MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	DALINI METALS AND ALLOYS PRIVATE LIMITED
Registered Office :	104, Sai Sadan, Ashok Chakravarti Road, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.01.2005
Com. Reg. No.:	11-150459
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U27100MH2005PTC150459
TAN No.: [Tax Deduction & Collection Account No.]	MUMD12784C
PAN No.: [Permanent Account No.]	AACCD1061B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Ferrous and Non Ferrous Metals.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Santosh Palkar
Designation :	Chief Account
Contact No.:	91-22-28871213
Date :	17.11.2012

LOCATIONS

Registered Office :	104, Sai Sadan, Ashok Chakravarti Road, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28871213/ 28855496/ 28878934
Fax No.:	91-22-28860355/ 28860377
E-Mail :	dalinimetals@mtnl.net dalini4@gmail.com
Location :	Owned

DIRECTORS

AS ON 10.09.2012

Name :	Mr. Kaushik Gunvantlal Bavishi
Designation :	Whole-time director
Address :	23, Mahagiri, Ashok Chakravarti Road, Kandivali (East), Mumbai - 400101, Maharashtra, India
Date of Birth/Age :	24.09.1959
Date of Appointment :	01.09.2010
DIN No.:	00033910
Name :	Mr. Raju Sureshchandra Modi
Designation :	Whole-time director
Address :	B/12, Omjoshi Apartments, Lallubhai Park Andheri (West), Mumbai - 400058, Maharashtra, India
Date of Birth/Age :	15.02.1963
Date of Appointment :	01.09.2010
DIN No.:	00033942

KEY EXECUTIVES

Name :	Mr. Santosh Palkar
Designation :	Chief Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2012

Names of Shareholders	No. of Shares
Kaushik Gunwantilal Bavishi	25000
Raju Sureshchandra Modi	25000
Total	50000

AS ON 10.09.2012

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

BUSINESS DETAILS

Line of Business :	Trader of Ferrous and Non Ferrous Metals.
Products :	Ø Allumium Scrap Ø Allumium Ingots Ø Ferro Molybenum Ø Ferro Aluminium Ø Low Carbon Ferro chrome Ø Roasted Molybdenum

GENERAL INFORMATION

No. of Employees :

10 (Approximately)

Bankers :

The Saraswat Co-Operative Bank Limited, Kandivali (West) Branch, Mumbai – 400067, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks:
Cash Credit facility from Saraswat Co-Operative Bank Limited, Kandivali (West) Branch (Secured by lien on fixed deposit with the said bank from other parties)	5.839	2.712
Total	5.839	2.712
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans repayable on demand
From Banks	0.000	0.000
From Other Parties	3.478	3.410
Total	3.478	3.410

Banking Relations :	--
Auditors :
Name :	A C Matalia and Company Chartered Accountants
Address :	3-108, Bhandup Industrial Estate, Pannalal Compound, Bhandup (West), Mumbai – 400078, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPM6837F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Particulars	31.03.2012
	Number	Amount
Shares outstanding at the beginning of the year	50000	0.500
Shares outstanding at the end of the year	50000	0.500

Particulars	31.03.2012
	No. of Shares held	% of Holding
Kaushik G. Bavishi	25000	50%
Raju Modi	25000	50%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.506	36.797	35.786
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.006	37.297	36.286
LOAN FUNDS
1] Secured Loans		5.839	2.712	33.529
2] Unsecured Loans		3.478	3.410	4.323
TOTAL BORROWING		9.317	6.122	37.852
DEFERRED TAX LIABILITIES		0.022	0.029	0.026
TOTAL		47.345	43.448	74.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.149	3.381	3.680
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.684	2.167	0.000
	Sundry Debtors	16.648	22.979	51.864
	Cash & Bank Balances	19.480	11.524	0.871
	Other Current Assets	0.222	0.084	0.000
	Loans & Advances	8.695	13.284	29.656
Total Current Assets		45.729	50.038	82.391
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	8.002	2.481
	Other Current Liabilities	0.683	0.442	1.269
	Provisions	0.875	1.552	8.199
Total Current Liabilities		1.558	9.996	11.949
Net Current Assets		44.171	40.042	70.442
MISCELLANEOUS EXPENSES		0.000	0.000	0.016
TOTAL		47.345	43.448	74.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	193.274	202.330	328.519
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	192.213	200.800	325.189
	PROFIT BEFORE TAX		1.061	1.530	3.330
Less	TAX		0.352	0.519	1.029
	PROFIT AFTER TAX		0.709	1.011	2.301
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.796	35.785	33.484
	BALANCE CARRIED TO THE B/S		37.505	36.796	35.785
	IMPORTS
		Trading Goods	N.A.	13.666	154.140
	Earnings Per Share (Rs.)		14.18	20.23	46.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.37	0.50	0.70
Return on Total Assets (PBT/Total Assets}	(%)	2.17	2.86	3.87
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.09
Debt Equity Ratio (Total Liability/Networth)		0.29	0.43	1.37
Current Ratio (Current Asset/Current Liability)		29.35	5.01	6.90

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Micro, Small and Medium Enterprise	0.000	0.000	0.000
Others	0.000	8.002	2.481
Sundry Creditors	0.000	8.002	2.481

Sr. No.	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	No
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	No
20]	Export / Import details (if applicable)	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

v Land at Palghar

v Furniture and Fixture

v Vehicle

v Office Equipment

v Computer Systems

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 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. 54.99
UK Pound	1	Rs. 87.21
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		36

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.