MIRA INFORM REPORT

Report No. :	309594
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	RY MIDAS ALLUMINIUMS PRIVATE LIMITED (w.e.f. 30.03.2007)
Formerly Known as :	MIDAS ALLUMINIUMS PRIVATE LIMITED
Registered Office :	Plot No. 117, Tribhuvan Industrial Estate, Kathwada-Singarva Road, Kathwada, Ahmedabad – 382430, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.10.2006
Com. Reg. No.:	04-049228
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U27203GJ2006PTC049228
TAN No.: [Tax Deduction & Collection Account No.]	AHMR04780G
PAN No.: [Permanent Account No.]	AAECM8066F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Alluminium Ingots, Aluminium Scrap, Notchbars, Shots, Powder, etc.
No. of Employees :	Information declined by management

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 record. The company has huge external borrowings. It seems management is unable to recover money from its debtors within time. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company 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 – 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	ICRA
Rating	Open Cash Credit: “BB”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	November, 2014

Rating Agency Name	ICRA
Rating	Working Capital Demand Loan: “BB”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	November, 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.

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 117, Tribhuvan Industrial Estate, Kathwada-Singarva Road, Kathwada, Ahmedabad – 382430, Gujarat, India
Tel. No. :	91-79-25624748/ 22900815
Mobile No. :	91-9879105427 (Mr. Mahesh)
Fax No. :	91-79-22901942/ 25630475
E-Mail :	midasalluyniums@sift.com rymidasalluminium@gmail.com
Corporate Office :	MV House, 602-603, 6^th Floor, Opposite Hazipura Garden, Ahmedabad – 380004, Gujarat, India
Factory 2:	Plot No. 108 and 109/1, GIDC, Odhav, Ahmedabad, Gujarat, India
Factory 3:	Vijay Industrial Estate, Near BHIK Shuk Gruh, Odhav, Ahmedabad – 382415, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Jagdiishchandra Baluramji Shah

Designation :

Managing Director

Address :

30, Shahibaug Society, Opposite Police Commissioner Office, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

08.02.1961

Date of Appointment :

06.12.2012

PAN No.:

AKYPS0196B

DIN No. :

00418602

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	U27203GJ2006PTC049228	RY MIDAS ALLUMINIUMS PRIVATE LIMITED	Managing director	06/12/2012	13/10/2006	-	Active	NO
2	U27109GJ2007PTC052030	PMC IMPORT PRIVATE LIMITED	Whole-time director	06/12/2012	23/10/2007	-	Active	NO
3	U28112GJ2009PTC057937	RY MIDAS METACAST PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO

Name :

Ashaben Jagdiishchandra Shah

Designation :

Whole-time director

Address :

30, Shahibaug Society, Opposite Police Commissioner Office, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

27.12.1965

Date of Appointment :

06.12.2012

PAN No. :

AESPS2010L

DIN No. :

00418803

KEY EXECUTIVES

Name :	Mr. Vinod
Designation :	Supervisor
Name :	Mr. Mahesh
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	12.15
Directors or relatives of Directors	30.08
Others	57.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Alluminium Ingots, Aluminium Scrap, Notchbars, Shots, Powder, etc.

Products :

Item Code No. (ITC Code)	Product Description
72042990	Aluminium Scrap and Ingots

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (with Designation):	Not Available
Contact Number:	Not Available
Since How Long Known:	Not Available
Maximum Limit Dealt:	Not Available
Experience :	Not Available
Remarks :	Not Available

Customers :

Reference:	Not Available
Name of the Person (with Designation):	Not Available
Contact Number:	Not Available
Since How Long Known:	Not Available
Maximum Limit Dealt:	Not Available
Experience :	Not Available
Remarks :	Not Available

No. of Employees :

Information declined by management

Bankers :

Banker Name	Canara Bank
Branch Address	Paldi Branch, Near Shantivan Bus Stop, Narayannagar Road, Paldi, Ahmedabad - 380007, Gujarat, 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 LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans taken for Vehicles	0.457	1.147
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Hypothecation of Stock and Book Debts)	190.804	14.284
Total	191.261	15.431

Auditors :
Name :	Vinitkumar Vijaykishan Moondra Chartered Accountant
Address :	201, Sarap Opposite Navjivan Press Ashram Road, Ahmedabad – 380014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AGSPM6100F
Memberships :	--
Collaborators :	--
Associates :	· Navdurg Metal Alloys · PMC Import Private Limited · Shivam Metacast Guj Private Limited · Shree Hanuman Metal Corporation

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs. 65.000 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	47.000	10.000
(b) Reserves & Surplus	14.778	9.508	5.033
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.278	8.014
Total Shareholders’ Funds (1) + (2)	64.778	56.786	23.047
(3) Non-Current Liabilities
(a) long-term borrowings	62.809	48.181	5.129
(b) Deferred tax liabilities (Net)	0.000	0.000	0.012
(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)	62.809	48.181	5.141
(4) Current Liabilities
(a) Short term borrowings	190.804	14.284	61.666
(b) Trade payables	242.345	67.096	59.865
(c) Other current liabilities	6.787	6.672	3.285
(d) Short-term provisions	3.163	2.175	1.048
Total Current Liabilities (4)	443.099	90.227	125.864
TOTAL	570.686	195.194	154.052
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.350	4.067	2.667
(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	5.962	5.963	5.963
(c) Deferred tax assets (net)	0.147	0.081	0.000
(d) Long-term Loan and Advances	0.974	0.027	0.002
(e) Other Non-current assets	0.000	0.000	0.060
Total Non-Current Assets	10.433	10.138	8.692
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	131.153	102.302	41.105
(c) Trade receivables	316.472	37.485	83.728
(d) Cash and cash equivalents	0.423	0.952	0.763
(e) Short-term loans and advances	112.205	4.672	4.630
(f) Other current assets	0.000	39.645	15.134
Total Current Assets	560.253	185.056	145.360
TOTAL	570.686	195.194	154.052

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA
Less	TAX		NA	NA
	PROFIT/ (LOSS) AFTER TAX		5.270	4.475
	IMPORTS
		Raw Materials	88.368	NA
	TOTAL IMPORTS		88.368	NA
	Earnings / (Loss) Per Share (Rs.)		1.05	0.95

PARTICULARS		31.03.2012
SALES		774.897
OTHER INCOME/ MISC		0.099
FINANCIAL EXPENSES		4.583
DEPRECIATION		0.355
INCOME TAX & FBT		0.028
PROVISION FOR TAXATION		1.000
PROFIT/ (LOSS)		2.132
EARNINGS IN FOREIGN CURRENCY		1.166
IMPORTS
	Raw Materials	165.661
TOTAL IMPORTS		165.661
Earnings / (Loss) Per Share (Rs.)		2.13

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	0.28
Debt Equity Ratio (Total Debt/Networth)		3.92	1.10	2.90
Current Ratio (Current Asset/Current Liability)		1.26	2.05	1.15

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	10.000	47.000	50.000
Reserves & Surplus	5.033	9.508	14.778
Share Application money pending allotment	8.014	0.278	0.000
Net worth	23.047	56.786	64.778
long-term borrowings	5.129	48.181	62.809
Short term borrowings	61.666	14.284	190.804
Total borrowings	66.795	62.465	253.613
Debt/Equity ratio	2.898	1.100	3.915

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last one year	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10231881	21/06/2013 *	250,000,000.00	CANARA BANK	PALDI BRANCH, NEAR SHANTIVAN BUS STOP, NARAYANNAGAR ROAD, PALDI, AHMEDABAD, GUJARAT - 380007, INDIA	B82112319

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from Directors	0.008	0.000
Loans and Advances from Others	55.344	39.956
SHORT TERM BORROWINGS
Other loans and advances, others	7.000	7.078
Total	62.352	47.034

FIXED ASSETS

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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. 62.18
UK Pound	1	Rs. 95.71
Euro	1	Rs. 70.76

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	TRU

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.