MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	MAITRI METALS PRIVATE LIMITED
Registered Office :	3-A, Moti Mansion, 1^st Floor, 5^th Khetwadi, Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.2009
Com. Reg. No.:	11-189603
Capital Investment / Paid-up Capital :	Rs. 4.850
CIN No.: [Company Identification No.]	U51909MH2009PTC189603
TAN No.: [Tax Deduction & Collection Account No.]	MUMM35713G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Supplier of precision engineered products.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – 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

Name :	Mr. Kunal Shah
Designation :	Manager
Contact No.:	91-22-23852376
Date :	07.05.2012

LOCATIONS

Registered Office :	3-A, Moti Mansion, 1^st Floor, 5^th Khetwadi, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23852376/ 66381357/ 67521235
Mobile No.:	91-9833683771 (Mr. Rajesh Shah)
Fax No.:	91-22-23852376
E-Mail :	pankaj1902@gmail.com wire@maitrimetals.com
Area :	1500 sq ft
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Pankaj Dahyalal Shah
Designation :	Director
Address :	Flat No.605, Kothachiwadi, V. P. Road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	19.02.1973
Qualification :	Graduate
Date of Appointment :	15.01.2009
DIN No.:	00078997

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	U65944MH1983PTC031087	SKM CAPITAL AND HOLDINGS PRIVATE LIMITED	Director	01-08-94	01-08-94	27-03-10	Active	NO
2	U27100MH1994PLC083403	SKM STEELS LIMITED	Whole-time director	01-08-07	01-12-94	-	Active	NO
3	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	01-09-99	01-09-99	24-03-10	Active	NO
4	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	15-03-01	15-03-01	30-03-10	Active	NO
5	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	16-02-04	16-02-04	25-03-10	Active	NO
6	U51909MH2009PTC189603	MAITRI METALS PRIVATE LIMITED	Director	15-01-09	15-01-09	-	Active	NO

Name :	Mr. Dakshesh Dahyalal Shah
Designation :	Director
Address :	14/ 16, K. Laxmi Pannalal Terrace, 3^rd Floor, 7^th Khetwadi Lane, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	24.09.1980
Qualification :	Graduate
Date of Appointment :	15.01.2009
DIN No.:	02027368

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17120MH1997PTC105599	SKM APPARELS PRIVATE LIMITED	Director	29-09-98	29-09-98	Active	NO
2	U51909MH2009PTC189603	MAITRI METALS PRIVATE LIMITED	Director	15-01-09	15-01-09	Active	NO

Name :	Mr. Rajesh Kantilal Shah
Designation :	Director
Address :	Flat No.8, 3^rd Floor, Laxmi Pannalal Terrace, 7^th Khetwadi Lane, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	22.02.1974
Qualification :	Graduate
Date of Appointment :	12.05.2010
DIN No.:	03068527

KEY EXECUTIVES

Name :	Mr. Kunal Shah
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Pankaj D. Shah	32600
Dakshesh D. Shah	52500
Dahyalal M. Shah	2500
Dimple P. Shah	102400
Hetal D. Shah	60000
Nozaki Finance and Investments Private Limited, Mumbai	50000
Sagar Tex Creation Private Limited, Mumbai	50000
Sumit Vinimay Private Limited, Mumbai	50000
Jodhpur Ispat Private Limited, Bhiwandi	40000
Benko Iron ans Steel Private Limited, Bhiwandi	45000
Total	485000

AS ON 27.02.2012

Names of Shareholders	No. of Shares
Pankaj D. Shah	87400
Dakshesh D. Shah	67500
Ayan Shah	270000
Dimple P. Shah	17600
Hetal D. Shah	60000
Jinay Dakshesh Shah	262500
Total	765000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	48.00
Directors or relatives of Directors	52.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Supplier of precision engineered products.

Products :

• Stainless Steel Bar
• Stainless Steel Wires
• Sheet and Plates
• Angles
• Flanges

Product Description	Item Code
SS Wire Rods	7221

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

16 (Approximately)

Bankers :

· Bank of India, C.P. Tank Branch, Chandaramji Girl’s High School, Building 95, Vithalbhai Patel Road, C.P. Tank Mumbai – 400004, Maharashtra, India

· HDFC Bank

· Standard Chartered Bank

· Citi Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Bank of India, C.P. Tank Branch
a) Cash Credit Accounts Nos. 001230110000037 / 38	29.954	0.000
b) Acceptances under DALCs (Above limits are secured against hypothecation of stocks in trade and book debts and further guaranteed by directors the limits are also collaterally secured against equitable mortgage of premises of a director and against the FDRs of Rs. 2.000 millions)	14.839	0.000
Total	44.793	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors / Shareholders
Pankaj D Shah	0.030	0.000
Daxesh D Shah	0.586	0.000
From Shareholders
Dimpal P Shah	2.012	4.471
Hetal D Shah	4.774	0.000
From Relatives of Directors
Pankaj D Shah (HUF)	1.340	0.000
Daxesh D Shah (HUF)	0.681	0.000
Dahyalal M Shah	0.028	0.000
Vimlaben D Shah	1.095	0.000
From a Firm whose partners are Directors / Shareholders
Shree Chintamani Stainless	0.000	0.980
Shree Chintamani Enterprise	21.655	7.280
From Others
Chaudhari Girish Kantilal	0.200	0.000
Hemendra B Shah	1.813	0.000
Jitendra B Shah	3.813	0.000
From Bank
Bajaj Finance Limited	2.109	0.000
HDFC Bank	1.483	0.000
Standard Chartered Bank	2.980	0.000
Citi Bank	22.588	0.000
Total	67.187	12.731

Banking Relations :	--
Auditors :
Name :	R.A. Singh and Associates Chartered Accountants
Address :	25, Saibaba Shopping Centre, Keshav Rao Kadam Marg, Mumbai Central, Mumbai – 400 008, Maharashtra, India
Tel. No.:	91-22-23006009/ 23006011
Fax No.:	91-22-23006011
PAN No.:	AAEPS4107J

CAPITAL STRUCTURE

AS ON 31.03.2011

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
485000	Equity Shares	Rs.10/- each	Rs. 4.850 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 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		4.850	4.426	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.227	21.896	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.077	26.322	0.100
LOAN FUNDS
1] Secured Loans		44.793	0.000	0.000
2] Unsecured Loans		67.187	12.731	0.001
TOTAL BORROWING		111.980	12.731	0.001
DEFERRED TAX LIABILITIES		0.056	0.008	0.000
TOTAL		140.113	39.061	0.101
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.715	0.076	0.000
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	48.463	13.077	0.000
	Sundry Debtors	90.428	46.309	0.000
	Cash & Bank Balances	4.873	0.443	0.101
	Other Current Assets	0.349	1.124	0.025
	Loans & Advances	31.250	0.000	0.000
Total Current Assets		175.363	60.953	0.126
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1.172	0.035	0.000
	Sundry Creditors	37.898	21.868	0.113
	Provisions	0.000	0.206	0.000
Total Current Liabilities		39.070	22.109	0.113
Net Current Assets		136.293	38.844	0.013
MISCELLANEOUS EXPENSES		0.105	0.141	0.088
TOTAL		140.113	39.061	0.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	383.535	140.624
		Other Income
		TOTAL	383.535	140.624
Less	EXPENSES
		Office Expenses	381.204	139.484
		Administrative Expenses
		Advertising Expenses
		Finance Expenses
		TOTAL	381.204	139.484
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.331	1.140
Less/ Add	DEPRECIATION/ AMORTISATION		0.389	0.028
	PROFIT BEFORE TAX (E-F)		1.942	1.112
Less	TAX		0.611	0.366
	PROFIT AFTER TAX (G-I)		1.331	0.746
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.746	0.000
	BALANCE CARRIED TO THE B/S		2.077	0.746

Particulars	31.03.2012
Sales Turnover (Approximately)	450.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.51	0.53	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.08	1.82	0.00
Return on Investment (ROI) (PBT/Networth)		0.07	0.04	0.00
Debt Equity Ratio (Total Liability/Networth)		5.38	1.32	1.14
Current Ratio (Current Asset/Current Liability)		4.49	2.76	1.12

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. Constructions 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	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

OPERATIONS

THE Company’s turnover and working results have shown improvements with growth in economy after economic slowdown.

FORM 8

Corporate identity number of the company	U51909MH2009PTC189603
Name of the company	MAITRI METALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3A, Moti Mansion, 5th Khetwadi, Mumbai – 400004, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Bank of India, C.P. Tank Branch, Chandaramji Girl’s High School, Building 95, Vithalbhai Patel Road, C. P. Tank Mumbai – 400004, Maharashtra, India Email-cptank.mumbaisouth@bankofindia.co.in
Nature of instrument creating charge	Hypothecation cum loan agreement (plant and machinery, stocks and book debts)
Date of instrument Creating the charge	10.08.2010
Amount secured by the charge	Rs.40.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - cash credit limit : interest @ 3.25% obplr presently 15.25% per annum with monthly rests. Letter of credit limit : as per bank guidelines from time to time. Terms of repayment - on demand Margin - 30% against raw materials, finished goods, 40% against book debts outstanding of 2 or 3 months. Extent and Operation of the charge - to secure the cash credit limit of Rs.25.000 millions and letter of credit limit of Rs.15.000 millions aggregating to Rs.40.000 millions granted by the bank to the company. Others - NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The borrower hypothecates by way of first charge in favour of the bank :- (1) all tangible movable machineries and plants (both present and future) whether installed or not and whether installed or lying at the borrower's premises at Shop No.1, Ankush, 10th Lane, Khetwadi, Mumbai-400004 or wherever else the same may be or be held by any party anywhere to the order and disposition of the borrower or in the course of transit. (2) all tangible movable properties, assets, stocks of raw materials such as ss bright bars, ss round bars, ss wire etc., finished and semi finished goods, spare parts, components (including spare parts and stores relating to plant and machinery both present and future) and stocks in process of the borrower where so ever situate at Mumbai or wherever else the same may be. (3) all the present and future book debts, out standings, money receivables, claims, bills which are due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the central government or any state government or any government department or office or any municipal or local or public or semi governmental body or authority or anybody corporate or undertaking or project whatsoever.

FIXED ASSETS

• Plant and Machinery and Equipments
• Computer
• EPBAX Machine
• Mobile
• Electronic Weighing Scale

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. 56.28
UK Pound	1	Rs. 88.25
Euro	1	Rs. 70.81

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.