MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	SIYARAM IMPEX PRIVATE LIMITED
Registered Office :	Plot No. 6 and 7, Village Lakhabaval, Post Khodiyar Colony, Jamnagar-361006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.02.2007
Com. Reg. No.:	04-049999
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U27106GJ2007PTC049999
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Blass Billets For Extrusions.
No. of Employees :	Above 200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 49500
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial position of the company is weak, due to high external borrowings and low reserves. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great cautions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 6
Rating Explanation	Inadequate credit quality and carry high credit risk.
Date	05.09.2012

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 PARTED BY

Name :	Mr. Pratik
Designation :	Accounts Department
Contact No.:	91-288-2560090
Date :	24.04.2013

LOCATIONS

Registered Office/ Factory :	Plot No. 6 and 7, Village Lakhabaval, Post Khodiyar Colony, Jamnagar-361006, Gujarat, India
Tel. No.:	91-288-2560090/ 28890002/ 03
Mobile No.:	91-9825220500 [Ramgopal Ochhavlal Maheshwari]
Fax No.:	91-288-2889022
E-Mail :	info@siyaramimpex.com info@krathod.com
Website :	http://www.siyaramimpex.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ramgopal Ochhavlal Maheshwari
Designation :	Director
Address :	2, Oswal Colony, Behind Ayumbil Bhavan, Jamnagar-361005, Gujarat, India
Date of Birth/Age :	12.06.1959
Date of Appointment :	12.02.2007
Din No.:	00553232
Name :	Mrs. Madhu Ramgopal Maheshwari
Designation :	Director
Address :	2, Oswal Colony, Behind Ayumbil Bhavan, Jamnagar-361005, Gujarat, India
Date of Birth/Age :	15.04.1967
Date of Appointment :	27.08.2011
Din No.:	00486584

KEY EXECUTIVES

Name :	Mr. Pratik
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Amit J Shah	20000
Bhavini Dhaval Shah	10000
Dhaval J Shah	10000
Jayaben J Shah	10000
Jinesh F Shah	10000
Madhu Ramgopal Maheshwari	40000
Ramgopal Ochhavlal Maheshwari	660000
Siyaram Metals Private Limited, India	740000
TOTAL	1500000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	49.33
Directors or relatives of directors	50.67
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Blass Billets For Extrusions.
Exports :
Products :	Finished Goods
Countries :	Gulf Countries China Germany
Imports :
Products :	Raw Materials
Countries :	UK Europe Germany Gulf Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Licence and installed capacity and production	Qty. in M.T.
	12000
Production during the year
Brass Ingots	840.460
Copper Alloys Ingots	121.605
Total of Finished Goods	962.065
By Product/Waste
Slag	70.343

GENERAL INFORMATION

Suppliers :

• Balaji International
• C.F. Booth Limited (Suppliers)
• Ghanshyamlal and Co
• Hitech Extrusion LLP
• Rajhans Metals Private Limited
• Gangaram Varma
• Kamlesh Rathod and Associates
• Prime Forwarders

Customers :

Others [Manufacturer]

No. of Employees :

Above 200 [Approximately]

Bankers :

Bank of Baroda, Digvijay Plot Branch, Sumair Club Road, Jamnagar-361007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Bank
Bank of Baroda Term Loan Account (Term Loan from Bank of Baroda ‐ secured against equitable mortgage and hypothecation of Plant & Machinery, Electrical Installations, Furniture Fittings and Misc. Fixed Assets)	6.327	8.603
From Bank (Cash Credit from Bank of Baroda secured against equitable mortgage and hypothecation of Stock and Book Debts)	50.599	22.147
Bank of Baroda Packing Credit Hypothecation Account (Packing Credit from Bank of Baroda secured against equitable mortgage and hypothecation of Stock and Book Debts)	0.000	117.860
TOTAL	56.926	148.610

Banking Relations :	--
Auditors :
Name :	Kamlesh Rathod and Associates Chartered Accountants
Address :	Rathod House, Near Bhidbhanjan Temple Ground, Jamnagar-361001, Gujarat, India
Tel. No.:	91-288-2673555/2662555 [Office] 91-288-2551633 [Residential]
E-Mail :	info@krathod.com
PAN No:	AAEFK8888L

CAPITAL STRUCTURE

AS ON 29.09.2012

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
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.397	0.000	50.000
4] (Accumulated Losses)		0.000	(1.402)	(30.744)
NETWORTH		12.397	8.598	29.256
LOAN FUNDS
1] Secured Loans		56.926	148.610	169.647
2] Unsecured Loans		327.350	94.000	51.635
TOTAL BORROWING		384.276	242.610	221.282
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		396.673	251.208	250.538
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.321	40.879	47.300
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	190.352	95.817	261.827
	Sundry Debtors	248.625	181.353	84.675
	Cash & Bank Balances	0.745	4.871	0.412
	Other Current Assets	4.982	1.226	0.000
	Loans & Advances	8.626	5.217	5.250
Total Current Assets		453.330	288.484	352.164
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.747	11.109	94.847
	Other Current Liabilities	63.709	63.590	52.815
	Provisions	0.522	3.456	2.291
Total Current Liabilities		91.978	78.155	149.953
Net Current Assets		361.352	210.329	202.211
MISCELLANEOUS EXPENSES		0.000	0.000	1.027
TOTAL		396.673	251.208	250.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	330.000 [Approximately]	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		20.426	6.352	1.795
Less	FINANCIAL EXPENSES		10.507	19.882	19.625
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.919	(13.530)	(17.830)
Less/ Add	DEPRECIATION/ AMORTISATION		5.607	6.616	7.787
Less/ Add	PRELIMINARY / PRE OPERATIVE EXPENSES WRITTEN OFF		0.513	0.513	0.513
	PROFIT / (LOSS) BEFORE TAX		3.799	(20.659)	(26.130)
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX (G-H)		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	67.693	276.997	NA
	IMPORTS		NA	98.989	NA
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

Particulars	31.03.2013
Sales Turnover [Approximately]	350.000

The above information has been parted by Mr. Pratik.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	0.77	(6.27)	(6.54)
Return on Investment (ROI) (PBT/Networth)		0.31	(2.40)	(0.89)
Debt Equity Ratio (Total Debt/Networth)		31.00	28.22	7.56
Current Ratio (Current Asset/Current Liability)		4.93	3.69	2.35

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Sundry Creditors	27.747	11.109	94.847

PARTIAL DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Balaji International	3.488	3.488	NA
C.F. Booth Limited (Suppliers)	7.193	7.193
Ghanshyamlal and Co	6.105	0.000
Hitech Extrusion LLP	7.112	0.000	NA
Rajhans Metals Private Limited	3.500	0.000
Gangaram Varma	0.157	0.037
Kamlesh Rathod and Associates	0.060	0.176
Prime Forwarders	0.050	0.000	NA

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 two 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	Yes
18]	Major customers	No
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans from Related Parties
Siyaram Metals Private Limited	268.850	94.000
Siyaram Metal Udyog Private Limited	58.500	0.000
TOTAL	327.350	94.000

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10371427
Corporate identity number of the company	U27106GJ2007PTC049999
Name of the company	SIYARAM IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 6 and 7, Village Lakhabaval, Post Khodiyar Colony, Jamnagar-361006, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Digvijay Plot Branch, Sumair Club Road, Jamnagar-361007, Gujarat, India Email: digvij@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Mortgage deed for deposit of title deeds of plot no 5/1, 5/2, 5/3 of R.S. No 221, 231 and 234 of Village Lakhabaval, Tal and Dist Jamnagar belonging and owned by Siyaram Impex Private Limited as collateral security for cash credit limit, term loan, inland bank guarantee and agreement of hypothecation to borrow by way of cash credit limit, term loan, inland bank guarantee against plant and machineries, other assets, stock and book debts.
Date of instrument Creating the charge	26.07.2012
Amount secured by the charge	Rs.89.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.50% (BR) + 6.25% i.e. 16.75% at present with monthly rests subject to change from time to time as per RBI/ Banks directive and credit rating of the company. Terms of Repayment In case of Term Loan 9 monthly installment of Rs. 0.377 Million and last installment of Rs. 0.368 Million, Cash Credit payable on demand and Bank Guarantee 12 months as per agreement. Margin 25% on Plant and Machinery and 30 % on other assets, 25% on Stock and Book Debts, for Performance Bank Guarantee 15% and in case of disputed and financial Bank Guarantee 100%. Extent and Operation of the charge To secure Term Loan and Cash Credit facilities aggregating to Rs. 89.100 Millions and interest due from time to time.
Short particulars of the property charged	As per the terms of agreement Mortgage deed for deposit of title deeds of plot no 5/1, 5/2, 5/3 of R.S. No 221, 231 and 234 of Village Lakhabaval, Tal and Dist Jamnagar belonging and owned by Siyaram Impex Private Limited.
Date of latest modification prior to the present modification	25.07.2012
Particulars of the present modification	Creation of charge through mortgage deed for deposit of title deeds of Plot No 5/1, 5/2, 5/3 of R.S. No 221, 231 and 234 of Village Lakhabaval, Tal and Dist Jamnagar belonging and owned by Siyaram Impex Private Limited as collateral security for cash credit limit, term loan, inland bank guarantee

FIXED ASSETS:

• Building
• Electrical Fittings
• Furniture and Fixtures
• Computer
• Office Equipments
• Plant and Machinery
• Vehicles

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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.