MIRA INFORM REPORT

Report Date :

05.04.2012

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) :	31.03.2011
Date of Incorporation :	20.02.1989
Com. Reg. No.:	04-11912
Capital Investments/Paid- up Capital :	Rs. 61.799 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 – 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

INFORMATION PARTED BY

Name :	Mr. Pratik
Designation :	Chief Executive Officer
Contact No.:	91-9825095960
Date :	19.04.2012

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 nimish@shree-extrusions.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 30.09.2011

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

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	L67120GJ1994PLC023471	SHREE METALLOYS LIMITED	Director	31-10-94	31-10-94	20-11-07	Active	NO
2	U27100GJ1989PLC011912	SHREE EXTRUSIONS LIMITED	Director	13-09-01	13-09-01	-	Active	NO
3	U70109GJ1994PTC021815	KABRA AGRO FARMS PRIVATE LIMITED	Additional director	01-10-10	01-10-10	-	Active	NO

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

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	U27100GJ1989PLC011912	SHREE EXTRUSIONS LIMITED	Director	06-02-98	06-02-98	-	Active	NO
2	L67120GJ1994PLC023471	SHREE METALLOYS LIMITED	Director	13-11-07	13-11-07	25-03-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Pratik
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Radheshyam Kabra	1175400
Rakesh Chhaparwal	30000
Ramswaroop Kabra	58400
Laxmiben Kabra	206000
Mukesh Chhaparwal	10000
Badamben Kabra	98400
Hansaben G Kabra	511500
Pratlk Kabra	985000
Anil Agarwal	100
Radheshyam Kabra HUF	560000
Dinesh Lahoti	50000
Shubhash Shah	1000
Dhwani Kabra	814000
Jain Devindra	1000
Girjaben R Kabra	943000
Avni R Kabra	100000
Kapil G Kabra	100000
Neha R Kabra	100000
Urmila L Kabra	3800
Nimish Bavishi	37600
Pushpa L Kabra	175200
T. L. Chowdhary	1000
Dikhush roshanlal	500
Mahavir Roshanlal Shah	500
Yasinbhai Musaji	120000
Farooq M Musaji	56000
Liwa General Trading LLC	41546
Total	6179946

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.67
Directors or relatives of Directors	95.16
Other top fifty shareholders	4.17
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
• Europe

Imports :

Products :

Raw Materials

Countries :

• USA
• China
• Middle East

Terms :

Selling :

L / C, Cash and Credit

Purchasing :

L / C, Cash and Credit

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

Suppliers :

Siyaram Impex (Private) Limited

Customers :

End Users

· Triton Valves Limited

No. of Employees :

400 (Approximately)

Bankers :

• ICICI Bank

JMC House Branch, Elishbridge, Ahmedabad, India

• Karnataka Bank Limited

Relief Road, Ahmedabad – 380001, Gujarat, India

• HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans financial institutions secured	28.722	28.730
Total	28.722	28.730
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans other unsecured	11.120	11.120
Total	11.120	11.120

Banking Relations :	--
Auditors :
Name :	B.H. Vyas and Company Chartered Accountant
Address :	Centre Point, 1st Floor, Indira Marg, Jamnagar, India
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 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		61.799	61.384	59.624
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.404	14.080	0.000
4] (Accumulated Losses)		(79.491)	(79.072)	(76.224)
NETWORTH		(0.288)	(3.608)	(16.600)
LOAN FUNDS
1] Secured Loans		28.722	28.730	42.981
2] Unsecured Loans		11.120	11.120	9.850
TOTAL BORROWING		39.842	39.850	52.831
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		39.554	36.242	36.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.920	62.519	59.682
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	38.130	30.801	79.509
	Sundry Debtors	115.827	101.432	42.037
	Cash & Bank Balances	11.704	6.820	4.586
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.783	22.257	20.706
Total Current Assets		183.444	161.310	146.838
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	166.476	150.985	170.294
	Other Current Liabilities	38.339	36.607	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		204.815	187.592	170.294
Net Current Assets		(21.371)	(26.282)	(23.456)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		39.554	36.242	36.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1088.713	700.597	656.000
		Other Income	3.064	0.038	0.554
		TOTAL (A)	1091.777	700.635	656.554
Less	EXPENSES
		Material Cost	858.405	500.105	525.529
		Manufacturing and Other Expenses	177.554	50.333	47.532
		Personnel Cost	0.000	24.448	23.121
		Employees Cost	23.576	0.000	0.000
		Excise Duty	0.000	56.305	81.527
		Administration, Selling and Distribution and Other Expenses	27.169	20.244	15.023
		Increase / (Decrease) in Stock	0.000	45.201	(29.623)
		TOTAL (B)	1086.704	696.636	663.109
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.073	3.999	(6.555)
Less	FINANCIAL EXPENSES (D)		0.071	1.675	1.945
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.002	2.324	(8.500)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.421	5.173	4.880
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(0.419)	(2.849)	(13.380)
Less	TAX (H)		0.000	0.000	0.156
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.419)	(2.849)	(13.536)
	BALANCE CARRIED TO THE B/S		(0.419)	(2.849)	(13.536)
	IMPORTS VALUE		NA	50.629	73.159
	Earnings / (Loss) Per Share (Rs.)		(0.07)	(0.46)	--

Expected Sales (2011-2012) : Rs. 950.000 Millions

The above information has been parted by Mr. Pratik.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.04)	(0.41)	(2.06)
Net Profit Margin (PBT/Sales)	(%)	(0.04)	(0.41)	(2.04)
Return on Total Assets (PBT/Total Assets}	(%)	(0.17)	(1.27)	(0.06)
Return on Investment (ROI) (PBT/Networth)		1.45	0.79	0.80
Debt Equity Ratio (Total Liability/Networth)		(849.50)	(63.04)	(13.44)
Current Ratio (Current Asset/Current Liability)		0.90	0.86	0.86

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

TRADE REFRENCES

• Triton Valves Limited
• Siyaram Impex (Private) Limited

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. 51.04
UK Pound	1	Rs. 81.08
Euro	1	Rs. 67.39

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	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.