MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	NEEL METAL PRODUCTS LIMITED [w.e.f. 26.03.1999]
Formerly Known As :	EXCELLENT SERVICES LIMITED
Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.04.1997
Com. Reg. No.:	55-86432
Capital Investment / Paid-up Capital :	Rs.112.520 millions
CIN No.: [Company Identification No.]	U74899DL1997PLC086432
TAN No.: [Tax Deduction & Collection Account No.]	RTKN00867G
Legal Form :	A closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of sheet metal components, assemblies, sub assemblies and blanks.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba [52]

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

Maximum Credit Limit :	USD 10184048
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the ‘JBM Group’. It is a well established company having fine track. The Financial Position of the company appears to be good and healthy. Directors are reported as well-experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payments terms are regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions. Latest Balance sheet 31.03.2012 not Available.

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.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit A+ (Rating watch with Developing Implications)
Rating Explanation	Adequate degree of safety and low credit risk
Rating	Short Term Fund Based Limit A1+ (Rating Watch with Developing Implications)
Rating Explanation	Very Strong degree of safety and lowest credit risk
Date	July, 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.

LOCATIONS

Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019, Delhi, India
Tel. No.:	91-11-26427104 - 06
Fax No.:	91-11-26427100
E-Mail :	corp@jbm.co.in raviarora@jbm.co.in
Website :	http://www.jbmindia.com http://www.jbm-group.com
Location :	Owned
Alliance Office:	Thai Summit Neel Auto Private Limited, Behrampur Industrial Area, Begampur Khatola Road, Khandsa Village, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4199500-507
Fax No.:	91-124-4199548-49
Factory 1 :	Mohammadpur, Jharsa, Sector 36, Near Khandsa Village, Gurgaon- 122001, Haryana, India
Tel. No.:	91-124-4275055 / 4032011/ 13
Fax No.:	91-124-2370987
Factory 2:	Sector-36, Mohmmadpur Jharsa, Near Khandsa Village, Gurgaon – 122 001, Haryana.
Tel No:	91-124-4032011 / 4032013 / 2370985 / 2370986
Fax No:	91-124-2370989
Factory 3 :	Plot No. 268, Secuter – 24, Faridabad – 121005, India
Tel. No.:	91-129-5067013
Location :	Owned
Factory 4:	4-6 and 11-16, Sector-5, Integrated Industrial Estate Ranipur, Haridwar-249403, , Uttranchal, India
Tel No.:	91-1334-239215/ 239214
Fax No.:	91-1334-239185
Factory 5:	Plot No. 8, Sector-10, I.I.E, S.I.D.C.U.L, Udham Singh Nagar, Pantnagar-263153, Uttarkhand, India
Tel No.:	91-5944-250051
Fax No.:	91-5944-250050
Plant:	Plot No.5, Maruti Joint Venture Complex, Gurgaon – 122 015, Haryana.
Tel No:	91-124-2398446 / 2398448
Fax No:	91-124-2341321
Plant:	Sector-36, Mohmmadpur Jharsa, Near Khandsa Village, Gurgaon – 122 001, Haryana.
Tel No:	91-124-2370612 / 2370615
Fax No:	91-124-2371356

DIRECTORS

AS ON 24.09.2012

Name :	Mr. Surendra Kumar Arya
Designation :	Chairman cum Managing Director
Address :	Neelanchal No.7, Bandh Road, Chandan Hulla, Mehrauli, New Delhi – 110030, India
Date of Birth/Age :	10.11.1957
Date of Appointment :	01.05.2002
DIN :	00004626
E-mail :	skarya@jbm.co.in

OTHER DIRECTORSHIP:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	18/08/1982	18/08/1982	-	Active	NO
2	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Managing director	10/06/2008	19/03/1987	-	Active	NO
3	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	16/11/1990	16/11/1990	-	Active	NO
4	L74899DL1994PLC063412	A TO Z SECURITIES LIMITED	Director	12/12/1994	12/12/1994	-	Active	NO
5	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	05/01/1995	05/01/1995	-	Amalgamated	NO
6	U74899DL1991PTC044376	JBM BUILDERS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
7	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	09/08/1995	09/08/1995	28/07/2009	Amalgamated	NO
9	U74899DL1998PTC095612	ANS HOLDING PRIVATE LIMITED	Director	18/08/1998	18/08/1998	-	Active	NO
10	U34392HR1999PTC034392	NAGATA INDIA PRIVATE LIMITED	Nominee director	23/12/1999	23/12/1999	11/09/2009	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
12	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
13	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	16/03/2001	16/03/2001	-	Active	NO
14	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Director	01/05/2002	01/05/2002	-	Active	NO
15	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	29/01/2003	29/01/2003	-	Active	NO
16	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2003	02/09/2003	-	Active	NO
17	U34300DL2003PTC123285	Neel Auto Private Limited	Nominee director	02/12/2003	02/12/2003	-	Active	NO
18	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
19	U74899DL2005PTC142456	UNITECH SAI PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
20	U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	Director	22/06/2006	22/06/2006	-	Active	NO
21	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20/09/2006	20/09/2006	22/02/2012	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Nominee director	01/11/2006	01/11/2006	-	Active	NO
23	U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
24	U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
25	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	20/12/2012	Active	NO
26	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	-	Active	NO
27	U92100MH2007PLC172122	VICHAAR TELEVISION NETWORK LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
28	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
29	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
30	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	15/09/2008	30/06/2008	-	Active	NO
31	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
32	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
33	U28113DL2011PTC212192	FJM CYLINDERS PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
34	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO

Name :	Mr. Nishant Arya
Designation :	Director
Address :	Neelanchal No.7, Bandh Road, Chandan Hulla, Mehrauli, New Delhi – 110030, India
Date of Birth/Age :	01.11.1986
Date of Appointment :	04.06.2005
DIN :	00004954
E-mail :	nishant@jbm.co.in

OTHER DIRECTORSHIP:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/07/2010	04/06/2005	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	28/06/2011	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	30/08/2008	09/10/2007	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
6	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
7	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29/09/2008	06/06/2008	-	Active	NO
8	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
9	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
10	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	04/09/2009	30/07/2009	-	Active	NO
12	U34300DL2003PTC123285	Neel Auto Private Limited	Director	24/09/2009	22/09/2009	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/2011	22/07/2011	-	Active	NO
14	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Director	02/07/2012	02/07/2012	-	Active	NO
15	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO

Name:	Mr. Vinay Maheshwari
Designation:	Director
Address :	702, Amaltas Tower, Sushant Estate, Sector – 52, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	13.09.1954
Date of Appointment :	10.01.2007
DIN :	01277826

OTHER DIRECTORSHIP:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	24/01/2010	10/01/2007	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	15/07/2008	01/10/2007	-	Active	NO
3	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	27/05/2008	27/05/2008	22/07/2011	Active	NO
4	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	30/12/2009	08/07/2009	-	Active	NO
5	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	30/09/2009	15/07/2009	-	Active	NO
6	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	30/09/2009	28/07/2009	-	Amalgamated	NO
7	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	30/09/2009	28/07/2009	-	Amalgamated	NO
9	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	22/09/2009	28/07/2009	-	Amalgamated	NO
10	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Director	02/07/2012	02/07/2012	-	Active	NO

Name :	Ms. Esha Arya Juhujhunwala
Designation :	Whole Time Director
Address :	Neelanchal # 7, Bandh Road, Chandan Hulla Mehrauli, New Delhi-110030, India
Date of Birth/Age :	16.03.1982
Date of Appointment :	31.07.2009
DIN :	00004836

OTHER DIRECTORSHIP:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	20/03/2000	20/03/2000	15/07/2009	Active	NO
2	U34300DL2003PTC123285	Neel Auto Private Limited	Nominee director	02/12/2003	02/12/2003	22/09/2009	Active	NO
3	L74899DL1996PLC083073	JBM AUTO LIMITED	Whole-time director	01/08/2008	01/08/2005	30/07/2009	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	28/08/2006	17/04/2006	09/10/2007	Active	NO
5	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/08/2012	31/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Gupta
Designation :	Company Secretary
Address :	Flat No. 703, Plot No.7GH, Green Wood, Society, Sector – 47, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	15.06.1969
Date of Appointment :	01.04.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Equity Shares
Nishant Arya	91000
SMC Credits Limited, New Delhi	965000
A to Z Securities Limited, New Delhi	965000
Surendra Kumar Arya	2985999
ANS Holding Private Limited,New Delhi	4680000
Neelam Arya	65000
Esha Arya	1
Total	9752000

Names of Shareholders	No. of Shares
Preferences Shares
JFE Steel Corporation	100000
Corp One Metal	50000
Total	150000

Equity Shares Break up AS ON 24.09.2012

Sr.No.	Category	Percentage
1.	Directors / Relatives Of Directors	32.22
2.	Bodies Corporate	67.78
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of sheet metal components, assemblies, sub assemblies and blanks.

Products :

• Steel Blanks
• Rims
• Mufflers
• Welding
• Fixtures
• Tubes
• Sheet Metal Components

ITC Code No.	Product Description
8708	Sheet Metal Components Assemblies , Sub assemblies and Blanks
8714	Automotive Parts
8479	Jigs and Fixtures
7306	ERW Precision Tubes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ing Vysya Bank Limited, Narian Manzil,Ground Floor,Shop No. G1 To G5, I Floor,Shop No.1001 To 1007,Barakhamba Road,, New Delhi - 110001, Delhi, India

Facilities :

Secured Loans	31.03.2011 In Millions	31.03.2010 In Millions
Rupee Term Loans Secured	139.174	97.996
Foreign Currency Loans Bank Secured	763.759	494.726
Working Capital Loans Bank Secured	180.000	275.000
Loans taken for vehicles Secured	2.874	3.765
Other Debt Secured	396.510	272.077
Total	1482.317	1143.564
Unsecured Loans	31.03.2011	31.03.2010
Public Deposit Unsecured	0.000	0.000
Total	0.000	0.000

Banking Relations :

--

Auditors :

Statutory Auditor Name :

Sahni Natarajan and Bahl

Chartered Accountants

Address :

303, Mansarovar, 90 Nehru Place, New Delhi – 110019

Tel. No.:

91-11-26484835 / 2643495926224755/ 26433003/ 3004/ 3006/ 47347000

Fax No.:

91-11-26485081

E-Mail :

sahnin@vsnl.com

snb@snbindia.com

Joint Venture:

• Thai Summit Neel Auto Private Limited
• Arcelor Neel Tailored Blank Private Limited
• M J Casting Limited

Subsidiaries :

· ANS Steel Tubes Limited

CIN : U13203DL2007PLC164433

· Neel Metal Fanalca Environment Management Private Limited

CIN : U74140DL2007PTC158597

· JBM Motors Limited

CIN : U28910DL2008PLC185040

· JBM Cadmium Private Limited

CIN : U80302DL2009PTC190802

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
18,000,000	Equity Shares	Rs. 10/- each	Rs. 180.000 Millions
200,000	Preferences Shares capital Subscribe	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,752,000	Equity Shares	Rs. 10/- each	Rs. 97.520 Millions
150,000	Preferences Shares capital Subscribe	Rs. 100/- each	Rs. 15.000 Millions
	Total		Rs. 112.520 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		112.520	112.520
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		2433.492	1649.593
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2546.012	1762.113
LOAN FUNDS
1] Secured Loans		1482.319	1143.566
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1482.319	1143.566
DEFERRED TAX LIABILITIES		250.992	240.700
TOTAL		4279.323	3146.379
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2037.344	1754.488
Capital work-in-progress		218.136	128.760
INVESTMENT		1020.054	900.019
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1167.055	606.426
	Sundry Debtors	957.139	687.270
	Cash & Bank Balances	19.625	26.431
	Other Current Assets	0.000	0.000
	Loans & Advances	701.119	593.909
Total Current Assets		2844.938	1914.036
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	171.176	149.961
	Sundry Creditors	1556.318	1327.544
	Provisions	113.655	73.419
Total Current Liabilities		1841.149	1550.924
Net Current Assets		1003.789	363.112
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		4279.323	3146.379

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	12492.733	11757.238	7977.393
		Other Income	143.229	88.364	52.755
		TOTAL (A)	12635.962	11845.602	8030.148
Less	EXPENSES
		Raw Materials Consumed	9624.362	9287.769	6396.993
		Manufacturing, Administrative and Other Expenses	0.000	0.000	508.263
		Employee Cost	737.754	575.308	453.400
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(40.426)	(118.243)	(158.217)
		Others	937.070	782.000	0.000
		TOTAL (B)	11258.760	10526.834	0.0
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1377.202	1318.768	829.709
Less	FINANCIAL EXPENSES (D)		286.374	151.576	55.140
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1090.828	1167.192	774.569
Less/ Add	DEPRECIATION/ AMORTISATION (F)		187.385	154.412	132.446
	PROFIT BEFORE TAX (E-F) (G)		903.443	1012.780	642.123
Less	TAX (H)		199.655	215.062	145.968
	PROFIT AFTER TAX (G-H) (I)		703.788	797.718	496.155
	Earnings Per Share (Rs.)		72.12	82.13	50.81

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.57	6.73	6.18
Net Profit Margin (PBT/Sales)	(%)	7.23	8.61	8.05
Return on Total Assets (PBT/Total Assets}	(%)	NA	20.74	17.50
Return on Investment (ROI) (PBT/Networth)		NA	0.40	0.36
Debt Equity Ratio (Debt/Networth)		NA	0.58	1.53
Current Ratio (Current Asset/Current Liability)		NA	1.54	1.23

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	Yes
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	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	Yes
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	No
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	Yes

Note:

The Register office of the company has been shifted from Neel House, Lado Sarai, Opposite Qutab Minar, New Delhi-110030, India to the present address w.e.f. 27.06.2007

Review of Performance

During the year, the Company achieved Gross Sales of Rs. 12780.12 Million (Previous year Rs. 8680.19 Million) and Net Sales of Rs. 11756.83 Million (Previous year Rs. 7977.39 Million) recording an increase of 47.23% and 47.38% respectively as compared tothe previous year. The Profit after Tax of the Company stood at Rs. 801.65 Million (Previous year Rs. 496.16 Million).

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1997PLC086432
Name of the company	NEEL METAL PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	601 Hemkunt Chambers 89 Nehru Place New Delhi – 110019, Delhi, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	ING VYSYA BANK LIMITED
Nature of instrument creating charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	22.12.2012
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC : IVBR+2.75% WCDL(Sub limit to CC) : At negotiated rates. ILC/FLC : Commission 0.35% p.a. all inclusive, LuT : SBLC(Sub limit to ILC/FLC/LuT) : Commission 0.80% p.a.(all inclusive) Terms of Repayment CC : On Demand WCDL(Sub limit to CC) : On Demand ILC/FLC/LuT : As per terms. SBLC(Sub limit to ILC/FLC/LuT) : Max 13 months Margin CC : 25% on stocks and 25% on book debts upto 90 days. WCDL(Sub limit to CC) : 25% on stocks and 25% on book debts upto 90 days. ILC/FLC/LuT : Nil SBLC(Sub limit to ILC/FLC/LuT) : Nil Extent and Operation of the charge First pari passu charge on the entire current assets of the company,both present and future, along with other working capital banks. Second pari passu charge on movable fixed assets of the company with other working capital banks.
Short particulars of the property charged	Entire current assets and movable fixed assets of the following units of the company both present and future at 1. Sector 36,Mohammadpur Jharsa,near Khandsa Village, Gurgaon with Standard Chartered Bank, Canara Bank, DBS, IndusInd Bank, Yes Bank and HDFC Bank. 2. Sector 5,Integrated Estate, BHEL, Ranipur, DT Haridwar with Standard Chartered Bank, Canara Bank and IndusInd Bank and 3. Plot No.8,Sector 10,Integrated Industrial Estate, Pant nagar Dt, Uddham Singh Nagar,Uttrakhand with Standard Chartered Bank, Canara Bank, DBS and IndusInd Bank.

Fixed Assets :

• Land Freehold
• Land Lease Hold
• Building
• Plant and Machinery
• Furniture, Fixture and Office Equipment
• Computer and Computer System
• Vehicle

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.53.85
UK Pound	1	Rs.84.42
Euro	1	Rs.72.39

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.