MIRA INFORM REPORT

Report Date :

28.07.2011

IDENTIFICATION DETAILS

Name :	SHREE EXTRUSIONS LIMITED
Formerly Known as:	SHREE EXTRUSIONS PRIVATE LIMITED
Registered Office :	217/218, Phase – 2, GIDC Udyog Nagar, Near Dared Okha – Rajkot Road, Jamnagar – 361005, Gujarat, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.02.1989
Com. Reg. No.:	04-11912
Capital Investments/Paid- up Capital :	Rs. 61.684 Millions
CIN No.: [Company Identification No.]	U27100GJ1989PLC011912
IEC No.:	2489003844
TAN No.: [Tax Deduction & Collection Account No.]	RKTE00173F
PAN No.: [Permanent Account No.]	AADCS0253P
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Brass Wire and Rods
No. of Employees:	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

C (06)

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Unit
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	The company has been declared as a sick unit by the Board for Industrial and Financial Reconstruction (BIFR). Company should be considered for business dealings under safe and secured terms and condition.

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. Manohar
Designation :	Marketing Department
Phone No.:	91-288-2730298
Date :	20.07.2011

LOCATIONS

Registered Office/ Factory :	217/218, Phase – 2, GIDC Udyog Nagar, Near Dared Okha – Rajkot Road, Jamnagar – 361005, Gujarat, India
Tel. No.:	91-288-2730298/ 2730249/ 118
Fax No.:	91-288-2730583
E-Mail :	mail@shree-extrusion.com doshiac@gmail.com
Website :	http://www.shree-extrusion.com
Area :	100000 sq. ft.
Location :	Owned
Corporate Office :	A/2, North View Apartments, Street, Xaviers Collage Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26300197/ 26300054
Fax No.:	91-79-26302231
E-Mail :	ahd@shree-extrusion.com
Area :	1320 Sq. Fts
Location :	Rented
Sales Office :	Located at: Delhi Mumbai Kolkatta Bangalore Chandigarh

DIRECTORS

As on 30.09.2010

Name :	Mr. Radheshyam Laluram Kabra
Designation :	Chairman cum Managing Director
Address :	A-8, Northview Apartment, Xaviers College Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	15.03.1956
Qualification :	B.Com, LLB
Date of Appointment :	13.09.2001
Din No.:	00005997
Name :	Mr. Dinesh Ramchandra. Lahoti
Designation :	Managing Director
Address :	8, Sarela Society. B / H Bank of Barod,Navarangpura, Ahmedabad – 380009, Gujarat, India.
Date of Birth/Age :	11.10.1957
Qualification :	B.Com, CA (Inter)
Date of Appointment :	15.06.1994
DIN No.:	00007242
Name :	Mr. Ramprasad Motilal. Kabra
Designation :	Director
Address :	402, Mangal Murti Apartments, NearMotor House, Park Colony, Jamnagar – 361008, Gujarat, India.
Qualification :	B.Com, DCA, CPC
Date of Birth/Age :	24.11.1977
Date of Appointment :	06.02.1998
DIN No.:	00006379

KEY EXECUTIVES

Name :	Mr. Manohar
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Radheshyam Kabra	1175400
Rakesh Chhaparwal	30000
Ramswaroop Kabra	58400
Laxmiben Kabra	206000
Mukesh Chhaparwal	10000
Badamben Kabra	98400
Valley Indian Leisure Limited	950000
Pratlk Kabra	985000
Anil Agarwal	100
Radheshyam Kabra HUF	1071500
Dinesh Lahoti	50000
Shubhash Shah	1000
Dhwani Kabra	814000
Jain Devindra	1000
Girjaben R Kabra	943000
Pushpa L Kabra	175200
Avni R Kabra	100000
Kapil G Kabra	100000
Neha R Kabra	100000
Urmila L Kabra	3800
Nimish Bavishi	37600

List of Allottee:

As on 14.02.2011

Names of Shareholders	No. of Shares
Rajendra Jain	41546
Liwa General Trading LLC (UAE)	41546

Equity Share break up

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.86
Bodies corporate	0.00
Directors or relatives of directors	94.99
Other top fifty shareholders	2.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Brass Wire and Rods

Products :

Products	Item Code No
Copper Zinc Base Alloy Brass	74072101
Copper Zinc Base Alloy Copper	74032100
Copper Tin Base Alloy Bronze	74032200

Exports :

Products :

Brass Wire and Rods

Countries :

• Middle East
• China
• UK
• USA

Imports :

Products :

Raw Materials

Countries :

• USA
• China
• Singapore

Terms :

Selling :

L / C, Cash and Credit (30 days)

Purchasing :

L / C, Cash and Credit (30 days)

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Quantity (Metric Ton)
Licensed Capacity	NA
Installed Capacity	4800.000
[Copper and Copper based Alloys Rods, Wire, Sections etc. and Aluminum Ingots]
Actual Production
Product (Own)	2227.573
Product (Job Work1)	277.325
By – Products (Ash)	28.160

GENERAL INFORMATION

Customers :

• End Users

No. of Employees :

400 (Approximately)

Bankers :

• ICICI Bank

JMC House Branch, Elishbridge, Ahmedabad, India

• Karnataka Bank Limited

Relief Road, Ahmedabad – 380001, Gujarat, India

Rs in Millions

Facilities:

Secured Loan	As on 31.03.2010	As on 31.03.2009
Term Loan Financial Institutions:
Gujarat industrial and investments Corporation	14.262	42.981
Gujarat State Financial Corporation	14.468	0.000
Total	28.730	42.981
Note: Term Loan from Gujarat Industrial and Investments Corporation is Secured by way of equitable Mortgage of land and hypothecation of Wind Turbines and Personnel guarantee by Promoter Directors and Pledge of shares held by Promoters and their Family Members. Working Capital Term loan from Gujarat State Finance Corporation is Secured by way of Equitable Mortgage on immovable assets and pledge of shares held by promoters and their Family Members, Personal guarantee by Promoters Directors
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Other Unsecured Loan	0.000	9.850
Badamben Kabra	5.000	0.000
Madhuben kabra	5.800	0.000
Naresh jhavar	0.320	0.000
Total	11.120	9.850

Banking Relations :	--
Financial Institute:	Gujarat State Finance Corporation
Auditors :
Name :	B. H. Vyas and Company Chartered Accountant
Address :	Centre Point, 1^st Floor, Indira Marg, Jamnagar – 361005, Gujarat, India
Tel No.:	91-288-557828 / 676811
Pan No.:	AAUPV5545P
Memberships :	Engineering Export Promotion Council, Mumbai Confederation of Indian Industry (CIT)
Associates/Subsidiaries :	Valley Indiana Leisure Limited Address : A/2, North View Apartments, Street, Xaviers Collage Road, Navrangpura, Ahmedabad – 380009, Gujarat, India Line of Business : Trading in Ferrous and Non-Ferrous Metals

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6138400	Equity Shares	Rs.10/- each	Rs.61.684 Millions

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6179946	Equity Shares	Rs.10/- each	Rs.61.799 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		61.384	59.624	59.624
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.080	0.000	0.000
4] (Accumulated Losses)		(79.072)	(76.224)	(62.687)
NETWORTH		(3.608)	(16.600)	(3.063)
LOAN FUNDS
1] Secured Loans		28.730	42.981	42.993
2] Unsecured Loans		11.120	9.850	17.650
TOTAL BORROWING		39.850	52.831	60.643
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		36.242	36.231	57.580
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.519	59.682	59.724
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.801	79.509	48.479
	Sundry Debtors	101.432	42.037	91.777
	Cash & Bank Balances	6.820	4.586	5.597
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.257	20.706	16.202
Total Current Assets		161.310	146.838	162.055
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	187.592	170.294	164.204
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		187.592	170.294	164.204
Net Current Assets		(26.282)	(23.456)	(2.149)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		36.242	36.231	57.580

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	700.597	656.000	1009.024
		Other Income	0.038	0.554	0.462
		TOTAL (A)	700.635	656.554	1009.486
Less	EXPENSES
		Material Cost	500.105	525.529	770.089
		Manufacturing and Other Expenses	50.333	47.532	59.442
		Personnel Cost	24.448	23.121	15.617
		Excise Duty	56.305	81.527	148.636
		Administration, Selling and Distribution and Other Expenses	20.244	15.023	31.227
		Increase / (Decrease) in Stock	45.201	(29.623)	(17.670)
		TOTAL (B)	696.636	663.109	1007.341
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.999	(6.555)	2.145
Less	FINANCIAL EXPENSES (D)		1.675	1.945	2.621
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.324	(8.500)	(0.476)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.173	4.880	4.513
	PROFIT BEFORE TAX (E-F) (G)		(2.849)	(13.380)	(4.989)
Less	TAX (I)		0.000	0.156	0.195
	PROFIT AFTER TAX (G-I) (J)		(2.849)	(13.536)	(5.184)
	TOTAL IMPORTS		50.629	73.159	22.974
	Earnings Per Share (Rs.)		0.46	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	1080.000

Expected Sales (2011 - 2012) : Rs 1200.000 Millions.

The above information has been parted by Mr. Manohar

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.41)	(2.06)	(0.51)
Net Profit Margin (PBT/Sales)	(%)	(0.41)	(2.04)	(0.48)
Return on Total Assets (PBT/Total Assets}	(%)	(1.27)	(0.06)	(2.25)
Return on Investment (ROI) (PBT/Networth)		0.79	0.80	1.63
Debt Equity Ratio (Total Liability/Networth)		(63.04)	(13.44)	(73.41)
Current Ratio (Current Asset/Current Liability)		0.86	0.86	0.99

LOCAL AGENCY FURTHER INFORMATION

Operation:

During the year, your Company has shown all round improvement in the performance. The Company has once again recorded highest Sales turn over and Other Income of Rs.700.635 Millions (Previous Year Rs.656.554 Millions) during the year. The Company has achieved better sales turnover in compare to previous year and but shown a net loss of Rs.2.848 Millions in compare to Net Loss of Rs.13.536 Millions in previous year.

The Directors had done the best possible efforts to improve the working of the Company in such a critical situation and therefore The Directors able to back the Company into Profit Making Company.

The Directors hope to achieve better results in the next year.

Future Outlook:

The business of the Company is on the path of improvement with higher turnover and better profit. The market conditions are better with improved selling prices and higher demand of the products manufactured by the company.

The efforts made by the management at the front of quality improvement, development have started bringing possible impact on operations. The Company is enjoying various prestigious approvals for its products with reputed customers like defence, top engineering concerns, ship builders, public sector and government undertakings etc. The Company has achieved better sales turnover in compare to previous year. All there are strong elements for higher business for the Company. However, viability of the Company now mainly depends on proper restructuring of debts of the Financial Institutions as well as rehabilitation program in implement. The Directors have submitted proposal for settlement of dues to Financial Institutions.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Computers
• Vehicles

WEBSITE DETAILS:

PROFILE:

Subject was established in the year 1989 to set precedents in the area of extrusions of non-ferrous metals. The unit is set up at Jamnagar, the city known as “Brass City of India”. The total work force/employees is about 500 people. The installed production capacity of the plant is 10000 Tonnes per annum.

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.43.94
UK Pound	1	Rs.72.12
Euro	1	Rs.63.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	1
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		06

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	>86
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	71-85
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	56-70
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	41-55
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	26-40
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	11-25
<10	C	Absolute credit risk exists. Caution needed to be exercised	<10
--	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.