MIRA INFORM REPORT

Report No. :	303172
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	METCO ENTERPRISES PRIVATE LIMITED

Registered Office :	Unit No.401, 14^th Floor, Ram Milan Premises CHSL, Subhas Road, Vile Parle (East), Mumbai – 400057, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	06.04.1998

Com. Reg. No.:	11-114366

Capital Investment / Paid-up Capital :	Rs. 6.333 Millions

CIN No.: [Company Identification No.]	U63000MH1998PTC114366

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 :	Trader of Chemicals

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Payments are slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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

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.

LOCATIONS

Registered Office :	Unit No.401, 14^th Floor, Ram Milan Premises CHSL, Subhas Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-25542993 / 25545579
Fax No.:	91-22-25546480 / 25540884 / 25565184
E-Mail :	contact@metcogroup.in

Head Office :	204/B, Ruby Apartment, Sir M.V. Marg, Andheri (East), Mumbai – 400 069, Maharashtra, India.
Mobile No.:	91-9321028751
Tel/Fax No :	91-22-26830868
E-Mail :	admin@jaintripathi.com

Warehouse :	Warehouse they take on hire

DIRECTORS

As on 30.09.2014

Name :

Mr. Harshvadan Mehta

Designation :

Managing Director

Address :

102/A Ruby Apartments, Sir M V Road, Andheri (East), Mumbai – 400 069, Maharashtra, India.

Date of Birth/Age :

22.08.1949

Date of Appointment :

06.04.1998

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	U60230MH1986PTC038967	HAZCHEM LOGISTICS AND MULTITRADE PRIVATE LIMITED	Managing director	17-02-86	17-02-86	-	Converted to LLP and dissolved	NO
2	U63000MH1998PTC114366	METCO ENTERPRISES PRIVATE LIMITED	Managing director	06-04-98	06-04-98	-	Active	NO
3	U24129UP1999PLC024442	MAGMA INDUSTRIES LIMITED	Director	19-03-03	19-03-03	29-11-07	Active	NO
4	U24100MH1997PTC106100	METCO CHEMTECH PRIVATE LIMITED	Managing director	24-04-04	24-04-04	-	Active	NO
5	U24100MH2006PTC158922	MIN CHEM (INDIA) PRIVATE LIMITED	Director	16-01-06	16-01-06	-	Strike off	NO
6	U74900MH1957PLC010985	SITA PREMISES LIMITED	Director	28-08-08	28-08-08	-	Active	NO

Name :

Mr. Jitendra Mehta

Designation :

Director

Address :

A4/104, Anmol Apartment, Near Leela Hotel, Sir M V Road, Andheri (East), Mumbai – 400 059, Maharashtra, India.

Date of Birth/Age :

05.02.1962

Date of Appointment :

06.04.1998

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	U60230MH1986PTC038967	HAZCHEM LOGISTICS AND MULTITRADE PRIVATE LIMITED	Director	01-01-94	01-01-94	-	Converted to LLP and dissolved	NO
2	U63000MH1998PTC114366	METCO ENTERPRISES PRIVATE LIMITED	Director	06-04-98	06-04-98	-	Active	NO
3	U24129UP1999PLC024442	MAGMA INDUSTRIES LIMITED	Director	19-03-03	19-03-03	29-11-07	Active	NO
4	U24100MH1997PTC106100	METCO CHEMTECH PRIVATE LIMITED	Director	03-10-05	03-10-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Shri Harshvadan Mehta		31647
Shri Jitendra Mehta		31638
Smt. Madhavi Jitendra Mehta		10
Mr. Charu Harshvadan Mehta		10
Mrs. Kanan Mehta		10
Mrs. Shivani J Mehta		10
Mrs. Vatsal J Mehta		10
Mr. Hare		1
Total		63336

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 :	Trader of Chemicals

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Bank of India
Branch Address	SSI Andheri (East) Branch, Mathuria Apartments, Sir M.V. Road, Andheri (East), Mumbai – 400 069, 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 :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Secured Term Loans from Bank and Finance Company
Cash Credit from Bank of India, Andheri (Secured against Book debts, Hypothecation of truck and other premises, both present and future and also guarantee of director and relatives))	16.497	47.642
Vehicle loans from HDFC Bank, Andheri (East)	0.808	3.072
Vehicle Loan from Financial Service India Private Limited	0.604	5.878
Total	17.909	56.592

Auditors :
Name :	Jain Tripathi and Company Chartered Accountant
Address :	204/B, Ruby Apartment, Sir M.V. Marg, Andheri (East), Mumbai – 400 069, Maharashtra, India.
Mobile No.:	91-9321028751
Tel/Fax No :	91-22-26830868
E-Mail :	admin@jaintripathi.com sanjaytripathi@jaintripathi.com tripathiandco@gmail.com
PAN No.:	AAAFJ3801A

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Metco Chemtech Private Limited Hazchem Logistics and Multitrade LLP Metco Fragrance and Chemicals Miletrade

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

63336	Equity Shares	Rs.100/- each	Rs. 6.334 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	6.333	6.333	6.333
(b) Reserves & Surplus	16.651	29.253	24.513
(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)	22.984	35.586	30.846

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	184.848	175.156	166.336
(b) Trade payables	64.205	9.255	10.283
(c) Other current liabilities	0.859	0.814	1.096
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	249.912	185.225	177.715

TOTAL	272.896	220.811	208.561

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.883	34.696	26.859
(ii) Intangible Assets	0.016	0.022	0.029
(iii) Capital work-in-progress	0.527	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.043	0.043	0.043
(c) Deferred tax assets (net)	0.188	0.263	0.337
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.657	35.024	27.268

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	174.419	101.722	112.598
(c) Trade receivables	27.924	58.521	51.746
(d) Cash and cash equivalents	22.548	25.229	16.942
(e) Short-term loans and advances	0.348	0.315	0.007
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	225.239	185.787	181.293

TOTAL	272.896	220.811	208.561

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME		812.674	741.903	672.495

Less	EXPENSES		786.745	725.161	653.120


	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		25.929	16.742	19.375

Less/ Add	DEPRECIATION/ AMORTISATION		11.446	8.916	11.438

	PROFIT/ (LOSS) BEFORE TAX		14.483	7.826	7.937

Less	TAX		4.855	3.087	2.485

	PROFIT/ (LOSS) AFTER TAX		9.628	4.739	5.452

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.859	22.120	16.668

Less	APPROPRIATIONS
		Interim Dividend	19.001	0.000	0.000
		Tax on Dividend	3.229	0.000	0.000
		Transfer to General Reserve	1.900	0.000	0.000
		Total	24.130	0.000	0.000

	BALANCE CARRIED TO THE B/S		12.357	26.859	22.120

	Earnings Per Share (Rs.)		152.01	74.82	86.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Return on Total Assets (PBT/Total Assets}	(%)	5.32	3.55	3.81

Return on Investment (ROI) (PBT/Networth)		0.63	0.22	0.26

Debt Equity Ratio (Total Debt /Networth)		8.04	4.92	5.39

Current Ratio (Current Asset/Current Liability)		0.90	1.00	1.02

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	6.333	6.333	6.333
Reserves & Surplus	24.513	29.253	16.651
Net worth	30.846	35.586	22.984

long-term borrowings	0.000	0.000	0.000
Short term borrowings	166.336	175.156	184.848
Total borrowings	166.336	175.156	184.848
Debt/Equity ratio	5.392	4.922	8.042

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	672.495	741.903	812.674
		10.321	9.539

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	672.495	741.903	812.674
Profit	5.452	4.739	9.628
	0.81%	0.64%	1.18%

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 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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

NOTE:

Registered address of the company has been shifted from Unit No 12-A Wing, Bsita Estate Mahul Road, Chembur, Mumbai – 400074, Maharashtra, India to the present address w.e.f. 01.01.2013

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
From Director	122.034	92.599
From Shareholders and Relatives	44.905	25.965
Total	166.939	118.564

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	90159744	15/05/2008 *	50,000,000.00	BANK OF INDIA	SSI ANDHERI(EAST) BRANCH, MATHURIA APARTMENTS, SIR M V ROAD , ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	A41222340

* Date of charge modification

FIXED ASSETS

· Office Premises

· Garage Premises

· Furniture and fittings

· Light Vehicles

· Machinery and Equipments

· Heavy Vehicles

· Computers

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.61.76
UK Pound	1	Rs.94.01
Euro	1	Rs.72.63

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		43

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.