MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	MOLY METAL PRIVATE LIMITED
Registered Office :	376/2, Plot No 10, Kachi Gam, Nanidaman – 396210, Daman and Diu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2006
Com. Reg. No.:	004667
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U27101DD2006PTC004667
TAN No.: [Tax Deduction & Collection Account No.]	AHMM07335G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ferro Molybdenum, Moly DI – Sulphide, Ferro Vanadium, Ferro Silicon, Aluminium Shots, Zircon Sand
No. of Employees :	Not Available

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 391048
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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	376/2, Plot No 10, Kachi Gam, Nanidaman – 396210, Daman and Diu, India
E-Mail :	pinakincs@yahoo.com moly@reliancemial.net

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Adarsh Anant Jhaveri
Designation :	Director
Address :	Alpna Bunglow, Opposite State Guest House, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	20.08.1970
Date of Appointment :	24.07.2007
DIN No.:	00024611

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65911GJ1982PTC005042	Anuka Investments Pvt Ltd	Director	15/06/1998	15/06/1998	-	Active	NO
2	U27310GJ1979PTC003503	Electro Ferro Alloys Private Limited	Director	23/12/1998	23/12/1998	-	Active	NO
3	U27101DD2006PTC004667	Moly Metal Private Limited	Director	24/07/2007	24/07/2007	-	Active	NO
4	U27106GJ2003PTC053287	Simba Alloys Private Limited	Director	01/12/2008	01/12/2008	-	Active	NO

Name :	Mr. Bhupendrasinh Natvarsinh Zala
Designation :	Director
Address :	170 Tejadrviha C. H Society Limited – 2, B/H Viratnagar, Parshottam Nagar, Nicol, Ahmedabad – 380022, Gujarat, India
Date of Birth/Age :	10.12.1959
Date of Appointment :	01.01.2008
DIN No.:	02442660

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27101GJ2003PTC042392	Simba Alloys Private Limited	Director	15/12/2005	15/12/2005	-	Dormant	NO
2	U27106GJ2003PTC053287	Simba Alloys Private Limited	Director	15/12/2005	15/12/2005	01/12/2008	Active	NO
3	U27101DD2006PTC004667	Moly Metal Private Limited	Director	01/01/2008	01/01/2008	-	Active	NO

Name :	Mr. Anant Ramesh Jhaveri
Designation :	Director
Address :	Alpna Bunglow, Opposite State Guest House, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	29.12.1942
Date of Appointment :	01.04.2009
DIN No.:	01441982

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27310GJ1979PTC003503	Electro Ferro Alloys Private Limited	Director	24/09/1979	24/09/1979	-	Active	NO
2	U65911GJ1982PTC005042	Anuka Investments Pvt Ltd	Director	15/06/1998	15/06/1998	-	Active	NO
3	U27101DD2006PTC004667	Moly Metal Private Limited	Director	01/04/2009	01/04/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pinakin Surendra Shah
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Adarsh Jhaveri	17000
Manisha Jhaveri	19000
Minor Tanya Adarsh Adarsh Anant	1000
Minor Aarnav Jhaveri Adarsh Jhaveri	1000
Anant Ramesh Jhaveri	19000
Adarsh Anant Jhaveri	16000
Anant Ramesh Jhaveri	1000
Anar Anant Jhaveri	5000
Minor Rohan Raji	1000
Minor Devansh Rajiv Taori Anar Jhaveri	1000
Diptee Anant	19000
Total	100000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Ferro Molybdenum, Moly DI – Sulphide, Ferro Vanadium, Ferro Silicon, Aluminium Shots, Zircon Sand

GENERAL INFORMATION

Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Dhirajlal Shah and Company Chartered Accountant
Address :	304, Simandhar Avenue, Ashram Road, Ahmedabad – 380013, Gujarat, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.762	72.244	37.951
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.762	73.244	38.951
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		88.577	114.483	66.043
TOTAL BORROWING		88.577	114.483	66.044
DEFERRED TAX LIABILITIES		0.049	0.092	0.000
TOTAL		186.388	187.819	104.995
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.460	4.812	5.161
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.034	37.186	17.433
	Sundry Debtors	126.962	105.842	66.075
	Cash & Bank Balances	2.970	6.774	2.631
	Other Current Assets	56.680	41.679	30.318
	Loans & Advances	20.778	36.094	12.262
Total Current Assets		239.424	227.575	128.719
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	5.478	5.067	7.895
	Provisions	52.028	39.518	21.018
Total Current Liabilities		57.506	44.585	28.913
Net Current Assets		181.918	182.990	99.806
MISCELLANEOUS EXPENSES				0.000
PRELIMINARY EXPENSES		0.010	0.017	0.028
TOTAL		186.388	187.819	104.995

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES	856.613	602.705	921.101
	PROFIT BEFORE TAX (E-F) (G)	36.993	52.744	5.264
Less	TAX (I)	12.475	18.451	1.707
	PROFIT AFTER TAX (G-I) (J)	24.518	34.293	3.557
	BALANCE CARRIED TO THE B/S	96.763	72.245	37.952

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	4.32	8.75	0.39
Return on Total Assets (PBT/Total Assets}	(%)	15.16	22.69	3.93
Return on Investment (ROI) (PBT/Networth)		0.37	0.72	0.14
Debt Equity Ratio (Total Liability/Networth)		1.49	2.17	2.44
Current Ratio (Current Asset/Current Liability)		4.16	5.10	4.45

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from Survey No 120/1, Moje Village Ladariyal Bavla Sanand Highway, Lodhariyal – 382220, Gujarat, India to the present w.e.f 19.03.2008.

FINANCIAL PERFORMANCE:

The company ACHIEVED A MET SALE OF 628 MT of Ferro Moly vs. 563 MT in the earlier year and 68 MT MoS2 vs. 36 MT m the earlier year.

The sale increased from Rs. 600 millions to Rs. 850 millions. The Molybdenum price In April 2008 was at $ 32 / Ib. In April 2009 It was $ 8 / lb and in April 2010 It was $ 17 / lb. Moly price dropped In June 2010 to $ 13/ lb and then gradually recovered during the year to $ 17 /lb In March 2011.

Profit has reduced this year compared with last year as Moly price remained stagnant this year whereas it had more than doubled last year. The company imports most of its raw materials.

The company has become aggressive in the development of MoS2 market in India and It was reflected in the 2010-11 with substantially higher numbers growing new markets and strengthening existing markets. The company continues its tie-up for the Indian market with Climax Molybdenum Company, USA which is the world's biggest MaS2 producer.

OPERATIONS

The operating income has increased from Rs.602.705 millions to Rs 856.613 millions. The Directors do not recommend any dividend to conserve resources.

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.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--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		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

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.