MIRA INFORM REPORT

Report Date :

27.05.2014

IDENTIFICATION DETAILS

Name :	SENOR METALS PRIVATE LIMITED
Registered Office :	Plot No.353, GIDC Phase – II, Near Dared Village, Jamnagar – 361005, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.05.1996
Com. Reg. No.:	04-029709
Capital Investment / Paid-up Capital :	Rs. 13.100 Millions
CIN No.: [Company Identification No.]	U65910GJ1996PTC029709
TAN No.: [Tax Deduction & Collection Account No.]	RKTS01204A
PAN No.: [Permanent Account No.]	AACCS9863J
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged mainly in the business of Manufacturing of Brass and Copper Extrusion and Components.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 971800
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB – [Fund Based Cash Credit Limits] Withdrawn
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 2012

Rating Agency Name	ICRA
Rating	A3 [Non Fund Based Letter of Credit] Withdrawn
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September 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 [GENERA DETAILS]

Name :	Mr. Prakash
Designation :	Manager
Contact No.:	91-288-2730251
Date :	21.05.2014

LOCATIONS

Registered Office/ Factory :	Plot No.353, GIDC Phase – II, Near Dared Village, Jamnagar – 361005, Gujarat, India
Tel. No.:	91-288-2730251/2730252
Fax No.:	91-288-2730254
E-Mail :	info@senormetals.in
Website :	http://www.senormetals.in
Area :	50000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Atul Rasiklal Shah

Designation :

Director

Address :

Plot No. 18, Opposite Swastik Garden, Swastik Society, Jamnagar-361008, Gujarat, India

Date of Birth/Age :

21.08.1970

Date of Appointment :

22.05.1996

Din No.:

00231333

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	U65910GJ1996PTC029709	SENOR METALS PRIVATE LIMITED	Director	22-05-1996	22-05-1996	-	Active	NO
2	U24129GJ2006PTC049296	GREEN PANORAMA PRIVATE LIMITED	Director	02-11-2006	02-11-2006	23-05-2013	Active	NO

Name :

Mr. Rasiklal Chunilal Shah

Designation :

Director

Address :

Plot No. 18, Opposite Swastik Garden, Swastik Society, Jamnagar-361008, Gujarat, India

Date of Birth/Age :

21.10.1941

Date of Appointment :

22.05.1996

Din No.:

00231253

Name :

Mr. Hitesh Punamchand Shah

Designation :

Director

Address :

3, Kamdar Colony, Petharaj Raishi Marg, Jamnagar-361006, Gujarat, India

Date of Birth/Age :

02.10.1972

Date of Appointment :

01.10.2009

Din No.:

02739221

KEY EXECUTIVES

Name :	Mr. Prakash
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Shah Rasiklal Atul Jointly With Mira Atul Shah	460500
Shah Chunilal Rasik Jointly With Shantaben Rasiklal Shah	242000
Shah Rasik Shantaben Jointly With Rasiklal Shah	40000
Shah Rasiklal C (HUF)	261710
Gudhakka Anup Varsha Jointly With Anup Gudhakka	4000
Shah Hitesh Nisha Jointly With Hitesh Shah	4000
Dhanani Nemchand Maniben Jointly With Nemchand Dhanani	113900
Shah Premchand Chandrakant Jointly With Vijaya Chandrakant Shah	60000
Shah Chandrakant Vijaya Jointly With Shah Chandrakant	53890
Shah Atul (HUF)	64000
Shah Atul Mira Jointly With Shah Atul	6000
TOTAL	1310000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	17.00
Directors or relatives of directors	83.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged mainly in the business of Manufacturing of Brass and Copper Extrusion and Components.

Products :

ITC CODE	PRODUCT DESCRIPTIONS
74072120	Brass Rods
74071020	Copper Rods
74032100	Brass Billets

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

200 [Approximately]

Bankers :

ING Vysya Bank Limited, Shop No.2, Kuber Complex, Park Colony Main Road, Near Joggers Park, Jamnagar - 361008, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Term loans from banks	63.596	79.915
Working capital loans from banks	82.081	59.442
TOTAL	145.677	139.357

Banking Relations :	--
Auditors :
Name :	Maharishi and Company Chartered Accountants
Address :	“Aparna”, Behind Jeevandeep Hospital, Off Indira Road, Limda Line, Jamnagar – 361001, Gujarat, India
Tel. No.:	91-288-2665023/ 2665024/ 2662637
Fax No.:	91-288-2661612
E-Mail :	prashant@jainandmaharishi.com
PAN No:	AAPFM6568E

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1310000	Equity Shares	Rs.10/- each	Rs.13.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.100	13.100	13.100
(b) Reserves & Surplus	229.865	192.979	154.422
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	242.965	206.079	167.522
(3) Non-Current Liabilities
(a) long-term borrowings	110.457	78.334	74.625
(b) Deferred tax liabilities (Net)	7.337	7.531	8.528
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	117.794	85.865	83.153
(4) Current Liabilities
(a) Short term borrowings	145.677	139.357	126.657
(b) Trade payables	1.617	6.343	11.457
(c) Other current liabilities	6.311	3.055	6.291
(d) Short-term provisions	10.830	11.446	8.785
Total Current Liabilities (4)	164.435	160.201	153.190
TOTAL	525.194	452.145	403.865
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	105.923	92.750	99.776
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.729	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.039
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.507	11.268	5.275
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	142.159	104.018	105.090
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	217.409	184.194	130.913
(c) Trade receivables	127.405	126.671	143.623
(d) Cash and cash equivalents	8.054	6.928	7.900
(e) Short-term loans and advances	30.167	30.334	16.339
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	383.035	348.127	298.775
TOTAL	525.194	452.145	403.865

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1157.300	1285.800	1054.148
		Other Income	3.200	3.200	27.994
		TOTAL (A)	1160.500	1289.000	1082.142
Less	EXPENSES
		Cost of materials consumed	1009.800	1126.000	914.632
		Employee benefit Expenses	44.300	37.400	37.616
		Other Expenses	51.800	49.200	75.041
		Changes in inventories of finished goods work in progress	(35.700)	(16.200)	0.000
		TOTAL (B)	1070.200	1196.400	1027.289
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		90.200	92.600	54.853
Less	FINANCIAL EXPENSES (D)		24.000	19.500	16.329
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.200	73.100	38.524
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.200	12.000	12.698
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		53.000	61.100	25.826
Less	TAX (H)		13.800	20.300	9.010
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		39.200	40.800	16.816
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	143.716	130.025
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	2.042	0.841
		Dividend	NA	1.965	1.965
		Tax on Dividend	NA	0.319	0.319
	BALANCE CARRIED TO THE B/S		NA	180.190	143.716
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	70.485	NA
	TOTAL EARNINGS		NA	70.485	NA
	Earnings / (Loss) Per Share (Rs.)		29.92	31.15	12.84

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.37	3.17	1.55
Net Profit Margin (PBT/Sales)	(%)	4.57	4.75	2.45
Return on Total Assets (PBT/Total Assets}	(%)	10.61	13.51	6.40
Return on Investment (ROI) (PBT/Networth)		0.22	0.30	0.15
Debt Equity Ratio (Total Debt/Networth)		1.05	1.05	1.20
Current Ratio (Current Asset/Current Liability)		2.33	2.17	1.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.100	13.100	13.100
Reserves & Surplus	154.422	192.979	229.865
Net worth	167.522	206.079	242.965
long-term borrowings	74.625	78.334	110.457
Short term borrowings	126.657	139.357	145.677
Total borrowings	201.282	217.691	256.134
Debt/Equity ratio	1.202	1.056	1.054

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1054.148	1285.800	1157.300
		21.975	(9.994)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1054.148	1285.800	1157.300
Profit	16.816	40.800	39.200
	1.60%	3.17%	3.39%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10323437	25/03/2013 *	200,000,000.00	ING VYSYA BANK LIMITED	SHOP NO.2, KUBER COMPLEX, PARK COLONY MAIN ROAD,  NEAR JOGGERS PARK, JAMNAGAR - 361008, GUJARAT, INDIA	B74882648

* Date of charge modification

BUSINESS:

Their Total Turnover is Rs.1157.300 Millions as against Rs. 1285.800 Millions in the Previous Year. The Profit before Interest, Depreciation and Taxes amounted to Rs.90.200 Millions as against Rs.92.600 Millions in the Previous Year. The Net Profit after Tax amounted to Rs.39.200 Millions as against Rs.40.700 Millions in the Previous Year.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and advances from directors	59.085	28.057
Loans and advances from others	51.372	50.277
TOTAL	110.457	78.334

FIXED ASSETS:

· GIDC II Plot

· GIDC III Plot

· Factory Building

· Office Building

· Plant and Machinery

· Dies

· Electric Installation

· Generator

· Furniture and Fixture

· Data Processing Machine

· Vehicles

· Car

· Wind Farm

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.58.59
UK Pound	1	Rs.98.66
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.