MIRA INFORM REPORT

Report No. :	356250
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	METAL TRADING CORPORATION
Registered Office :	No. 8, Narayan Building, 1^st Floor, 102, Ardeshir Dady Street, V.P. Road, Mumbai – 400004, Maharashtra
Tel. No.:	91-22-23883922/5516
Country :	India
Financials (as on) :	31.03.2015
Year of establishment :	1979
Capital Investment / Paid-up Capital :	Rs. 15.462 Million
IEC No.:	0397045271
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAEFM6045K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader, Exporter and Importer of Stainless Steel and Nickel Alloy Products. [Confirmed by management]
No. of Employees :	8 (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 partnership concern started in the year 1979 having moderate track. It is engaged in the business as a trader, exporter and importer of stainless steel and nickel alloy products. The rating takes into consideration company’s low profit margin and huge borrowings recorded. The rating is further constrained by highly competitive steel industry. Moreover, the rating weakness is partially offset subject long track record of business operation. Their trade relations are reported as fair. Business is active. Payments are unknown. The concern 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.

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

Name :	Mr. Utkarsh
Designation :	Accounts Manager
Contact No.:	91-22-23883922
Date :	19.12.2015

LOCATIONS

Registered Office :	No. 8, Narayan Building, 1^st Floor, 102, Ardeshir Dady Street, V.P. Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23883922/5516
Mobile No.:	91-9167078887 (Mr. Chetan)
Fax No.:	91-22-23883937
E-Mail :	vbhansali@metaltrading.co.in mtc@bom4.vsnl.net.in chetan@metaltrading.co.in
Website :	http://www.metaltrading.co.in
Area :	1000 sq. ft.
Location :	Owned
Locality :	Commercial
Warehouse :	Godown At Plot No. 933, Steel Market Kalamboli, Navi Mumbai – 410218, Maharashtra, India

PARTNERS

Name :	Mr. Vijay Bhansali
Designation :	Partner
Date of Birth/Age :	42 Years
Qualification :	B.Com
Name :	Mr. Maniklal Bhansali
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Utkarsh
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Stainless Steel and Nickel Alloy Products. [Confirmed by management]
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Dubai
Imports :
Products :	Raw Material
Countries :	Germany China
Terms :
Selling :	Cash, L/C and Credit (30/60 days)
Purchasing :	Cash, L/C and Credit (30/60 days)

GENERAL INFORMATION

Suppliers :

Reference :	Stainox Alloy Private Limited
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 :	Birla Cellulosic
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 :

8 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Null Bazar Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Sameer Ansari (Manager)
Contact Number	91-9323603572
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	7 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 11.000 Million
Account Operation	Not Divulged
Remarks (If any)	As claimed by Mr. Sameer Ansari (Manager) that he is satisfied with subject company transaction.

Auditors :
Name :	Manish Kothari and Company Chartered Accountants
Address :	Kurla (East), Mumbai, Maharashtra, India
Memberships :	--
Collaborators :	--
Sister Concern :	Bhansali International

CAPITAL STRUCTURE

AS ON 31.03.2015

MANEKLAL S. BHANSALI

Particulars	Rs. In Million	Particulars	Rs. In Million
To Firm’s Tax and Expenses	0.229	By balance c/f	6.737
To Balance C/f	8.044	By cash interest on capital	0.001
		By interest on capital	0.407
		By remuneration	0.540
		By share of profit	0.588
Total	8.273		8.273

VIJAY M. BHANSALI

Particulars	Rs. In Million	Particulars	Rs. In Million
To Firm’s Tax and Expenses	0.229	By balance c/f	7.824
To cash/ bank	1.913	By interest on capital	0.720
To Balance C/f	7.418	By remuneration	0.428
		By share of profit	0.588
Total	9.560		9.560

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		15.462	14.561
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		15.462	14.561
LOAN FUNDS
1] Secured Loans		24.027	34.940
2] Unsecured Loans		84.791	82.984
TOTAL BORROWING		108.818	117.922
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		124.280	132.485
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.207	1.352
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.610	88.791
	Sundry Debtors	35.195	27.511
	Cash & Bank Balances	7.144	0.142
	Other Current Assets	4.964	10.009
	Loans & Advances	15.399	10.247
Total Current Assets		165.312	136.700
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.106	3.247
	Other Current Liabilities	2.133	2.320
	Provisions	0.000	0.000
Total Current Liabilities		42.239	5.567
Net Current Assets		123.073	131.133
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		124.280	132.485

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	263.585	228.709
		Other Income	1.013	0.672
		TOTAL	264.598	229.381
Less	EXPENSES
		Cost of goods sold	241.218	203.979
		Audit Fees	0.060	0.060
		Advertising expenses	0.859	0.016
		Bank Charges	0.858	0.460
		Bank renewal fees	0.108	0.107
		Bank interest	0.460	0.631
		Bill discounting charges	0.000	0.176
		Commission charges	1.457	0.060
		Computer expenses	0.048	0.043
		Foreign exchange gain/loss	0.000	7.123
		Cutting charges	0.006	0.231
		Electricity expenses	0.161	0.131
		Export clearing charges	0.401	0.105
		Foreign travelling expenses	0.298	0.000
		Insurance charges paid	0.110	0.045
		Interest on car loan	0.049	0.022
		Interest on loan	10.433	9.830
		Interest others	0.000	0.001
		Labour charges	0.026	0.052
		Legal charges	0.000	0.005
		Local octroi charges	0.000	0.017
		Membership and subscription	0.010	0.013
		Office expenses	0.023	0.057
		Packaging and forwarding	0.293	0.356
		Postage and courier	0.010	0.000
		Printing and stationery	0.117	0.029
		Professional fees	0.320	0.102
		Rebates and discount	0.418	0.000
		Rent, rates and taxes	0.319	0.400
		Repair and Maintenance	0.025	0.021
		Service tax	0.008	0.072
		Security charges	0.056	0.072
		Sundry expenses	0.021	0.055
		Staff salaries	1.692	0.963
		Hospitality expenses	0.076	0.046
		Telephone expenses	0.125	0.058
		Tender Fees	0.020	0.000
		Testing charges	0.066	0.172
		Transportation charges	0.115	0.071
		Travelling and conveyance	0.522	0.884
		Vehicle expenses	0.035	0.095
		Warehousing charges	0.197	0.081
		Water charges	0.044	0.000
		Interest on capital	0.836	0.741
		Remuneration to partners	1.260	0.900
		TOTAL	263.162	228.282
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.436	1.099
Less	DEPRECIATION/ AMORTISATION		0.261	0.196
	NET PROFIT		1.175	0.903

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.45	0.039
Return on Total Assets (PBT/Total Assets}	(%)	0.095	0.069
Return on Investment (ROI) (PBT/Networth)		0.08	0.06
Debt Equity Ratio (Total Debt /Networth)		7.04	8.09
Current Ratio (Current Asset/Current Liability)		1.34	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	14.561	15.462
Reserves & Surplus	0.000	0.000
Net worth	14.561	15.462
Secured loan	34.940	24.027
Unsecured loan	82.984	84.791
Total borrowings	117.924	108.818
Debt/Equity ratio	8.099	7.038

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	228.709	263.585
		15.249

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	228.709	263.585
Profit	0.903	1.175
	0.39%	0.45%

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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
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

FIXED ASSETS

• Air Conditioner
• Computer
• Machinery
• Mobile
• Motor Car
• Office Equipment
• Office Furniture
• Scooter
• Typewriter

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. 66.30
UK Pound	1	Rs. 98.71
Euro	1	Rs. 72.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	YES
--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.