MIRA INFORM REPORT

Report Date :

28.10.2014

IDENTIFICATION DETAILS

Name :	BMC METALCAST LIMITED
Registered Office :	174 C.R. Avenue 2^nd FL, Kolkata - 70001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.02.1995
Com. Reg. No.:	21-068677
Capital Investment / Paid-up Capital :	Rs. 14.951 Millions
CIN No.: [Company Identification No.]	U27102WB1995PLC068677
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer of Automobile Components and Castings
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behavior :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track Management has witnessed a dip in its sales volume as well as net profitability during FY13. However, trade relations seem to be fair. Business is a7ctive. Payment terms are reported as 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 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.

On Mobile 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.

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. Krishna Mandal
Designation :	Office Executive
Contact No.:	91-91-657-6459312
Date :	22.10.2014

LOCATIONS

Registered Office :	174 C.R. Avenue 2^nd FL, Kolkata - 70001, West Bengal, India
Tel. No.:	91-33-30225668
Fax No.:	Not Available
E-Mail :	dokania3@yahoo.com
Factory :	A-18, 19, 2nd Phase, Industrial Area, Adityapur. Jamshedpur, Jharkhand - 832109, India
Tel. No.:	91-657-2200387/6541444
Fax No.:	91-657-2200387/2228480

DIRECTORS

As on: 30.09.2013

Name :

Mr. Mahabir Ram

Designation :

Director

Address :

97, C.H. Area (North-West), Sonari, Jamshedpur, Jharkhand, India

Date of Appointment :

09.03.1995

DIN No.:

00400091

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	U27109WB1992PTC054959	BIHAR STRIPS PVT. LTD.	Director	27/03/1992	27/03/1992	-	Active	NO
2	U27102WB1995PLC068677	B.M.C.METALCAST LTD.	Director	09/03/1995	09/03/1995	-	Active	NO
3	U51109WB1999PTC088987	JAMSHEDPUR MINERALS PRIVATE LIMITED	Director	16/03/1999	16/03/1999	-	Active	NO
4	U51109WB2005PTC102260	SNEHA DEALERS PRIVATE LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
5	U51109WB2007PTC113651	ELEGANT VINCOM PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	-	Active	NO
6	U27101WB2011PTC159614	BMC FERROCAST PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO

Name :

Mr. Jaya Dokania

Designation :

Director

Address :

BJ-233, Sector – 11, Kolkata-700091, West Bengal, India

Date of Appointment :

09.03.1995

DIN No.:

00400432

Name :

Mr. Deepak Dokania

Designation :

Director

Address :

BJ-233, Sector – 11, Kolkata-700091, West Bengal, India

Date of Birth/Age :

21.07.1964

Date of Appointment :

09.03.1995

DIN No.:

01226851

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	U27102WB1995PLC068677	B.M.C.METALCAST LTD.	Director	09/03/1995	09/03/1995	-	Active	NO
2	U51109WB2005PTC102260	SNEHA DEALERS PRIVATE LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
3	U27101WB2011PTC159614	BMC FERROCAST PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Jaya Dokania	398220
Deepak Dokania	204080
Mahabir Ram	148736
Manish Dokania	100
Birma Chandra	10
Bihar Strips Private Limited	447500
Saphire securities Private limited	60000
Jamshedpur Minerals Private Limited	150000
Bimlok Plantare Private Limited	50000
	1,458,646

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Components and Castings
Products:	Rear hubs Suspension items Valve guides Guide plates Support plates Mounting cups Spacer rings, etc.

GENERAL INFORMATION

Customers:

• M/s Tata Motors Limited, Jamshedpur, Pune and Lucknow, India
• M/s Tata Iron and Steel, Jamshedpur, India
• M/s Metapdyne Industries Limited, American Collaboration
• M/s Electrosteel Castings Limited, India
• International Auto Limited, India
• M/s Colombo Commercial Corporation, Sri Lanka
• M/s Singer Sri Lanka, Sri Lanka
• Akal Spring Limited
• Automotive Axles Limited
• BMC Ferrocast Private Limited
• Jag Rattan Daan Singh
• Tata Motors Limited.(SPD.BNG)
• Tata Steel
• TML Drivelined Limited
• UL Limited, Kolkata
• York Transport Equipt Private Limited

Supplier:

• Adhunik Pariwahan
• Alcalab Private Limited
• Ambica Tranport and Forwarding Agency
• A.N. Enterprises
• Annapurna Electrical Works
• Avery India Limited
• Avon Fire Engineering Corporation
• Ayush Engineering Works
• Bhurjee Engineering Works
• Bihar Strips Private Limted
• B.P. Traders
• Diamond Enterprises
• First Flight Courier Limited
• Geeta Courier Limited
• K and Akash Enterprises

No. of Employees :

Not Divulged

Bankers :

• Union Bank of India, Msme Branch, Bistupur, Jamshedpur - 831001, Jharkhand, India
• State Bank of India, Rit, Jamshedpur, India
• Indusind Bank Limited
• HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short term Borrowing
Union Bank of India, (Cash Credit)	9.100	30.099
HDFC Bank Car Loan	0.000	0.287
Total	9.100	30.386

Security:

Working capital loan from Bank is Secured by hypothecation of raw materials, Finished Goods (Present and Future) Stock in Transit and Book Debts and Pledge of Fixed Deposit and Recurring Deposit and against Mortgage of Fixed Assets.

Banking Relations :	--
Auditors :
Name :	Harlalka Gupta and Associates Chartered Accountants
Address :	2nd Floor, Avishkar Duagonal Point, Diagonal Road, Bistupur, Jamshedpur- 831001, Jharkhand, India
Tel. No.:	91-657-2317050
E-Mail :	gharialka@sify.com
PAN No.:	ACVPG3890M

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1,458,646	Equity Shares	Rs.10/- each	Rs. 14.586 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	14.586	14.586	14.586
(b) Reserves & Surplus	38.670	34.621	29.766
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.365	0.365	0.365
Total Shareholders’ Funds (1) + (2)	53.621	49.572	44.717
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.750	2.323	3.039
(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)	1.750	2.323	3.039
(4) Current Liabilities
(a) Short term borrowings	10.171	30.386	23.213
(b) Trade payables	0.000	0.000	17.467
(c) Other current liabilities	0.000	0.000	4.183
(d) Short-term provisions	40.181	27.856	1.048
Total Current Liabilities (4)	50.352	58.242	45.911
TOTAL	105.723	110.137	93.667
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.405	41.175	47.450
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.835
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.229	15.747	11.350
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.890	19.547	2.039
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	68.524	76.469	61.674
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.197	2.470	4.445
(c) Trade receivables	15.693	6.327	13.316
(d) Cash and cash equivalents	9.309	24.871	13.246
(e) Short-term loans and advances	0.000	0.000	0.986
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	37.199	33.668	31.993
TOTAL	105.723	110.137	93.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	304.760	424.867	327.717
		Other Income	3.710	2.650	1.734
		TOTAL (A)	308.470	427.517	329.451
Less	EXPENSES
		Cost of Materials Consumed	171.811	234.797	215.823
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.285)	0.590	1.526
		Employees benefits expense	6.981	9.422	5.550
		Other expenses	121.815	166.943	87.942
		TOTAL (B)	293.322	411.752	310.841
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.148	15.765	18.610
Less	FINANCIAL EXPENSES (D)		0.257	0.293	1.140
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.891	15.472	17.470
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.806	8.438	7.650
	PROFIT BEFORE TAX (E-F) (G)		6.085	7.034	9.820
Less	TAX (H)		2.036	2.180	5.939
	PROFIT AFTER TAX (G-H) (I)		4.049	4.854	3.881
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.021	0.266	0.385
Less	APPROPRIATIONS
	Transfer to General Reserve		4.000	5.100	4.000
	Dividend		0.000	0.000	0.000
	Tax on Dividend		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		0.070	0.021	0.266
	Earnings Per Share (Rs.)		2.78	3.33	3.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.31	1.14	1.18
Net Profit Margin (PBT/Sales)	(%)	2.00	1.66	3.00
Return on Total Assets (PBT/Total Assets}	(%)	6.72	7.45	12.05
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.22
Debt Equity Ratio (Total Debt/Networth)		0.19	0.61	0.52
Current Ratio (Current Asset/Current Liability)		0.74	0.58	0.70

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	14.586	14.586	14.586
Reserves & Surplus	29.766	34.621	38.670
Share Application money pending allotment	0.365	0.365	0.365
Net worth	44.717	49.572	53.621
long-term borrowings	0.000	0.000	0.000
Short term borrowings	23.213	30.386	10.171
Total borrowings	23.213	30.386	10.171
Debt/Equity ratio	0.519	0.613	0.190

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	327.717	424.867	304.760
		29.644	(28.269)

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	327.717	424.867	304.760
Profit	3.881	4.854	4.049
	1.18%	1.14%	1.33%

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	Yes
18]	Major customers	Yes
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	No

UNSECURED LOAN

Particular	As on 31.03.2013 (Rs. In Millions)	As on 31.03.2012 (Rs. In Millions)
Short term Borrowing
Loan From Shareholder’s	1.071	0.000
Total	1.071	0.000

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10362604	06/06/2012	9,500,000.00	UNION BANK OF INDIA	MSME BRANCH, BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001, INDIA	B42444372
2	10342910	16/03/2012	73,000,000.00	UNION BANK OF INDIA	MSME BRANCH, MAINROAD, BISTUPUR, JAMSHEDPUR, JHAR  KHAND - 831001, INDIA	B35283563

FIXED ASSETS:

• Lease hold Land
• Building
• Plant and Machinery
• Vehicle
• Furniture and Fixture
• Computer
• Flat

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 records 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.61.23
UK Pound	1	Rs.98.53
Euro	1	Rs.77.75

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		42

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.