MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	SOHONI METAL CRAFT PRIVATE LIMITED
Registered Office :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai-401602, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.07.1992
Com. Reg. No.:	11-067532
Capital Investment / Paid-up Capital :	Rs.0.999 Million
CIN No.: [Company Identification No.]	U99999MH1992PTC067532
TAN No.: [Tax Deduction & Collection Account No.]	PNES19030E / MUMS38462E
PAN No.: [Permanent Account No.]	AACHS4789Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dry Cell Battery Components for Dry Cell Battery Industries
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 97000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	May, 2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Dilip Shrikrishna Sohoni
Designation :	Director
Contact No.:	91-9825136193
Date :	28.07.2012

LOCATIONS

Registered Office :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu(West), Mumbai-401602, Maharashtra, India
Tel. No.:	91-2528-22859 / 214068
Mobile No.:	91-9825136193 (Mr. Dilip Shrikrishna Sohoni)
Fax No.:	Not Available
E-Mail :	main.sohanimetal@gmail.com admin@sohonimetal.com
Website :	http://www.sohonimetal.com/
Area :	1500 sq. ft
Location :	Owned
Factory :	Plot No.1302, G. I. D. C., Umbergaon-396171, Gujarat, India
Tel. No.:	91-260-3290595 / 2563049
Fax No.:	91-260-2563048
Area :	5000 sq. mtr
Location :	Owned

DIRECTORS

As on 30.07.2011

Name :

Mr. Dilip Shrikrishna Sohoni

Designation :

Director

Address :

Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai - 401602, Maharashtra, India

Date of Birth/Age :

15.11.1949

Date of Appointment :

03.07.1992

DIN No :

00411810

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31109MH1986PTC024311	UMBER CELL COMPONENTS PRIVATE LIMITED	Director	26/04/1986	26/04/1986	-	Active	NO
2	U99999MH1992PTC067532	SOHONI METAL CRAFT PRIVATE LIMITED	Director	03/07/1992	03/07/1992	-	Active	NO
3	U25209MH2011PTC219391	VANGUARD PACKAGING PRIVATE LIMITED	Managing director	19/09/2011	04/07/2011	-	Active	NO

Name :

Mrs. Sandhya Dilip Sohoni

Designation :

Director

Address :

10, Gurukripa Apartments, N C Kelkar Road, Dadar, Mumbai – 400 028, Maharashtra

Date of Birth/Age :

16.05.1956

Date of Appointment :

24.02.2010

DIN No :

02948519

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1992PTC067532	SOHONI METAL CRAFT PRIVATE LIMITED	Director	24/02/2010	24/02/2010	-	Active	NO
2	U25209MH2011PTC219391	VANGUARD PACKAGING PRIVATE LIMITED	Director	04/07/2011	04/07/2011	-	Active	NO

Name :

Mrs. Sujata Dilip Sohoni

Designation :

Director

Address :

Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai - 401602, Maharashtra, India

Date of Birth/Age :

01.10.1975

Date of Appointment :

01.10.1995

DIN No :

00414309

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2011

Names of Shareholders	No. of Shares
Dillip Sohoni and Sandhiya Sohoni	2550
Dillip Sohoni	5000
Sandhiya Sohoni	1650
Abhijit Sohoni	90
Sujata Sohoni	450
Sangita Save	250
Total	9990

As on 30.07.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	97.50
Other top fifty shareholders	2.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dry Cell Battery Components for Dry Cell Battery Industries

Products :

· R20, R14, R06 and R03 Type of Top Caps

· R06, R03/R20 Type Date Coded /UNCODED bottoms used in Dry Cell Batteries

· PVC Heat Shrink Sleeves for Dry Cell Batteries

· Plastic Snap Fitted Seals used in Dry Cell Batteries

· Fuse Caps and capability for making electrical, automotive stamping and other types of deep drawn components as per customer requirements.

ITC CODE	PRODUCT
85.06	Primary Cells and Primary Batteries, Parts Thereof (Battery Components)

Exports :

Products :

Dry Cell Battery Components

Countries :

· Bangladesh

· Asian Country

· East Africa

Imports :

Products :

Raw Material

Countries :

· Singapore

· China

· Japan

· Germany

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Battery Components	(x1,000 Pcs.)	2400000	2156515

GENERAL INFORMATION

Suppliers :

Bhushan Power and Steel Limited, Kolkata

Customers :

Wholesalers, Retailers and End Users

· Ever Ready Industries India Limited

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, GIDC Estate Branch, Umbergaon, Valsad - 396171, Gujarat, India

Facilities :

LC Rs.25.000 Millions and Cash Credit Rs.20.000 Millions form State Bank of India

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
SBI Car Loan	0.784	1.088
Less : Portion Repayable during next 12 months	0.341	0.421
Total	0.443	0.667
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Deposits	16.228	9.743
Total	16.228	9.743

Banking Relations :	--
Auditors :
Name :	Raman S Shah and Company Chartered Accountants
Address :	Sam Plaza , “A” Wing, 2^nd Floor, Dahanu Road, Thane – 401 602, Maharashtra
PAN.:	ADYPS0704L
Memberships :	Umbergaon Industries Association (UIA)
Sister Concern :	Umber Cell Components Private Limited Address : Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai-401602, Maharashtra, India Line of Business : Manufacturer and Exporter of Dry Cell Battery Components for Dry Cell Battery Industries

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9990	Equity Shares	Rs.100/- each	Rs. 0.999 Million

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		0.999	0.999	0.999
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.390	20.562	19.034
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.389	21.561	20.033
LOAN FUNDS
1] Secured Loans		0.443	0.667	0.261
2] Unsecured Loans		16.228	9.743	11.751
TOTAL BORROWING		16.671	10.410	12.012
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		41.060	31.971	32.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.840	21.913	18.755
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.294	0.011	0.051
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.976	16.694	30.668
	Sundry Debtors	21.963	23.133	16.803
	Cash & Bank Balances	5.207	3.980	3.879
	Other Current Assets	5.180	4.708	6.003
	Loans & Advances	0.821	0.610	0.632
Total Current Assets		66.147	49.125	57.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.845	13.197	14.372
	Other Current Liabilities	22.357	22.627	28.393
	Provisions	7.019	3.254	1.981
Total Current Liabilities		46.221	39.078	44.746
Net Current Assets		19.926	10.047	13.239
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.060	31.971	32.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	148.909	127.124	113.578
		Foreign Exchange Rate Gain	0.876	0.028	0.000
		Other Income	0.300	0.186	0.232
		Transit Insurance Claim	0.234	0.000	0.000
		TOTAL (A)	150.319	127.338	113.810
Less	EXPENSES
		Raw Material Consumption	93.589	79.737	71.985
		Consumption of Other Stores	11.064	6.908	7.104
		Job Work Expenses	2.742	2.406	2.245
		Utilities	5.180	5.663	5.705
		Transportation	1.394	1.205	1.304
		Export / Import Clearing Expenses	0.154	0.204	0.251
		Waste Disposal Expenses	0.043	0.023	0.024
		Maintenance and Repairs	4.050	3.233	3.023
		Personal Expenses	13.838	11.132	9.423
		Administrative Expenses	3.581	3.103	3.436
		Rates and Taxes	0.415	0.084	0.042
		Write -Offs	0.923	0.017	0.056
		Loss / Profit on Sale of Fixed Assets	0.000	0.000	0.004
		Decrease / (Increase) in Inventory	(2.290)	2.055	0.151
		TOTAL (B)	134.683	115.770	104.753
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.636	11.568	9.057
Less	FINANCIAL EXPENSES (D)		4.845	4.233	4.218
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.791	7.335	4.839
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.244	2.953	2.610
	PROFIT BEFORE TAX (E-F) (G)		7.547	4.382	2.229
Less	TAX (H)		2.385	1.394	(0.798)
	PROFIT AFTER TAX (G-H) (I)		5.162	2.988	1.431
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.081	0.054	0.033
Less	APPROPRIATIONS
		Transfer to General Reserve	2.850	1.500	0.825
		Dividend	2.000	1.249	0.499
		Tax on Dividend	0.332	0.212	0.085
		Vat Tax 05-06	0.001	0.000	(0.001)
	BALANCE CARRIED TO THE B/S		0.060	0.081	0.054
	EARNINGS IN FOREIGN CURRENCY		87.570	4.045	3.570
	IMPORTS
		Tinplate	26.720	26.977	37.372
		PY Seals	12.160	4.617	2.744
	TOTAL IMPORTS		38.880	31.594	40.116
	Earnings Per Share (Rs.)		516	299	143

Particulars	31.03.2012
Sales Turnover (Approximately)	140.000
	Market Fluctuate

The above information has been parted by Mr. Dilip Shrikrishna Sohoni

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.43	2.35	1.26
Net Profit Margin (PBT/Sales)	(%)	5.07	3.45	1.96
Return on Total Assets (PBT/Total Assets}	(%)	8.68	6.17	2.90
Return on Investment (ROI) (PBT/Networth)		0.31	0.20	0.11
Debt Equity Ratio (Total Liability/Networth)		2.58	2.30	2.83
Current Ratio (Current Asset/Current Liability)		1.43	1.26	1.29

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	(Yes)
2]	Locality of the firm	(Yes)
3]	Constitutions of the firm	(Yes)
4]	Premises details	(Yes)
5]	Type of Business	(Yes)
6]	Line of Business	(Yes)
7]	Promoter's background	(Yes)
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%	----------------------
14]	Estimation for coming financial year	(No)
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 (if applicable)	(Yes)
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	(Yes)
24]	Banking facility details	(Yes)
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	(Yes)
28]	Incorporation details, if applicable	(Yes)
29]	Last accounts filed at ROC	(Yes)
30]	Major Shareholders, if available	(Yes)
31]	PAN of Proprietor/Partner/Director, if available	(No)
32]	Passport No of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(No)

Note:

The registered office of the company has been shifted from 1 Sterling A, Parimentsdahanu Road (East), Thane- 401602, Maharashtra India to present address w.e.f. 25.07.2008

PERFORMANCE AND RESULTS:

The company registered 5.2% growth in quantitative sales and 18% growth in sales value wise as they could command better prices this year. Profit after Tax Increased by 76% as a result of better realization of margins which had been badly affected in the previous year due to recession and upheavals in the raw material prices.

The company expects to keep up the improved performance, helped by the fact that a major Input, tinplate, has been booked for the whole year at a reasonable rate insulating then from the cost push in tinplate in 2011 so far. Sales outlook is also expected to improve marginally.

The Directors recommend payment of Dividend at 200% for the year ended March 31, 2011.

TRADE REFERENCES

· Bhushan Power and Steel Limited, Kolkata

· Ever Ready Industries India Limited

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1992PTC067532
Name of the company	SOHONI METAL CRAFT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai-401602, Maharashtra, India admin@sohonimetal.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90149501
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, GIDC Estate Branch, Umbergaon, Valsad - 396171, Gujarat, India sbi.09306@sbi.co.in
Nature of instrument creating charge	Supplemental agreement of loan-cum-hypothecation
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs.48.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit 14.10% Terms of Repayment Working Capital Repayable On Demand Margin As Prescribed by Bank Extent and Operation of the charge First and Exclusive Charge In Favour of State Bank of India
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all Present and Future Goods, Book Debts, Movable and Other Assets Including Present and Future Machinery
Date of instrument modifying the charge	07.10.2008
Particulars of the present modification	Original Charge Modified From Time To Time Lastly Modified On 07.10.2008 Is Now Further Modified Vide This Supplimental Deed. Now The Company Is Sanctioned Additional [1] C.C. Limit Of Rs. 3.000 Millions And [2] L/C Rs. 5.000 Millions. Now Total Charge Stand For Rs. 48.000 Millions.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Dies and Tools

· Electrical Installation

· Lab Equipment

· Computer

· Air Conditioner

· Furniture and Fixtures

· Vehicles

· Borewell

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.55.81
UK Pound	1	Rs.87.67
Euro	1	Rs.68.45

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

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	4
--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		45

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.