MIRA INFORM REPORT

Report No. :	308933
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	METALEX OFFICE SYSTEM PRIVATE LIMITED
Registered Office :	B-5/19, Paschim Vihar, New Delhi - 110063
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.12.2006
Com. Reg. No.:	55-157157
Capital Investment / Paid-up Capital :	Rs. 13.000 Millions
CIN No.: [Company Identification No.]	U51909DL2006PTC157157
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELM14100C
PAN No.: [Permanent Account No.]	AAECM9069Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Metal Components, Power Coating, Storage Modular Furniture.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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 record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margins and leverage capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Tanmay Gupta
Designation :	Director
Contact No.:	91-9350504650
Date :	18.02.2015

LOCATIONS

Registered Office :	B-5/19, Paschim Vihar, New Delhi – 110063, India
Tel. No.:	Not Available
Mobile No.:	91-9350504650 (Mr. Tanmay Gupta)
Fax No.:	Not Available
E-Mail :	sbgoyal@gmail.com
Location :	Owned
Factory :	Plot No. 319, Sector – 108, IMT Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4207754/4207756/4207759
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashok Kumar Gupta

Designation :

Director

Address :

B-5/19, Paschim Vihar, New Delhi - 110063, India

Date of Birth/Age :

08.04.1950

Date of Appointment :

29.12.2006

DIN No.:

01227896

Voter ID No.:

DL\03\016\249810

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	U51909DL2006PTC157157	METALEX OFFICE SYSTEM PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO
2	U36998DL2009PTC190715	Jayanti Office Systems Private Limited	Director	28/05/2009	28/05/2009	-	Active	NO

Name :

Mr. Tanay Gupta

Designation :

Director

Address :

B-5/19, Paschim Vihar, New Delhi - 110063, India

Date of Birth/Age :

01.08.1979

Date of Appointment :

29.12.2006

DIN No.:

01227860

Name :

Mr. Mukul Gupta

Designation :

Director

Address :

B-5/19, Paschim Vihar, New Delhi - 110063, India

Date of Birth/Age :

02.07.1984

Date of Appointment :

29.12.2006

DIN No.:

01227872

Other Directorship :

Name :

Mr. Vinod Gupta

Designation :

Director

Address :

B-5/19, Paschim Vihar, New Delhi - 110063, India

Date of Birth/Age :

321.02.1952

Date of Appointment :

01.11.2013

DIN No.:

06704619

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Ashok Kumar Gupta	641500	49.35
Tanmay Gupta	281000	21.62
Mukul Gupta	227500	17.50
Poonam Gupta	50000	3.85
Vinod Gupta	100000	7.69
Total	1300000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Metal Components, Power Coating, Storage Modular Furniture
Products :	Modular Kitchen Services Modular Kitchen Cabinets Modular Kitchen Designer Hotel Modular Kitchen Modular Kitchen Designing Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS on 31.03.2014)

Finished Goods Item	Production Qty
Partitions (Pcs.)	11250
Drawer (Pcs.)	2250
Storage (Pcs.)	1675
Work Station (Pcs.)	190
Table Top (Pcs.)	3375
Table (Pcs.)	450
Pin Broad (Pcs.)	225
Gable End (Pcs.)	3375
Partition 60mm (Pcs.)	2388
Compactor (Pcs.)	775
Heavy Dury Rack (Pcs.)	75
Trolley (Pcs.)	75

GENERAL INFORMATION

Suppliers :

Reference :	G. R. Gupta and Brothers, Faridabad
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 :

Wholesalers, Retailers and Manufacturers

Reference :	Maruti Suzuki, Haryana
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 :

150 (Approximately)

Bankers :

• Small Industrial Development Bank of India, Gurgaon Branch Office, Udyog Minar Ground Floor, Vanjiya Nikunj, Udyog Viihar, Phase – V, Gurgaon – 122016, Haryana, India

Banker Name	IDBI Bank Limited
Branch Address	Manesar, Haryana
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

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Banks (Secured against factory building and machinery)	15.786	15.134
Deferred Payment Liabilities	0.000	3.000
SHORT TERM BORROWING
From Banks	9.698	0.000
Total	25.484	18.134

Auditors :
Name :	Mukesh Raj and Company Chartered Accountants
Address :	A-1/69, Sector-5, Rohini, Delhi – 110085, India
Tel. No.:	91-11-47071314/
Mobile No.:	91-9310320548
E-Mail :	sbgoyal@gmail.com
Website :	www.mukeshraj.com
PAN No.:	AAHFM7788A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs. 13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs. 13.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	13.000	13.000	13.000
(b) Reserves & Surplus	12.941	12.927	11.617
(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)	25.941	25.927	24.617
(3) Non-Current Liabilities
(a) long-term borrowings	15.786	18.134	12.945
(b) Deferred tax liabilities (Net)	1.615	1.249	1.193
(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)	17.401	19.383	14.138
(4) Current Liabilities
(a) Short term borrowings	9.698	0.000	6.235
(b) Trade payables	12.655	0.036	4.659
(c) Other current liabilities	16.028	5.905	0.803
(d) Short-term provisions	0.096	1.385	1.426
Total Current Liabilities (4)	38.477	7.326	13.123
TOTAL	81.819	52.636	51.878
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.647	36.350	40.491
(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	4.962	3.730	2.314
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	51.609	40.080	42.805
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.030	0.000	0.000
(c) Trade receivables	15.897	0.716	4.775
(d) Cash and cash equivalents	0.981	7.496	0.488
(e) Short-term loans and advances	4.302	4.344	2.000
(f) Other current assets	0.000	0.000	1.810
Total Current Assets	30.210	12.556	9.073
TOTAL	81.819	52.636	51.878

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL REVENUE	87.830	38.486	35.802
Less	EXPENSES
	TOTAL	87.324	32.121	29.374
	PROFIT / (LOSS) BEFORE TAX AND EXCEPTIONAL ITEM	0.506	6.365	6.428
Less	Exceptional Item	0.000	0.000	(0.193)
	PROFIT/ (LOSS) BEFORE TAX	0.506	6.365	6.621
Less	TAX	0.493	1.278	1.557
	PROFIT/ (LOSS) AFTER TAX	0.013	5.087	5.064
	Earnings / (Loss) Per Share (Rs.)	0.01	3.91	3.90

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.62	12.09	12.76
Return on Investment (ROI) (PBT/Networth)		0.02	0.25	0.27
Debt Equity Ratio (Total Debt /Networth)		0.98	0.70	0.78
Current Ratio (Current Asset/Current Liability)		0.79	1.71	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.000	13.000	13.000
Reserves & Surplus	11.617	12.927	12.941
Net worth	24.617	25.927	25.941
long-term borrowings	12.945	18.134	15.786
Short term borrowings	6.235	0.000	9.698
Total borrowings	19.180	18.134	25.484
Debt/Equity ratio	0.779	0.699	0.982

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	35.802	38.486	87.830
		7.497	128.213

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	35.802	38.486	87.830
Profit	5.064	5.087	0.013
	14.14%	13.22%	0.01%

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	Yes
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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10453150	27/09/2013	10,000,000.00	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	GURGAON BRANCH OFFICE, UDYOG MINAR (GROUND FLOOR),  VANJIYA NIKUNJ, UDYOG VIHAR, PHASE-V, GURGAON, Haryana - 122016, INDIA	B86680865
2	10430808	11/06/2013	7,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	GROUND FLOOR, UDYOG MINAR, VANIJYA NIKUNJ, UDYOG  VIHAR, PAHSE V, GURGAON, Haryana - 122016, INDIA	B76986280
3	10412479	21/03/2013	5,000,000.00	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	Ground Floor, Udyog Minar,, Udyog Vihar Phase-V,,  Gurgaon, Haryana - 122016, INDIA	B71013270
4	10365676	16/07/2012	3,580,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Ground Floor, Udyog Minar,, Udyog Vihar Phase-V,  Gurgaon, Haryana - 122016, INDIA	B43700145
5	10287985	26/05/2011	5,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Ground Floor, Udyog Minar, Vanijya Nikunj,, Udyog  Vihar Phase-V, Gurgaon, Haryana - 122016, INDIA	B13369467
6	10255612	16/12/2010	4,800,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	UDYOG MINAR (GROUND FLOOR),, VANIJYA NIKUNJ, UDYO  G VIHAR PHASE - V, GURGAON, Haryana - 122016, INDIA	B01254242
7	10057429	31/08/2010 *	35,160,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	UDYOG MINAR (GROUND FLOOR),, VANIJYA NIKUNJ, UDYO  G VIHAR PHASE - V, GURGAON, Haryana - 122016, INDIA	A94549243

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Plant and Machinery
• Office Equipment
• Electrical Fittings
• 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.62.24
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	ART

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.