MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	MEHRA METAL COMPONENTS PRIVATE LIMITED
Registered Office :	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.03.1998
Com. Reg. No.:	55- 092964
Capital Investment / Paid-up Capital :	Rs. 22.691 millions
CIN No.: [Company Identification No.]	U27107DL1998PTC092964
TAN No.: [Tax Deduction & Collection Account No.]	DELM10646G
PAN No.: [Permanent Account No.]	AAACM8494M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Ferrous/Non Ferrous sheet metal components.
No. of Employees :	Not Available

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 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Profit and loss account not available for 2011 and 2012

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

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.

LOCATIONS

Registered Office :	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020, India
Tel. No.:	Not Available
Mobile No.:	91-9810039688 (Mr. Gulshan Mehra) 91-9899109126 (Mr. Sanjiv Mehra)
Fax No.:	Not Available
E-Mail :	mmcpl@rediffmail.com info@mmcpl.com
Website :	www.mmcpl.com
Factory 1 :	Plot No. 108, Sector – 59, H S I D C , Ballabgarh, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-2307473 / 2307471 / 2307062
Fax No.:	91-129-2307062

DIRECTORS

As on 29.09.2012

Name :	Mr. Gulshan Mehra
Designation :	Director
Address :	H No. 152, Sector – 21B, Faridabad Haryana, India
Date of Birth/Age :	03.10.1954
Date of Appointment :	26.03.1998
DIN No.:	00076283
Name :	Ms. Meena Mehra
Designation :	Director
Address :	H No. 152, Sector – 21B, Faridabad Haryana, India
Date of Birth/Age :	20.06.1962
Date of Appointment :	26.03.1988
DIN No.:	00059198
Name :	Mr. Rahul Mehra
Designation :	Director
Address :	H No. 152, Sector – 21B, Faridabad Haryana, India
Date of Birth/Age :	12.10.1986
Date of Appointment :	01.04.2007
DIN No.:	01469074

KEY EXECUTIVES

Name :	Mr. Sanjay Mehra
Designation :	Commercial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Gulshan Mehra	510232
Meena Mehra	146520
Jagdish Singh	17000
Rahul Mehra	1779088
Jitendra Singh	10000
Fakhruddin Iqbal	10000
Meenjeet Parasar	16000
Ravinder Parasar	5900
Anup Mittal	100
Neeru Garg	100
Nidhi Garg	100
Chaman Lal Mehra	12000
Lilawati	4020
Urmil Saini	4020
Vandana Saini	4020
Total	2519100

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Ferrous/Non Ferrous sheet metal components.

GENERAL INFORMATION

Customers :

· Denso India Limited

· Lucas TVS Limited

· Minda HUF Limited

· Schefenacker Motheson Limited

· Mico Bosch India

No. of Employees :

Not Available

Bankers :

· Canara Bank, SSI Branch, Bata Hardware Road, N I T – 121001, Haryana – India

· Axis Bank Limited, Plot No 40, Sco Sector 7, Huda Main Market Ballabhgarh, Faridabad - 121001, Haryana, India

· Intec Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi - 110019, Delhi, India

· Reliance Capital Limited, H Block 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairna, Navi Mumbai 400710, Maharashtra, India

· Axis Bank

· ICICI Bank

· HDFC Bank

· SIDBI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
Canara Bank(M1L)	6.335	10.713
(Tern1 loan from Canara Bank secured by Hypothecation of Plant and Machinery and Personal Guarantees of Directors)
CANARA BANK/ lClCl BANK/ HDFC BANK/ AXIS BANK	2.528	1.695
(Secured by hypothecation of Vehicles)
SIDBI/ RELIANCE CAPITAL	17.107	13.067
(Machinery from SlDBl and RELIANCE CAPITAL Secured by hypothecation of Machinery
Short Term Borrowings
Canara Bank OCC-10058/ 6111 Discounting	42.528	68.949
(Working capital limits from Canara Bank secured by Hypothecation of stocks, debtors and personal guarantees of Directors)
Total	68.498	94.424

Banking Relations :	--
Auditors :
Name :	Ashwani and Associates Chartered Accountant
Address :	103, Pratap Bhawan, Bahadur Shah Zafar Marg, New Delhi-110002, Delhi, India
PAN.:	AAFFA9616H

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2519100	Equity Shares	Rs.10/- each	Rs. 25.191 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. . 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2269100	Equity Shares	Rs.10/- each	Rs. 22.691 Millions

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		22.691	22.691	20.891
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.181	33.432	23.009
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.872	56.123	43.900
LOAN FUNDS
1] Secured Loans		68.498	94.424	76.991
2] Unsecured Loans		8.493	5.910	3.118
TOTAL BORROWING		76.991	100.334	80.109
DEFERRED TAX LIABILITIES		3.946	2.968	0.870
TOTAL		147.809	159.425	124.879
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.169	87.770	54.923
Capital work-in-progress		0.000	8.013	31.015
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.470	68.357	7.079
	Sundry Debtors	124.138	108.155	65.885
	Cash & Bank Balances	3.949	5.801	7.614
	Other Current Assets	0.292	8.151	49.627
	Loans & Advances	22.771	7.993	1.625
Total Current Assets		215.620	198.457	131.830
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	148.372	0.000	86.271
	Other Current Liabilities	11.608	136.371	7.894
	Provisions	0.000	0.000	0.000
Total Current Liabilities		159.980	136.371	94.165
Net Current Assets		55.640	62.086	37.665
MISCELLANEOUS EXPENSES		0.000	1.556	1.276
TOTAL		147.809	159.425	124.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	399.381
		Other Income
		TOTAL	399.381
Less	EXPENSES
		Office Expenses
		Administrative Expenses	391.625
		Advertising Expenses
		TOTAL	391.625
	PROFIT BEFORE TAX		7.756
Less	TAX		NA
	PROFIT AFTER TAX		NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	N.A	N.A	3.56
Return on Investment (ROI) (PBT/Networth)		N.A	N.A	0.17
Debt Equity Ratio (Total Debt /Networth)		1.15	1.78	1.82
Current Ratio (Current Asset/Current Liability)		1.35	1.46	1.40

LOCAL AGENCY FURTHER INFORMATION

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U27107DL1998PTC092964
Name of the company	MEHRA METAL COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020, India Email : mmcpl@rediffmail.com
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge)
Particular of charge holder	· Intec Capital Limited 701, Manjusha, 57, Nehru Place, New Delhi - 110019, Delhi, India complianceofficer@inteccapital.com
Nature of instrument creating charge	Loan agreement and perfoma invoice (as per attachment)
Date of instrument Creating the charge	19.03.2013
Amount secured by the charge	Rs. 11.920 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.75% Reducing Basis Terms of Repayment Total 36 installments for Rs. 0.401 Millions Extent and Operation of the charge First and exclusive charge on assets financed by Intec capital limited

UNSECURED LOAN :

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans From Directors
Gulshan Mehra	3.560	2.570
Meena Mehra	0.510	0.500
Rahul Mehra	0.433	0.358
Loans From Shareholders
Neeru Garg	0.300	0.300
Anoop Mittal	0.200	0.200
From Bodies Corporate
R. L. Travels Private Limited	1.000	1.000
Bajaj Finance Limited	0.000	0.182
Barclays Bank	1.690	0.000
ECA Engineering private Limited	0.800	0.800
Total	8.493	5.910

FIXED ASSETS:

• Air Conditioner
• Building
• Car
• Computer
• Electricals Appliances
• Furniture and Fixture
• Land
• Office Equipments
• Plant and Machinery
• Dies and Tools
• Motor Cycle
• Storage Plastic Bins
• Water Cooler
• Inspection Instrument

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 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Report Prepared by :

RSMK

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	4
--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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.