MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	MEHRA METAL COMPONENTS PRIVATE LIMITED
Registered Office :	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.03.1998
Com. Reg. No.:	55- 092964
Capital Investment / Paid-up Capital :	Rs.22.691 millions
CIN No.: [Company Identification No.]	U27107DL1998PTC092964
TAN No.: [Tax Deduction & Collection Account No.]	DELM10646G
PAN No.: [Permanent Account No.]	AAACM8494M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Ferrous/Non Ferrous sheet metal components.
No. of Employees :	Not Available

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 224492
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 :	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020, India
E-Mail :	mmcpl@rediffmail.com
Factory 1 :	Plot No. 108, Sector – 59, H S I D C , Ballabgarh, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-2307473 / 2307471 / 2307062
Fax No.:	91-129-2307062

DIRECTORS

AS ON 30.09.2011

Name :	Gulshan Mehra
Designation :	Director
Address :	H No. 152, Sector – 21B, Faridabad Haryana, India
Date of Birth/Age :	03.10.1954
Date of Appointment :	26.03.1998
DIN No.:	00076283

OTHER DIRECTORSHIP

S.No.	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
1	U70101HR1997PTC036046	Mjr Components Private Limited	Director	15/09/1997	15/09/1997	-	Active	NO
2	U27107DL1998PTC092964	Mehra Metal Components Private Limited	Director	26/03/1998	26/03/1998	-	Active	NO
3	U74899DL1996PTC079447	Ranil Electricals Private Limited	Director	18/03/1999	18/03/1999	-	Amalgamated	NO

Name :	Meena Mehra
Designation :	Director
Address :	H No. 152, Sector – 21B, Faridabad Haryana, India
Date of Birth/Age :	20.06.1962
Date of Appointment :	26.03.1988
DIN No.:	00059198

OTHER DIRECTORSHIP

S.No.	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
1	U70101HR1997PTC036046	Mjr Components Private Limited	Director	15/09/1997	15/09/1997	-	Active	NO
2	U27107DL1998PTC092964	Mehra Metal Components Private Limited	Director	26/03/1998	26/03/1998	-	Active	NO
3	U74899DL1996PTC079447	Ranil Electricals Private Limited	Director	18/03/1999	18/03/1999	-	Amalgamated	NO

Name :	Rahul Mehra
Designation :	Director
Address :	H No. 152, Sector – 21B, Faridabad Haryana, India
Date of Birth/Age :	12.10.1986
Date of Appointment :	01.04.2007
DIN No.:	01469074

OTHER DIRECTORSHIP

S.No.	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
1	U27107DL1998PTC092964	Mehra Metal Components Private Limited	Director	01/04/2007	01/04/2007	-	Active	NO
2	U70101HR1997PTC036046	Mjr Components Private Limited	Director	15/06/2007	15/06/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Gulshan Mehra	2041380
Meena Mehra	146520
Jagdish Singh	17000
Rahul Mehra	10000
Jitendra Singh	10000
Fakhruddin Iqbal	10000
Meenjeet Parasar	16000
Ravindra Parasar	5900
Anup Mittal	100
Neeru Garg	100
Nidhi Garg	100
Chaman Lal Mehra	12000
Total	2269100
List of Allottees as on ( 19.02.2011 )
Gulshan Mehra	30000
Total	30000

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Ferrous/Non Ferrous sheet metal components.

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
Motor Cycle Parts	Nos	6303382
Motor Vehicle Parts	Nos	3169749
Components	Nos	151820
Laminations	Kg	181808
Laminations	Nos	361992

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, SME Branch, Bata Hardware Road, N I T – 121001, Haryana – India

· Reliance Capital Limited, H Block 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairna, Navi Mumbai 400710, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Canara Bank ( MTL )	6.663	16.555
DBS Cholamandlam/ Canara Bank/HDFC	1.682	1.353
SIDBI/ Reliance Capital	16.108	6.012
Canara Bank OCC – 10058/ Bill Discounting	52.538	36.589
Total	76.991	60.509
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Directors/ Shareholders	1.318	1.020
Bodies Corporate	1.800	1.800
Total	3.118	2.820

Auditors :
Name :	Ashwani and Associates
Address :	103, Pratap Bhawan, Bahadur Shah Zafar Marg, New Delhi-110002, Delhi, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2269100	Equity Shares	Rs.10/- each	Rs.22.691 millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2089100	Equity Shares	Rs.10/- each	20.891 Millions

Note:

2089100 Equity shares of Rs. 10/- each Previous year 1399100 equity shares @ Rs. 10/- (out of the above, 20100 Equity shares of Rs. 10/- were issued to the shareholders of the M/S Ranil Electricals (Private) Limited in terms of the Scheme of Amalgamation approved by the High court of Delhi, during the year 2008 – 2009)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		22.691	20.891	13.991
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.432	23.009	16.466
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.123	43.900	30.457
LOAN FUNDS
1] Secured Loans		94.424	76.991	60.509
2] Unsecured Loans		5.910	3.118	2.820
TOTAL BORROWING		100.334	80.109	63.329
DEFERRED TAX LIABILITIES		2.968	0.870	1.856
TOTAL		159.425	124.879	95.642
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.770	54.923	52.646
Capital work-in-progress		8.013	31.015	11.976
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.357	7.079	6.580
	Sundry Debtors	108.155	65.885	56.111
	Cash & Bank Balances	5.801	7.614	2.155
	Other Current Assets	8.151	49.627	34.806
	Loans & Advances	7.993	1.625	1.976
Total Current Assets		198.457	131.830	101.628
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	86.271	60.459
	Other Current Liabilities	136.371	7.894	10.404
	Provisions	0.000	0.000	0.000
Total Current Liabilities		136.371	94.165	70.863
Net Current Assets		62.086	37.665	30.765
MISCELLANEOUS EXPENSES		1.556	1.276	0.255
TOTAL		159.425	124.879	95.642

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	399.381	351.383
		Other Income
		TOTAL (A)	399.381	351.383
Less	EXPENSES
		Office Expenses
		Administrative Expenses	391.625	344.718
		Advertising Expenses
		TOTAL (B)	391.625	344.718
	PROFIT BEFORE TAX (A-B) (C)		7.756	6.665
Less	TAX (D)		NA	NA
	PROFIT AFTER TAX (C-D) (E)		NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.56	4.32
Return on Investment (ROI) (PBT/Networth)		NA	0.17	0.22
Debt Equity Ratio (Total Liability/Networth)		4.27	3.97	4.40
Current Ratio (Current Asset/Current Liability)		1.45	1.40	1.43

LOCAL AGENCY FURTHER INFORMATION

Form 8

Corporate identity number of the company	U27107DL1998PTC092964
Name of the company	MEHRA METAL COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Reliance Capital Limited Address: H Block 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairna, Navi Mumbai 400710, Maharashtra, India Email: yogesh.deshpande@relianceada.com
Nature of instrument creating charge	Facility cum Hypothecation agreement dated 26.07.2011
Date of instrument Creating the charge	26.07.2011
Amount secured by the charge	Rs. 2.898 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 14.5% p.a. floating Terms of repayment 48 monthly installments of Rs. 0.079 million Margin 2.25% Extent and operation of the charge To the extent of 100% of the facility financed through this agreement
Short particulars of the property charged (Including location of the property)	Power Press JD21-63A and 80A with die cushion and JC23-63D and J23-80D with anti vibration pads. Dealer being Jiangsu Yangli Group Company Limited

Fixed Assets:

• Air Conditioner
• Building
• Car
• Computer
• Electricals Appliances
• Furniture and Fixture
• Land
• Office Equipments
• Plant and Machinery
• Dies and Tools
• Motor Cycle
• Storage Plastic Bins
• Water Cooler
• Inspection Instrument

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.49.78
UK Pound	1	Rs.80.12
Euro	1	Rs.68.82

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	NO
--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.