MIRA INFORM REPORT

Report Date :

17.06.2013

IDENTIFICATION DETAILS

Name :	MANOHAR MANAK ALLOYS PRIVATE LIMITED
Registered Office :	44, C P Tank Road, Ground Floor, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.03.1986
Com. Reg. No.:	11-039259
Capital Investment / Paid-up Capital :	Rs. 8.000 Millions
CIN No.: [Company Identification No.]	U27100MH1986PTC039259
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Ferrous and Non-Ferrous Metal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 550000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Company has reported a better growth during 2012 but the profit margin appears to be low. The position of reserves seems to be good. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 DECLINED

Management Non – Cooperative (91-22-23867170)

LOCATIONS

Registered Office :	44, C P Tank Road, Ground Floor, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23867170/23863202/23885066
Fax No.:	91-22-23801898
E-Mail :	mmapl@bom4.vsnl.net.in
Corporate Office:	401, Trade World, B Wing, Kamla City, Kamla Mill, S.B. Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66151919
Fax No.:	91-22-66159595

DIRECTORS

As on 29.09.2012

Name :

Mr. Manohar Kanungo

Designation :

Director

Address :

Shripati Arcade, 31^st Floor, Flat No. 1, August Kranti Maidan, Nana Chowk, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

05.07.1957

Date of Appointment :

19.03.1986

PAN No.:

AAMPK1529N

DIN No.:

00425680

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	U27100MH1986PTC039259	MANOHAR MANAK ALLOYS PRIVATE LIMITED	Director	19/03/1986	19/03/1986	-	Active	NO
2	U51900MH1998PTC117095	MANOHAR EXPORTS PRIVATE LIMITED	Director	12/11/1998	12/11/1998	-	Active	NO
3	U92100MH2003PTC139214	MOVIES N MORE (INDIA) PRIVATE LIMITED	Director	18/02/2003	18/02/2003	-	Active	NO
4	U51109WB1993PLC059568	PORTSIDE ESTATES LIMITED	Director	30/04/2005	30/04/2005	-	Active	NO
5	U70109WB1997PLC085513	DSK REAL ESTATES LIMITED	Director	30/04/2005	30/04/2005	-	Active	NO
6	U45201MH2006PTC164873	ROYAL BUNGLOWS PRIVATE LIMITED	Director	23/09/2006	23/09/2006	-	Active	NO
7	U27300WB1986PLC041180	R. CHAKRABORTY AND SONS LTD.	Director	01/04/2007	01/04/2007	-	Active	NO
8	U80904MH2007NPL170544	SHREE JAIN SWETAMBER KHARTARGUTCH SANGH MUMBAI	Director	03/05/2007	03/05/2007	-	Active	NO
9	U70102MH2010PTC203144	MANOHAR MANAK BUILDER PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
10	U70102MH2010PTC205714	MANOHAR MANAK INFRASTRUCTURE PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
11	U70102MH2010PTC205973	ALIOTH INFRASTRUCTURE PRIVATE LIMITED	Director	27/07/2010	27/07/2010	-	Active	NO

Name :

Mr. Alpesh Manohar Kanungo

Designation :

Director

Address :

Shripati Arcade, 31^st Floor, Flat No. 1, August Kranti Maidan, Nana Chowk, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

10.12.1981

Date of Appointment :

30.09.2002

PAN No.:

AGEPK6649M

DIN No.:

00223104

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	U27100MH1986PTC039259	MANOHAR MANAK ALLOYS PRIVATE LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
2	U70102MH2010PTC203144	MANOHAR MANAK BUILDER PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
3	U70102MH2010PTC205714	MANOHAR MANAK INFRASTRUCTURE PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
4	U45201MH2006PTC166501	SHREE RAJLAXMI INFRASTRUCTURES PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	-	Active	NO
5	U74120MH2011PTC220946	ATS PROPERTY INFORMATION BEURO PRIVATE LIMITED	Director	26/05/2012	26/05/2012	-	Active	NO

Name :

Neha Alpesh Kanungo

Designation :

Director

Address :

Ground Floor, Mane

Date of Birth/Age :

06.08.1986

Date of Appointment :

18.02.2011

PAN No.:

AYRPS6385F

DIN No.:

03430894

Name :

Mr. Pankhiben Manhor Kanungo

Designation :

Director

Address :

Shripati Arcade, 31^st Floor, Flat No. 1, August Kranti Maidan, Nana Chowk, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

10.07.1959

Date of Appointment :

01.07.2011

DIN No.:

00425559

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	U51900MH1998PTC117095	MANOHAR EXPORTS PRIVATE LIMITED	Director	12/11/1998	12/11/1998	-	Active	NO
2	U27100MH1986PTC039259	MANOHAR MANAK ALLOYS PRIVATE LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Alpesh Manohar Kanungo	127800
Manohar P Kanungo	228000
Pankhi M Kanungo	22000
M P Kanungo HUF	22000
Authentic Finance Private Limited, India	40000
Amrit Sales Promotion Private Limited, India	60000
Apex Enterprises (India) Limited, India	100000
Neha Alpesh Kanungo	200000
Gundecha Builders	100

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	25.00
Directors or relatives of Directors	75.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Ferrous and Non-Ferrous Metal.

Products :

Item Code No.	Product Description
72042190	Ferrous and Non Ferrous Metals

Imports :

Countries :

· China

· USA

· Dubai

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand (Secured against hypothecation of Inventories, book debts and mortgage of immovable properties belonging to directors and others)	26.025	13.894
Total	26.025	13.894

Banking Relations :
Auditors :
Name :	D. C. Bothra & Company Chartered Accountants
Address :	297 Tardeo Road, Willie Mansion, First Floor, Nana Chowk, Mumbai – 400007, Maharashtra, India
PAN No.:	AACFD4645G
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Liberty Trading Company, India · Sikkim Ferro Alloys Limited, India CIN: U28910MH1998PLC113802 · Trisons Impex · Reliance Stainless Steel · Liberty Trading Company · Movies N. More India Private Limited · Aarshabh Ferro Alloys Private Limited · Manohar Exports Private Limited · Manohar Metal and Alloys. · Trisons Metalex Private Limited · Gorlas Infrastructure Private Limited · Gorlas Technospace Private Limited

CAPITAL STRUCTURE

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
800000	Equity Shares	Rs.10/- each	Rs. 8.000 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	8.000	8.000
(b) Reserves & Surplus	128.277	119.204
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	219.973	262.650
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3.282	0.804
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	45.525	101.059
(b) Trade payables	215.943	90.004
(c) Other current liabilities	57.162	68.930
(d) Short-term provisions	0.251	0.000
TOTAL	678.413	650.651
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.142	3.906
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	133.669	154.885
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	165.646	157.683
(e) Other Non-current assets	1.901	1.766
(2) Current assets
(a) Current investments	0.000	12.393
(b) Inventories	34.326	50.736
(c) Trade receivables	180.868	151.607
(d) Cash and cash equivalents	7.243	0.565
(e) Short-term loans and advances	148.481	116.765
(f) Other current assets	2.137	0.345
TOTAL	678.413	650.651

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.000
2] Share Application Money		0.000
3] Reserves & Surplus		122.918
4] (Accumulated Losses)		0.000
NETWORTH		130.918
LOAN FUNDS
1] Secured Loans		24.167
2] Unsecured Loans		235.568
TOTAL BORROWING		259.735
DEFERRED TAX LIABILITIES		0.000
TOTAL		390.653
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.307
Capital work-in-progress		0.000
INVESTMENT		161.456
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.005
	Sundry Debtors	250.623
	Cash & Bank Balances	2.680
	Other Current Assets	0.000
	Loans & Advances	235.015
Total Current Assets		531.323
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	303.331
	Other Current Liabilities
	Provisions	1.102
Total Current Liabilities		304.433
Net Current Assets		226.890
MISCELLANEOUS EXPENSES		0.000
TOTAL		390.653

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1096.377	583.269	605.500
		Other Income	31.745	16.955	NA
		TOTAL	1128.122	600.224	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1110.132	591.065	NA
	PROFIT / (LOSS) BEFORE TAX		17.990	9.159	0.186
Less	TAX		8.917	2.560	2.598
	PROFIT / (LOSS) AFTER TAX		9.073	6.599	(2.412)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.204	3.918	8.263
Less	APPROPRIATIONS
		Interest and Expenses capitalization of Earlier year w/off	NA	10.313	0.000
		Transfer to General Reserve	NA	0.000	1.000
		Dividend	NA	0.000	0.800
		Tax on Dividend	NA	0.000	0.133
	BALANCE CARRIED TO THE B/S		NA	0.204	3.918
	Imports on CIF basis		298.465	247.734	NA
	Earnings / (Loss) Per Share (Rs.)		11.34	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.80	1.10	NA
Net Profit Margin (PBT/Sales)	(%)	1.64	1.57	0.03
Return on Total Assets (PBT/Total Assets}	(%)	3.30	1.85	0.04
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.00
Debt Equity Ratio (Total Debt /Networth)		1.95	2.86	1.98
Current Ratio (Current Asset/Current Liability)		1.17	1.28	1.75

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 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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS

During the year, the Company has achieved turnover of Rs. 1096.400 Millions as against Rs. 583.300 Millions in the previous year. The Board expects further growth in turnover and margin considering growing product demand in the domestic market for the core line of business.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Other loans and advances, others	219.973	262.650
Total	219.973	262.650
Short-term borrowings
Other loans and advances	19.500	87.165
Total	19.500	87.165

FIXED ASSETS

· Buildings

· Furniture and fixtures

· 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.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		48

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.