MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED
Registered Office :	Survey No. 40, Village Lohop, Taluka Khalapur, District Raigadh, Khopoli – 410206, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	13.06.2007
Com. Reg. No.:	11-171608
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U27300MH2007PTC171608
TAN No.: [Tax Deduction & Collection Account No.]	PNEP12338E
PAN No.: [Permanent Account No.]	AAECP3736F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Metal and Alloys.
No. of Employees :	30 (Approximately) [In Office: 10 + In Factory: 20]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 7000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management have failed to file the financial detail since 2009. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing 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.

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 (GENERAL DETAILS)

Name :	Mr, Mery Castelion
Designation :	Accountant
Contact No.:	91-9833087761
Date :	18.07.2012

LOCATIONS

Registered Office / Factory :	Survey No. 40, Village Lohop, Taluka Khalapur, District Raigadh, Khopoli – 410206, Maharashtra, India
Tel. No.:	91-25477164
Mobile No.:	91-9029411523 (Mr. Prakash)
Fax No.:	91-25477164
E-Mail :	prakash9911@yahoo.com
Website :	http://www.picorph.com
Area :	3.5 acr
Location :	Owned
Head Office :	D/144,Amargian Industries Co-Operative, Premises Society Limited, Opposite S.T. Workshop, Khopat, Thane-400601, Maharashtra, India
Tel. No.:	91-22-25477164/25476833/65164679/25477167
Fax No.:	91-22-25477164
E-Mail :	info@picinternational.co.in
Website :	www.picinternational.com
Area :	545 sq ft
Location :	Owned
Warehouse:	Bhiwandi, Maharashtra, India

DIRECTORS

As on 30.09.2009

Name :

Ms. Priyanka Prakash Jadhav

Designation :

Director

Address :

A-66, Shrirang Society Opposite Castle Mill Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

28.08.1982

Date of Appointment :

30.06.2007

DIN No.:

01766965

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	U27300MH2007PTC171608	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED.	Director	30/06/2007	30/06/2007	-	Active	YES
2	U27101MH2008PTC183970	PRAKASH INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	YES

Name :

Ms. Shweta Prakash Jadhav

Designation :

Director

Address :

A-66, Shrirang Society Opposite Castle Mill Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

12.04.1984

Date of Appointment :

30.06.2007

DIN No.:

01766927

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	U27300MH2007PTC171608	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED.	Director	30/06/2007	30/06/2007	-	Active	YES
2	U80904MH2011PTC218276	ANAYA EDUCON PRIVATE LIMITED	Director	03/06/2011	03/06/2011	-	Active	NO

Name :

Mr. Prakash Chandrakant Jadhav

Designation :

Director

Address :

A-66, Shrirang Society Opposite Castle Mill Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

30.11.1956

Date of Appointment :

29.09.2008

DIN No.:

01766884

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	U27300MH2007PTC171608	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED.	Director	29/09/2008	01/01/2008	-	Active	YES
2	U27101MH2008PTC183970	PRAKASH INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	YES

Name :

Mrs. Kalpana Prakash Jadhav

Designation :

Director

Address :

A-66, Shrirang Society Opposite Castle Mill Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

16.04.1962

Date of Appointment :

29.09.2008

DIN No.:

01766845

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	U27300MH2007PTC171608	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED.	Director	29/09/2008	01/01/2008	-	Active	YES
2	U27101MH2008PTC183970	PRAKASH INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	YES

Name :

Ms. Samidha Prakash Jadhav

Designation :

Director

Address :

A-66, Shrirang Society Opposite Castle Mill Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

24.08.1988

Date of Appointment :

29.09.2008

DIN No.:

01953605

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	U27300MH2007PTC171608	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED.	Director	29/09/2008	01/01/2008	-	Active	YES

KEY EXECUTIVES

Name :	Mr, Mery Castelion
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Priyanka Prakash Jadhav	5000
Shweta Prakash Jadhav	5000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2009

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Metal and Alloys.
Imports :
Products :	Raw Material
Countries :	· Chilly · Dubai · China · Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2009)

Particulars	Unit	Actual Production
Ferro Molybdenum	Qty. Kgs	108394
Ferro Tungsten	Qty. Kgs	2581

GENERAL INFORMATION

Customers :

End Users

· Mahindra Group

· Kalyani Carpenter Special Steels Limited

· Welspun Group

· Zenith Steels

· Zenith Birla (India) Limited

No. of Employees :

30 (Approximately) [In Office: 10 + In Factory: 20]

Bankers :

Bank of Maharashtra, SSI Thane Branch, B-17, Maha Bank Bhavan, Wagle Industrial Estate, Thane - 400604, Maharashtra, India

Facilities :

CC: Rs.32.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2009	As on 31.03.2008
From Bank	0.000	0.000
Cash Credit	49.432	22.824
Term Loan	6.417	8.600
Total	55.849	31.424
Unsecured Loan	As on 31.03.2009	As on 31.03.2008
From Director	6.843	0.00
From Others	2.410	1.200
Total	9.253	1.200

Banking Relations :	-
Auditors :
Name :	Rawool and Ranjan Associates Chartered Accountants
Address :	C/159 Amar Gian, Near S T Workshop, L B Marg, Thane – 400601, Maharashtra, India
Fax No.:	91-22-25472787
PAN.:	AAEFR9748N
Sister Concern:	Prakash Industrial Corporation Address: Survey No. 40, Village Lohop, Taluka Khalapur, District Raigadh, Khopoli – 410206, Maharashtra, India Line of Business: Manufacturer of Metal and Alloys.

CAPITAL STRUCTURE

After 30.09.2009

Authorised Capital: Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital: Rs.4.600 Millions

As on 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.778	0.000
4] (Accumulated Losses)		0.000	(1.118)
NETWORTH		1.878	(1.018)
LOAN FUNDS
1] Secured Loans		55.849	31.424
2] Unsecured Loans		9.253	1.200
TOTAL BORROWING		65.102	32.624
DEFERRED TAX LIABILITIES		0.248	0.006
TOTAL		67.228	31.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.730	9.558
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.038	9.605
	Sundry Debtors	26.801	0.000
	Cash & Bank Balances	0.150	0.107
	Other Current Assets	0.000	0.000
	Loans & Advances	8.083	12.401
Total Current Assets		69.072	22.113
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.001	0.183
	Other Current Liabilities	1.054	0.014
	Provisions	0.633	0.000
Total Current Liabilities		12.688	0.197
Net Current Assets		56.384	21.916
MISCELLANEOUS EXPENSES		0.114	0.138
TOTAL		67.228	31.612

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2009	31.03.2008
SALES
	Income	180.832	0.572
	Other Income	NA	NA
	TOTAL (A)	NA	NA
EXPENSES
	Miscellaneous Expenses	NA	0.021
	TOTAL (B)	NA	0.021
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	0.55
FINANCIAL EXPENSES (D)		NA	1.658
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.092	1.108
DEPRECIATION/ AMORTISATION (F)		0.321	0.004
PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3.738	(1.112)
TAX (I)		0.842	0.006
PROFIT/(LOSS) AFTER TAX (G-I) (J)		2.896	(1.118)
Earnings/(Loss) Per Share (Rs.)		289.60	(111.83)

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	2.07	192.41
Return on Total Assets (PBT/Total Assets}	(%)	5.41	5.03
Return on Investment (ROI) (PBT/Networth)		1.99	1.09
Debt Equity Ratio (Total Liability/Networth)		41.42	32.21
Current Ratio (Current Asset/Current Liability)		5.44	112.25

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) 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	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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	No
30) Major Shareholders, if available	Yes

BUSINESS OPERATION

The company has achieved turnover of Rs.180.800 Millions in spite of recessionary condition. The sharp drop in metal prices in the international market had significantly affected the turnover of the company. However the company is expecting better performance in the coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27300MH2007PTC171608
Name of the company	PIC INTERNATIONAL METALS AND ALLOYS PRIVATE LIMITED.
Address of the registered office or of the principal place of business in India of the company	Survey No. 40, Village Lohop, Taluka Khalapur, District Raigadh, Khopoli – 410206, Maharashtra, India Email: prakash9911@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10095319
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra, SSI Thane Branch, B-17, Maha Bank Bhavan, Wagle Industrial Estate, Thane - 400604, Maharashtra, India Email: bom88@mahabank.co.in
Nature of instrument creating charge	Composite Deed of Hypothecation for additional working capital term loan of Rs 8.200 Millions
Date of instrument Creating the charge	14.03.2012
Amount secured by the charge	Rs.50.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR - 1% presently 11.25% p.a. with monthly rest for reduced cash credit facility of Rs. 32.000 Millions and additional working capital term loan of Rs 8.200 Millions. Terms of Repayment Moratorium 2 months. Repayment at Rs. 0.820 Million per month to be commenced after moratorium. Interest to be paid as and when applied Margin 25% in Banks favour for Cash Credit Extent and Operation of the charge Existing charge of Rs.60.000 Millions reduced to Rs. 50.200 Millions. Cash Credit previously Rs.50.000 Millions was reduced to Rs.32.000 Millions and Term Loan previously Rs.10.000 Millions remains same and additional Rs.8.200 Millions was given which comes to total Term Loan of Rs.18.200 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Cash Credit is collaterally secured by mortgage of land and building at S 40, Village Lahop, Tal. Khalapur, Khopoli and personal guarantee of Mr. Prakash Jadhav and 3 Directors Term Loan is secured by primary security by mortgage of land and building at S 40, Village Lahop, Tal. Khalapur, Khopoli and personal guarantee of Mr. Prakash Jadhav and 3 Directors
Date of instrument modifying the charge	27.03.2008
Particulars of the present modification	Previous charge of Rs. 60.000 Millions reduced to Rs. 50.200 Millions. Cash Credit previously Rs. 50.000 Millions was reduced to Rs. 32.000 Millions and Term Loan previously Rs. 10.000 Millions remains same and additional Rs.8.200 Millions was given which comes to total Term Loan of Rs. 18.200 Millions.

FIXED ASSETS

· Plant and Machinery

· Factory Building

· Furniture and Fixture

· Computer

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.55.15
UK Pound	1	Rs.86.57
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.