MIRA INFORM REPORT

Report No. :	315795
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	PREMIER METCAST PRIVATE LIMITED

Registered Office :	Shivsom Tower, 4th Floor, 1-The Mall, Kanpur – 208001, Uttar Pradesh

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.06.2005

Com. Reg. No.:	20-030190

Capital Investment / Paid-up Capital :	Rs.29.000 Million

CIN No.: [Company Identification No.]	U27104UP2005PTC030190

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	KNPP01610A

PAN No.: [Permanent Account No.]	AADCP5953D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of M.S. Ingots.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 170000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2014. The rating also takes into consideration intense competition in steel industry due to highly fragmented structure. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH Rating
Rating	Fund based cash credit = IND BB
Rating Explanation	Have Inadequate credit quality and have high credit risk.
Date	September, 2014

Rating Agency Name	FITCH Rating
Rating	Non-fund based limits = IND A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	September, 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. Shyam
Designation :	Accountant
Contact No.:	91-512-2360560
Date :	03.04.2015

LOCATIONS

Registered Office :	Shivsom Tower, 4th Floor, 1-The Mall, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2360560
Fax No.:	Not Available
Website :	www.premierpipesltd.com

Plant Location :	GH – 3 and 4, UPSIDC, Industrial Area, Jainpur, District Kanpur Dehat, Uttar Pradesh, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Amit Kumar Jain

Designation :

Director

Address :

H-1/10, Kidwal Nagar, Kanpur – 208011, Uttar Pradesh, India

Date of Birth/Age :

09.09.1971

Date of Appointment :

17.06.2005

DIN No.:

00493795

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	U28113UP1995PLC017495	PREMIER ALLOYS LIMITED	Director	27/02/1996	27/02/1996	-	Active	NO
2	U25199UP1980PTC004912	JAIN OVERSEAS PRIVATE LIMITED	Director	27/11/1996	27/11/1996	-	Active	NO
3	U30007UP1998PTC023754	PACIFIC SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	05/08/1998	05/08/1998	-	Active	NO
4	U27104UP1999PLC024630	PREMIER ISPAT LIMITED	Managing director	01/11/2010	23/07/1999	-	Active	NO
5	U27104UP2005PTC030190	PREMIER METCAST PRIVATE LIMITED	Director	17/06/2005	17/06/2005	-	Active	NO
6	L22219UP1975PLC004105	PREMIER PIPES LIMITED	Director	05/04/2009	05/04/2009	-	Active	NO
7	U51109UP1990PLC011787	QUALITY STEEL PRODUCTS LIMITED	Managing director	10/07/2014	07/05/2010	-	Active	NO
8	U65910WB1994PTC125007	MAHABIR SECURITIES PRIVATE LIMITED	Additional director	20/08/2013	20/08/2013	-	Active	NO

Name :

Mr. Arun Kumar Jain

Designation :

Director

Address :

H-1/10, Kidwal Nagar, Kanpur – 208011, Uttar Pradesh, India

Date of Birth/Age :

15.09.1973

Date of Appointment :

17.06.2005

DIN No.:

00493763

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	U28113UP1995PLC017495	PREMIER ALLOYS LIMITED	Director	31/01/1995	31/01/1995	22/06/2012	Active	NO
2	U27104UP1999PLC024630	PREMIER ISPAT LIMITED	Director	10/08/2001	10/08/2001	03/01/2014	Active	NO
3	U27104RJ2004PTC018869	PREMIER BARS PRIVATE LIMITED	Managing director	01/11/2010	20/11/2004	-	Active	NO
4	U27104UP2005PTC030190	PREMIER METCAST PRIVATE LIMITED	Director	17/06/2005	17/06/2005	-	Active	NO
5	U28910UP2009PTC037017	PREMIER POWER AND STEEL PRIVATE LIMITED	Director	20/03/2009	20/03/2009	-	Active	NO
6	L22219UP1975PLC004105	PREMIER PIPES LIMITED	Director	02/05/2009	02/05/2009	-	Active	NO
7	U20294RJ2010PTC031348	INDIAN SECONDARY STEELTECH PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO
8	U27320RJ2004PTC019605	SHIVANCHAL ALLOYS PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO
9	U51109UP1990PLC011787	QUALITY STEEL PRODUCTS LIMITED	Additional director	16/12/2013	16/12/2013	-	Active	NO
10	U45201RJ2014PTC045152	PREMIER DREAM HOMES PRIVATE LIMITED	Director	18/02/2014	18/02/2014	-	Converted to LLP and dissolved	NO
11	AAC-6889	PREMIER DREAM HOMES LLP	Designated Partner	10/09/2014	10/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shyam
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 29.09.2014

SHAREHOLDERS FILE ATTACHED

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	66.21
Directors or relatives of Directors	33.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of M.S. Ingots.

Products :	M.S. Ingots

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India
State Bank of India, SMECCC, Zonal Office, Kanpur - 208001, Uttar Pradesh, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working Capital Borrowing from Banks
Kotak Mahindra Bank Limited (Cash Credit A/c)	118.215	133.264
NSIC Limited	14.578	14.277
Total	132.793	147.541

Auditors :
Name :	Kanodia Agarwal And Company Chartered Accountants
Address :	Birhana Road, Kanpur – 208001, Uttar Pradesh, India
PAN No.:	AAEFK1323J

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Premier Ispat Limited Premier Alloys Limited Premier Pipes Limited Premier Power ans Steel Private Limited Mahabir Securities Private Limited Premier Bars Private Limited Quality Steel Products Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2900000	Equity Shares	Rs.10/- each	Rs.29.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	29.000	29.000	29.000
(b) Reserves & Surplus	33.034	28.078	23.186
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.200
Total Shareholders’ Funds (1) + (2)	62.034	57.078	52.386

(3) Non-Current Liabilities
(a) long-term borrowings	5.606	5.586	16.794
(b) Deferred tax liabilities (Net)	1.064	1.109	1.100
(c) Other long term liabilities	3.942	6.323	3.449
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.612	13.018	21.343

(4) Current Liabilities
(a) Short term borrowings	132.793	147.541	143.222
(b) Trade payables	137.801	151.691	90.388
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	12.517	15.894	14.056
Total Current Liabilities (4)	283.111	315.126	247.666

TOTAL	355.757	385.222	321.395

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.915	32.196	32.292
(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	44.428	28.282	26.797
(e) Other Non-current assets	22.082	11.937	5.687
Total Non-Current Assets	95.425	72.415	64.776

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.861	58.794	80.022
(c) Trade receivables	154.782	230.004	155.961
(d) Cash and cash equivalents	26.351	4.394	5.607
(e) Short-term loans and advances	17.570	19.057	14.805
(f) Other current assets	0.768	0.558	0.224
Total Current Assets	260.332	312.807	256.619

TOTAL	355.757	385.222	321.395

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	916.664	933.818	937.101
	Other Income	64.436	1.677	2.073
	TOTAL	981.100	935.495	939.174

Less	EXPENSES
	Cost of Materials Consumed	447.166	614.926	711.109
	Purchases of Stock-in-Trade	251.555	68.729	1.045
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.767)	(6.311)	(3.150)
	Employees benefits expense	5.885	5.486	4.480
	Other expenses	243.064	220.520	199.187
	TOTAL	946.903	903.350	912.671

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	34.197	32.145	26.503

Less	FINANCIAL EXPENSES	22.682	20.820	17.299

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.515	11.325	9.204

Less/ Add	DEPRECIATION/ AMORTISATION	4.211	4.225	4.616

	PROFIT/ (LOSS) BEFORE TAX	7.304	7.100	4.588

Less	TAX	2.348	2.209	0.714

	PROFIT/ (LOSS) AFTER TAX	4.956	4.891	3.874

	Earnings / (Loss) Per Share (Rs.)	1.71	1.69	1.34

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.54	0.52	0.41

Operating Profit Margin (PBDIT / Sales)	(%)	3.73	3.44	2.83

Return on Total Assets (PBT/Total Assets}	(%)	2.05	1.84	1.43

Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.09

Debt Equity Ratio (Total Debt /Networth)		2.23	2.68	3.05

Current Ratio (Current Asset/Current Liability)		0.92	0.99	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	29.000	29.000	29.000
Reserves & Surplus	23.186	28.078	33.034
Net worth	52.186	57.078	62.034

long-term borrowings	16.794	5.586	5.606
Short term borrowings	143.222	147.541	132.793
Total borrowings	160.016	153.127	138.399
Debt/Equity ratio	3.066	2.683	2.231

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	937.101	933.818	916.664
		(0.350)	(1.837)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	937.101	933.818	916.664
Profit	3.874	4.891	4.956
	0.41%	0.52%	0.54%

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

Note:

The registered address of the company has been shifted from the 122/235, Plot No.17, Fazalganj, Kanpur, Uttar Pradesh, India to the present address w.e.f. 16.10.2008.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan from other companies	0.745	0.695
Loan from related parties	4.861	4.891
Total	5.606	5.586

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10311305	27/01/2015 *	243,500,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C47312806

* Date of charge modification

FIXED ASSETS

Factory Building
Plant and Machinery
Air Conditioner
Office Equipments
Vehicles
Computer

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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	RAS

Report Prepared by :	PNM

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	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.

MIRA INFORM REPORT

Unit