MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	NICOMET INDUSTRIES LIMITED
Registered Office :	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.04.1993
Com. Reg. No.:	11-071450
Capital Investment / Paid-up Capital :	Rs.110.000 Millions
CIN No.: [Company Identification No.]	U27200MH1993PLC071450
TAN No.: [Tax Deduction & Collection Account No.]	MUMM09552E
PAN No.: [Permanent Account No.]	AAACN1597Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cobalt, Copper Nickel and their Derivatives.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1890000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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/ Head Office :	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra, India
Tel. No.:	91-22-28203347/28203418 / 26938710-14
Fax No.:	91-22-28351982
E-Mail :	nicomet@bom3.vsnl.net.in nico@nicomet.com
Website :	http://www.nicomet.com
Area :	2600 Sq. ft
Location :	Leased
Factory 1 :	Plot No. L-19/20, Cuncolim Industrial Estate, Cuncolim – 403703, Goa, India
Tel. No.:	91-832-2763307/2764337
Fax No.:	91-832-2764327
E-Mail :	nicogoa@nicomet.com nicogoa@goa1.dot.net.in nicogoa@goatelecom.com

DIRECTORS

As on 29.09.2010

Name :

Mr. Rajendra Prasad Daudayal Agarwal

Designation :

Managing Director

Address :

21, Krishna Kunj, 94, Marine Drive, G. Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

21.05.1951

Date of Appointment :

02.04.1993

DIN No :

00605850

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
U27200MH1988PTC049156	Ankit Commodities Private Limited	Director	1/07/1989	1/07/1989	-	Active	NO
U27200MH1993PLC071450	Nicomet Industries Limited	Managing director	2/04/1993	2/04/1993	-	Active	NO
U25209MH1994PLC083226	Ansa Polymers Limited	Director	23/11/1994	23/11/1994	20/12/2006	Active	NO
U65920MH1995PTC087923	Natun Finlease Private Limited	Director	11/05/1995	11/05/1995	-	Dormant	NO
U92110MH1996PTC096799	Sunrise Movies Private Limited	Director	5/02/1996	5/02/1996	-	Strike off	NO
U27200MH1997PTC108293	Ankit Associates Private Limited	Director	28/05/1997	28/05/1997	-	Active	NO
U65923MH2004PTC090782	Martanda Finlease Private Limited	Director	30/09/2004	30/09/2004	-	Dormant	NO

Name :

Mr. Ankit Rajendra Prasad Agarwal

Designation :

Director

Address :

21, Krishna Kunj, 94, Marine Drive, G. Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

27.08.1984

Date of Appointment :

12.01.2004

DIN No :

00605952

Name :

Mr. Bhupat Kewalchand Shah

Designation :

Director

Address :

101, Kusum Kunj, Junction of 9^th and 10^th Road, Khar (West), Mumbai – 400032, Maharashtra, India

Date of Birth/Age :

01.12.1943

Date of Appointment :

30.05.2000

DIN No :

00606112

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
U25209MH1994PLC083226	Ansa Polymers Limited	Director	1/12/1995	1/12/1995	15/10/2007	Active	NO
U27200MH1993PLC071450	Nicomet Industries Limited	Director	30/05/2000	30/05/2000	-	Active	NO
U27200MH1993PTC072246	Metec Asia Private Limited	Director	7/01/2008	7/01/2008	-	Active	NO
U15205MH1987PTC043227	Padma Nutrients Private Limited	Director	25/09/2010	25/09/2010	-	Active	NO

Name :

Mr. Vijay Mohanlal Porwal

Designation :

Director

Address :

201, Kusum Kunj, Junction of 9^th and 10^th Road, Khar (West), Mumbai – 400052, Maharashta, India

Date of Birth/Age :

06.12.1953

Date of Appointment :

30.05.2000

DIN No :

00606435

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
U25209MH1994PLC083226	Ansa Polymers Limited	Director	25/05/1995	25/05/1995	20/12/2006	Active	NO
U27200MH1993PLC071450	Nicomet Industries Limited	Director	30/05/2000	30/05/2000	-	Active	NO
U27200MH1993PTC072246	Metec Asia Private Limited	Director	7/01/2008	7/01/2008	-	Active	NO
U51420MH2003PTC139365	Metalplast Exim (India) Private Limited	Director	5/09/2009	5/09/2009	-	Active	NO
U15205MH1987PTC043227	Padma Nutrients Private Limited	Director	25/09/2010	25/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2010

Names of Shareholders	No. of Shares
AGARWAL
Rajendra D. Agarwal	1000000
Usha R. Agarwal	1000000
Atul R Agrawal	1000000
Murlidarji Agarwal	7500
Ankit R Agarwal	1000000
Bhavana Agrawal	227500
Daudayal Agarwal HUF	1235000
Angoori Devi	30000
Total	5500000
PORWAL
Ambalal M Porwal	237660
Ambalal M Porwal HUF	313840
Tushar A Porwal	464200
Vipul A Porwal	464200
Ruchi V Porwal	485100
Ritu A Porwal	485100
Nirmala V Porwal	356695
Ruchi V Porwal	485100
Vijay M Porwal	99205
Vijay M Porwal HUF	245300
Manjula A Porwal	191400
Aardhi Porwal	100
Total	3342800
SHAH
Nitul B Shah	941600
Vilas B Shah	563200
Bhupat K Shah	305290
Bhupat K Shah HUF	327110
Amar Ferro Metals Private Limited	20000
Toal	2157200
Total	11000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cobalt, Copper Nickel and their Derivatives.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Cobalt Nickel Sulphate	283390
Cobalt Nitrate	283400
Cobalt Metal	810500

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity
Cobalts and its salts	TPA	1000
Nickel and its salts	TPA	1000
Copper	TPA	3000
Particulars	Unit	Actual Production
Cobalts and its salts	MT	397.51
Nickel and its salts	MT	0.00
Copper	MT	874.17

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India (Lead Bank), Overseas Branch, Ground Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

· Federal Bank Limited, 32, Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loans	95.341	0.000
Vehicles Loans	5.718	2.358
Working Capital finance from banks	208.270	178.975
Interest accrued and due on above	0.730	0.000
Total	310.059	181.333

Notes :

The working capital loans from the banks are secured on pari passu basis, by hypothecation of stocks and export bills. The loans are further secured by collateral security by way of first charge on remaining current assets of the Company and first charge on fixed assets of the Company including equitable mortgage of immovable properties of the company situated at plot no.L-15, L-19 and L-20, Cuncolim Industrial Estate, Cuncolim, Goa. The said loans are further secured by personal guarantees of the directors.

Term Loans from banks are secured on pari passu basis, by first charge on entire fixed assets of the Company including equitable mortgage of land and buildings and hypothecation of specific assets.

Vehicle loans are secured by hypothecation of specific vehicles.

UNSECURED LOAN	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
From Directors	8.656	8.656
From shareholders	3.416	3.416
From Banks	0.000	6.584
From Companies	60.000	50.000
Total	72.072	68.656

Banking Relations :	--
Auditors :
Name :	Chaturvedi S. K. and Fellows Chartered Accountants
Address :	F – 2, Vaishali 1^st Floor, V Mehta Marg, JVPD, Juhu, Mumbai – 400049, Maharashtra, India
Fax No.:	91-22-67419960
E-Mail :	cskfelos@cskfelos.in
PAN.:	AAAFC2426N
Associates :	Ankit Associates Private Limited Metec Asia Private Limited Metal Plast Exim India Private Limited Ampex Trading Company

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 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		110.000	110.000	110.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		363.349	285.194	272.561
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		473.349	395.194	382.561
LOAN FUNDS
1] Secured Loans		310.059	181.333	174.763
2] Unsecured Loans		72.072	68.656	12.072
TOTAL BORROWING		382.131	249.989	186.835
DEFERRED TAX LIABILITIES		75.408	79.180	44.755
TOTAL		930.888	724.363	614.151
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		371.508	402.028	371.514
Capital work-in-progress		224.566	73.929	22.559
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	530.303	587.771	235.444
	Sundry Debtors	231.567	119.157	475.365
	Cash & Bank Balances	105.944	113.476	99.712
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	36.373	70.154	49.235
Total Current Assets		904.187	890.558	859.756
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	385.106	447.327	530.987
	Other Current Liabilities	133.703	161.689	34.260
	Provisions	50.564	33.136	74.431
Total Current Liabilities		569.373	642.152	639.678
Net Current Assets		334.814	248.406	220.078
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		930.888	724.363	614.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1125.242	1897.051	2103.947
		Other Income	178.191	81.609	51.575
		TOTAL (A)	1303.433	1978.660	2155.522
Less	EXPENSES
		Materials	717.000	1605.975	1563.860
		Manufacturing and Other Expenses	179.445	343.257	191.367
		Excise Duty Paid	55.022	139.920	95.759
		Expenditure on Landfill site amortised	7.938	0.000	0.000
		Increase/(Decrease) in Finished Goods	152.918	(181.029)	26.146
		TOTAL (B)	1112.323	1908.123	1877.132
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		191.110	70.537	278.390
Less	FINANCIAL EXPENSES (D)		42.612	26.808	22.103
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		148.498	43.729	256.287
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.384	24.752	20.988
	PROFIT BEFORE TAX (E-F) (G)		123.114	18.977	235.299
Less	TAX (H)		44.959	6.344	87.801
	PROFIT AFTER TAX (G-H) (I)		78.155	12.633	147.498
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		269.755	257.122	109.624
	BALANCE CARRIED TO THE B/S		347.910	269.755	257.122
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	427.477	803.522	1105.343
	TOTAL EARNINGS		427.477	803.522	1105.343
	IMPORTS
		Raw Materials	617.398	1522.867	1544.537
		Capital Goods	1.338	0.000	0.000
	TOTAL IMPORTS		618.736	1522.867	3067.404
	Earnings Per Share (Rs.)		7.10	1.15	13.41

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.99	0.66	6.84
Net Profit Margin (PBT/Sales)	(%)	10.94	1.00	11.18
Return on Total Assets (PBT/Total Assets}	(%)	9.65	1.46	19.11
Return on Investment (ROI) (PBT/Networth)		0.26	0.04	0.62
Debt Equity Ratio (Total Liability/Networth)		2.01	2.25	2.28
Current Ratio (Current Asset/Current Liability)		1.58	1.38	1.34

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND FINANCIAL RESULTS

During the year, Company’s performance has improved and the Company recorded higher profit before and after tax. The important feature is that the profit has increased despite of there being lower turnover. The Company has been able to keep its cost under control thereby increasing profit margins.

FORM 8

Corporate identity number of the company	U27200MH1993PLC071450
Name of the company	U27200MH1993PLC071450
Address of the registered office or of the principal place of business in India of the company	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India Email Id : nicomet@bom3.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10046460
Type of charge	Immovable property Book debts Movable property (not being pledge) The whole of the current assets
Particular of charge holder	Union Bank of India (Lead Bank), Overseas Branch, Ground Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India Email Id : overseasmumbai@unionbankofindia.com
Nature of instrument creating charge	1. First Supplemental Joint Deed of Hypothecation 2.First Supplemental Working Capital Consortium Agreement 3.Extension of Memorandum of Entry (All the above documents constitute a single charge)
Date of instrument Creating the charge	31.05.2010
Amount secured by the charge	Rs.1450.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment On Demand Extent and operation of the charge To secure various revised facilities aggregating to Rs.1450.000 Millions granted by the Banks as under :- Fund Based Non Fund Based 1.Union Bank of India 185.000 283.500 2.Andhra Bank 150.000 250.000 3. Federal Bank 140.000 199.500 4.Barclays Bank PLC --- 153.500 5 Un tied Gap 25.000 63.500 Total 500.000 950.000 Agg Total Rs1450.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1.The Borrower hereby Hypothecates by way of First Pari Passu Charge in favour of the said Banks jointly and each of them severally The whole of the Current Assets as well as movable Block Assets of the Borrower namely Stocks of Raw Materials,Stocks in Process,Semi Finished and Finished Goods Stores and Spares (Consumable Stores and Spares) Bills Receivables and Book-Debts and all other Movables including Plant and Machinery Furniture and Fixtures and Vehicles and Capital Work in Progress both present and future 2.Extension of Equitable Mortgage by way of First Pari Passu basis in respect of Company's Immovable Properties viz A. Plot No.L-15 No.317 Extent 9000 Sq.Mts Taluka Cuncolim District Salcete Goa Cuncolim Industrial Estate Boundaries North Industrial Estate Boundary, East Open Space, South 15 Sq.Mts Wide IDC Road and West Plot No. L-19 B. Plot No.L-19 and L-20 No.317 Extent 19975 Sq.Mts Taluka Cuncolim District Salcete, Goa Cuncolim Industrial Estate Boundaries North: By IDC Boundary East: By Sewage Disposal Treatment South: By 15 mts wide internal road West : By IDC Road together with all the buildings and structures thereon
Date of instrument modifying the charge	16.03.2009
Particulars of the present modification	Vide this modification charge amount has been enhanced from Rs.1375.000 Millions to Rs.1450.000 Millions by addition of Rs.75.000 Millions and The Borrower hereby Hypothecates by way of First Pari Passu Charge in favour of the said Banks jointly and each of them severally The whole of the Current Assets as well as movable Block Assets and Extension of Equitable Mortgage by way of First Pari Passu basis of the Company's Immovable Properties at Cuncolim Goa

FIXED ASSETS

· Lease hold Land

· Buildings

· Plant and Machinery

· Solvents

· Electrical Installations

· Factory Equipments

· Laboratory Equipments

· Air Conditioners

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

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.53.58
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.