MIRA INFORM REPORT

Report No. :	303875
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	REFLUX METALS AND ALLOYS PRIVATE LIMITED
Registered Office :	307 Ganatra Industrial Estate, Near Abhishek Hotel, Khopat, Thane – 400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.05.2008
Com. Reg. No.:	11-182591
Capital Investment / Paid-up Capital :	Rs. 1.335 Millions
CIN No.: [Company Identification No.]	U27107MH2008PTC182591
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 :	Subject is engaged in the business of trading in ferrous, Non – Ferrous Metals and Fluxes.
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

Maximum Credit Limit :	USD 79000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company satisfactory track record. General financial position of the company seems to be decent. 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

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 :	307 Ganatra Industrial Estate, Near Abhishek Hotel, Khopat, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25476167
Fax No.:	91-22-25476671
E-Mail :	sanjay_agarwal@hotmail.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Anil Vijay

Designation :

Director

Address :

57/B, Bhange Vihar, Trimurti Nagar, Nagpur – 440022, Maharashtra, India

Date of Appointment :

19.01.2009

DIN No.:

00239108

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
Top of Form 1 Bottom of Form	Bottom of Form U74910RJ1998PTC014855	JASPER REMEDIES PRIVATE LIMITED	Director	01-03-2005	01-03-2005	02-01-2012	Active	NO
2	U27107MH2008PTC182591	REFLUX METALS AND ALLOYS PRIVATE LIMITED	Director	19-01-2009	19-01-2009	-	Active	NO

Name :

Mr. Arnab Roy

Designation :

Director

Address :

32/New, Jalbihar Colony, Raipur – 492001, Maharashtra, India

Date of Appointment :

22.05.2008

DIN No.:

00251974

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	U24121CT1995PTC009655	REFRACAST METALLURGICALS PRIVATE LIMITED	Director	01-04-1996	01-04-1996	-	Active	NO
2	U72900CT1999PTC013621	DISHA INFOWAY INDIA PRIVATE LIMITED	Director	01-01-2000	01-01-2000	12-08-2013	Active	NO
3	U72200CT2000PTC014254	DISHA ONLINE PRIVATE LIMITED	Director	02-06-2000	02-06-2000	16-09-2013	Active	NO
4	U73200CT2000PTC014421	DISHA HITECH SYSTEMS PRIVATE LIMITED	Director	09-10-2000	09-10-2000	05-03-2010	Active	NO
5	U51109WB1994PTC061866	VARSHA SALES PROMOTION PVT LTD	Director	03-05-2002	03-05-2002	-	Active	NO
6	U52520CT2000PTC014410	DISHA VISION PRIVATE LIMITED	Director	23-05-2002	23-05-2002	05-03-2010	Active	NO
7	U26921CT2003PTC015893	REFMET TECHNOLOGIES PRIVATE LIMITED	Director	18-06-2003	18-06-2003	-	Active	NO
8	U65923OR1993PTC003283	SHANTI FINANCE AND PROPERTY DEVELOPMENT PVT. LTD.	Director	26-08-2003	26-08-2003	29-09-2012	Active	NO
9	U70101WB2005PTC101741	AISHWARYA TOWERS PRIVATE LIMITED	Director	16-02-2005	16-02-2005	-	Active	NO
10	U45203WB2005PTC101767	AISHWARYA HIGHRISE PRIVATE LIMITED	Director	17-02-2005	17-02-2005	19-07-2011	Active	NO
11	U51909WB2005PTC105708	TRUANT GOODS PRIVATE LIMITED	Director	30-09-2005	30-09-2005	-	Active	NO
12	U51909WB2005PTC105709	MARTIN DEALERS PRIVATE LIMITED	Director	30-09-2005	30-09-2005	-	Active	NO
13	U51909WB2005PTC105707	CALICO DEALERS PRIVATE LIMITED	Director	30-09-2005	30-09-2005	-	Active	NO
14	U27109WB2005PTC105842	REFRACAST COMMERCE (INDIA) PRIVATE LIMITED	Director	06-10-2005	06-10-2005	-	Active	NO
15	U27109WB2005PTC105849	REFCHEM TRADE(INDIA) PRIVATE LIMITED	Director	06-10-2005	06-10-2005	-	Active	NO
16	U51909WB1996PTC078286	BULK TRADE PVT LTD	Director	05-12-2005	05-12-2005	-	Active	NO
17	U27109WB2006PTC107976	DISHA GLOBAL PVT LTD	Director	20-02-2006	20-02-2006	05-05-2010	Active	NO
18	U14219WB2006PTC111459	EASTERN GHAT MINERALS PRIVATE LIMITED	Director	03-10-2006	03-10-2006	-	Active	NO
19	U27107MH2008PTC182591	REFLUX METALS AND ALLOYS PRIVATE LIMITED	Director	22-05-2008	22-05-2008	-	Active	NO
20	U51311OR1988PTC002019	INDICOM MINERALS AND METALS PRIVATE LIMITED	Director	18-08-2008	18-08-2008	-	Active	NO
21	U51420CT2010PTC021739	ISHOUM IMPOREX PRIVATE LIMITED	Director	15-04-2010	15-04-2010	-	Active	NO
22	U45200CT2010PTC021751	ASH ROY REAL ESTATE PRIVATE LIMITED	Director	20-04-2010	20-04-2010	-	Active	NO
23	U70101WB2005PTC101742	DISHA HIGHRISE PRIVATE LIMITED	Director	27-11-2013	27-11-2013	22-08-2014	Active	NO

Name :

Mrs. Seema Sanjay Agarwal

Designation :

Director

Address :

404 Soham, Swastik Apartment, A – Wing, Khopat, Thane (West) – 400601, Maharashtra, India

Date of Appointment :

22.05.2008

DIN No.:

02090123

Name :

Mr. Sanjay Agarwal

Designation :

Director

Address :

A – 103, Swastik Apartment, A – Wing, Khopat, Thane (West) – 400601, Maharashtra, India

Date of Appointment :

19.01.2009

DIN No.:

02535550

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	PercentageNo. of Shares 32250 5000 15700 32250 5000 15700
Anil Vijay	32250	24.15
Arnab Roy	5000	3.74
Seema Sanjay Agarwal	15700	11.76
Sanjay Agarwal	16550	12.39
Aishwarya Towers Private Limited, India	64050	47.96
Total	133550	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	47.96
Directors or relatives of Directors	52.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading in ferrous, Non – Ferrous Metals and Fluxes.
Products :	-
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
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Thane Branch, 1B-1C, Laxmi Residency, Wagle Industrial Estate, Near Check Naka, Thane - 400604, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term Loan From Yes Banks (Secured by way of Hypothecation of Car)	0.774	0.830
Total	0.774	0.830

Auditors :
Name :	ADB and Associates Chartered Accountants
Address :	A3 903 Vikas Complex, Castle Mill, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25473262
Mobile No.:	91-9820508633
PAN No.:	AAQFA7760H
Memberships :	Not Available
Collaborators :	Not Available
Major shareholder of the company: :	Aishwarya Tower Private Limited
Arnab Roy Director and major holder in both companies:	Refracast Mettalugicals Private Limited Varsha Sales Promotion Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133550	Equity Shares	Rs.10/- each	Rs. 1.335 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.335	1.335	0.437
(b) Reserves & Surplus	26.373	21.240	9.435
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	12.680
Total Shareholders’ Funds (1) + (2)	27.708	22.575	22.552
(3) Non-Current Liabilities
(a) long-term borrowings	0.774	0.830	3.826
(b) Deferred tax liabilities (Net)	0.000	0.000	0.010
(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)	0.774	0.830	3.836
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	6.483	6.784	9.284
(c) Other current liabilities	0.324	0.105	0.282
(d) Short-term provisions	2.525	2.300	1.650
Total Current Liabilities (4)	9.332	9.189	11.216
TOTAL	37.814	32.594	37.604
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.659	2.680	1.734
(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	4.050	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.134	0.051	0.008
Total Non-Current Assets	6.843	3.231	1.742
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.345	0.000	0.000
(c) Trade receivables	16.436	15.119	31.829
(d) Cash and cash equivalents	3.098	11.366	0.845
(e) Short-term loans and advances	10.092	2.878	3.188
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	30.971	29.363	35.862
TOTAL	37.814	32.594	37.604

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		INCOME	83.755	95.157	127.657
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		7.575	6.860	5.240
	TAX		2.525	2.300	1.650
	PROFIT AFTER TAX		5.133	4.621	3.579
	Earnings Per Share (Rs.)		38.43	34.60	80.81

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	22.44	21.37	13.93
Return on Investment (ROI) (PBT/Networth)		0.27	0.30	0.23
Debt Equity Ratio (Total Debt /Networth)		0.03	0.04	0.17
Current Ratio (Current Asset/Current Liability)		3.32	3.20	3.20

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	0.437	1.335	1.335
Share Application money pending allotment	12.680	0.000	0.000
Reserves & Surplus	9.435	21.240	26.373
Net worth	22.552	22.575	27.708
long-term borrowings	3.826	0.830	0.774
Short term borrowings	0.000	0.000	0.000
Total borrowings	3.826	0.830	0.774
Debt/Equity ratio	0.170	0.037	0.028

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)
Income	127.657	95.157	83.755
		(25.459)	(11.982)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income	127.657	95.157	83.755
Profit	3.579	4.621	5.133
	2.80%	4.86%	6.13%

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	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

PERFORMANCE:

The performance of the company for the year was satisfactory

INDEX OF CAHRGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10264913	11/06/2012 *	7,500,000.00	ORIENTAL BANK OF COMMERCE	THANE BRANCH, 1B-1C, LAXMI RESIDENCY,, WAGLE INDUSTRIAL ESTATE, NEAR CHECK NAKA, THANE, MAHARASHTRA - 400604, INDIA	B44753382

* Date of charge modification

FIXED ASSETS:

• Motor Car
• Computers
• Office Equipment
• Furniture and Fixture

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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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.