MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	B. R. METAL AND ALLOYS (GUJ) PRIVATE LIMITED
Registered Office :	F-4, New Madhavpura, Near Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1986
Com. Reg. No.:	04-009225
Capital Investment / Paid-up Capital :	Rs.64.496 Millions
CIN No.: [Company Identification No.]	U28999GJ1986PTC009225
PAN No.: [Permanent Account No.]	AABCB2590E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Ferrous and Non Ferrous Metal Scrap.
No. of Employees :	24 (Approximately)

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 1601000
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.

INFORMATION PARTED BY

Name :	Mr. Gopal
Designation :	Finance Controller
Contact No.:	91-79-25633928
Date :	10.07.2012

LOCATIONS

Registered Office :	F-4, New Madhavpura, Near Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Tel. No.:	91-79-25633928/ 25631976/ 25631971
Mobile No.:	91-9998039450 (Mr. Gopal)
Fax No.:	91-79-25633960
E-Mail :	jethaliya@yahoo.com avimami99@yahoo.com ridhisidhi1@icenet.net
Area :	4500 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Babuprasad Ramdayal Shah
Designation :	Director
Address :	13, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	30.03.1942
Date of Appointment :	10.12.1986
DIN No :	00762219
Name :	Mr. Kailash Babuprasad Shah
Designation :	Managing Director
Address :	13, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	11.05.1966
Date of Appointment :	10.12.1986
DIN No :	00722503
Name :	Mr. Ghanshyam Babuprasad Shah
Designation :	Director
Address :	13, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	13.11.1969
Date of Appointment :	15.12.1986
DIN No :	00722472

KEY EXECUTIVES

Name :	Mr. Gopal
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Babuprasad Ramdayal Shah	2749975
Kailash Babuprasad Shah	874875
Ghanshyam Babuprasad Shah	805500
Kanchanben Babuprasad Shah	310500
Shah Babuprasad Ramdayal HUF	4500
Manjuben Kailashchandra Shah	258750
Chandaben Ghanshyam Shah	288000
Smit Kailash Shah	86250
Nishant Kailash Shah	86250
Riddhi Ghanshyam Shah	142500
Siddhi Ghanshyam Shah	142500
Total	5749600

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Ferrous and Non Ferrous Metal Scrap.

Products :

Item Code No. (ITC Code)	76020010
Product Description	Aluminium Scrap
Item Code No. (ITC Code)	74040022
Product Description	Brass Scrap
Item Code No. (ITC Code)	74040012
Product Description	Copper Scrap

Imports :

Products :

Ferrous and Non Ferrous Metal Scrap

Countries :

v UAE

v Europe

Terms :

Selling :

Cash and Credit (30 days)

Purchasing :

L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

24 (Approximately)

Bankers :

v Standard Chartered Bank (acting as agent on behalf of IDBI Bank Limited), SME Credit, Ground Floor, Abhijeet II, Mithakali Six Road, Ahmedabad – 380 006, Gujarat, India

v ICICI Bank Limited

v Axis Bank Limited, 3^rd Floor, Trishul, Opposite Samartheshwar Temple, Ahmedabad - 380 006, Gujarat, India

v IDBI Bank Limited, Ahmedabad Branch, IDBI Complex, Opposite Muni Staff Quarters, Near Lal Bunglows, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans banks secured [Working Capital Loans (IDBI and Standard Chartered Bank) are secured by way of Pari-pasu charges in the nature of hypothecation of current assets of the company, equitable mortgage of immovable property belonging to the company, associates, directors and their relatives and personal guarantee of Director, their relatives and associates.]	146.846	52.265
Total	146.846	52.265

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	13.211	2.360
Deposits related parties unsecured	6.815	3.090
Total	20.026	5.450

Banking Relations :	--
Auditors :
Name :	Gattani and Associates Chartered Accountants
Address :	1003-04, Samundra Annexure, Near Hotel Klassic Gold, C.G. Road, Ahmadabad – 380 006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AADFG1032F
Associate Companies :	BMJ Cables Limited, India
Enterprises over which the key management personnel's exercise significant control :	v Ghanshyam Metal Udyog v B.R. Enterprise v Kanchan Cast Alloys v Maruti Metals v BMJ Cables Limited v B.R. Overseas v SAPL Buildcon Private Limited v Allucast Products

CAPITAL STRUCTURE

As on 30.09.2011

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
5749600	Equity Shares	Rs.10/- each	Rs.57.496 Millions

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
6449600	Equity Shares (Including 2219760 Bonus Equity Shares of Rs.10/- fully paid up issued in the ratio 3:2.)	Rs.10/- each	Rs.64.496 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		64.496	64.496	64.496
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		335.816	298.401	265.949
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		400.312	362.897	330.445
LOAN FUNDS
1] Secured Loans		146.846	52.265	0.159
2] Unsecured Loans		20.026	5.450	4.012
TOTAL BORROWING		166.872	57.715	4.171
DEFERRED TAX LIABILITIES		0.411	0.654	0.250
TOTAL		567.595	421.266	334.866
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.973	10.007	8.906
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	70.588
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	111.949	120.744	53.669
	Sundry Debtors	236.726	199.934	77.695
	Cash & Bank Balances	4.636	5.910	2.758
	Other Current Assets	34.249	12.139	0.641
	Loans & Advances	264.062	146.946	145.838
Total Current Assets		651.622	485.673	280.601
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.184	29.215	2.855
	Other Current Liabilities	16.882	14.265	22.374
	Provisions	47.934	30.934	0.000
Total Current Liabilities		91.000	74.414	25.229
Net Current Assets		560.622	411.259	255.372
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		567.595	421.266	334.866

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3143.673	2057.065	1330.909
		Other Income	NA	9.249	1.071
		TOTAL (A)	NA	2066.314	1331.980
Less	EXPENSES
		Office Expenses	NA	2015.923	1306.810
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	NA	2015.923	1306.810
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		55.909	50.391	25.170
Less/ Add	DEPRECIATION/ AMORTISATION		1.736	1.904	0.963
	PROFIT BEFORE TAX		54.173	48.487	24.207
Less	TAX		16.758	15.902	8.806
	PRIOR PERIOD ITEM		0.000	0.099	0.988
	PROFIT AFTER TAX		37.415	32.486	16.389
	Earnings Per Share (Rs.)		5.80	5.03	6.33

Particulars	31.03.2012
Sales Turnover (Approximately)	3150.000 (Due to more demand)

Expected Sales (2012-2013): More than Rs.3000.000 millions

The above information has been parted by Mr. Gopal (Finance Controller).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.57	1.23
Net Profit Margin (PBT/Sales)	(%)	1.72	2.36	1.82
Return on Total Assets (PBT/Total Assets}	(%)	8.23	9.78	8.36
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.07
Debt Equity Ratio (Total Liability/Networth)		0.64	0.36	0.09
Current Ratio (Current Asset/Current Liability)		7.16	6.53	11.12

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Creditors due small micro enterprises	0.000	0.000	0.000
- Creditors due others (Creditors for Goods and Expenses)	26.184	29.215	2.855
Total	26.184	29.215	2.855

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%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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

CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNTS IN RESPECT OF: (AS ON 31.03.2011)

(i) Outstanding Bank Guarantee: Rs.10.000 millions.

(ii) Outstanding Corporate Guarantee given for Corporate Concern: Rs.12.500 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U28999GJ1986PTC009225
Name of the company	B. R. METAL AND ALLOYS (GUJ) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-4, New Madhavpura, Near Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat, India E-Mail: jethaliya@yahoo.com
This form is for	Modification of charge
Charge identification number of the modified	10335249
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank (acting as agent on behalf of IDBI Bank Limited), SME Credit, Ground Floor, Abhijeet II, Mithakali Six Road, Ahmedabad – 380 006, Gujarat, India E-Mail: ops.sme@sc.com
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Deposit of Title Deeds Dated 10.05.2012
Date of instrument Creating the charge	10.05.2012
Amount secured by the charge	Rs.250.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the charge: The IDBI Bank is having pari passu charge with Standard Chartered Bank (SCB) on the security given by the Company. Others: The IDBI Bank granted the credit facility against the immovable property as a security, to: 1) B. R. Metal and Alloys (Guj) Private Limited - Rs.150.000 millions 2) Ghanshyam Metal Udyog - Rs.100.000 millions. Total Rs.250.000 millions.
Short particulars of the property charged	Pari passu charge with SCB Bank on a) Shop no. F/4, having Cellar, Gr. floor, and First Floor, Construction admeasuring in aggregate 100 sq. yards, of the Madhuvpura Market Shops and Ware Houses Co-Operative Society Limited situated on the land bearing CTS no. 2423 and final Plot No.102, 103 and 104 T.P. Scheme No.14 (Shahibaug), situate, lying and being at village Dariapur Kazipur, Taluka City, Registration District Ahmedabad and Sub District Ahmedabad 6 (Naroda) b) Non Agricultural land admeasuring 2424.64 sq. mts, (towards Northern West Side) forming part of Survey No.36/1/2, situate, lying and being at village Singarva, Taluka Dascroi, Regn District Ahmedabad and Sub District Ahmedabad - 7 (Odhav)
Particulars of the present modification	The IDBI Bank has agree to increase the aggregate limit of the loan/facilities from Rs.100.000 millions to Rs.150.000 millions.

FIXED ASSETS:

v Freehold Land

v Office Building

v Other Building

v Plant and Machinery

v Computer Equipments

v Furniture and Fixtures

v Motor Vehicles

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.55.80
UK Pound	1	Rs.86.53
Euro	1	Rs.68.58

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

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	YES
--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.