MIRA INFORM REPORT

Report Date :

20.05.2013

IDENTIFICATION DETAILS

Name :	DMSON’S METAL PRIVATE LIMITED
Registered Office :	502, Peninsula Heights, Juhu Lane, Near BMW Showroom, CTS. No.557 1/2/ Andheri (West), Mumbai – 400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.05.2007
Com. Reg. No.:	11-170928
Capital Investment / Paid-up Capital :	Rs. 50.500 Millions
CIN No.: [Company Identification No.]	U27109MH2007PTC170928
IEC No.:	0307028106
PAN No.: [Permanent Account No.]	AACCD6037D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Boiler quality plates, Special quality plates etc.
No. of Employees :	15 (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 2700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. There appears drastic fall in its profitability 2012. However, general financial position is good. 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 normal 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.

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	CRISIL
Rating	Cash Credit (BBB - )
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	October 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. Dhrupal Shah
Designation :	Account Manager
Mobile No.:	91-9870921018
Date :	09.05.2013

LOCATIONS

Registered Office :	502, Peninsula Heights, Juhu Lane, Near BMW Showroom, CTS. No.557 1/2/ Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26702054/26702052/26702053
Mobile No.:	91-9821012040 (Mr. Deepak)
Fax No.:	91-22-26702051
E-Mail :	dm.dmsons@gmail.com accounts@dmsonsmetal.com
Website :	http://www.dmsonsmetal.com
Area :	400 Sq ft
Location :	Owned
Branch Office:	Located at Chennai, Tamilnadu, India

DIRECTORS

As on 31.08.2012

Name :

Mr. Kakubhai Purshottamdas Mehta

Designation :

Director

Address :

401, Manju Castle Building, Church Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

10.04.1935

Date of Appointment :

18.05.2009

DIN :

01648156

PAN No.:

AABPM2224P

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Managing director	02/09/2005	02/09/2005	-	Active	NO
2	U27109MH2007PTC170928	DMSON'S METAL PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Active	NO

Name :

Mr. Deepak Kakubhai Mehta

Designation :

Director

Address :

7/A, Pushpham K D Road, Vile Parle (West), Mumbai – 400056, Maharshtra, India

Date of Birth/Age :

15.05.1966

Date of Appointment :

18.05.2007

DIN :

00326874

PAN No.:

AAAPM7668Q

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
1	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Whole-time director	02/09/2005	02/09/2005	12/06/2012	Active
2	U27109MH2007PTC170928	DMSON'S METAL PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Active
3	U51909MH2008PTC182940	RAJ RATAN COMMODITIES PRIVATE LIMITED	Director	08/03/2013	08/03/2013	14/03/2013	Active

Name :

Mr. Urvi Deepak Mehta

Designation :

Director

Address :

7/A, Pushpham K D Road, Vile Parle (West), Mumbai – 400056, Maharshtra, India

Date of Birth/Age :

04.02.1971

Date of Appointment :

03.10.2011

DIN :

03464542

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	U27109MH2007PTC170928	DMSON'S METAL PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
2	U45203MH2012PTC229248	DMSONS INFRASTRUCTURE PRIVATE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO
3	U51909MH2008PTC182940	RAJ RATAN COMMODITIES PRIVATE LIMITED	Director	08/03/2013	08/03/2013	14/03/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhrupal
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2012

Names of Shareholders	No. of Shares
Kakubhai P Mehta	5000
Deepak K Mehta	3390000
Kakubhai P Mehta [HUF]	5000
Deepak Mehta [HUF]	500000
Vasumati Kakubhai Mehta	5000
Urvi Deepak Mehta	900000
Pranit Deepak Mehta	5000
V.K. Industrial Corporation Limited, India	240000
Total	5050000

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2012

Category	Percentage
Bodies corporate	4.75
Directors or relatives of Directors	85.25
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of Boiler quality plates, Special quality plates etc.

Products :

Item Code No.	Product Description
7225	Iron and Steel Plates

Exports :

Products :

· Boiler quality plates

· Special quality plates

Countries :

· Dubai

· Middle East

Imports :

Products :

· quality plates

· Special quality plates

Countries :

· UKraine

· Russia

· China

· Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

15 (Approximately)

Bankers :

• The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
• Standard Chartered Bank, Fort, Mumbai – 400001, Maharashtra, India
• The Ratnakar Bank Limited, Shahupuri, Kolhapur – 416001, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans repayable on demand from banks	18.581	25.480
Total	18.581	25.480

Banking Relations :	--
Auditors :
Name :	Nilesh P. Parikh and Company Chartered Accountants
Address :	501, Nain Krupa 118/122, Kazi Sayed Street, Mumbai – 400003, Maharashtra, India
PAN No.:	ABIPP5585E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	V.K.Industrial Corporation Limited, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5050000	Equity Shares	Rs.10/- each	Rs. 50.500 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		50.500	48.100	48.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		633.561	267.347	196.536
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		684.061	315.447	244.636
LOAN FUNDS
1] Secured Loans		18.581	25.480	6.156
2] Unsecured Loans		49.005	33.278	29.269
TOTAL BORROWING		67.586	58.758	35.425
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		751.647	374.205	280.061
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.594	2.271	0.293
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	376.554	276.726	98.969
	Sundry Debtors	591.537	396.036	159.859
	Cash & Bank Balances	310.563	178.754	57.375
	Other Current Assets	3.171	2.725	17.671
	Loans & Advances	36.882	61.987	144.003
Total Current Assets		1318.707	916.228	477.877
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	558.766	504.633	182.581
	Other Current Liabilities	6.117	0.000	0.970
	Provisions	4.772	39.662	14.919
Total Current Liabilities		569.655	544.295	198.470
Net Current Assets		749.052	371.933	279.407
MISCELLANEOUS EXPENSES		0.000	0.000	0.360
TOTAL		751.647	374.205	280.061

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	1294.645
		Other Income	NA	NA	10.475
		TOTAL (A)	NA	NA	1305.120
Less	EXPENSES
		Office Expenses	NA	NA
		Administrative Expenses	NA	NA
		Advertising Expenses	NA	NA
		TOTAL (B)	NA	NA	1254.690
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	50.430
Less	FINANCIAL EXPENSES (D)		NA	NA	6.185
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	44.245
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	0.058
	PROFIT BEFORE TAX (E-F) (G)		12.985	107.345	44.187
Less	TAX (H)		4.370	36.534	14.902
	PROFIT AFTER TAX (G-H) (I)		8.615	70.811	29.285
	CIF VALUE OF IMPORT		1199.080	812.207	NA
	Earnings Per Share (Rs.)		1.71	14.81	6.08

Particulars	31.03.2013
Sales Turnover (Approximately)	2940.000

The above information has been parted by Mr. Dhrupal Shah (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	2.24
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.41
Return on Total Assets (PBT/Total Assets}	(%)	0.98	11.72	9.25
Return on Investment (ROI) (PBT/Networth)		1.90	0.34	0.18
Debt Equity Ratio (Total Debt /Networth)		0.10	0.19	0.14
Current Ratio (Current Asset/Current Liability)		2.31	1.68	2.41

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 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	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	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 309, Loha Bhavan, 93 P.D. Mello Road, Carmac Bundin, Masjid East, Mumbai-400009, Maharashtra, India to the present address w.e.f.01.08.2012

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and advances from related parties	49.005	33.278
Total	49.005	33.278

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27109MH2007PTC170928
Name of the company	DMSON’S METAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	502, Peninsula Heights, Juhu Lane, Near BMW Showroom, CTS. No.557 1/2/ Andheri (West), Mumbai – 400058, Maharashtra, India
This form is for	Creation of charge
zType of charge	· Book debts · Movable property (not being pledge) · Floating charge
CIN	U65191PN1943PLC007308
Particular of charge holder	The Ratnakar Bank Limited, Shahupuri, Kolhapur – 416001, Maharashtra, India
Nature of instrument creating charge	Composite Deed Of Hypothecation Dated 25.02.2013
Date of instrument Creating the charge	25.02.2013
Amount secured by the charge	Rs.150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1) For Cash Credit: BR + 2.50% p.a. Present Base Rate is 11.00% p.a. 2) For L/C : 1.50% comm. + Taxes 3) For LUT : 1.00% comm. + Taxes Terms of Repayment Cash credit-payable on demand Other facilities : on respective due dates/at the time of maturity Margin RM/SIP/FG/stores and spares :25% book debts (upto 90 Days) : 25% Extent and Operation of the charge Exclusive First charge of The Ratnakar Bank over entire stocks of Raw Material, Stock in process, Finished Goods, receivables and other current assets and moveable fixed assets, present and future, of the company for Rs.150.000 Millions Others Details of the facility :- Letter of credit Rs.150.000 Millions Lou for buyers credit of Rs.150.000 Millions (sub limit of LC) cash credit facility of Rs.150.000 Millions (sub limit of LC) Total limit of Rs.150.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation on(a) Exclusive first Charge on All the Stock in trade both present and future consisting of Raw Material, Goods in Process and Finished Goods of manufacturing and other merchandize (b) all the present and future book debts, outstanding moneys receivables, claims and bills

FIXED ASSETS

· Furniture and fixtures

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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.54.88
UK Pound	1	Rs.83.65
Euro	1	Rs.70.57

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

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	YES
--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.