MIRA INFORM REPORT

Report Date :

21.10.2014

IDENTIFICATION DETAILS

Name :	SRIJI CORPORATION PRIVATE LIMITED (w. e. f 26.04.2007)
Formerly Known As :	SUMMIT OVERSEAS PRIVATE LIMITED
Registered Office :	Plot No. D-84, Shahbad, Daulatpur Industrial Area, Opposite Shahbad Dairy, Delhi-110042
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.07.1997
Com. Reg. No.:	55-088636
Capital Investment / Paid-up Capital :	Rs.18.336 Millions
CIN No.: [Company Identification No.]	U51909DL1997PTC088636
IEC No.:	0507019946
PAN No.: [Permanent Account No.]	AACCS0609LFT002
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer, Exporter and Distributor of all kinds of Ferrous and non-ferrous, metal and alloys steel castings.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low profit margin and increased in the borrowings of the company during 2013 However, trade relations are reported as fair. Business is active. Payments terms 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 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 slowly 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	ICRA
Rating	Fund Based Limit = BB-
Rating Explanation	Moderate risk of default
Date	Jan 2014

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 DENIED BY

Name :	Mr. Mahesh Sharma
Designation :	Account Manager
Contact No.:	91-9810288171
Date :	17.10.2014

LOCATIONS

Registered Office :	Plot No. D-84, Shahbad, Daulatpur Industrial Area, Opposite Shahbad Dairy, Delhi-110042, India
Tel. No.:	91-11-23533858
Fax No.:	Not Available
E-Mail :	roc.anilashok@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Kumar Maheshwari

Designation :

Director

Address :

B-6/57, Sector-18, Rohini, Delhi-110085, India

Date of Birth/Age :

09.10.1967

Date of Appointment :

27.04.2007

DIN No.:

01362525

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	U74899DL1994PTC058423	SIMPEX OVERSEAS PRIVATE LIMITED	Director	01/10/2006	01/10/2006	10/5/2007	Active	NO
2	U51909DL1997PTC088636	Sriji Corporation Private Limited	Director	27/04/2007	27/04/2007	-	Active	NO
3	U27320DL2007PTC170634	EARTH METALLOYS PRIVATE LIMITED	Director	21/11/2007	21/11/2007	11/8/2008	Active	NO

Name :

Ms. Sunita Maheshwari

Designation :

Director

Address :

272, Deepali Enclave-Pittampura, New Delhi-110088, India

Date of Appointment :

21.07.1997

DIN No.:

00364612

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	U51909DL1997PTC088636	Sriji Corporation Private Limited	Director	01/10/20 12	21/07/1997	-	Active	NO
2	U74899DL1972PTC006418	CAPITAL FOAM INDUSTRIES PRIVATE LIMITED	Director	17/01/2003	17/01/2003	-	Active	NO
3	U72900DL1993PTC181989	DWARKESH ALLOYS PRIVATE LIMITED	Additional director	18/10/2007	18/10/2007	8/9/2008	Active	NO
4	U27320DL2007PTC170634	EARTH METALLOYS PRIVATE LIMITED	Director	21/07/2008	21/07/2008	-	Active	NO
5	U27205DL2009PTC192388	PARTH ALLOY INDUSTRY PRIVATE LIMITED	Director	20/07/2009	20/07/2009	-	Active	NO
6	U65993DL1989PLC034760	CENTURY CREDITS LTD	Director	24/03/2010	24/03/2010	-	Active	NO
7	U27200DL1996PTC075160	MISSION METLITE PRIVATE LIMITED	Director	29/09/2011	21/07/2011	18/01/2013	Active	NO

Name :

Mr. Ravi Sharma

Designation :

Additional Director

Address :

H No. 7, Shabad, Daulat Pur, Delhi – 110042, India

Date of Appointment :

16.01.2013

DIN No.:

02332438

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	U72900DL1993PTC181989	DWARKESH ALLOYS PRIVATE LIMITED	Additional director	01/09/2008	01/9/20008	21/05/2009	Active	NO
2	U51909DL1997PTC088636	Sriji Corporation Private Limited	Additional director	16/01/2013	16/01/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Sumita R Maheshwari	85700
Raj Kumar Maheshwari	124400
S.M Sharma	1000
Sanjay Kumar Trivedi	115000
R.K. Maheshwari (HUF)	100000
Styanarayan maloo	70000
Devendra kumar Trivedi	30000
Ravi sharma	130000
Ashok maheshwari	250000
Tara mandowara	32500
Deeksha p. Trivedi	150000
Mohan lal maheshwari	40000
Apex recycling p. limited	700000
Earth metalloys private limited	5000
Total	1833600

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	38.45
Directors or relatives of Directors	19.09
Other top fifty shareholders	42.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Importer, Exporter and Distributor of all kinds of Ferrous and non-ferrous, metal and alloys steel castings.

Products :

Product Description	Item Code No.
Metal scrap	7404, 74040012

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Oriental Bank of Commerce, A-Block, Connaught Place, New Delhi-110001, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loan From Banks	1.002	1.514
SHORT TERM BORROWINGS
Term Loan From Banks	340.941	195.644
Total	341.943	197.158

Banking Relations :	--
Auditors :
Name :	Anil Ashok and Associates Chartered Accountant
Address :	4117, 1^st Floor, Naya Bazar, Delhi-110006, India
Tel. No.:	91-11-23962062/ 23923496
Fax No.:	91-11-23911438
E-Mail :	delhi@anilashok.com
PAN No:	AADFA5288M

CAPITAL STRUCTURE

As on 30.09.2013

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
1833600	Equity Shares	Rs.10/- each	Rs.18.336 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	18.336	18.336	18.336
(b) Reserves & Surplus	94.614	89.844	85.300
(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)	112.950	108.180	103.636
(3) Non-Current Liabilities
(a) long-term borrowings	56.494	11.358	7.190
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	56.494	11.358	7.190
(4) Current Liabilities
(a) Short term borrowings	340.941	195.644	135.566
(b) Trade payables	77.545	334.018	62.943
(c) Other current liabilities	4.610	5.592	62.530
(d) Short-term provisions	2.664	4.683	7.081
Total Current Liabilities (4)	425.760	539.937	268.120
TOTAL	595.204	659.475	378.946
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.981	9.086	1.286
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.278	0.098	0.107
(d) Long-term Loan and Advances	0.082	0.082	0.082
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.341	9.266	1.475
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.867	262.766	157.047
(c) Trade receivables	387.655	257.929	169.704
(d) Cash and cash equivalents	155.327	101.780	1.336
(e) Short-term loans and advances	14.014	27.734	49.384
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	585.863	650.209	377.471
TOTAL	595.204	659.475	378.946

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1424.530	NA	1144.727
Less	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		6.735	NA	11.480
Less	TAX		1.965	NA	3.601
	PROFIT/(LOSS) AFTER TAX		4.770	4.543	7.879
	Earnings / (Loss) Per Share (Rs.)		0.26	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.33	NA	0.69
Return on Total Assets (PBT/Total Assets}	(%)	1.13	NA	3.03
Return on Investment (ROI) (PBT/Networth)		0.06	NA	0.11
Debt Equity Ratio (Total Debt /Networth)		3.52	1.91	1.38
Current Ratio (Current Asset/Current Liability)		1.38	1.20	1.41

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	18.336	18.336	18.336
Reserves & Surplus	85.300	89.844	94.614
Share Application money pending allotment	0.000	0.000	0.000
Net worth	103.636	108.180	112.950
Long Term borrowings	7.190	11.358	56.494
Short Term borrowings	135.566	195.644	340.941
Total borrowings	142.756	207.002	397.435
Debt/Equity ratio	1.377	1.913	3.519

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	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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Others Loan and Advance	5.491	9.844
Total	5.491	9.844

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10311223	27/09/2011	469,000.00	Oriental Bank Of Commerce	A-Block, Connaught Place, New Delhi, Delhi - 110001, India	B22957427
2	10059085	30/03/2012	207,500,000.00	Oriental Bank Of Commerce	A-Block, Connaught Place, New Delhi, Delhi - 110001, India	B36735181

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		29

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.