MIRA INFORM REPORT

Report No. :	332498
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	MAHAVIR METAL COMPANY
Registered Office :	I - 37 Saptagiri Duplex, Opposite the Gateway Hotel, Akota Main Road, Vadodara - 390020, Gujarat
Tel. No.:	91-265-2341861/62
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.11.2007
Capital Investment / Paid-up Capital :	Rs. 275.500 Million
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Distributor and Supplier of Zinc Ingots, Ferrous and Non Ferrous Metals
No. of Employees :	22 (Approximately) (In Office: 15, In Factory : 7)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 780000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Rating takes into consideration, concerns operating performance and extensive experience of promoters. Subject has achieved better growth sales turnover during FY 2014. Trade relations are fair. Business is active. Payment term are reported to be usually correct. Subject can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY (GENERAL INFORMATION)

Name :	Mr. Pretesh
Designation :	Finance Department
Contact No.:	91-265-2341862
Date :	16.07.2015

LOCATIONS

Registered Office :	I - 37 Saptagiri Duplex, Opposite the Gateway Hotel, Akota Main Road, Vadodara - 390020, Gujarat
Tel. No.:	91-2652341861/62
Mobile No.:	91-9825007668, 9825204974
Fax No.:	91-2652341862
E-Mail :	mahaveermetalco@gmail.com
Area :	8000 Sq. Ft.
Location :	Owned
Factory :	72/1, Mukut Nagar, Manjusar - Sokhda Road, MAnjusar Tal, Salvi Vadodara, Gujarat, India
Tel. No.:	91-2667264344
Area :	50000
Location :	Owned

PARTNERS

Name :	Mr. Banulal S Balar
Designation :	Partner
Address :	Opposite 32 Jawahar Society RV Desai Road Vadodara, Gujarat, India
Date of Birth/Age :	72 Years
Qualification :	C.A
Experience :	50 Years
Name :	Mr. Jagdish B Shah
Designation :	Partner
Address :	Opposite 32 Jawahar Society RV Desai Road Vadodara, Gujarat, India
Date of Birth/Age :	52 Years
Qualification :	B. Com
Experience :	35 Years
Name :	Mr. Lalti B Shah
Designation :	Partner
Address :	4, Chinar Wood Near The Gateway Hotel, Akota Vadodara, Gujrat, India
Date of Birth/Age :	47 Years
Qualification :	B. Com
Experience :	30Years
Name :	Mr. Ramesh B Shah
Designation :	Partner
Address :	1, Spring Valley, Urmi Crossing BPC Road, Vadodara, Gujarat, India
Date of Birth/Age :	45 Years
Qualification :	B. Com
Experience :	25 Years

KEY EXECUTIVES

Name :	Mr. Pretesh
Designation :	Finance Department

BUSINESS DETAILS

Line of Business :	Distributor and Supplier of Zinc Ingots, Ferrous and Non Ferrous Metals
Products/ Brand Names :	HZL - Zinc Ingots HZL - Lead Ingots
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

22 (Approximately) (In Office: 15, In Factory : 7)

Bankers :

Bank Name	Bank of Baroda
Branch	Shree Sharnam Apartment, Beside Govardhan Nathji Haveli, Akota Vadodara, Gujarat India
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)	Credit Rs. 9.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :

Name :

Subhash Patel

Chartered Accountants

Address :

Paradise Complex, Sayajigunj , Vadodara, Gujarat, India

Tel. No.:

91-265-2362318

E-Mail :

sapatelandco@gmail.com

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs. 275.500 Million
Borrowed :	--
Total :	Rs. 275.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

SUMMARISED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
Shareholders funds
Share capital	275.500	227.800
Secured loans	90.100	59.500
Unsecured loans	141.000	125.400
Current liabilities & provisions	21.400	92.800
Deferred tax liabilities	14.900	07.800
Fixed assets [net block]	4.400	4.700
Current assets, loans & advances	524.200	359.200
Miscellaneous expenses	43.600	25.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	2283.100	1392.860
	Other Income	19.300	22.600
	TOTAL	2302.400	1415.460
Less	EXPENSES
	TOTAL	2225.400	1367.560
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	77.000	47.900
Less	FINANCIAL EXPENSES	32.800	22.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	44.200	25.900
Less/ Add	DEPRECIATION/ AMORTISATION	0.600	0.600
	PROFIT/ (LOSS) BEFORE TAX	43.600	25.300
Less	TAX	28.700	17.500
	PROFIT/ (LOSS) AFTER TAX	14.900	7.800

The above information has been parted by Mr. Pritesh (Finance Department)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.65	0.56
Operating Profit Margin (PBIDT/Sales)	(%)	3.37	3.44
Return on Total Assets (PBT/Total Assets}	(%)	7.56	6.50
Return on Investment (ROI) (PBT/Networth)		0.16	0.11
Debt Equity Ratio (Total Debt /Networth)		0.84	0.81
Current Ratio (Current Asset/Current Liability)		3.50	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	227.800	275.500
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	227.800	275.500
long-term borrowings	59.500	90.100
Short term borrowings	125.400	141.000
Total borrowings	184.900	231.100
Debt/Equity ratio	0.812	0.839

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1392.860	2283.100
		63.915

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1392.860	2283.100
Profit	7.800	14.900
	0.56%	0.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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.63.49
UK Pound	1	Rs.99.42
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	SAN
Report Prepared by :	RKI

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.