MIRA INFORM REPORT

Report Date :

22.10.2014

IDENTIFICATION DETAILS

Name :	ACCENT METALS PRIVATE LIMITED [w.e.f.13.03.2002]
Formerly Known As :	COMINCO METAL IMPEX PRIVATE LIMITED
Registered Office :	F/12, Everest, 7th Floor, 156 Tardeo Road, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.02.1997
Com. Reg. No.:	11-106005
Capital Investment / Paid-up Capital :	Rs. 25.900 Millions
CIN No.: [Company Identification No.]	U51420MH1997PTC106005
IEC No.:	0303067802
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18138B
PAN No.: [Permanent Account No.]	AAACC6643A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Copper and Copper based Alloy Extruded Semis and Finished.
No. of Employees :	141 (Approximately) (15 in Office and 126 in Factory)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company possesses an acceptable financial profile marked by comfortable capital structure on account of funding support from its promoters, along with moderate working capital requirements and debt protection metrics. Management has witnessed a rapid growth in its revenue base, whereas has reported a low profit margin due to increase in proportion of trading sales during FY14. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings at usual trade terms and conditions 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 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 willfully 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	CRISIL
Rating	Long term rating = BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	September 25, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 25, 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 PARTED BY

Name :	Mr. Ravindra Kumar Jha
Designation :	Senior Finance Manager
Contact No.:	91-8007840909
Date :	20.10.2014

LOCATIONS

Registered Office :	F/12, Everest, 7th Floor, 156 Tardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23520840
Mobile No.:	91-8007840909 [Mr. Ravindra Kumar Jha]
Fax No.:	91-22-23524085
E-Mail :	accent.mtls@siffy.com admin@accentmetals.in
Area :	490 Sq. ft.
Location :	Rented
Factory :	C-46, TTC Industrial Area, MIDC, Pawane Village, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-27681240
Fax No.:	91-22-27619601
E-Mail :	accounts@accentmetals.in
Area :	98562 Sq. ft.
Location :	Leased

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Chetan Suryakant Shrimanker

Designation :

Director

Address :

12, Milan Shopping Centre, M G Road, 3^rd Floor, Mumbai – 400086, Maharashtra, India

Date of Birth/Age :

04.07.1961

Date of Appointment :

20.02.1997

Brief Description :

He is B. Sc. from Mumbai University. He has got experience of more than 29 years in Metal Industry. Presently he is looking after factory operations, production, marketing and general administration of the company.

PAN No.:

AAEPS5507J

DIN No.:

00385238

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	U27200MH1989PTC054040	NIZALCO METALS PRIVATE LIMITED	Director	25/10/1989	25/10/1989	-	Active	NO
2	U65990MH1989PTC054741	MANDARIN SECURITIES AND FINANCIAL TRUST PRIVATE LIMITED	Director	02/01/1990	02/01/1990	-	Strike off	NO
3	U51420MH1997PTC106005	ACCENT METALS PRIVATE LIMITED	Director	20/02/1997	20/02/1997	-	Active	NO
4	U27300MH1998PTC113164	NISI METALS PRIVATE LIMITED	Director	22/01/1998	22/01/1998	10/05/2014	Active	NO
5	U45201WB2004PTC098087	FASTFLOW ENCLAVE MAKER PRIVATE LIMITED	Managing director	30/04/2013	15/01/2007	-	Active	NO
6	U67190MH1989PTC053291	PALOMINO RISK CONSULTING PRIVATE LIMITED	Director	31/08/2010	04/12/2009	-	Active	NO

Name :

Mr. Rajesh Nandlal Shrimanker

Designation :

Director

Address :

33-35, V P Road, Rambaug, 1^st Floor, C P Tank, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

02.02.1956

Date of Appointment :

20.02.1997

Brief Description :

He is MBA from USA. He has got experience of more than 29 years in Metal Industry and he has acquired in depth knowledge of this field. Presently he is looking after raw material procurements and financial affairs of the company.

PAN No.:

AACPS1669R

DIN No.:

00385376

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	U27200MH1989PTC054040	NIZALCO METALS PRIVATE LIMITED	Director	25/10/1989	25/10/1989	-	Active	NO
2	U51420MH1997PTC106005	ACCENT METALS PRIVATE LIMITED	Director	20/02/1997	20/02/1997	-	Active	NO
3	U27300MH1998PTC113164	NISI METALS PRIVATE LIMITED	Director	22/01/1998	22/01/1998	10/05/2014	Active	NO
4	U45201WB2004PTC098087	FASTFLOW ENCLAVE MAKER PRIVATE LIMITED	Director	30/04/2013	15/01/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravindra Kumar Jha
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Names of Shareholders	No. of Shares
Chetan Suryakant Shrimanker	1000000
Rajesh Nandlal Shrimanker	900000
Kalpana Rajesh Shrimanker	69900
Devendra Jashwantrai Shrimanker	300
Shefali Shrimanker	15000
Shefali Shrimanker, Partner of Chirag Corporation	101900
Shefali Shrimanker, Partner of Mitchell Associates	101900
Prakshat Rajesh Shrimanker	55000
Juleen Kirit Malavia	100
Dishin Chetan Shrimanker	55900
Fast Flow Enclave Makers Private Limited	160000
Palomino Risk Consulting Private Limited	130000
Total	2590000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	12.66
Directors or relatives of directors	87.34
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Copper and Copper based Alloy Extruded Semis and Finished.
Imports :
Products :	Copper Scrap
Countries :	· England · USA · UK
Trade References :	· C.F. Booth Limited · Millennium Metals Inc. · Premier Metals Recyclers Limited
Terms :
Selling :	Credit [90 Days]
Purchasing :	L/C and Credit [30 Days]

PRODUCTION STATUS

Production Capacity

6000 Tons Annually

GENERAL INFORMATION

Suppliers :

· Pramanik Metal Corporation

Address: Shop No.4, Anupam Villa, Bail Bazar Marg, Old Kurla, Mumbai – 400070, Maharashtra, India

Tel. No.: 91-22-25033828

· Sha Mulchand Navalram Jain

Address: Shop No. 2, Shree Padamshi Bhuvan, 22, Nath Madhav Lane, C.P. Tank, Mumbai – 400004, Maharashtra, India

Contact Person: Mr. Dinesh Jain

Tel. No.: 91-22-23883024

· J.K. Metal Feeders

Address: 23, Ardershir Dady Cross Lane, Patel Building, Shop No. 5, Mumbai – 400004, Maharashtra, India

Contact Person: Mr. Jitendra Shah

Tel. No.: 91-22-23829414

· Bharat Insulation Company (India) Limited

Address: E-7, Waluj Industrial Area, Aurangabad – 431133, Maharashtra, India

Tel. No.: 91-22-25823911

· Vagrecha Enterprises

Address: 58, Ganesh Krupa Building, Shop No. 7, Mugbhai Lane, Thakurdwar, Mumbai – 400002, Maharashtra, India

Tel. No.: 91-22-66333373

Customers :

Wholesalers, End Users and Others

· Neelay Industries

Address: Plot No. D-53, MIDC, Satpur, Nashik – 422007, Maharashtra, India

Contact Person: Mr. Ramakant

Tel. No.: 91-253-2354512

· Dosi Metals Product Private Limited

Address: Gala No. 18 and 19, Mulchand Kothari Compound, Rehnal, Bhiwandi, Thane, Maharashtra, India

Contact Person: Mr. Sureshbhai

Tel. No.: 91-252-2323568

· S.K. Metal Industries

Address: 137/139, Kika Street, Gulalwadi, 3^rd Floor, Mumbai, Maharashtra, India

Tel. No.: 91-22-23471018

· Mandev Tubes Private Limited

Address: Plot No. 269, GIDC Industrial Estate, Umbergaon, District Valsad – 396171, Gujarat, India

Contact Person: Mr. Rameshbhai

Tel. No.: 91-260-2565132

· Bokedia Metals

Address: 68-A, Islampura Street, Ground Floor, Mumbai – 400004, Maharashtra, India

Mobile No.: 91-9323420113

No. of Employees :

141 (Approximately) (15 in Office and 126 in Factory)

Bankers :

· Bank of India

8A, Bhulabhai Desai Road, Mahalaxmi Templr, Tardeo, Mumbai – 400026, Maharashtra, India

· State Bank of India

Industrial Finance Branch Mumbai, “The Arcade”, 2^nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

· The Karur Vysya Bank

Mumbai Fort Branch, Mumbai, Maharashtra, India

Facilities :

Credit Limit = Rs. 277.300 Millions [From State Bank of India]

Credit Limit = Rs. 192.500 Millions [From The Karur Vysya Bank]

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans State Bank of India – 30017536085	0.000	0.746
State Bank of India – 30261128088	0.000	0.700
State Bank of India – 30333374522	0.000	9.000
Car Loan HDFC 1	0.176	1.008
HDFC 2 [Secured against hypothecation of Motor Car]	0.003	0.932
SHORT TERM BORROWINGS
Cash Credit Account State Bank of India	171.487	150.152
Car Loan HDFC 4	0.000	0.095
Total	171.666	162.633

Banking Relations :	--
Auditors :
Name :	Bhupendra Shroff and Company Chartered Accountants
Address :	402, Auto Commerce House, Kennedy Bridge, Near Nana Chowk, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23868570
Fax No.:	91-22-23855762
E-Mail :	bn_shroff@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAAFR1878D
Associates/Subsidiaries :	· Nizalco Metals Private Limited [U27200MH1989PTC054040] C-353, TTC Industrial Area, Pawane Village, Navi Mumbai – 400034, Maharashtra, India · Chirag Corporation F/12, Everest Building, 7^th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India · Fastflow Enclave Maker Private Limited [U45201WB2004PTC098087] 28, Gran Lane, 4^th Floor, Room No. 65, Hare Street, Kolkata – 700012, West Bengal, India · Mitchell Associates F/12, Everest Building, 7^th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India · Niki Braznco Industries F/12, Everest Building, 7^th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India · Orbit Corporation F/12, Everest Building, 7^th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs. 10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2590000	Equity Shares	Rs. 10/- each	Rs. 25.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.900	17.900	17.900
(b) Reserves & Surplus	249.482	155.647	137.188
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	50.000	0.000
Total Shareholders’ Funds (1) + (2)	275.382	223.547	155.088
(3) Non-Current Liabilities
(a) long-term borrowings	154.457	287.751	270.304
(b) Deferred tax liabilities (Net)	16.125	12.862	9.260
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	16.700	11.300	0.000
Total Non-current Liabilities (3)	187.282	311.913	279.564
(4) Current Liabilities
(a) Short term borrowings	244.494	151.504	153.259
(b) Trade payables	111.399	428.641	133.458
(c) Other current liabilities	36.174	43.998	30.471
(d) Short-term provisions	0.000	0.000	13.737
Total Current Liabilities (4)	392.067	624.143	330.925
TOTAL	854.731	1159.603	765.577
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	296.737	312.203	322.708
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.902	10.830	2.707
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	313.639	323.033	325.415
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	317.629	236.531	262.744
(c) Trade receivables	201.530	578.422	134.731
(d) Cash and cash equivalents	11.560	19.089	15.245
(e) Short-term loans and advances	10.373	2.528	27.442
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	541.092	836.570	440.162
TOTAL	854.731	1159.603	765.577

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	2125.965	1652.100	1300.670
		Other Income	1.590	2.326	(0.108)
		TOTAL (A)	2127.555	1654.426	1300.562
Less	EXPENSES
		Cost of Materials Consumed	2023.779	1479.328	1239.565
		Direct Expenditure	35.391	48.620	31.048
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(78.151)	(12.183)	(82.717)
		Employees benefits expense	8.642	8.812	7.289
		Other expenses	7.769	10.063	8.504
		TOTAL (B)	1997.430	1534.640	1203.689
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		130.125	119.786	96.873
Less	FINANCIAL EXPENSES (D)		82.945	75.483	56.342
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.180	44.303	40.531
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.682	16.392	14.991
	PROFIT BEFORE TAX (E-F) (G)		30.498	27.911	25.540
Less	TAX (H)		8.663	9.452	11.930
	PROFIT AFTER TAX (G-H) (I)		21.835	18.459	13.610
	Earnings Per Share (Rs.)		8.43	10.31	7.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.03	1.12	1.05
Net Profit Margin (PBT/Sales)	(%)	1.43	1.69	1.96
Return on Total Assets (PBT/Total Assets}	(%)	3.57	2.41	3.34
Return on Investment (ROI) (PBT/Networth)		0.11	0.12	0.16
Debt Equity Ratio (Total Debt/Networth)		1.45	1.96	2.73
Current Ratio (Current Asset/Current Liability)		1.38	1.34	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	17.900	17.900	25.900
Reserves & Surplus	137.188	155.647	249.482
Share Application money pending allotment	0.000	50.000	0.000
Net worth	155.088	223.547	275.382
Long-term borrowings	270.304	287.751	154.457
Short term borrowings	153.259	151.504	244.494
Total borrowings	423.563	439.255	398.951
Debt/Equity ratio	2.731	1.965	1.449

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1300.670	1652.100	2125.965
		27.019	28.683

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1300.670	1652.100	2125.965
Profit	13.610	18.459	21.835
	1.05%	1.12%	1.03%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

UNSECURED LOANS	31.03.2014	31.03.2013
LONG-TERM BORROWINGS
Loans from Directors	0.178	0.178
Loans from Shareholders	144.198	264.953
Loans from Corporates	1.515	1.438
Loans from Banks and Financial Institutions	8.387	8.796
SHORT TERM BORROWINGS
Overdraft Account Standard Chartered Bank	0.000	1.257
Loans and advances from related parties	73.007	0.000
Total	227.285	276.622

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS	31.03.2015	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.900	25.900
(b) Reserves & Surplus	275.520	303.750
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	301.420	329.650
(3) Non-Current Liabilities
(a) long-term borrowings	164.457	174.457
(b) Deferred tax liabilities (Net)	19.402	22.616
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	24.208	32.302
Total Non-current Liabilities (3)	208.067	229.375
(4) Current Liabilities
(a) Short term borrowings	204.500	221.692
(b) Trade payables	253.786	304.719
(c) Other current liabilities	44.645	48.982
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	502.931	575.393
TOTAL	1012.418	1134.418
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	287.603	274.643
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	22.902	28.902
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	310.505	303.545
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	363.453	436.143
(c) Trade receivables	314.526	377.432
(d) Cash and cash equivalents	21.507	14.281
(e) Short-term loans and advances	2.427	3.017
(f) Other current assets	0.000	0.000
Total Current Assets	701.913	830.873
TOTAL	1012.418	1134.418

------------------------------------------------------------------------------------------------------------------------------

PROJECTED PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2015	31.03.2016
	SALES
		Revenue from Operations	2551.158	3061.389
		Other Income	1.000	1.100
		TOTAL (A)	2552.158	3062.489
Less	EXPENSES
		Cost of Materials Consumed	2315.798	2780.557
		Direct Expenditure	63.779	76.535
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.933)	(10.170)
		Employees benefits expense	12.756	15.307
		Other expenses	12.756	15.307
		TOTAL (B)	2394.156	2877.536
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		158.002	184.953
Less	FINANCIAL EXPENSES (D)		102.046	122.456
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.956	62.497
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.134	22.960
	PROFIT BEFORE TAX (E-F) (G)		36.822	39.537
Less	TAX (H)		10.784	11.307
	PROFIT AFTER TAX (G-H) (I)		26.038	28.230
	Earnings Per Share (Rs.)		10.05	10.90

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NETWORTH STATEMENT

MR. RAJESH N. SHRIMANKER

(RS. IN MILLIONS)

Liabilities	31.03.2014	Assets	31.03.2014
Capital [Networth]	75.450	Investment in Shares, Mutual Funds and Government Securities	68.375
		Loans given	5.860
		Cash and Bank Balances	1.215
Total	75.450	Total	75.450

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NETWORTH STATEMENT

MR. CHETAN SHRIMANKER

(RS. IN MILLIONS)

Liabilities	31.03.2014	Assets	31.03.2014
Capital [Networth]	82.640	Investment in Shares, Mutual Funds and Government Securities	71.220
		Loans given	9.750
		Cash and Bank Balances	1.670
Total	82.640	Total	82.640

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which the valuation is made

For assessment of fair market value of the property for bank purpose.

Date of Inspection

25.10.2012

Date as on which valuation is made

27.10.2012

List of documents produced for perusal

Other document

Ø Lease agreement copy dated 09.01.2006.

Ø Approved Plan Copy

Ø Old Valuation report dated 09.05.2011

Name of the Owner and his/ their address with phone no. [details of share of each owner in case of joint ownership]

M/s. Accent Metals Private Limited

Brief description of the property

Leasehold Plot of land along with improvements constructed on plot bearing

Plot No. C-46, MIDC, Trans Thane Creek Industrial Area, Behind Savita Chemicals/ Grand Foundry, Village Pawane, District Thane – 400701, Maharashtra

Location of Property

Plot No. / Survey No.

Door No.

T.S. No./ Village

Ward/ Taluka

Mandal/ District

Plot No. C-46

--

Village Pawane

District Thane

--

Postal address of the property

As stated under Sr. No. 5

City/ Town

Residential Area

Commercial Area

Industrial Area

Industrial Area

Classification of the Area

Ø High/ Middle/ Poor

Ø Urban/ Semi Urban/ Rural

Middle Class

Semi Urban

Coming under Corporation limit/ Village Panchayat/ Municipality

Within jurisdiction of MIDC / NMMC

Boundaries of the property

North

South

East

West

Industrial Plot

MIDC Internal Road

Industrial Factory

Nalla/ Industrial Factory

Latitude: 19⁰ 05’04.22” N.

Longitude: 73⁰ 01’30.08” E.

Dimension of the site

North

South

East

West

Total plot area as per documents is 9160 Sq. Mt.

Extent of the site

9160 Sq. Mt.

Extent of the site considered for valuation

9160 Sq. Mt.

Whether occupied by the owner/ tenant? If occupied by tenant since how long? rent received per month

Yes, Self-Occupied

CHARACTERISTICS OF THE SITE

Classification of locality

Middle Class

Development of surrounding areas

Mostly industrial units

Possibility of frequent flooding/ submerging

Seems possible during heavy rains.

Feasibility to the Civic amenities like School, Hospital, Bus Stop, Market etc.

Available within 2-3 Kms.

Level of land with topographical conditions

Leveled plot

Shape of land

Irregular in shape

Type of use to which it can be put

Industrial

Any usage restriction

Not Aware

Is plot in town planning approved layout?

MIDC Area

Corner plot or Intermittent plot?

Intermittent plot

Road facilities

Available

Type of road available at present

Tar Road

Which of road is it below 20 fts or more than 20 fts

Below 20 fts

Is it Land – Locked land

No

Water potentially

Available borewell.

Underground sewerage system

Available

Power supply is available at the site

Yes

Advantage of the site

Well-developed / planned MIDC industrial locality

General remarks, if any like threat of acquisition of land for publics service purposes, road widening or applicability of CRZ provisions etc. [distance from the sea coast / tidal level must be incorporated]

Seems remote

PART A [VALUATION OF LAND]

Size of plot

North and South

East and West

9160 Sq. Mts.

Total extent of the plot

9160 Sq. Mts.

Prevailing market rate

Around Rs. 35000/- per Sq. Mt.

Guideline rate obtained from the Registrar’s Office [an evidence thereof to be enclosed]

There are for the purpose of stamp duty and registration.

Assessed/ adopted rate of valuation

Rs. 35000/- per Sq. Mt.

Estimated value of land

Refer Valuation Part

PART A [VALUATION OF BUILDING]

Technical details of the building

Type of building [Residential/ Commercial/ Industrial]

Industrial

Type of construction [Load bearing / RCC / Steel Framed]

RCC framed structures

Year of construction

Refer Valuation Part

Number of floors and height of each floor including basement, if any

Refer Valuation Part

Plinth area floor wise

Refer Valuation Part

Condition of the building

Satisfactory maintained

Exterior – Excellent, Good, Normal, Poor

Specification of construction [floor]

Satisfactory maintained

Foundation

RCC

Basement

NA

Superstructure

230 mm thick wall

Joinery / Doors and Windows [please furnish details about size of frames, shutters, glazing, fitting etc. and specify the species of timber]

Aluminum framed glazed windows, Wooden doors.

RCC Works

NA

Plastering

Plastered and White washed

Flooring, Shirting, Dadoing

Spartek tiles/ PCC flooring

Special finish as marble, granite, wooden paneling, grills etc.

None

Roofing including weather proof course

RCC/ AC sheet roofing

Drainage

To septic tank

Compound Wall

Height

Length

Type of Construction

About 7 feet

All around the boundary of the plot

BB masonry walls

Electrical Installation

Type of wiring

Class of fittings [Superior / Ordinary / Poor]

Number of light points

Fan point

Spare plug point

Any other item

Open surface/ casing/ concealed conduit wiring

Ordinary

--

--

--

--

Plumbing Installation

No. of water closets and their type

No. of wash basins

No. of urinals

No. of bath

Water meters, taps etc.

Any other fixtures

Separate Toilets

PART – VALUATION

LOCALITY

The subject property is located in a well-developed industrial locality of TTC Industrial Area, Pawana, Navi Mumbai. Nearest communication center is Turbhe railway station and the said subject property is about kms from Vashi Township, with autorikshas and buses easily available from the station and various points of the city upto the particular locality. Civic amenities such as banks, markets, schools, etc. are within a radius of 2-3 kms from the building. Major land mark for the building is Near Savita Chemicals.

PLOTS

The plot bears Plot No. C-46, MIDC Trans Thane Creek Industrial Area, Village Pawana, Navi Mumbai. As verified from the documents provided to them, total plot admeasures 9160 Sq. Mt. and has been leased to Accent Metals Private Limited, for a lease period of 95 years w.e.f. 2006. The compound of the plot is paved and enclosed by a 7 feet height RR masonry/ barbed wire fencing type compound wall with a MS Gate. The plot is irregular in shape and is bounded as,

Towards North	Industrial Plot
Towards South	MIDC Internal Road
Towards East	Industrial Factory
Towards West	Nalla/ Factory

Latitude: 19⁰ 05’04.22” N.

Longitude: 73⁰ 01’30.08” E.

Based on information gathered / collected from local office and considering real estate market condition, locality, marketability, location / shape of the plot, area of the plot, plot abutting to MIDC road and other relevant factors, they adopt a land rate of Rs. 35000/- per Sq. Mt.

Therefore value of the Land (Plot)

9160 Sq. Mt. x Rs. 35000/- per Sq. Mt. Rs. 320.600 Millions [A]

IMPROVEMENTS

Administrative Building

The building is Ground + 1 storied RCC framed structure with RCC slab roofing constructed somewhere in the year 2006-07 or thereabout. As on date of inspection the building was found to be in a satisfactory maintained condition and requires repairs/ maintenance to be carried out.

The premises has PCC / Kota stone flooring, casing wiring, aluminum framed windows, 230 / 115 mm thick burnt masonry walls plastered and white washed, M.S. rolling shutter/ wooden doors etc. There are adequate nos. of toilets present. As on date of inspection ground floor is used as production area and first floor is being used for office.

Factory Building

This building is single storied, M.S. framed structure having A.C. / GI sheet roofing resting on M.S. section, constructed somewhere in the year of 2006-07 or thereabout. As on date of inspection, building was found to be in satisfactory maintained condition. The factory shed has PCC flooring, MS rolling shutter, open surface wiring, walls plastered and color washed. The center height of the factory shed is 10 Mt. [Approx.]

As verified from the document provided to them, total constructed area for the building works out to 5917 Sq. Mt.

Therefore value of the Building

5917 Sq. Mt. x Rs. 8000/- per Sq. Mt. Rs. 47.336 Millions [B]

Development

Development such as compound wall, trees plantation, PCC paved compound, lean to shed, water tanks, ETP, etc. have been done on the plot.

Valuation Motivation

Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsions.

For the purpose of valuation of the said property, they have adopted the ‘land and Building Method of Valuation’ in which the land value based on prevailing land rates in the locality is added to the depreciated value of the improvements to arrive at the market value.

Valuation

Taking cognizance of the facts as stated above, marketability, well developed locality, year of construction of the building, physical condition/ life of the building, technical details of the building under consideration for valuation, total constructed area of the building and various other information gathered in this regard, they ascertain the fair market value of the aforesaid assets as

Land	A	Rs. 320.600 Millions
Building	B	Rs. 47.336 Millions
Development	C	Rs. 2.000 Millions
Total		Rs. 369.936 Millions

Say Rs. 370.000 Millions as on 25.10.2012 for bank purpose.

Distress sale value

Considering the factors as stated above they are of the opinion that the distress sale value of the aforesaid property would be as,

Land and Improvement and Development [15% less]

Rs. 314.500 Millions

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COMPANY PROFILE

Brief History

The company initially set up an industrial unit for manufacture of copper and copper based extruded semis like bars, tubes profile etc. at Navi Mumbai with cost of project of Rs. 142.500 Millions part financed by SBI by way of Term Loan of Rs. 97.500 Millions which commenced trial production from December 2006.

In December, 2007 the company undertook expansion project with cost of project of Rs. 90.000 Millions part financed by SBI by way of Term Loan of Rs. 50.000 Millions.

During year 2010-11, the company undertook major plant up-gradation program to achieve better optimization and enhanced efficiency.

Initially, the company was financed Working capital limits of Rs. 60.000 Millions consisting of Cash Credit Limit of Rs. 30.000 Millions, Letter of credit facility of Rs. 25.000 Millions and Bank Guarantee Limits of Rs.500.000 Millions. In year 2006-07 by SBI and as activities of the company increase, size of working capital finance increased accordingly. In year 2009, Working Capital Facilities increased to Rs. 225.000 Millions consisting of Cash Credit limit of Rs. 150.000 Millions, Letter of Credit Facility of Rs. 50.000 Millions and Bank Guarantee limit of Rs. 25.000 Millions. In December, 2013, SBI increased CC limit to Rs. 195.000 Millions while LC limits raised to Rs. 65.000 Millions and BG Limit reduced to Rs. 10.000 Millions. In March, 2014, KVB sanctioned cash credit facility of Rs. 40.000 Millions and LC facility of Rs. 140.000 Millions.

Manufacturing process in brief

Raw materials like copper, brass, zinc, aluminum, tin etc. are procured either in the form of cathode / ingot / scrap. The scrap material is sorted, demagnetized and oil extracted before there are melted in either electrical induction furnace or oil/gas fired crucible furnace. After checking metal composition, the metal is degassed, de-oxidized and drossed off. Then metal is casted into static Cl mould or water cooled mould at proper pouring temperature. The cast billet are cut into required billet length and heated in billet heater to the extrusion temperature in the range of 700 C to 1000 C before it is placed into container with placed die assembly in extrusion machine to produce desire size of extrusion products with pre-defined speed and extrusion ratio of required alloy with necessary temperature. Extruded product is further processed by pointing and pickling before undertaking drawing process in draw benches or bull blocks through TC draw dies to give final sizes as per the requirement. The products are cut into length, straightened and offered for inspection. For tubes and wire intermediate annealing is done. After quality control checking material is suitably packed either in hessian cloth or wooden boxes, identified and dispatched as per instructions.

BUSINESS MODEL

Presently out of their total material procurement requirement. About 50% is imported mainly from USA and Europe and 50% is locally purchased. They supply their output mainly in western and southern India. In near future, they propose to expand their marketing based in northern and eastern India. They are not in export market. Their main raw materials are copper, brass and zinc. Their major customers are IOCL, Indian Insulators Limited, Kirloskar Electricals Limited, Excel India Private Limited, Bharat Heavy Electrical Limited, Excel Engineering Industries Limited, SPM Control Limited, Orbit Industries, Fitwell Corporation, CTR Manufacturing Industries Limited, Precision Electrical Components Limited, Powerica Limited, Mazgaon Dock Limited etc.

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10504415	05/04/2014 *	473,900,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, ARCADE, 2ND FLOOR, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11535796
2	80001706	05/04/2014 *	293,900,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, ARCADE, 2ND FLOOR, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11535705

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fitting

· Laboratory Equipments

· Office Equipments

· Tools and Dies

· Air Conditioner

· Computers

· Electrical Installation

· 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. 61.30
UK Pound	1	Rs. 99.16
Euro	1	Rs. 78.59

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.