MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	MAAN ALUMINIUM LIMITED
Formerly Known As :	MAN ALUMINIUM LIMITED
Registered Office :	3/8, IIND Floor, Asaf Ali Road, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.07.2003
Com. Reg. No.:	55-214485
Capital Investment / Paid-up Capital :	Rs.33.803 Millions
CIN No.: [Company Identification No.]	L30007DL2003PLC214485
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Aluminium Products.
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 1000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears continuous dip in its profitability. The profit margin seems to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be 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 – 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	CARE
Rating	Long term rating:- BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	November 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 :	3/8, IIND Floor, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	91-11-23247868/ 72
Fax No.:	91-11-23260320
E-Mail :	maan@siddharthametal.com
Website :	http://www.manaluminium.org
Corporate Office :	Flat No. 301, 3rd Floor, Tara Mahal, 5th Road, Khar (West), Mumbai - 400 052, Maharashtra, India
E-Mail :	man@siddharthametal.com ssunilkumar2000@yahoo.co.in manish.patidar@siddharthametal.com
Factory :	Aluminium Extrusion Plant, Plot 67, Aluminium Complex, Sector No.1, Pithampur Industrial area, Pithampur, Near Indore, Indore – 452001,  Madhya Pradesh, India
Tel. No.:	91-7292-253618/ 253446
Fax No.:	91-7292-253287

DIRECTORS

As on: 31.03.2012

Name :	Mr. Ravinder Nath Jain
Designation :	Executive Chairman
Date of Birth/Age :	53 Year
Qualification :	Graduate
Experience :	32 Year
Name :	Mr. Mohinder Jain
Designation :	Managing Director
Date of Birth/Age :	50 Year
Qualification :	Graduate
Experience :	32 Year
Name :	Mr. Adish Jain
Designation :	Promoter Director
Name :	Mr. Aditya Jain
Designation :	Promoter Director
Name :	Mr. Sunil Kumar Shandilya
Designation :	Executive Director
Name :	Mr. Rajesh Jain
Designation :	Independent Director
Name :	Mr. Parveen Kumar Adlakha
Designation :	Independent Director
Name :	Mr. Ashok Jain
Designation :	Independent Director
Name :	Mr. Rajinder Prakash Gupta
Designation :	Independent Director
Name :	Mr. Amit Jain
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Bijender Kumar Rithaliya
Designation :	Chief Finance Officer and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2207850	65.32
Any Others (Specify)	0	0.00
Sub Total	2207850	62.32
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2207850	65.32
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	536	0.02
Financial Institutions / Banks	186422	5.51
Foreign Institutional Investors	9	0.00
Sub Total	186967	5.53
(2) Non-Institutions
Bodies Corporate	162456	4.81
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 millions	645475	19.10
Individual shareholders holding nominal share capital in excess of Rs.0.100 millions	133188	3.94
Any Others (Specify)	44368	1.31
Clearing Members	20474	0.61
Non Resident Indians	21130	0.63
Foreign Corporate Bodies	2764	0.08
Sub Total	985487	29.15
Total Public shareholding (B)	1172454	34.68
Total (A)+(B)	3380304	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
Total (A)+(B)+(C)	3380304	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Aluminium Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Commercial Branch, Indore
• ICICI Bank, New Delhi
• HDFC Bank, New Delhi

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans from banks	27.938	0.369
Cash Credit from State Bank of India	55.460	69.972
Total	83.398	70.341

Details of terms of repayment and securities provided for long-term borrowings:

(Rs. In Millions)

Particulars	Terms of Repayment and Security*	31 March, 2012
Term Loan from State Bank of India.	Term loan is repayable in 48 monthly installments starting from April 2012 and Secured by First charge over the company entire fixed assets situated at Plot no. 67-A, Plot no. 75 Sector -1, Pithampur, District Dhar	27.910
Car Loan (2 Nos.) from HDFC Bank Limited.	Security-Hypothecation of Car, Repayment Terms- Term Loan for Car-1 Outstanding amount Rs. 186.450 millions as on 31.03.2012 is repayable in EMI of Rs. 14.229 millions and last such EMI would fall due on 07.05.2013. Term Loan for Car-2 Outstanding amount Rs.182.295 millions as on 31.03.2012 is repayable in EMI of Rs.19.015 millions and last such EMI would fall due on 07.01.2013.	0.028
Total		27.938

Details of security for the secured short-term borrowings:

Particulars	Name of Security	31 March, 2012
Cash Credit from State Bank of India.	Primary:- First charge over the company stocks of raw material, finished goods, stock in process, stores and spares, packing material available at their factory premises at Pithampur Industrial Area, District Dhar (Madhya Pradesh) and such other places as approved by bank, receivables, book debts etc. Collateral: - Second charge over the company entire fixed assets situated at Plot No. 67-A and Plot No. 75, Sector 1, Pithampur District Dhar.	55.460
Total		55.460

Banking Relations :	--
Auditors :
Name :	Khandelwal and Khandelwal Associates Chartered Accountants
Address :	Indore – 452001, Madhya Pradesh, India

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3380304	Equity Share	Rs.10/- each	Rs.33.803 Millions

a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Closing Balance
Equity Shares with voting rights
Year ended 31 March, 2012
- Number of shares	3380.304	3380.304
- Amount (Millions)	33.803	33.803

b) Details of shares held by each shareholder holding more than 5% shares:

Class of Shares / Name of Shareholder	No. of Shares	% of Holding
Equity shares with voting rights
Mohinder Jain	913,121	27.01
Ravinder Nath Jain	842,196	24.91

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		33.803	33.803	33.803
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		230.189	225.192	220.702
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		263.992	258.995	254.505
LOAN FUNDS
1] Secured Loans		83.398	70.341	43.831
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		83.398	70.341	43.831
DEFERRED TAX LIABILITIES		15.049	16.347	17.467
TOTAL		362.439	345.683	315.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.899	121.494	111.838
Capital work-in-progress		70.531	2.347	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	96.800	72.782	83.564
	Sundry Debtors	153.490	149.652	139.224
	Cash & Bank Balances	9.286	16.161	1.717
	Other Current Assets	23.901	17.167	0.000
	Loans & Advances	16.728	24.175	54.297
Total Current Assets		300.205	279.937	278.802
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.276	39.677
	Other Current Liabilities	28.814	8.416	74.837
	Provisions	5.106	10.002	0.000
Total Current Liabilities		132.196	58.095	74.837
Net Current Assets		168.009	221.842	203.965
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		362.439	345.683	315.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	1160.399	1293.770
		Other Income	3.370	1.788
		TOTAL (A)	1163.769	1295.558	688.860
Less	EXPENSES
		Cost of materials consumed	420.449	366.841
		Purchases of Traded goods	625.404	792.653
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(30.153)	2.799
		Employee benefits expense	29.576	29.731
		Other expenses	84.435	65.599
		TOTAL (B)	1129.711	1257.623	646.934
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.058	37.935	41.926
Less	FINANCIAL EXPENSES (D)		13.528	9.136	3.816
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.530	28.799	38.110
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.862	13.899	12.039
	PROFIT BEFORE TAX (E-F) (G)		5.668	14.900	26.071
Less	TAX (H)		1.645	6.468	7.046
	PROFIT AFTER TAX (G-H) (I)		4.023	8.432	19.025
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.609	48.118	34.034
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.000	1.000
		Dividend	0.000	3.380	3.380
		Tax on Dividend	0.000	0.561	0.561
	BALANCE CARRIED TO THE B/S		55.632	51.609	48.118
	EARNINGS IN FOREIGN CURRENCY
		Export Expenses	82.591	75.474	64.508
		Forward Contracts	0.000	0.000	0.397
	TOTAL EARNINGS		82.591	75.474	64.905
	IMPORTS
		Raw Materials	98.604	42.633	86.581
		Components & Spare parts	0.086	0.000	0.336
		Capital Goods	31.883	9.320	4.316
	TOTAL IMPORTS		130.573	51.953	91.233
	Earnings Per Share (Rs.)		1.19	2.49	N.A.

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2012 (1^st Quarter)	30.09.2012 (2^nd Quarter)	31.12.2012 (3^rd Quarter)
Net Sales	181.600	214.000	218.300
Total Expenditure	175.600	203.400	207.500
PBIDT (Excl OI)	6.000	10.600	10.800
Other Income	2.900	1.500	0.000
Operating Profit	8.900	12.100	10.800
Interest	3.800	6.900	4.800
Exceptional Items	0.000	0.000	0.000
PBDT	5.100	5.200	6.000
Depreciation	4.000	4.000	4.200
Profit Before Tax	1.100	1.200	1.800
Tax	0.400	(0.200)	0.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	0.700	1.400	1.200
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	0.700	1.400	1.200

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.35	0.65	2.76
Net Profit Margin (PBT/Sales)	(%)	0.49	1.15	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.33	3.71	6.67
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.10
Debt Equity Ratio (Total Debt/Networth)		0.31	0.27	0.17
Current Ratio (Current Asset/Current Liability)		2.27	4.81	3.72

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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	Yes

RESULTS OF OPERATIONS

The gross turnover of the Company for the 2011-12 is Rs.1206.167 Millions as against Rs.1334.031 Millions in the previous year. The Net Profit before tax stood at Rs.5.668 Millions as against Rs.14.900 Millions in the previous year. The Profit after Tax is Rs.4.023 Millions as against Rs. 8.432 Millions in the previous year.

FUTURE OUTLOOK

Aluminium Extrusion demand is growing @ 8% per annum mainly on Account of increase in usage of Aluminium

Profiles in Villa Segment, in addition to High rise Buildings. Further there has been tremendous growth in demand of Aluminium Bus Bars in Electrical Segment. Similarly increasing trends are seen in High end Segment of Bus Body fabrication particularly in Volvo Model. On account of these potential for usage of Aluminium extrusion remains bright.

MACRO-ECONOMIC SCENARIO AND OPPORTUNITIES

The domestic primary aluminium industry is around 5% of the Global Aluminium Industry. The Indian aluminium

extrusion market has an installed capacity of approx 5,20,000 MT per annum which is likely to see double digit growth over next few years owing to consistently growing demand from architectural, building, construction and automobile sectors. The per capita consumption of aluminium metal in developed countries is about 20 to 30 Kgs. However, in India, the per capita consumption of aluminium is only 1.3 Kgs. Thus there is a vast scope for the industry to develop under the current scenario.

BUSINESS REVIEW

This year Company has obtained permission for expansion from M.P. Trade and Investment Facilitation Corporation Limited. According to this approval, the capacity has been increased from existing level to 9000 MT p.a. Accordingly Company has geared-up marketing activities and production, so as to achieve Production and sale of 9000 MT in 2 years time.

FUTURE OUTLOOK

The future for Aluminium and Aluminium extrusion in India is very promising with the low per capita consumption in the country coupled with high and good quality reserves of Bauxite. Awareness of the utility of aluminum in various industrial sectors is growing and it provides a lower cost option as to use of various metals in different sectors.

REVIEW OF COMPANY’S OPERATION

The turnover during the year was Rs.1206.167 Millions as compared with Rs.1334.031 Millions in the previous year which was due to lower trading sales. The net profit after tax is Rs.4.023 Millions which is lower compared with Rs.8.432 Millions in the previous year. The profitability was lower due to volatility in market.

CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(Rs. In Millions)

Particulars	31 March, 2012	31 March, 2011
Contingent liabilities
Claims against the Company not acknowledged as debt
Sales tax	1.731	1.759
Excise duty	7.047	7.118
Labour Act	0.391	0.391

FIXED ASSETS

• Land and Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office equipment
• Dies and patterns
• Electrical equipment
• Computer

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. 56.24
UK Pound	1	Rs. 84.53
Euro	1	Rs. 72.32

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.