MIRA INFORM REPORT

Report No. :	351914
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	METRO MERCANTILE PRIVATE LIMITED METRO PAPER COMPANY (A PROPRIETORSHIP FIRM OF METRO MERCANTILE PRIVATE LIMITED)

Registered Office :	81, Maloo Bhavan, Dadiseth Agiary Lane, Mumbai - 400002, Maharashtra
Tel. No.:	91-22-22068649/ 22003964

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.11.1994

Com. Reg. No.:	11-082591

Capital Investment / Paid-up Capital :	Rs. 5.000 Million

CIN No.: [Company Identification No.]	U51900MH1994PTC082591

IEC No.:	0395050120 (Metro Paper Company)

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in trading of Coated Paper and Board. (Confirmed by Management)

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 89000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Metro Paper Company is a proprietorship concern and its proprietor is Metro Mercantile Private limited. Management has failed to file its financials for FY 15 with Registrar of Companies. As per the financials of the year 2014 of “Metro Mercantile Private limited”, the company possesses adequate net worth base marked by favourable gap between trade payables and receivables. However, rating is constrained on account of low profit margin and high debt levels. Trade relations are fair. Business is active. Payments are slow but correct. The concern can be considered for business dealing 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

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vaibhav Shinde
Designation :	Account Manager
Contact No.:	91-9833985616
Date :	17.12.2015

LOCATIONS

Registered Office :	81, Maloo Bhavan, Dadiseth Agiary Lane, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-22068649/ 22003964
Mobile No.:	91-9833985616 (Mr. Vaibhav)
Fax No.:	91-22-22003963
E-Mail :	mpcmmpl@yahoo.co.in
Location :	Owned
Locality :	Commercial

Warehouse :	Gandhi Patel Complex, Purna Rahnal Village, Bhiwandi, Mumbai – 421302, Maharashtra, India
Locality :	Commercial

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Surekh Hansraj Shah

Designation :

Director

Address :

J.K. Building No.4, Room No.27, Gamdevi, H.G. Road, Mumbai - 400007, Maharashtra, India

Date of Appointment :

26.10.2000

DIN No.:

00110224

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	U51900MH1994PTC082591	METRO MERCANTILE PRIVATE LIMITED	Director	26/10/2000	26/10/2000	-	Active	NO
2	U74999MH2001PTC133654	MM WAREHOUSING AND TRADING PRIVATE LIMITED	Director	12/10/2001	12/10/2001	-	Active	NO
3	U50300GJ1986PLC053858	MIDEX OVERSEAS LIMITED	Director	15/11/2006	15/11/2006	-	Amalgamated	NO
4	U51109MH2009PTC189538	RENATA TRADEPLACE PRIVATE LIMITED	Director	22/01/2009	22/01/2009	-	Active	NO
5	U45203MH2010PTC208644	LUCERNE DEVELOPERS PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO
6	AAA-0887	ECLAT PAPERS LIMITED LIABILITY PARTNERSHIP	Designated Partner	08/03/2010	08/03/2010	31/10/2013	Active	NO

Name :

Mr. Hitenkumar Hansraj Shah

Designation :

Director

Address :

23, Motilal Kanji Building, 1st Floor, Thakurdwar Road, Near S.K. Patil Garden, Mumbai - 400002, Maharashtra, India

Date of Appointment :

01.12.2007

DIN No.:

01831597

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	U51900MH1994PTC082591	METRO MERCANTILE PRIVATE LIMITED	Director	01/12/2007	01/12/2007	-	Active	NO
2	U74999MH2001PTC133654	MM WAREHOUSING AND TRADING PRIVATE LIMITED	Additional director	02/01/2009	02/01/2009	-	Active	NO
3	U51109MH2009PTC189538	RENATA TRADEPLACE PRIVATE LIMITED	Director	22/01/2009	22/01/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vaibhav Shinde
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Mr. Hitenkumar Hansraj Shah	19150	38.30
Mrs. Keshabe Hansraj Shah	100	0.20
Mr. Surekh Hansraj Shah	30750	61.50
Total	50,000	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 :	Subject is engaged in trading of Coated Paper and Board. (Confirmed by Management)

Products :	Coated Paper Board

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :
Products :	Raw Material
Countries :	China European countries

Terms :
Selling :	Cash, L/C and Credit (30/60 Days)

Purchasing :	Cash, L/C and Credit (30/60 Days)

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	Opera House, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Credit balance with Cosmos Co-oprative Bnk Limited	0.000	75.776
Credit balances with ING Vyasa Bank Limited (The above loan has been guaranteed by he Directors)	53.138	0.000
Total	53.138	75.776

Auditors :
Name :	B. Y. and Associates Chartered Accountants
Address :	510-513, Apeejay House, 5th Floor, 130, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India
PAN No. of Auditors Firm:	AAFFB0462N

Memberships :	Not Divulged

Collaborators :	Not Divulged

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50,000	Equity Shares	Rs.100/- each	Rs. 5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	26.403	23.421	16.530
(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)	31.403	28.421	21.530

(3) Non-Current Liabilities
(a) long-term borrowings	209.745	149.223	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.646	2.246	7.317
Total Non-current Liabilities (3)	213.391	151.469	7.317

(4) Current Liabilities
(a) Short term borrowings	74.238	75.776	222.062
(b) Trade payables	305.054	214.199	140.835
(c) Other current liabilities	6.110	5.821	29.686
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	385.402	295.796	392.583

TOTAL	630.196	475.686	421.430

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.408	2.891	3.853
(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	10.854	0.152	0.150
(c) Deferred tax assets (net)	0.384	0.363	0.209
(d) Long-term Loan and Advances	42.720	31.799	24.289
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	56.366	35.205	28.501

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	171.957	76.512	92.112
(c) Trade receivables	368.628	336.724	286.348
(d) Cash and cash equivalents	2.224	7.799	6.784
(e) Short-term loans and advances	30.176	18.554	6.959
(f) Other current assets	0.845	0.892	0.726
Total Current Assets	573.830	440.481	392.929

TOTAL	630.196	475.686	421.430

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL SALES	NA	NA	NA

Less	TOTAL EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	4.362	5.830	5.598

Less	TAX	1.379	1.816	1.626

	PROFIT/ (LOSS) AFTER TAX	2.983	4.014	3.972

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	23.421	19.407	15.435

	BALANCE CARRIED TO THE BALANCE SHEET	26.404	23.421	19.407

	EARNINGS / (LOSS) PER SHARE (RS.)	59.66	80.28	79.44

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
Cash generated from (Used) operations	NA	NA	NA
Cash generated from Operating Activities	(22.918)	(15.977)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.70	1.23	1.33

Return on Investment (ROI) (PBT/Networth)		0.14	0.21	0.26

Debt Equity Ratio (Total Debt /Networth)		9.04	7.92	10.31

Current Ratio (Current Asset/Current Liability)		1.49	1.49	1.00

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	5.000	5.000	5.000
Reserves & Surplus	16.530	23.421	26.403
Net worth	21.530	28.421	31.403

long-term borrowings	0.000	149.223	209.745
Short term borrowings	222.062	75.776	74.238
Total borrowings	222.062	224.999	283.983
Debt/Equity ratio	10.314	7.917	9.043

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	Yes
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	No
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	No
18	Major suppliers	No
19	Major customers	No
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	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
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
From Directors
The Terms of repayment have not been stipulated	179.015	136.075
From others (directors are interested in loans outstanding of Rs. 7.380 Million (Previous year Rs. Nil have been guaranteed by the directors))	30.730	13.148

SHORT-TERM BORROWINGS
The terms of repayment have been stipulated (of the above Rs. Nil (Previous year Rs. Nil have been guaranteed by the Directors)	21.100	0.000
Total	230.845	149.223

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10579294	21/01/2015	85,000,000.00	KOTAK MAHINDRA BANK LIMITED	GROUND FLOOR, G-34, ADERBAD BUILDING, HUGHES ROAD , MUMBAI, MAHARASHTRA - 400007, INDIA	C58591595
2	10456065	19/01/2014 *	80,000,000.00	ING VYSYA BANK LIMITED	GROUND FLOOR, G-34, ADERBAD BUILDING,, HUGHES ROAD, MUMBAI, MAHARASHTRA - 400007, INDIA	C00040931

FIXED ASSETS

Furniture’s And Fixtures
Land And Building
Office Equipment
Computer
Motor Car
Tempo
Air Conditioner
Weighing Machine
Motor Bike
DG Set

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. 66.65
UK Pound	1	Rs. 99.61
Euro	1	Rs. 72.33

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	AMT

Report Prepared by :	SYL

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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