MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	SMW METAL PRIVATE LIMITED
Registered Office :	Building No 3/8, 2^nd Floor, Sab House, Asaf Ali Road, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.08.1996
Com. Reg. No.:	56-080886
Capital Investment/ Paid-up Capital:	Rs.6.248 Millions
CIN No.: [Company Identification No.]	U27100DL1996PTC080886
TAN No.: [Tax Deduction & Collection Account No.]	DELS23424C
PAN No.: [Permanent Account No.]	AABCS3466Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Ferrous and Non Ferrous Metal (Aluminium).
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (38)

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

Maximum Credit Limit :	USD 169000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company is low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB – [Long Term]
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	31.03.2013

Rating Agency Name	ICRA
Rating	A3 [Short Term]
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	31.03.2013

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 :	Building No 3/8, 2^nd Floor, Sab House, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	91-11-23247868 / 23247869
Fax No.:	91-11-23260320
E-Mail :	ashok.jain@siddharthametal.com
Branch Office :	Shop R1-227, Ground Floor, Near RHB Colony, Industrial Area, Bhiwadi, Alwar – 301019, Rajasthan, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jatinder Nath Jain

Designation :

Managing Director

Address :

K-4/20, Model Town – II, Delhi – 110009, India

Date of Birth/Age :

22.01.1929

Date of Appointment :

02.08.1996

DIN No.:

02475646

Name :

Mr. Adish Mohinder Jain

Designation :

Director

Address :

K-4/20, Model Town – II, Delhi – 110009, India

Adish.jain@siddharthametal.com

Date of Birth/Age :

31.10.1987

Date of Appointment :

01.04.2010

DIN No.:

03042470

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100DL1996PTC080886	SMW METAL PRIVATE LIMITED	Director	01-04-2010	01-04-2010	Active	NO
2	L30007DL2003PLC214485	Maan Aluminium Limited	Director	30-09-2010	29-05-2010	Active	NO

Name :

Mr. Aditya Ravinder Nath Jain

Designation :

Director

Address :

K-4/20, K-4 Block Model Town – II, Delhi – 110009, India

Aditya.jain@siddharthametal.com

Date of Birth/Age :

24.10.1988

Date of Appointment :

01.04.2010

DIN No.:

03077836

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100DL1996PTC080886	SMW METAL PRIVATE LIMITED	Director	01-04-2010	01-04-2010	Active	NO
2	L30007DL2003PLC214485	Maan Aluminium Limited	Director	30-09-2011	01-04-2011	Active	NO

Name :

Mr. Mohinder Jain

Designation :

Director

Address :

K-4/20, Model Town – II, Delhi – 110009, India

Date of Birth/Age :

26.09.1962

Date of Appointment :

01.10.1996

DIN No.:

00800973

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999HR1986PTC024253	ALMEX ALLOYS PRIVATE LIMITED	Director	21-12-1991	21-12-1991	Strike off	NO
2	U27100DL1996PTC080886	SMW METAL PRIVATE LIMITED	Director	01-10-1996	01-10-1996	Active	NO
3	L30007DL2003PLC214485	Maan Aluminium Limited	Managing director	19-05-2010	24-12-2009	Active	NO

Name :

Mr. Ravinder Nath Jain

Designation :

Director

Address :

K-4/20, Model Town – II, Delhi – 110009, India

Date of Birth/Age :

31.03.1959

Date of Appointment :

01.10.1996

DIN No.:

00801000

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999HR1986PTC024253	ALMEX ALLOYS PRIVATE LIMITED	Director	21-12-1991	21-12-1991	Strike off	NO
2	U27100DL1996PTC080886	SMW METAL PRIVATE LIMITED	Director	01-10-1996	01-10-1996	Active	NO
3	L30007DL2003PLC214485	MAAN ALUMINIUM LIMITED	Whole-time director	19-05-2010	24-12-2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Mohinder Jain	123000
Anita Jain	7000
Jatinder Nath Jain	60000
Ravinder Nath Jain	37500
Adish Mohinder Jain	122375
Aditya Ravinder Nath Jain	274875
TOTAL	624750

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trading in Ferrous and Non Ferrous Metal (Aluminium).

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India
• Andhra Bank, R-3, Green Park, New Delhi – 110016, India
• HDFC Bank
• ICICI Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans repayable on demand from banks	22.360	20.092
Loans repayable on demand from banks	23.390	33.755
TOTAL	45.750	53.847

Banking Relations :	--
Auditors :
Name :	Satish Agarwal and Associates Chartered Accountants
Address :	4/5, Asaf Ali Road, New Delhi – 110002, India
PAN No:	ABCFS9747B
Related Parties :	Maan Aluminium Limited Simla Holdings

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
624750	Equity Shares	Rs.10/- each	Rs.6.248 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		6.248	6.248	4.330
2] Share Application Money		0.000	16.800	0.000
3] Reserves & Surplus		36.095	29.110	13.193
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.343	52.158	17.523
LOAN FUNDS
1] Secured Loans		45.750	53.847	18.354
2] Unsecured Loans		7.500	7.500	7.500
TOTAL BORROWING		53.250	61.347	25.854
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		95.593	113.505	43.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.563	1.823	2.204
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.266	0.265	0.231
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.324	21.088	4.577
	Sundry Debtors	144.154	142.540	119.145
	Cash & Bank Balances	124.058	33.632	10.373
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.112	13.729	21.616
Total Current Assets		329.648	210.989	155.711
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	172.592	96.093	113.090
	Other Current Liabilities	63.109	1.519	1.329
	Provisions	0.183	1.960	0.350
Total Current Liabilities		235.884	99.572	114.769
Net Current Assets		93.764	111.417	40.942
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		95.593	113.505	43.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		952.524	749.125
		Other Income		36.130	25.507
		TOTAL (A)	2683.742	988.654	774.632
Less	EXPENSES
		Purchase		961.046	728.557
		Freight Inward		0.808	1.847
		Administrative and Other Expenses		4.856	5.810
		Payment to Employees	2673.289	2.438	2.047
		Selling and Distribution Expenses		10.154	8.037
		Increase / (Decrease) in Stock		(16.511)	14.898
		TOTAL (B)	2673.289 [Including Financial Expenses and Depreciation]	962.791	761.196
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			25.863	13.436
Less	FINANCIAL EXPENSES (D)			10.056	6.405
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			15.807	7.031
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.554	0.730
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		10.453	15.253	6.301
Less	TAX (H)		NA	5.088	1.950
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		NA	10.165	4.351
Less	SHORT PROVISION OF INCOME TAX OF EARLIER YEAR		NA	0.000	0.012
	BALANCE CARRIED TO THE B/S		NA	10.165	4.339
	Earnings / (Loss) Per Share (Rs.)		NA	22.64	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.03	0.56
Net Profit Margin (PBT/Sales)	(%)	NA	1.60	0.84
Return on Total Assets (PBT/Total Assets}	(%)	3.15	7.17	3.99
Return on Investment (ROI) (PBT/Networth)		0.25	0.29	0.36
Debt Equity Ratio (Total Debt/Networth)		1.25	1.17	1.47
Current Ratio (Current Asset/Current Liability)		1.40	2.13	1.36

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)	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]	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

NOTE:

Registered office of the company has been shifted from 93, Basti Harphool Singh, Sadar Thana Road, Delhi – 110006, India to the present address w.e.f. 01.12.2010.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Intercorporate borrowings	7.500	7.500
TOTAL	7.500	7.500

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10152875
Corporate identity number of the company	U27100DL1996PTC080886
Name of the company	SMW METAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Building No 3/8, 2^nd Floor, Sab House, Asaf Ali Road, New Delhi – 110002, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Andhra Bank, R-3, Green Park, New Delhi –110016, India Email: bmdel162@andhrabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite Agreement
Date of instrument Creating the charge	04.10.2012
Amount secured by the charge	Rs.350.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest SOD-Interest shall be charged base rate + 5.75% i.e. 16.25% at presently with monthly rests or at such other rates as may be specified by the bank from time to time. ILC charges as applicable Terms of Repayment Payable on demand as per sanction terms and bank norms. Margin SOD - 25% on stock and 50% on receivables. ILC - 15% Cash Margin Extent and Operation of the charge The hypothecated assets to secure following credit limits sanctioned by Andhra Bank to SMW Metal Private Limited a) SOD Rs.50.000 Millions b) ILC Rs.300.000 Millions
Short particulars of the property charged	First charge on stocks, book debts, plant and machinery and other current assets and fixed assets of the company both present and future. Hypothecation of goods procured under ILC.
Date of latest modification prior to the present modification	15.09.2011
Particulars of the present modification	By this modification of charge the aggregate credit limits stands remain the same at Rs.350.000 Millions to secure following credit limits a) SOD (Renewal) Rs.50.000 Millions, b) ILC (Renewal) Rs.300.000 Millions. First charge on stocks, book debts, plant and machinery and other current assets and fixed assets of the company both present and future. Hypothecation of goods procured under ILC. Other Terms and condition remain the same.

FIXED ASSETS:

• Office Equipment
• Car
• Godown
• Furniture and Fixture
• Computer
• Scooter
• Invertor
• Cycle

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.53.74
UK Pound	1	Rs.83.54
Euro	1	Rs.70.72

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		38

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.