MIRA INFORM REPORT

Report Date :

15.12.2012

IDENTIFICATION DETAILS

Name :	SHRI HARI EXTRUSION PRIVATE LIMITED
Formerly Known As :	SHRI HARI EXTRUSION LIMITED
Registered Office :	Ashok Nagar, Plot No G Unit A, Near Bank of Baroda, Ground Floor, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.06.2000
Com. Reg. No.:	11-127194
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U27200MH2000PTC127194
TAN No.: [Tax Deduction & Collection Account No.]	MUMS29998D
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is mainly engaged in the business of manufacturing non-ferrous metal rods.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. In the current year the profitability appears to be low. And there appears slight dip in sales turnover. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 DENIED BY

Name :	Mr. Nirmal Sharma
Designation :	Accounts Manager
Date :	14.12.2012

LOCATIONS

Registered Office :	Ashok Nagar, Plot No G Unit A, Near Bank of Baroda, Ground Floor, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28461966/ 28842452/ 28463149/ 28463680
Fax No.:	91-22-28871738
E-Mail :	info@sgco.co.in nirmal@shel.in
Factory :	Plot No. 63-70, Gut 984 (Part), Old Satpatti Road, Village Shirgaon, Palghar, District Thane, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Vijay Mahavir Agarwal
Designation :	Director
Address :	Neelkanth, 6 Gulmohar Cross Road, JVPD Scheme, Andheri (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	28.02.1965
Date of Appointment :	14.06.2000
DIN No.:	00049722
Name :	Mr. Kishore Rameshchandra Gupta
Designation :	Director
Address :	Premesh, 6B Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	15.05.1951
Date of Appointment :	14.06.2000
DIN No.:	00151606

KEY EXECUTIVES

Name :	Mr. Nirmal Sharma
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Vijay M. Agarwal	225000
Sanjay M. Agarwal	89000
Ravi N. Gupta	89000
Vivek Agarwal	27000
Kunal Agarwal	27000
Kavita Agarwal	82000
Ashwin K. Gupta	72000
Rishi K. Gupta	81000
Sheetal Gupta	26980
Narendra R. Gupta	28000
Kishore R. Gupta	72000
Rajiv M. Agarwal	20
Sita N. Gupta	81000
Total	900000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is mainly engaged in the business of manufacturing non-ferrous metal rods.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

• Punjab National Bank
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loan from Banks	49.313	6.737
Less: Current maturities of long term debt	(10.714)	(6.737)
Vehicle Loan	4.549	1.186
Less: Current maturities of long term debt	(1.031)	(0.275)
Loans repayable on demand
From Banks	46.343	38.611
Payable against Buyers Credit	89.350	0.000
Total	177.810	39.522
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loans and advances from related parties	42.919	49.631
Less: Interest accrued and due	(0.410)	(0.000)
Loans and advances from others	2.568	4.000
Less: Interest accrued and due	(0.000)	(0.815)
Total	45.077	52.816

Banking Relations :	--
Auditors :
Name :	Singrodia Goyal and Company Chartered Accountants
Address :	4A, Kaledonia-HDIL, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-66256363
Fax No.:	91-22-66256364
E-Mail :	info@sgco.co.in
Website :	www.sgco.co.in
PAN No.:	AAAFS7106D
Enterprises having same Key Management Personnel and I or their Relatives :	Popular Brass Private Limited Mank Industrial and Trading Company (India) Rameshchandra Mahavir Prashad and Company Metal Extruders (India) Private Limited Metal Extruders and Converters Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions
50000	Redeemable 9% Non-Cumulative Preference Shares	Rs.10/- each	Rs.0.500 Million
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.000	9.400	9.400
2] Share Application Money		26.250	0.000	0.000
3] Reserves & Surplus		13.409	9.655	3.959
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.659	19.055	13.359
LOAN FUNDS
1] Secured Loans		177.810	39.522	32.351
2] Unsecured Loans		45.077	52.816	67.146
TOTAL BORROWING		222.887	92.338	99.497
DEFERRED TAX LIABILITIES		0.980	0.700	0.000
TOTAL		272.526	112.093	112.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.562	7.867	8.181
Capital work-in-progress		39.597	1.652	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.393	35.314	28.299
	Sundry Debtors	70.997	98.443	65.362
	Cash & Bank Balances	49.993	6.958	8.810
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	98.642	54.132	52.624
Total Current Assets		299.025	194.847	155.095
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.186	81.730	47.101
	Other Current Liabilities	16.119	10.090	1.844
	Provisions	0.378	0.478	1.500
Total Current Liabilities		80.683	92.298	50.445
Net Current Assets		218.342	102.549	104.650
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		272.526	112.093	112.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	468.462	563.710	521.321
		Other Income	2.179	1.263	0.655
		TOTAL (A)	470.641	564.973	521.976
Less	EXPENSES
		Cost of materials consumed	435.241	457.534
		Purchases of stock-in-trade	7.233	57.854
		Changes in inventories of finished goods, work-in-progress	(25.272)	7.718
		Employee benefits expense	6.974	6.766
		Other expenses	30.778	18.563
		Prior Period Expenses	0.000	0.469
		TOTAL (B)	454.954	548.904	505.322
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.687	16.069	16.654
Less	FINANCIAL EXPENSES (D)		9.021	7.407	5.438
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.666	8.662	11.216
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.248	0.672	0.425
	PROFIT BEFORE TAX (E-F) (G)		5.418	7.990	10.791
Less	TAX (H)		1.664	2.295	1.500
	PROFIT AFTER TAX (G-H) (I)		3.754	5.695	9.291
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.655	3.960	(5.331)
	BALANCE CARRIED TO THE B/S		13.409	9.655	3.960
	IMPORTS
		Raw Materials	173.776	107.091	98.104
		Trading Goods	7.233	57.854	139.699
		Capital Goods	0.000	0.000	1.827
	TOTAL IMPORTS		181.009	164.945	239.630
	Earnings Per Share (Rs.)		4.17	7.05	9.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.80	1.01	1.78
Net Profit Margin (PBT/Sales)	(%)	1.16	1.42	2.07
Return on Total Assets (PBT/Total Assets}	(%)	1.73	3.94	6.61
Return on Investment (ROI) (PBT/Networth)		0.11	0.42	0.81
Debt Equity Ratio (Total Liability/Networth)		6.24	9.69	11.22
Current Ratio (Current Asset/Current Liability)		3.71	2.11	3.07

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Due to Micro and Small Enterprises	-	-	-
Other than Micro and Small Enterprises	46.842	19.983	24.401
Bills Payable	17.344	61.747	22.700
Total	64.186	81.730	47.101

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

Tangible Assets

• Plant and Machinery (Including Dies)
• Electrical Installation
• Furniture and Fixtures
• Vehicles
• Air Conditioner
• Computers
• Leasehold Improvement

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.54.39
UK Pound	1	Rs.87.78
Euro	1	Rs.71.29

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.