MIRA INFORM REPORT

Report Date :

01.11.2014

IDENTIFICATION DETAILS

Name :	AIREN METALS PRIVATE LIMITED
Registered Office :	G-750, Road No.9F2, Viswakarma Industrial Area, Jaipur – 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.11.1995
Com. Reg. No.:	17-011117
Capital Investment / Paid-up Capital :	Rs.44.550 Millions
CIN No.: [Company Identification No.]	U27201RJ1995PTC011117
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of superior Copper products.
No. of Employees :	Information declined by the management

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	08.08.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	08.08.2013

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Hemant Agarwal
Designation :	Accounts Manager
Contact No.:	91-141-4127777
Date :	31.10.2014

LOCATIONS

Registered Office / Factory :	G-750, Road No.9F2, Viswakarma Industrial Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-4127777/460816/2331574/2331012/2333868
Fax No.:	91-141-2460815/4127728/ 2331997
E-Mail :	ppincha@gmail.com info@airenmetals.com
Depot Located at:	Uttarakhand Haryana Rajasthan Uttar Pradesh Gujarat West Bengal Madhya Pradesh

DIRECTORS

As on 30.09.2013

Name :

Mr. Sudhir Kumar Agarwal

Designation :

Director

Address :

F-1/14, LIC Flat, Sector No. 2, Vidhyadhar Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

24.07.1967

Date of Appointment :

23.11.1995

DIN No.:

00039759

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	U27201RJ1995PTC011117	AIREN METALS PVT LTD	Director	23/11/1995	23/11/1995	-	Active	NO
2	U27201RJ2002PTC017445	AIREN COPPER PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
3	U31300RJ2006PTC022414	HONESTUS METCOM PRIVATE LIMITED	Director	13/04/2006	13/04/2006	-	Active	NO

Name :

Prabha Agarwal

Designation :

Director

Address :

F-1/14, LIC Flat, Sector No. 2, Vidhyadhar Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

27.01.1970

Date of Appointment :

23.11.1995

DIN No.:

00039774

Name :

Mr. Vishakha Agarwal

Designation :

Director

Address :

D-105 Ambabari, Jaipur, Rajasthan, India

Date of Birth/Age :

11.01.1966

Date of Appointment :

23.11.1995

DIN No.:

00039781

Name :

Mr. Suresh Kumar Agarwal

Designation :

Director

Address :

D-105 Ambabari, Jaipur, Rajasthan, India

Date of Birth/Age :

23.11.1963

Date of Appointment :

01.11.2004

DIN No.:

00053017

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	U27201RJ2002PTC017445	AIREN COPPER PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
2	U27201RJ1995PTC011117	AIREN METALS PVT LTD	Director	01/11/2004	01/11/2004	-	Active	NO
3	U31300RJ2006PTC022414	HONESTUS METCOM PRIVATE LIMITED	Director	13/04/2006	13/04/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemant Agarwal
Designation :	Accounts Manager
Name :	Mr. Sudhir Kumar Agarwal
Designation :	Secretary
Address :	F-1/14, LIC Flat, Sector No. 2, Vidhyadhar Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	24.07.1967
Date of Appointment :	21.12.2001
PAN No.:	ABEPA2466P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sudhir Kumar Agarwal	690000
Prabha Agarwal	765000
Vishakha Agarwal	18000
Suresh Kumar Agarwal	939000
Nand Kishore Agarwal	96000
Sunita Agarwal	129000
Gita Devi Agarwal	250750
Praveena Sharma	236400
H. P. Agarwal and Sons (HUF)	114500
Natthu Lal Agarwal	96000
Nirmala Devi Agarwal	30000
J. M. Sharma H U F	36000
J. M. Sharma	60000
Rajan Devi Sharma	75000
Sharda Sharma	159600
Sushila Devi Agarwal	75000
Apex Money Movers Private Limited, India	60000
Suwa Devi	80000
Sudhir Agarwal (Huf)	351000
Airen Copper Private Limited, India	50000
Kedia Financial Services Private Limited, India	50000
Hari Prasad Agarwal	93750
Total	4455000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	3.59
Directors or relatives of Directors	73.23
Other top fifty shareholders	23.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of superior Copper products.

Products :

Item Code No.	Product Description
85445910	Copper Wires and Strips

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Union Bank of India, M.I. Road Branch, Allahabux Building, 1st Floor, M.I. Road, Jaipur - 302001, Rajasthan, India
• State Bank of India, SMECCC, Sanganeri Gate, Jaipur - 302003, Rajasthan, India
• Punjab National Bank, SSI Branch, VKI Area , Jaipur - 302018, Rajasthan, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	121.148	28.399
Total	121.148	28.399

Banking Relations :	--
Auditors :
Name :	L D Sharma and Company Chartered Accountants
Address :	2O4, Guru Kripa Tower, C-43, Mahaveer Marg, C Scheme, Jaipur, Rajasthan, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFL8361L
Associates:	Airen Copper Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4455000	Equity Shares	Rs.10/- each	Rs. 44.550 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	44.550	40.800	40.800
(b) Reserves & Surplus	260.262	196.189	157.331
(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)	304.812	236.989	198.131
(3) Non-Current Liabilities
(a) long-term borrowings	121.148	28.399	28.900
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.438	5.482	5.500
Total Non-current Liabilities (3)	121.586	33.881	34.400
(4) Current Liabilities
(a) Short term borrowings	105.699	6.004	29.279
(b) Trade payables	415.936	400.165	207.707
(c) Other current liabilities	9.475	7.840	5.291
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	531.110	414.009	242.277
TOTAL	957.508	684.879	474.808
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	285.487	134.951	112.880
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.245	2.245	2.245
(c) Deferred tax assets (net)	0.077	0.077	0.077
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	13.920	0.618	0.000
Total Non-Current Assets	301.729	137.891	115.202
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	201.198	183.344	195.117
(c) Trade receivables	289.285	210.180	50.641
(d) Cash and cash equivalents	65.961	86.906	74.187
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	99.335	66.558	39.661
Total Current Assets	655.779	546.988	359.606
TOTAL	957.508	684.879	474.808

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Turnover	2944.600	2865.100	2773.200
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	49.610	51.868	50.354
	Earnings / (Loss) Per Share (Rs.)	11.14	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.74	0.15	0.29
Current Ratio (Current Asset/Current Liability)	1.23	1.32	1.48

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	40.800	40.800	44.550
Reserves & Surplus	157.331	196.189	260.262
Net worth	198.131	236.989	304.812
long-term borrowings	28.900	28.399	121.148
Short term borrowings	29.279	6.004	105.699
Total borrowings	58.179	34.403	226.847
Debt/Equity ratio	0.294	0.145	0.744

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)
Turnover	2773.200	2865.100	2944.600
		3.314	2.775

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	2773.200	2865.100	2944.600
Profit	50.354	51.868	49.610
	1.82%	1.81%	1.68%

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	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	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]	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

BUSINESS AND FINANCIAL RESULTS:

During the year the Company has posted a turnover of Rs. 2944.600 Millions as compared to the earlier year Rs. 2865.100 Millions and this turnover has earned a net profit of Rs. 49.610 Millions as compared to Rs. 51.868 Millions earlier year and due to which the Company has been able to build a sizeable amount of Reserve and Surplus of Rs. 221.862 Millions up to the current year. On the perusal of the above figure, it is clear that the Company has achieved a good growth in turnover as well as in profit.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Rupee term loans from others	105.699	0.000
Rupee term loans from banks	0.000	6.004
Total	105.699	6.004

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10217453	09/11/2011 *	289,000,000.00	BANK OF BARODA	VKI AREA BRANCH, JAIPUR, RAJASTHAN - 302001, INDIA	B29006350
2	10212740	04/07/2012 *	1,332,500,000.00	UNION BANK OF INDIA	M.I. ROAD BRANCH, ALLAHABUX BUILDING, 1ST FLOOR, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B43890151

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• 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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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.