MIRA INFORM REPORT

Report No. :	300725
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	GENERAL METALLISERS PRIVATE LIMITED (w.e.f. 31.10.2012)
Formerly known as :	GENERAL METALLISERS LIMITED
Registered Office :	Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.1979
Com. Reg. No.:	11-21717
Capital Investment / Paid-up Capital :	Rs. 22.500 Millions
CIN No.: [Company Identification No.]	U74999MH1979PTC021717
IEC No.:	Not Available
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 :	Manufacturer and Exporter of Metallised Paper for Cigarette Inner Liners, Liquor Labels.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 420000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-2041458 / 2835106 / 2854364 / 2043626 / 2041458 / 2854365
Fax No.:	91-22-2043626
E-Mail :	gml@vsnl.com sssheth@generalmetallisers.com info@generalmetallisers.com
Website :	www.gmet.com
Location :	Owned
Factory :	B / 84, MIDC Industrial Estate, Ambad , Nasik – 422 010, Maharashtra, India
Tel. No.:	91-22-2382384 / 2382264
Location :	Owned
Branch Office :	No. 8/4, Stringers Street, 2^nd Floor, Madras – 600108, Tamil Nadu, India

DIRECTORS

As on 12.09.2014

Name :

Mr. Sachin Chabildas Sheth

Designation :

Managing Director

Address :

231 – C, Grand Paradi CHS, 572 Dady Seth Hill, August Kranti Marg, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

21.09.1952

Date of Appointment :

29.09.2004

DIN No.:

00686170

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	U74999MH1979PTC021717	GENERAL METALLISERS PRIVATE LIMITED	Managing director	29/09/2004	29/09/2004	-	Active	NO
2	U21010MH1987PTC045643	METCON CONVERTERS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
3	U65990MH1989PTC054247	FOURESS HOLDINGS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
4	U45202MH1995PTC085779	GENERAL PROPERTIES PRIVATE LIMITED	Managing director	28/09/2006	28/09/2006	-	Active	NO
5	U74950MH2007PTC171489	PRIMARK LABELS PRIVATE LIMITED	Director	09/06/2007	09/06/2007	-	Active	NO
6	U92400MH2013PTC243609	HOUSE OF TALES EVENT GALLERY PRIVATE LIMITED	Director	24/05/2013	24/05/2013	-	Active	NO
7	U45400WB2013PTC195512	MOONSTAR HOUSING PRIVATE LIMITED	Director	13/09/2014	13/01/2014	-	Active	NO
8	U70102MH2014PTC252593	NESH PROPERTIES PRIVATE LIMITED	Director	29/01/2014	29/01/2014	-	Active	NO

Name :

Mr. Shreekant Vasantlal Mehta

Designation :

Director

Address :

3 A Naples 9 Sobani Colaba , Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

24.05.1948

Date of Appointment :

29.09.2004

DIN No.:

00318524

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	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	24/07/1989	24/07/1989	-	Active	NO
2	U74999MH1979PTC021717	GENERAL METALLISERS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
3	U72900MH2008PTC177924	VAULT INDIA MEDIA SERVICES PRIVATE LIMITED	Director	18/01/2008	18/01/2008	01/04/2009	Dormant	NO
4	U74140MH2007PTC169754	CREDAL ADVISORY SERVICES PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
5	U74140MH2007PTC170138	IRIS INVESTMENT ADVISORS PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO

Name :

Mr. Ganesh Narayan Kandoi

Designation :

Director

Address :

Satyam Building, Flat No. 7, 2^nd Floor, Natwar Nagar, H.F.S. Road, Jogheshwari (East), Mumbai – 400060, Maharashtra, India

Date of Birth/Age :

25.08.192

Date of Appointment :

24.10.2011

DIN No.:

00640223

Other Directorship :

S.NO.	Bottom of Form 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	U24110MH1987PTC043063	POOJA CHEMICALS PRIVATE LIMITED	Director	02/04/1987	02/04/1987	01/10/2008	Active	NO
2	U24110MH1993PTC072727	VIN CHEMPERS PRIVATE LIMITED	Director	01/01/1994	01/01/1994	-	Active	NO
3	U51496MH1997PTC105156	YANGON COMMERCIALS PRIVATE LIMITED	Director	23/03/1998	23/03/1998	-	Active	NO
4	U74999MH1979PTC021717	GENERAL METALLISERS PRIVATE LIMITED	Director	24/10/2011	24/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Sujat S. Sheth
Designation :	Secretary
Address :	231 – C, Grand Paradi CHS, 572 Dady Seth Hill, August Kranti Marg, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	11.11.1965
Date of Appointment :	29.06.2011
PAN No.:	AADPJ4731C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2014

Names of Shareholders	No. of Shares
Mr. Sachin Chabildas Sheth	2246855
Mrs. Sweta Sachin Sheth	450
Mrs. Neha Sachin Sheth	450
Fouress Holdings Private Limited, India	2000
Mrs. Sujata Sachin Sheth	135
General Properties Private Limited, India	100
Mr. Hasmukh Parikh	10
Total	2250000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.09
Directors or relatives of Directors	99.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Metallised Paper for Cigarette Inner Liners, Liquor Labels.

Products :

Product Description	Item Code No. (ITC Code)
Metallised Alluminium Paper	4811.9099
Coated Paper	4810.1330

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Production
Matallised Paper and Firm	MT	5000	2875.85
Caoated Paper	MT	500	10.89

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

• Bank of Maharashtra, 1^st Floor, Janmangal , 45/47 Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Medium Term Loan from Bank of Maharashtra	0.000	14.273
Short Term Borrowing
Loan from Bank
Cash Credit	16.528	2.085
Packing Credit	6.610	5.109
Total	23.138	21.467

Auditors :
Name :	K M Modi and Associates Chartered Accountants
Address :	Bharati Bhavan , 3^rd Floor, 210 P D Mello Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22703105
Mobile No.:	91-9769247891
Fax No.:	91-22679904
E-Mail :	Kmm_a@rediffmail.com cakanumodi@gmail.com
PAN No.:	AANFK0989M
Solicitors :
Name :	Ms. Malvi Ranchoddas and Company
Address :	Yusuf Building, 3^rd Floor, Mahatma Gandhi Road, Fort, Mumbai – 400023, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs. 22.500 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	22.500	22.500	22.500
(b) Reserves & Surplus	123.674	117.545	112.029
(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)	146.174	140.045	134.529
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	14.273	45.047
(b) Deferred tax liabilities (Net)	21.154	21.986	22.432
(c) Other long term liabilities	3.391	4.374	5.428
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.545	40.633	72.907
(4) Current Liabilities
(a) Short term borrowings	23.238	7.779	17.491
(b) Trade payables	30.986	33.170	27.403
(c) Other current liabilities	2.570	1.762	2.827
(d) Short-term provisions	10.229	11.352	13.771
Total Current Liabilities (4)	67.023	54.063	61.492
TOTAL	237.742	234.741	268.928
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.862	165.868	164.017
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.084	1.422	11.620
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.350	0.615	0.615
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.309	6.799	6.799
(e) Other Non-current assets	0.167	0.101	1.102
Total Non-Current Assets	164.772	174.805	184.153
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.364	15.631	30.848
(c) Trade receivables	33.619	34.740	38.339
(d) Cash and cash equivalents	1.207	1.103	1.355
(e) Short-term loans and advances	9.139	8.344	14.201
(f) Other current assets	1.641	0.118	0.032
Total Current Assets	72.970	59.936	84.775
TOTAL	237.742	234.741	268.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales Turnover	414.677	418.508	407.446
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		28.968	29.825	21.077
Less/ Add	DEPRECIATION/ AMORTISATION		15.178	15.057	14.573
	PROFIT/ (LOSS) BEFORE TAX		13.790	14.768	6.504
Less	TAX		4.608	4.936	2.065
	PROFIT/ (LOSS) AFTER TAX		9.182	9.832	4.439
Less	APPROPRIATIONS
		Dividend	2.250	3.375	2.250
		Tax on Dividend	0.386	0.548	0.374
		Total	2.636	3.923	2.624
	BALANCE CARRIED TO THE B/S		6.546	5.909	1.815
	Earnings Per Share (Rs.)		4.08	4.37	1.97

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.21	2.35	1.09
Return on Total Assets (PBT/Total Assets}	(%)	5.89	6.35	2.53
Return on Investment (ROI) (PBT/Networth)		0.09	0.11	0.05
Debt Equity Ratio (Total Debt /Networth)		0.30	0.16	0.46
Current Ratio (Current Asset/Current Liability)		1.09	1.11	1.38

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	22.500	22.500	22.500
Reserves & Surplus	112.029	117.545	123.674
Net worth	134.529	140.045	146.174
long-term borrowings	45.047	14.273	0.000
Short term borrowings	17.491	7.779	23.238
Total borrowings	62.538	22.052	23.238
Debt/Equity ratio	0.465	0.157	0.159

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)
Sales	407.446	418.508	414.677
		2.715	(0.915)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	407.446	418.508	414.677
Profit	4.439	9.832	9.182
	1.09%	2.35%	2.21%

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	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	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	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans from Related Parties	0.100	0.585
Total	0.100	0.585

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	90239847	09/10/2014 *	35,000,000.00	BANK OF MAHARASHTRA	FORT BRANCH, 1ST FLOOR, JANMANGAL, 45/47 MUMBAI SAM ACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C26426700

* Date of charge modification

FIXED ASSETS

• Computer
• Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Leasehold Improvement

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.63.38
UK Pound	1	Rs.96.84
Euro	1	Rs.75.66

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.