MIRA INFORM REPORT

Report No. :	337402
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	METCRAFT ALLOYS PRIVATE LIMITED
Registered Office :	A-65, Varma Villa, Vithalbhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra
Tel. No.:	91-22-66150415
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.09.2005
Com. Reg. No.:	155995
Capital Investment / Paid-up Capital :	Rs.30.000 Million
CIN No.: [Company Identification No.]	U45200MH2005PTC155995
IEC No.:	0306001888
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECM4002H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Motor Stamping and Transformer Lamination.
No. of Employees :	28 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses moderate operational performance and it has reported low profitability margins during FY 2014. Rating further constrained on account of company’s moderate financial risk profile marked by low reserves and leverage balance sheet profile of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Ashok Jayantilal Mehta
Designation :	Director
Contact No.:	91-9820320342
Date :	18.08.2015

LOCATIONS

Registered Office :	A-65, Varma Villa, Vithalbhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-66150415 / 26718977
Mobile No.:	91-9820320342 (Mr. Ashok Jayantilal Mehta)
Fax No.:	91-22-66150415
E-Mail :	ashok2708@gmail.com kunalmh@gmail.com
Factory 1 :	42-43, Dandekar Industrial Estate, Old Senapati Road, Shirgaon, Palghar (West), Thane – 401404, Maharashtra, India
Factory 2 :	Plot No.705/706, Kalamboli Steel Market, Near Disma Dharamkanta, Behind Bima Compl., Kalamboli, Panvel, Raigad – 410218, Maharashtra, India
Branch :	244, Ground Floor, Latif House, Sant Tukaram Road, Masjid (East), Mumbai, Maharashtra, India

/DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ashok Jayantilal Mehta
Designation :	Director
Address :	A/65, Varma Villa, Vithalbhai Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	27.08.1956
Date of Appointment :	22.03.2008
DIN No.:	02099158
Name :	Mr. Kunal Ashok Mehta
Designation :	Director
Address :	A/65, Varma Villa, Vithalbhai Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	10.01.1982
Date of Appointment :	02.06.2008
DIN No.:	02100144

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Ashok Jayantilal Mehta	2899600	96.65
Kunal Ashok Mehta	100200	3.34
Gama Stampings (Proprietor Sanjay Gama)	200	0.01
Total	3000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Motor Stamping and Transformer Lamination.
Products :	Motor Stamping and Transformer Lamination
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Korea China Japan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Jannat Enterprise

Name of the Person :

Mr. Kadirbhai (Director)

Contact No.:

91-9867600676

Since How Long Known :

10 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their payment behaviour and market goodwill.

Customers :

Wholesalers, Retailers and End Users

Reference :

Delta Iron and Steel Private Limited

Name of the Person :

Mr. Ganesh Mehta (Director)

Contact No.:

91-9819435335

Since How Long Known :

10 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their product quality and delivery behaviour.

No. of Employees :

28 (Approximately)

Bankers :

Bank Name	Tamilnadu Mercantile Bank Limited
Branch	Marol Naka, Andheri East Branch
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

The Kapol Co-Operative Bank Limited, 127, Samruddhi Bungalow, 1st Floor, Vallabhbhai Road, Opposite Railway Station, Vile Parle (West), Mumbai - 400026, Maharashtra, India

Union Bank of India, Prabhadvi Branch, 263, Madhu Hans, Dr. Annie Besant Road, Mumbai - 400025, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Short term loans from banks	50.666	50.645
Total	50.666	50.645

Auditors :
Name :	Suresh Joshi and Company Chartered Accountants
Address :	Kamer Building, 4th Floor, 38, Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	ADGPJ5540D
Memberships :	--
Collaborators :	--
Sister Concern :	Siddhi Stampings

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	9.023	6.137	3.245
(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)	39.023	36.137	33.245
(3) Non-Current Liabilities
(a) long-term borrowings	61.736	49.163	13.194
(b) Deferred tax liabilities (Net)	0.040	0.083	0.098
(c) Other long term liabilities	1.370	4.561	3.537
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	63.146	53.807	16.829
(4) Current Liabilities
(a) Short term borrowings	57.411	58.195	53.806
(b) Trade payables	111.202	48.922	43.148
(c) Other current liabilities	15.769	21.646	13.044
(d) Short-term provisions	7.003	6.404	4.250
Total Current Liabilities (4)	191.385	135.167	114.248
TOTAL	293.554	225.111	164.322
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.014	12.887	9.932
(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	1.536	1.454	1.379
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.180	1.180	1.180
(e) Other Non-current assets	15.186	22.641	16.681
Total Non-Current Assets	29.916	38.162	29.172
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	110.606	95.470	61.873
(c) Trade receivables	127.819	63.091	52.540
(d) Cash and cash equivalents	0.516	3.511	2.614
(e) Short-term loans and advances	24.697	24.877	18.123
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	263.638	186.949	135.150
TOTAL	293.554	225.111	164.322

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	761.786	544.878	332.883
	Other Income	NA	NA	0.124
	TOTAL	NA	NA	333.007
Less	EXPENSES
	TOTAL	NA	NA	321.174
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	16.337	19.016	11.833
Less	FINANCIAL EXPENSES	10.256	13.266	8.536
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.081	5.750	3.297
Less/ Add	DEPRECIATION/ AMORTISATION	1.391	1.439	1.256
	PROFIT/ (LOSS) BEFORE TAX	4.690	4.311	2.041
Less	TAX	1.604	1.332	0.000
	PROFIT/ (LOSS) AFTER TAX	3.086	2.979	2.041
	IMPORTS
	Raw Materials	99.181	53.705	16.123
	Components and Stores parts	0.000	0.000	0.000
	Capital Goods	0.000	0.000	0.000
	TOTAL IMPORTS	99.181	53.705	16.123
	Earnings / (Loss) Per Share (Rs.)	1.03	0.99	0.68

Particulars	31.03.2015
Sales Turnover (Approximately)	920.000

Expected Sales ( 2015-2016 ) : Rs.1000.000 Million

The above information has been parted by Mr. Ashok Jayantilal Mehta.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.41	0.55	0.61
Operating Profit Margin (PBIDT/Sales)	(%)	2.14	3.49	3.55
Return on Total Assets (PBT/Total Assets}	(%)	1.61	1.93	1.25
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.06
Debt Equity Ratio (Total Debt /Networth)		3.05	2.97	2.02
Current Ratio (Current Asset/Current Liability)		1.38	1.38	1.18

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	30.000	30.000	30.000
Reserves & Surplus	3.245	6.137	9.023
Share Application money pending allotment	0.000	0.000	0.000
Net worth	33.245	36.137	39.023
long-term borrowings	13.194	49.163	61.736
Short term borrowings	53.806	58.195	57.411
Total borrowings	67.000	107.358	119.147
Debt/Equity ratio	2.015	2.971	3.053

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	332.883	544.878	761.786
		63.685	39.809

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	332.883	544.878	761.786
Profit	2.041	2.979	3.086
	0.61%	0.55%	0.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Long term loan
From Director and Shareholders	24.821	7.134
Other long term loans
From others	35.542	38.352
From banks	1.373	3.677
Short-term borrowings
Short term loans
From Banks	3.321	3.321
From others	3.424	4.229
Total	68.481	56.713

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10165650	20/06/2011 *	50,000,000.00	THE KAPOL CO-OPERATIVE BANK LIMITED	127, SAMRUDDHI BUNGALOW, 1ST FLOOR,, VALLABHBHAI  ROAD, OPP. RLY. ST. VILE PARLE (W), MUMBAI, MAHARA  SHTRA - 400026, INDIA	B16466872

* Date of charge modification

INCOME

During the year, the company has made sales of Rs.761.786 Million (Previous year Rs.544.878 Million) and had made profit Rs.4.690 Million (Previous year Rs.4.311 Million) after providing for depreciation Rs.1.391 Million (Previous year Rs.1.439 Million).

NOTE

The registered office of the company has been shifted from Shop No.7, Jamasji Apartment, 32, Sleater Road, Grant Road (West), Mumbai - 400007, Maharashtra, India to the present address w.e.f. 01.12.2008.

FIXED ASSETS

• Land
• Factory building
• Plant and Machinery
• Office Equipment
• Vehicle

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.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	HNA
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--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		31

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.