MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	B. R. METAL AND ALLOYS (GUJ) PRIVATE LIMITED
Registered Office :	F-4, New Madhavpura, Near Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.12.1986
Com. Reg. No.:	04-009225
Capital Investment / Paid-up Capital :	Rs. 57.496 Millions
CIN No.: [Company Identification No.]	U28999GJ1986PTC009225
PAN No.: [Permanent Account No.]	AABCB2590E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Ferrous and Non Ferrous Metal Scrap.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability during 2012. However, general financial position seems to be strong. 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 business dealings at usual trade terms and condition.

NOTES :

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

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. Gopal
Designation :	Finance Controller
Contact No.:	91-79-25633928
Date :	05.07.2013

LOCATIONS

Registered Office :	F-4, New Madhavpura Market, Near Police Commissioner Office, Shahibaug, Ahmedabad–380 004, Gujarat, India
Tel. No.:	91-79-25633928/ 25631976/ 25631971
Mobile No.:	91-9998039450 (Mr. Gopal)
Fax No.:	91-79-25633960
E-Mail :	jethaliya@yahoo.com avimami99@yahoo.com ridhisidhi1@icenet.net
Area :	4500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Babuprasad Ramdayal Shah
Designation :	Director
Address :	13, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad–380004, Gujarat, India
Date of Birth/Age :	30.03.1942
Date of Appointment :	10.12.1986
DIN No :	00762219
Name :	Mr. Kailash Babuprasad Shah
Designation :	Managing Director
Address :	13, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad–380004, Gujarat, India
Date of Birth/Age :	11.05.1966
Date of Appointment :	10.12.1986
DIN No :	00722503
Name :	Mr. Ghanshyam Babuprasad Shah
Designation :	Director
Address :	13, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad–380004, Gujarat, India
Date of Birth/Age :	13.11.1969
Date of Appointment :	15.12.1986
DIN No :	00722472

KEY EXECUTIVES

Name :	Mr. Gopal
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Babuprasad Ramdayal Shah	2749975
Kailash Babuprasad Shah	874875
Ghanshyam Babuprasad Shah	805500
Kanchanben Babuprasad Shah	310500
Shah Babuprasad Ramdayal HUF	4500
Manjuben Kailash Shah	258750
Chandaben Ghanshyam Shah	288000
Smit Kailash Shah	86250
Nishant Kailash Shah	86250
Riddhi Ghanshyam Shah	142500
Siddhi Ghanshyam Shah	142500
TOTAL	5749600

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Ferrous and Non Ferrous Metal Scrap.

Products :

Item Code No. (ITC Code)	76020010
Product Description	Aluminium Scrap
Item Code No. (ITC Code)	74040022
Product Description	Brass Scrap
Item Code No. (ITC Code)	74040012
Product Description	Copper Scrap

Imports :

Products :

Ferrous and Non Ferrous Metal Scrap

Countries :

v UAE

v Europe

Terms :

Selling :

Cash, Credit (30 Days)

Purchasing :

Cash, Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

30 (Approximately)

Bankers :

v Standard Chartered Bank (acting as agent on behalf of IDBI Bank Limited), SME Credit, Ground Floor, Abhijeet II, Mithakali Six Road, Ahmedabad – 380 006, Gujarat, India

v ICICI Bank Limited

v Axis Bank Limited, 3^rd Floor, Trishul, Opposite Samartheshwar Temple, Ahmedabad - 380 006, Gujarat, India

v IDBI Bank Limited, Ahmedabad Branch, IDBI Complex, Opposite Muni Staff Quarters, Near Lal Bunglows, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Working Capital Loans From Banks	127.768	146.846
TOTAL	127.768	146.846

Banking Relations :	--
Auditors :
Name :	Gattani and Associates Chartered Accountants
Address :	1003-04, Samundra Annexure, Near Hotel Klassic Gold, C.G. Road, Ahmadabad – 380 006, Gujarat, India
PAN No.:	AADFG1032F
Related Parties :	BMJ Cables Limited B R Enterprise B R Copper Industries BR Land Developers Private Limited Allucast Products

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5749600	Equity Shares	Rs.10/- each	Rs. 57.496 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	57.496	64.496
(b) Reserves & Surplus	370.181	335.816
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	427.677	400.312
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.288	0.412
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.288	0.412
(4) Current Liabilities
(a) Short term borrowings	141.223	166.872
(b) Trade payables	82.783	26.184
(c) Other current liabilities	58.316	47.816
(d) Short-term provisions	11.700	17.000
Total Current Liabilities (4)	294.022	257.872
TOTAL	721.987	658.596
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.272	6.973
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.828	27.084
(e) Other Non-current assets	1.004	1.004
Total Non-Current Assets	8.104	35.061
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	155.647	111.949
(c) Trade receivables	316.211	235.722
(d) Cash and cash equivalents	0.527	4.636
(e) Short-term loans and advances	124.445	157.295
(f) Other current assets	117.053	113.933
Total Current Assets	713.883	623.535
TOTAL	721.987	658.596

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		64.496
2] Share Application Money		0.000
3] Reserves & Surplus		298.401
4] (Accumulated Losses)		0.000
NETWORTH		362.897
LOAN FUNDS
1] Secured Loans		52.265
2] Unsecured Loans		5.450
TOTAL BORROWING		57.715
DEFERRED TAX LIABILITIES		0.654
TOTAL		421.266
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.007
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	120.744
	Sundry Debtors	199.934
	Cash & Bank Balances	5.910
	Other Current Assets	12.139
	Loans & Advances	146.946
Total Current Assets		485.673
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.215
	Other Current Liabilities	14.265
	Provisions	30.934
Total Current Liabilities		74.414
Net Current Assets		411.259
MISCELLANEOUS EXPENSES		0.000
TOTAL		421.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3150.968	3145.337	2057.065
		Other Income	NA	NA	9.249
		TOTAL	NA	NA	2066.314
Less	EXPENSES
		Office Expenses	NA	NA	2015.923
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	2015.923
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		40.268	55.908	50.391
Less/ Add	DEPRECIATION/ AMORTISATION		1.327	1.736	1.904
	PROFIT / (LOSS) BEFORE TAX		38.941	54.172	48.487
Less	TAX		11.577	16.758	15.902
	PRIOR PERIOD ITEM		0.000	0.000	0.099
	PROFIT / (LOSS) AFTER TAX		27.364	37.414	32.486
	IMPORTS VALUE		NA	904.450	254.331
	Earnings / (Loss) Per Share (Rs.)		4.76	5.03	6.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.57
Net Profit Margin (PBT/Sales)	(%)	1.24	1.72	2.36
Return on Total Assets (PBT/Total Assets}	(%)	5.39	8.23	9.78
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.13
Debt Equity Ratio (Total Debt /Networth)		0.33	0.42	0.16
Current Ratio (Current Asset/Current Liability)		2.43	2.42	6.53

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	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	Yes
17]	Major suppliers	No
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]	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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans and Advances from Related Parties	13.455	20.026
TOTAL	13.455	20.026

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	82.783	26.184
Creditors Due Others	--	--	29.215
TOTAL	82.783	26.184	29.215

FORM 8

Corporate identity number of the company	U28999GJ1986PTC009225
Name of the company	B. R. METAL AND ALLOYS (GUJ) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-4, New Madhavpura, Near Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat, India E-Mail: jethaliya@yahoo.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10204051
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	IDBI Bank Limited, Ahmedabad Branch, IDBI Complex, Opposite Muni Staff Quarters, Near Lal Bunglows, Ahmedabad – 380 006, Gujarat, India
Nature of instrument creating charge	Third Supplemental Deed of Hypothecation
Date of instrument Creating the charge	04.05.2013
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest @BBR +2.25% P.A Payable Monthly Terms of repayment On Demand/ Due Date Margin 25% On Stock And 25% On Book Debts Upto 120 Days Extent and operation of the charge First pari passu charge with standard chartered bank on the current assets of the company viz. Stocks and book debts both present and future.
Short particulars of the property charged (Including location of the property)	Primary Security:- First pari passu charge on the Current Assets of the Company viz. Stocks, Book debts both present and future.
Date of instrument modifying the charge	11.08.2011
Particulars of the present modification	The Charge Is Modified From Rs. 150.000 Millions To 250.000 Millions.

FIXED ASSETS

• Freehold Land
• Office Building
• Other Building
• Plant and Machinery
• Computer Equipments
• Furniture and Fixtures
• Motor 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. 60.09
UK Pound	1	Rs. 91.57
Euro	1	Rs. 78.07

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.