MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	NEW INDIA EXTRUSION PRIVATE LIMITED
Formerly Known As :	NEW INDIA EXTRUSION LIMITED
Registered Office :	Shivneri Apartments, Mughbhat Lane, Pimple Wadi, Girgaon, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.02.1991
Com. Reg. No.:	11-060109
Capital Investment / Paid-up Capital :	Rs.5.632 Millions
CIN No.: [Company Identification No.]	U27100MH1991PTC060109
TAN No.: [Tax Deduction & Collection Account No.]	MUMN11012B/ MUMN10063E/ MUMN09476F
PAN No.: [Permanent Account No.]	MUMRO3448E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing an extensive range of high quality extruded and cold drawn seamless tubes, solids, rods, sections and profiles in copper based alloy products
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 830000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 DECLINED BY

Name :	Mr. Nitesh
Designation :	Accounts Manager
Contact No.:	91-22-23823160
Date :	10.03.2012

LOCATIONS

Registered Office :	Shivneri Apartments, Mughbhat Lane, Pimple Wadi, Girgaon, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23823160/ 23829779/ 23863526
Fax No.:	91-22-23803234
E-Mail :	new_india@vsnl.com sales@indiacopper.in
Website :	http://www.indiancopper.in
Factory :	307-308, G.I.D.C, Umbergaon, District Valsad – 396171, Gujarat, India
Tel. No.:	91-260-2563501/2563502
Fax No.:	91-260-2563503
E-Mail :	niepl@sancharnet.in

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Vishnukumar Ramkishandas Aggarwal
Designation :	Managing Director
Address :	Shivneri Apartment, Mugbhat Lane, Pimplewadi, Girgaon, Mumbai - 400 004, Maharashtra, India
Date of Appointment :	01.03.2004
DIN No.:	00942132
Name :	Mr. Ram Narain Gupta
Designation :	Director
Date of Appointment :	11.06.1992
DIN No.:	01940078
Name :	Mrs. Anju Vishnu Aggarwal
Designation :	Director
Address :	1-A, New Suvas Co-Operative Aggarwal, HSG. Society Limited, 68-F, Nepeansea Road, Rungta Lane, Mumbai - 400 006, Maharashtra, India
Date of Appointment :	05.02.1991
DIN No.:	01963706
Name :	Mr. Hariom Tularam Agarwal
Designation :	Director
Date of Appointment :	25.11.1993
DIN No.:	01964340
Name :	Mr. Vijendra Kumar Jagdish Prasad Agarwal
Designation :	Director
Date of Appointment :	31.07.1997
DIN No.:	01964655
Name :	Miss. Aditi Dhruv Kotak
Designation :	Director
Address :	18-Kalpana, 96-B, Netaji Subhash Road, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	16.11.1982
Date of Appointment :	30.09.2009
DIN No.:	02619818
Email :	aditi@indiacopper.in

KEY EXECUTIVES

Name :	Mr. Nitesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Anju Vishnu Aggarwal	5010
Anju Vishnu Aggarwal and Rachna V. Aggarwal	6700
Vishnukumar Aggarwal Aditi V. Aggarwal	20900
Rachna V. Aggarwal	50
Vishnukumar Aggarwal H.U.F.	2550
Aditi V. Aggarwal	750
Lokashi Vishnukumar Aggarwal (Through her natural Guardian Vishnukumar Aggarwal)	3000
Usha Aggarwal	10
Vishnukumar Aggarwal Through New India Metal Industries	6300
Vishnukumar Aggarwal	11048
Total	56318

(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 :

Manufacturing an extensive range of high quality extruded and cold drawn seamless tubes, solids, rods, sections and profiles in copper based alloy products

Products :

Products Description	Item Code No.
Copper Tubes and Pipes	741110
Copper Rods/ Profiles	740710
Copper Strips	740919

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Oriental Bank of Commerce

Kalbadevi Branch, Near Kalbadevi Post Office, Kalbadevi, Mumbai - 400002, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Credit facilities with Oriental Bank of Commerce
Cash Credit facility	26.721	16.127
Buyers Credit	72.235	67.011
L.C. Bill Discounting	4.097	1.830
Loan against Motor Car
Loan from Kotak Mahindra Prime Limited	0.000	0.291
Total	103.053	85.259
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Short Term
From Shareholders	16.537	0.167
From Others	0.880	3.783
Others
From Shareholders	0.032	0.145
From Others	11.081	11.824
Total	28.530	15.919

Banking Relations :	--
Auditors :
Name :	R. M. Doshi and Company Chartered Accountants
Address :	307, Vaishali Apartment, 30/31 Parekh Street, Prathana Samaj, Mumbai – 400004, Maharashtra, India
Tel No.:	91-22-67437416/ 17
Fax No.:	91-22-23824232
PAN No.:	AABPD5830G
Email :	rmd@mcdoshi.com
Group Companies :	· New India Cuprotec · New India Metal Products · New India Metal Industries · Citizen Extrusion Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital:

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
56318	Equity Shares	Rs.100/- each	Rs.5.632 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		5.632	5.632	5.632
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		202.631	174.903	153.903
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		208.264	180.535	159.535
LOAN FUNDS
1] Secured Loans		103.053	85.259	49.911
2] Unsecured Loans		28.530	15.919	35.757
TOTAL BORROWING		131.583	101.178	85.668
DEFERRED TAX LIABILITIES		7.497	8.701	8.194
TOTAL		347.344	290.414	253.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		156.505	67.188	44.812
Capital work-in-progress		2.943	2.632	23.315
INVESTMENT		2.917	2.917	2.917
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.509	91.004	73.380
	Sundry Debtors	98.463	69.840	63.616
	Cash & Bank Balances	6.956	8.789	0.293
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.333	70.593	70.602
Total Current Assets		216.261	240.226	207.891
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.368	13.733	21.992
	Other Current Liabilities	4.955	2.753	2.242
	Provisions	6.959	6.063	1.304
Total Current Liabilities		31.282	22.549	25.538
Net Current Assets		184.979	217.677	182.353
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		347.344	290.414	253.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	474.076	358.867	410.208
		Other Income	6.138	6.380	2.155
		TOTAL	480.214	365.247	412.363
Less	EXPENSES
		Office Expenses
		Administrative Expenses	428.436	323.822	369.752
		Advertising Expenses
		TOTAL	428.436	323.822	369.752
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		51.778	41.425	42.611
Less/ Add	DEPRECIATION/ AMORTISATION		8.289	6.573	7.118
	PROFIT BEFORE TAX		43.489	34.852	35.493
Less	TAX		15.106	13.195	12.255
	PROFIT AFTER TAX		28.383	21.657	23.238
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		166.298	145.998	124.119
Less	APPROPRIATIONS
		Transfer to General Reserve	0.700	0.700	0.700
		Proposed Dividend	0.563	0.563	0.563
		Tax on Proposed Dividend	0.091	0.094	0.096
	BALANCE CARRIED TO THE B/S		193.327	166.298	145.998
	EARNINGS IN FOREIGN CURRENCY		0.043	2.006	Nil
	Earnings Per Share (Rs.)		503.98	384.55	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.91	5.93	5.64
Net Profit Margin (PBT/Sales)	(%)	9.17	9.71	8.65
Return on Total Assets (PBT/Total Assets}	(%)	11.67	11.34	14.05
Return on Investment (ROI) (PBT/Networth)		0.21	0.19	0.22
Debt Equity Ratio (Total Liability/Networth)		0.78	0.69	0.70
Current Ratio (Current Asset/Current Liability)		6.91	10.65	8.14

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Due to Small Scale Industrial Undertakings	8.719	4.136	10.611
- Others	10.649	9.597	11.381
Total	19.368	13.733	21.992

OPERATIONS:

Sales for the year were Rs.474.100 Millions compared to Rs.358.700 Millions for the last year registering a rise of 32.17%. Gross profit before depreciation was Rs.51.800 Millions against Rs.41.400 Millions for the last year registering a rise of 96%.

PROSPECTS

On the basis of performance upto date its appears that the company will be in a position to maintain and further increase the turnover and margin in years to come.

Contingent liabilities not provided

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
i) Estimated amount of contracts remaining to be executed on capital accounts and not provided for	0.327	17.100	17.100
ii) Claims against the company not acknowledged as debts in respect of
- Sales Tax demand disputed in appeal - Financial year 1996-97	0.014	0.014	0.014
- Sales Tax demand disputed in appeal - Financial year 1994-95	2.158	2.158	0.000
- Income Tax Demand Disputed in Appeal	0.209	0.375	0.209
- Excise Demand disputed in appeal	0.544	0.544	0.000
iii) Guarantee given by bank in favour of SHV Energy North West India Limited	0.102	0.102	0.102
iv) Guarantee given by bank in favour of commissioner of Customs for issue of Advance Licences	2.085	2.085	0.000

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Generator

· Factory Building

· Wing Electric Generator

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer

· Dies and Moulds

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	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		51

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.