MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	SUNALCO ALLOYS PRIVATE LIMITED
Registered Office :	26 Rungat Bhavan, 2^nd Floor, 94/100 Fanaswadi, Mumbai-400002, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.10.2005
Com. Reg. No.:	11-156915
Capital Investment / Paid-up Capital :	Rs.42.378 Millions
CIN No.: [Company Identification No.]	U27200MH2005PTC156915
TAN No.: [Tax Deduction & Collection Account No.]	MUMS49990D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Ingot, Copper Berry.
No. of Employees :	175 [Approximately] [150 Contract, 25 Permanent]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 600000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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. Parag Dave
Designation :	Finance Manager
Contact No.:	91-9322914052
Date :	10.05.2012

LOCATIONS

Registered Office :	26 Rungat Bhavan, 2^nd Floor, 94/100 Fanaswadi, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22063950
Mobile No.:	91-9322914052 (Mr. Parag Dave)
Fax No.:	91-22-22052132
E-Mail :	jainmh@vsnl.net accounts@sunalcoalloys.com sunalcoalloys@sunalcoalloys.com
Website :	www.sunalcoalloys.com
Area :	2500 sq. ft
Location :	Owned
Factory :	Survey No. 74, 46, 78 (P), Muje Village, Lakampur, Taluka Wada, Thane-421302, Maharashtra, India
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Hitesh Hastimal Kachhara
Designation :	Director
Address :	2101/02, Great Eastern Garden, LBS Marg, Kanjur Marg (West), Mumbai-400078, Maharashtra, India
Date of Birth/Age :	24.02.1975
Date of Appointment :	29.10.2005
Din No.:	01502244
Name :	Mrs. Sosardevi Ganeshlal Jain
Designation :	Director
Address :	903/A, Kailash Tower, Vallabh Baug Lane, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Date of Birth/Age :	24.11.1945
Date of Appointment :	29.10.2005
Din No.:	02107663

KEY EXECUTIVES

Name :	Mr. Parag Dave
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Hitesh H Kachhara	203125
Sosardevi G Jain	198025
Choksi Arun Ganesh (Proprietor- Ganeshlal M. Kachhara)	101
Albatross Sha Re Registry Private Limited, India	2500
Artillegence Bio-Innovations Limited, India	6000
Gyaneshwar Trading and Finance Company Limited, India	3750
One2E Solutions India, India	2500
Purvi P Karia	1
Raksha S. Karia	1
Mahendra Kumar Kawadia	1
Dinesh Gupta	1
Dinesh Gupta (HUF)	1
Kirti Kedia	1
MNP Associated, India	1
Shanti Devi Jain	1

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.97
Others	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Ingot, Copper Berry.
Imports :
Products :	Copper Barry
Countries :	· Europe · Asia
Terms :
Selling :	Cash and Credit [30 days]
Purchasing :	Cash and Credit [30 days]

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity	4800 Metric Tones
Installed Capacity	6000 Metric Tones

GENERAL INFORMATION

Suppliers :

· Sunberg Limited

Customers :

End Users and OEM’s

· Aurangabad Electrical Private Limited

No. of Employees :

175 [Approximately] [150 Contract, 25 Permanent]

Bankers :

· Canara Bank, Mittal Tower, C Wing, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India

· HDFC Bank

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans banks	510.402 (A)	298.391 (B)
Loans taken for vehicles	0.236 (C)	0.411
Total	510.638	298.802
NOTE: (A) Canara Bank (CC A/c - 3469) (B) Canara Bank (CC A/c - 3469) (C) HDFC Car Loan A/c
UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Directors Loan	49.900	26.300
Other Debts	206.339 (A)	113.429 (B)
Total	256.239	139.729
NOTE: (A) Loans from Shareholders and other companies (B) Loans from Shareholders and other companies

Banking Relations :	--
Auditors :
Name :	M H Jain and Company Chartered Accountant
Address :	103, Kothari Niwas, Sanetorium Lane, Ghatkopar (West), Mumbai 400086, Maharashtra, India
Tel. No.:	91-22-25125416
Fax No.:	91-22-23449097
Pan No.:	AABFM0559R

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
525000	Equity Shares	Rs.100/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
423777	Equity Shares	Rs.100/- each	Rs.42.378 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		42.378	40.003	10.003
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.186	42.548	11.943
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		150.564	82.551	21.946
LOAN FUNDS
1] Secured Loans		510.638	298.802	211.143
2] Unsecured Loans		256.239	139.729	187.709
TOTAL BORROWING		766.877	438.531	398.852
DEFERRED TAX LIABILITIES		0.650	0.509	0.344
TOTAL		918.091	521.591	421.142
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		76.547	53.581	41.566
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	230.822	102.549	91.415
	Sundry Debtors	609.998	408.062	282.949
	Cash & Bank Balances	6.235	2.982	5.487
	Other Current Assets	0.000	0.000	1.240
	Loans & Advances	58.023	54.982	26.825
Total Current Assets		905.078	568.575	407.916
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.159	25.070	5.066
	Other Current Liabilities	0.052	59.588	17.688
	Provisions	22.387	15.984	5.675
Total Current Liabilities		63.598	100.642	28.429
Net Current Assets		841.480	467.933	379.487
MISCELLANEOUS EXPENSES		0.064	0.077	0.089
TOTAL		918.091	521.591	421.142

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2634.100	1655.100	1028.054
		Other Income	140.286	NA	5.773
		TOTAL (A)	2774.386	NA	1033.827
Less	EXPENSES
		Cost of Materials			958.717
		Direct Expenses			49.426
		Increase/(Decrease) in Finished Goods	2680.173	NA	(33.471)
		Preliminary Expenses W/o			0.013
		Administrative Expenses			16.163
		TOTAL (B)	2680.173	NA	990.848
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.213	76.024	42.979
Less	FINANCIAL EXPENSES (D)		53.794	40.525	33.074
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.419	35.499	9.905
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.350	5.420	4.831
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		31.069	30.079	5.074
Less	TAX (H)		10.492	10.474	1.720
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		20.577	19.605	3.354
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.548	11.943	8.719
Less	APPROPRIATIONS
		Fringe Benefit Tax	0.025	0.000	0.130
		Income Tax	0.039	0.000	0.000
	BALANCE CARRIED TO THE B/S		52.061	31.548	11.943
	IMPORTS
		Raw Materials	386.177	396.092	50.071
	Earnings / (Loss) Per Share (Rs.)		51.44	--	33.53

Particulars	31.03.2012
Sales Turnover [Approximately]	3060.000 [Due to more orders]

Expected Sales (2012-13) : Rs.3250.000 Millions.

The above information has been parted by Mr. Parag Dave.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.74	NA	0.32
Net Profit Margin (PBT/Sales)	(%)	1.18	1.82	0.49
Return on Total Assets (PBT/Total Assets}	(%)	3.17	4.83	1.12
Return on Investment (ROI) (PBT/Networth)		0.21	0.36	0.23
Debt Equity Ratio (Total Liability/Networth)		5.52	6.53	19.48
Current Ratio (Current Asset/Current Liability)		14.23	5.65	14.34

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	41.159	25.070	5.066

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	No
17) Major suppliers	Yes
18) Major customers	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10008855
Corporate identity number of the company	U27200MH2005PTC156915
Name of the company	SUNALCO ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	26 Rungat Bhavan, 2^nd Floor, 94/100 Fanaswadi, Mumbai-400002, Maharashtra, India
Type of charge	Book Debts Immovable Property Others
Particular of charge holder	Canara Bank, Mittal Tower, C Wing, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India Email: managermcity0172@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement Dated 23-12-2011 LEDTD dated 23-12-2011 (Both collectively a constitute a single charge for Rs.450.000 Millions.)
Date of instrument Creating the charge	23.12.2011
Amount secured by the charge	Rs.450.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The bank shall have the first and exclusive charge on the assets secured.
Short particulars of the property charged	Hypothecation of entire stock and Book Debts of the Company. Hypothecation of P and M and other movable fixed assets of the company. Piece and parcel of Land and building existing and/ or to be constructed thereon EMT of 12 Acres of Land and construction thereon situated at Survey No.74, 76 and 78(P) Lakhamapur Village, Taluka Wada, Dist. Thane. EMT of amalgamated service industrial units, 112,113,114 and 115 on 1st floor Swastik Disa Corporate Park CTS No.4060, 61, 62 and 64 Village Kirol, L.B.S. Marg Ghatkopar (West) Mumbai-400086. EMT of residential Flat No.2101, A wing, Great Eastern Garden, L.B.S. Marg, Kanjur Marg (W), Mumbai-49 in the name of Mrs. Sudhiladevi H. Kachhara and Mr. Hitesh Kachhara. Both III, and IV are not belonging to the company.
Particulars of the present modification	By the present modification the bank has revised the facility from Rs.430.000 Millions to Rs.450.000 Millions OCC/OD BD 450.000 Millions SUBLIMIT:- OD/BD 350.000 Millions LOC for buyers 150.000 Millions Credit /ILC/FLC

FIXED ASSETS:

• Land
• Factory building
• D G Set (Generater)
• Spwctro Machine
• Plant and Machinery
• Electric Installation
• Transformer
• Office Equipment
• Vehicle
• Computer
• Furniture and Fixture
• Mobile Phone
• Motor Car - Skoda

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.53.34
UK Pound	1	Rs.86.11
Euro	1	Rs.69.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.