MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	POSHS METAL INDUSTRIES PRIVATE LIMITED
Registered Office :	2A, Kalyan Dham, Sion-Trombay Road, Opposite BARC Colony, Mankhurd (East), Mumbai – 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1998
Com. Reg. No.:	11-117424
Capital Investment / Paid-up Capital :	Rs.3.528 Millions
CIN No.: [Company Identification No.]	U27200MH1998PTC117424
TAN No.: [Tax Deduction & Collection Account No.]	MUMP11600B
PAN No.: [Permanent Account No.]	AABCP4751D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears a slight dip in the profitability of the company even though the sales turnover has increased with a huge margin. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered can be considered 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 – 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

LOCATIONS

Registered Office :	2A, Kalyan Dham, Sion-Trombay Road, Opposite BARC Colony, Mankhurd (East), Mumbai – 400088, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	hr@dedaiasociates.in spaharia@mtnl.net.in
Website :	http://www.poshsmetal.com
Unit 1 :	Plot No.A-21, Road Q, MIDC Taloja, District Raigad – 410208, India
Tel. No.:	91-22-27401640/ 27410750
Fax No.:	91-22-27401670
E-Mail :
Unit 2 :	Gate No.50, Near GKW Limited, Off Chakan Shikrapur Road, Village Pimple Jagtap, Tal Shirur, District Pune – 412208, Maharashtra, India
Tel. No.:	91-2138-665200
Fax No.:	91-2138-665220
Email :	careerpune@poshsmetal.com careertaloja@poshsmetal.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mrs. Pinki Ashok Kapoor

Designation :

Director

Address :

2-A, Kalyandham, Sion-Trombay Road, Mankhurd (East), Mumbai – 400088, Maharashtra, India

Date of Appointment :

10.12.1998

DIN No.:

00037027

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	Company/ LLP Status	Defaulting status
1	U27200MH1998PTC117424	POSHS METAL INDUSTRIES PRIVATE LIMITED	Director	10-12-98	10-12-98	Active	NO
2	U72900MH2008PTC185738	POSHS INFOTECH PRIVATE LIMITED	Director	12-08-08	12-08-08	Active	NO

Name :

Mr. Asheer Ashok Kapoor

Designation :

Director

Address :

2-A, Kalyandham, Sion-Trombay Road, Mankhurd (East), Mumbai – 400088, Maharashtra, India

Date of Appointment :

10.12.1998

DIN No.:

00037814

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	Company/ LLP Status	Defaulting status
1	U27200MH1998PTC117424	POSHS METAL INDUSTRIES PRIVATE LIMITED	Director	10-12-98	10-12-98	Active	NO
2	U72900MH2008PTC185738	POSHS INFOTECH PRIVATE LIMITED	Director	12-08-08	12-08-08	Active	NO

Name :

Mrs. Pooja Asheer Kapoor

Designation :

Director

Address :

2-A, Kalyandham, Sion-Trombay Road, Mankhurd (East), Mumbai – 400088, Maharashtra, India

Date of Appointment :

12.12.1998

DIN No.:

00037965

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	Company/ LLP Status	Defaulting status
1	U27200MH1998PTC117424	POSHS METAL INDUSTRIES PRIVATE LIMITED	Director	12-12-98	12-12-98	Active	NO
2	U72900MH2008PTC185738	POSHS INFOTECH PRIVATE LIMITED	Director	12-08-08	12-08-08	Active	NO

Name :

Mr. Ashok Kapoor

Designation :

Director

Address :

2-A, Kalyandham, Sion-Trombay Road, Mankhurd (East), Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

08.03.1947

Date of Appointment :

27.02.2009

DIN No.:

02595433

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Asheer Ashok Kapoor	160955
Pinki Ashok Kapoor	184795
Pooja Asheer Kapoor	7000
Total	352750

(AS ON 10.02.2012)

Names of Allottee0	No. of Shares Allotted
Pinki Ashok Kapoor	12400
Ashok Kapoor	3000
Asheer Ashok Kapoor	4000
Pooja Asheer Kapoor	600
Total	20000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Shamrao Vithal Co-operative Bank Limited

Jay Mangal Oil Complex, Near APMC II Sector 19, Plot No.48&49 (Dana Bunder) Phase II, Vashi, Turbhe, Navi Mumbai - 400703, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Secured	105.216	60.262
Working Capital Loans Others Secured	40.922	51.464
Total	146.138	111.726
NOTE: Term loan is secured by way of mortgage on land and building at Taloja and Pune and hypothecation charge over Plant and Machinery and other fixed Assets existing and future at Pune and Taloja plant. Further the working capital demand Loan and cash credit limit is secured by way of mortgage on Land and Building at Taloja and Pune and hypothecation charge over Plant and Machinery and other fixed Assets existing and future at Pune and Taloja plant and hypothecation of Stock and Debtors of the Company.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans Directors Unsecured	13.668	7.716
Total	13.668	7.716

Banking Relations :	--
Auditors :
Name :	Desai Associates Chartered Accountant
Address :	103, Anand Estates, 189 Arthur Road, Chinchpokali, Mumbai – 400011, Maharashtra, India
PAN No.:	AAAFD4921H

CAPITAL STRUCTURE

(AS ON 30.09.2011)

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
352750	Equity Shares	Rs.10/- each	Rs.3.528 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		3.528	3.528	2.978
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.869	95.478	42.088
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.397	99.006	45.066
LOAN FUNDS
1] Secured Loans		146.138	111.726	122.335
2] Unsecured Loans		13.668	7.716	23.440
TOTAL BORROWING		159.806	119.442	145.775
DEFERRED TAX LIABILITIES		0.566	0.000	4.343
TOTAL		272.769	218.448	195.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		125.579	138.107	151.356
Capital work-in-progress		4.520	0.989	1.862
GOODWILL		0.600	0.600	0.000
INVESTMENT		0.003	0.000	0.000
DEFERREX TAX ASSETS		0.000	3.887	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	180.770	63.287	7.893
	Sundry Debtors	265.296	99.839	30.300
	Cash & Bank Balances	5.646	2.170	1.453
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	61.933	38.767	22.807
Total Current Assets		513.645	204.063	62.453
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	354.205	118.090	13.959
	Other Current Liabilities	10.402	5.593	5.356
	Provisions	6.986	5.538	1.202
Total Current Liabilities		371.593	129.221	20.517
Net Current Assets		142.052	74.842	41.936
MISCELLANEOUS EXPENSES		0.015	0.023	0.030
TOTAL		272.769	218.448	195.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		331.138	22.790
		Job Charge Income	1738.935	100.646	91.359
		Other Income		2.454	2.032
		TOTAL (A)	1738.935	434.238	116.181
Less	EXPENSES
		Increase in Work in Progress/ Finished Goods		(5.805)	0.000
		Consumption of Raw Materials		301.859	19.830
		Manufacturing Expenses		37.275	32.502
		Payment to and Benefits for Employee		26.418	21.258
		Administrative Expense		8.534	9.010
		Selling and Distribution Expenses		10.513	8.112
		Preliminary Expenses Written Off		0.008	0.010
		TOTAL (B)	1700.097	378.802	90.722
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses	55.436	25.459
Less	FINANCIAL EXPENSES (D)			19.324	20.924
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.838	36.112	4.535
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.922	19.193	21.711
	PROFIT BEFORE TAX (E-F) (G)		17.916	16.919	(17.176)
Less	TAX (H)		4.525	(9.517)	(0.032)
	PROFIT AFTER TAX (G-H) (I)		13.391	26.436	(17.144)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	24.065	41.209
	BALANCE CARRIED TO THE B/S		NA	50.501	24.065
	Earnings Per Share (Rs.)		37.96	83.01	(57.58)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.77	6.09	14.76
Net Profit Margin (PBT/Sales)	(%)	NA	5.11	(75.37)
Return on Total Assets (PBT/Total Assets}	(%)	2.80	4.94	(8.03)
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	(0.38)
Debt Equity Ratio (Total Liability/Networth)		4.73	2.51	3.69
Current Ratio (Current Asset/Current Liability)		1.38	1.58	3.04

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FORM 8:

Corporate identity number of the company	U27200MH1998PTC117424
Name of the company	POSHS METAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2-A, Kalyandham, S T Road, Mankhurd (East), Mumbai – 400088, Maharashtra, India hr@desaiassociates.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Others: Plant and Machinery, Stocks
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited Jay Mangal Oil Complex, Near APMC II Sector 19, Plot No.48&49 (Dana Bunder) Phase II, Vashi, Turbhe, Navi Mumbai – 400703, Maharashtra, India baradsg@svcbank.com
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation for Term Loan
Date of instrument Creating the charge	31/12/2011
Amount secured by the charge	Rs.237.500 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest SVC: Term Loans: @PLR-3.25% p.a. NKGSB: As may be decided by the Bank from time tom time. Terms of Repayment As may be decided by the Banks, from time to time. Margin As may be decided by the Banks, from time to time. Extent and Operation of the charge To secure due repayment of credit facilities aggregating Rs.237.500 Millions, together with costs, expenses, charges, expenses thereof, granted by the Banks (SVC Bank & NKGSB Bank) to the Company. Others Total Facilities: SVC Bank (Lead Bank): TL1: Rs.52.500 Millions TL2: Rs.40.000 Millions TL3: Rs.40.000 Millions ---------------------- Total Rs.132.500 Millions NKGSB Bank TL: Rs.105.000 Millions Total for both Banks: Rs.237.500 Millions
Short particulars of the property charged	All the Plant and Machinery, other assets, etc. installed at Borrower's factory and all other tangible movable assets, assets imbedded in the earth, plant, machinery, etc. The whole of the Borrower's present and future stocks of raw materials, goods-in-process of manufacture and all finished and manufactured goods and articles.

FIXED ASSETS:

· Goodwill

· Land

· Factory Building

· Plant and Machinery

· Computer

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· 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.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.