building etc. (Present and Future)
Date of instrument modifying the charge	18.12.2010
Particulars of the present modification	Working Capital Limits (FB and Non-FB) under consortium arrangement increased from Rs.1140.000 Millions to Rs.1350.000 Millions SBBJ-Lead Bank (FB- Rs.500.000 Millions and NFB-Rs.60.000 Millions) ING-Member Bank (FB- Rs.300.000 Millions and NFB-Rs.40.000 Millions) SBH-Member Bank (FB- Rs.100.000 Millions and NFB- Rs.50.000 Millions) AXIS-Member Bank (FB- Rs.150.000 Millions) SCB-Member Bank (FB- Rs.100.000 Millions and NFB- Rs.50.000 Millions)

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Factory Building

· Staff Residential Flats U-I

· Staff Residential Flats U –II

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Computer for Plant

· Office and Electrical Equipment

· Vehicles

· Silver Statues and Wares

· Intangible Assets

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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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		48

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.