MIRA INFORM REPORT

Report No. :	325615
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	METENERE LIMITED
Registered Office :	138-139, Main Road Ghazipur, New Delhi - 110096
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.02.1997
Com. Reg. No.:	55-084906
Capital Investment / Paid-up Capital :	Rs.395.858 Millions
CIN No.: [Company Identification No.]	U27107DL1997PLC084906
TAN No.: [Tax Deduction & Collection Account No.]	DELM04703G
PAN No.: [Permanent Account No.]	AAACM8484F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of production of non ferrous metals.
No. of Employees :	Not Available

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 :	138-139, Main Road Ghazipur, New Delhi – 110096, India
Tel. No.:	91-11-47109175/ 112/ 155
Fax No.:	91-11-47109103
E-Mail :	sanjeev.arora@mtil.in
Website :	www.mettradeindia.com
Factory 1 :	Village Mohtli, Dhamtal, Tehsil- Indora District Kangra – 176404, Himachal Pradesh, India
Factory 2 :	152, SICOP Industrial Area, Kathua – 184101, Jammu and Kashmir, India
Factory 3 :	Survey No. 590,591,593, Village Bhimasar, Taluka Anjar,  Gandhidham, District Kutch -370201, Gujarat, India
Factory 4 :	Village Bheel Akbarpur, Main G.T Road, Dadri, District –G.B Nagar, Noida, Uttar Pradesh, India
Factory 5 :	IGC, SIDCO Phase – 1 Samba - 184121, Jammu and Kashmir, India

DIRECTORS

As on: 10.09.2013

Name :

Mr. Raman Gupta

Designation :

Managing Director

Address :

F-73, Preet Vihar, Delhi – 110092, India

Date of Birth/Age :

29.12.1959

Date of Appointment :

26.11.2010

PAN No.:

ABAPG1217G

DIN No.:

00106876

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	U74899DL1986PLC033985	Metenere (Global) Limited	Managing director	15/03/2011	02/06/1986	-	Active	NO
2	U27107DL1997PLC084906	Metenere Limited	Managing director	26/11/2010	04/02/1997	-	Active	NO
3	L74899DL1994PLC057192	NIVEDAN FIN-INVEST-LEASE LIMITED	Director	12/02/1998	12/02/1998	25/11/2010	Active	NO
4	U74899DL1994PTC057627	PASA INVESTMENT AND LEASING PRIVATE LIMITED	Director	01/08/1998	01/08/1998	-	Amalgamated	NO
5	U74100DL1996PLC148276	SHREY INDUSTRIES LIMITED	Director	25/10/1999	25/10/1999	-	Amalgamated	NO
6	U27109DL2003PTC122061	IND-METCHEM PRIVATE LIMITED	Director	03/09/2003	03/09/2003	10/12/2009	Amalgamated	NO
7	U27109DL2003PTC122060	FACTUAL METAL & ALLOYS PRIVATE LIMITED	Director	03/09/2003	03/09/2003	03/09/2007	Active	NO
8	U24119DL2003PTC120594	GUPTA PIGMENTS PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Amalgamated	NO

Name :

Mr. Ankur Singh

Designation :

Whole-Time Director

Address :

A-404, Pawittra Apartment, Near Dharmasila, Cancer Hospital, Vasunhar Enclave, Delhi – 110096, India

Date of Birth/Age :

12.11.1971

Date of Appointment :

17.07.2012

PAN No.:

ANWPS1321D

DIN No.:

02712564

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	U27107DL1997PLC084906	Metenere Limited	Whole-time director	17/07/2012	17/07/2009	-	Active	NO

Name :

Mr. Subash Chandra Tandan

Designation :

Director

Address :

62, Arya Nagar, Sitapur – 261001, Uttar Pradesh, India

Date of Birth/Age :

25.01.1946

Date of Appointment :

28.09.2010

PAN No.:

AAJPT5649R

DIN No.:

03008428

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	U27107DL1997PLC084906	Metenere Limited	Director	28/09/2010	01/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tarun Agarwal
Designation :	Senior Manager Finance
Name :	Mr. Sanjeev Arora
Designation :	Secretary
Address :	334, Ground Floor, Indraprastha Colony, Sector – 30-33, Faridabad – 121010, Haryana, India
Date of Birth/Age :	29.12.1964
Date of Appointment :	17.09.2012
PAN No.:	ACAPA7523Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 10.09.2013

Names of Shareholders	No. of Shares
Raman Gupta	94667150
Raman Gupta (HUF)	6000000
Mahajan Family Welfare Trust	60000
Amar Devi Family Welfare Trust	5025000
Met Trade (Global) Limited	305774455
Shrey Gupta	941481
Kiran Gupta	56530
Total	412524616

Equity Share Break up (Percentage of Total Equity)

As on: 10.09.2013

Category	Percentage
Bodies corporate	74.12
Directors or relatives of directors	23.19
Other top fifty shareholders	2.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of production of non ferrous metals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Vijaya Bank
• Punjab National Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks	2827.604	1216.050
Rupee term loans from others	33.540	48.341
Other loans and advances	2.945	15.645
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	5695.043	4757.136
Loans repayable on demand from others	1581.846	1187.569
Loans taken for vehicles	12.700	14.693
Total	10153.678	7239.434

Banking Relations :	--
Auditors :
Name :	Daver Sikri and Company Chartered Accountants
Address :	4222/1, Ansari Road, Daryaganj, New Delhi – 110002, India
PAN No.:	AATPS9582J
Associates :	Nivedan Fin-Invest-Lease Limited U74899DL1994PLC057192 Amardevi Family Welfare Trust
Ultimate Holding Company :	Metenere (Global) Limited U74899DL1986PLC033985
Subsidiary Company :	Met Trade Overseas Sarl Met Trade (UAE) FZC (earlier known as Mediterian Metals and Alloys FZC) Afromet S.P.R.L. Met Trade Bhutan Limited

CAPITAL STRUCTURE

As on: 10.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	Rs.1/- each	Rs.620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
412524616	Equity Shares	Rs.1/- each	Rs.412.525 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	Rs.1/- each	Rs.620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
395857950	Equity Shares	Rs.1/- each	Rs.395.858 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	395.858	371.357	155.370
(b) Reserves & Surplus	7671.692	6337.203	5470.999
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	250.000	550.000	0.000
Total Shareholders’ Funds (1) + (2)	8317.550	7258.560	5626.369
(3) Non-Current Liabilities
(a) long-term borrowings	2864.088	1280.035	1162.486
(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	24.043	21.554	10.460
Total Non-current Liabilities (3)	2888.131	1301.589	1172.946
(4) Current Liabilities
(a) Short term borrowings	7289.590	5959.399	5457.676
(b) Trade payables	925.475	970.769	945.552
(c) Other current liabilities	698.613	496.737	227.117
(d) Short-term provisions	155.664	155.047	219.855
Total Current Liabilities (4)	9069.342	7581.952	6850.200
TOTAL	20275.023	16142.101	13649.515
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4583.853	4718.877	5133.530
(ii) Intangible Assets	13.613	7.245	0.066
(iii) Capital work-in-progress	2530.465	1018.554	323.121
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	56.112	385.667	385.667
(c) Deferred tax assets (net)	66.462	50.435	19.138
(d) Long-term Loan and Advances	1453.699	252.109	147.771
(e) Other Non-current assets	12.899	5.086	0.000
Total Non-Current Assets	8717.103	6437.973	6009.293
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6328.497	4555.234	4212.540
(c) Trade receivables	3533.688	2546.574	1749.438
(d) Cash and cash equivalents	52.776	559.889	48.196
(e) Short-term loans and advances	1642.959	2042.431	1630.048
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	11557.920	9704.128	7640.222
TOTAL	20275.023	16142.101	13649.515

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	16485.004	14223.694	9257.704
	Other Income	8.023	47.341	314.864
	TOTAL (A)	16493.027	14271.035	9572.568
Less	EXPENSES
	Cost of Materials Consumed	13682.544	11458.715	8307.713
	Purchases of Stock-in-Trade	507.646	515.289	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1067.993)	(1071.883)	(1452.733)
	Employees benefits expense	145.794	137.907	127.159
	Prior Period Item	0.000	3.323	2.606
	Other expenses	1381.649	1546.903	908.410
	TOTAL (B)	14649.640	12590.254	7893.155
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1843.387	1680.781	1679.413
Less	FINANCIAL EXPENSES (D)	660.515	609.052	493.943
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1182.872	1071.729	1185.470
Less/ Add	DEPRECIATION/ AMORTISATION (F)	435.924	501.642	387.760
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	746.948	570.087	797.710
Less	TAX (H)	(73.679)	93.003	90.534
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	820.627	477.084	707.176
	EARNINGS IN FOREIGN CURRENCY	4865.945	6534.300	2792.100
	Earnings / (Loss) Per Share (Rs.)	2.07	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
(Net Profit Margin) PAT / Total Income	(%)	4.98	3.34	7.39
Operating Profit Margin (PBDIT/Sales)	(%)	11.17	11.77	17.54
Return on Total Assets (PBT/Total Assets}	(%)	4.24	3.88	6.17
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.14
Debt Equity Ratio (Total Debt/Networth)		1.22	5.66	1.18
Current Ratio (Current Asset/Current Liability)		1.27	1.28	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	155.370	371.357	395.858
Reserves & Surplus	5,470.999	6,337.203	7,671.692
Net worth	5,626.369	6,708.560	8,067.550
long-term borrowings	1,162.486	1,280.035	2,864.088
Short term borrowings	5,457.676	5,959.399	7,289.590
Total borrowings	6,620.162	7,239.434	10,153.678
Debt/Equity ratio	1.177	1.079	1.259

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9,257.704	14,223.694	16,485.004
		53.642	15.898

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9,257.704	14,223.694	16,485.004
Profit	707.176	477.084	820.627
	7.64%	3.35%	4.98%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS

The Company in this financial year achieved a total revenue of Rs.16485.000 Millions as compared to Rs 14123.700 Millions during previous year, an increase of 16.71 % over the previous year. The Company has earned profit before tax of Rs 746.900 Millions during the current year as compared to Rs 570.100 Millions during last year, an effective increase of 31.01 %. This was primarily achieved due to addition of new customers in the domestic and as well as international markets.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10526111	29/09/2014	2,667,600.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, IN  DIA	C29731122
2	10523217	10/09/2014	850,000,000.00	Vijaya Bank	31C, DDA SHOPPING CENTRE, 3RD FLOOR, OPP. MOOLCHA  ND HOSPITAL, DEFENCE COLONY, NEW DELHI, Delhi - 11  0024, INDIA	C24644148
3	10489927	31/03/2014	170,000,000.00	PUNJAB NATIONAL BANK	7, BHIKAJI CAMA PLACE, NEW DELHI, Delhi - 110066,  INDIA	C03744372
4	10442151	11/09/2013 *	11,750,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	B84661586
5	10379749	04/10/2012	2,960,000,000.00	PUNJAB NATIONAL BANK	7, BIKHAJI CAMA PLACE, AFRICA AVENUE, NEW DELHI,  Delhi - 110066, INDIA	B59394916
6	10371760	25/07/2012	2,960,000,000.00	PUNJAB NATIONAL BANK	7, BIKAJI CAMA PLACE, AFRICA AVENUE, NEW DELHI, D  elhi - 110066, INDIA	B56104128
7	10349409	30/03/2012	2,960,000,000.00	PUNJAB NATIONAL BANK	7, BIKHAJI CAMA PLACE, AFRICA AVENUE, NEW DELHI,  Delhi - 110066, INDIA	B37494358
8	10322294	15/12/2011	34,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi, Delh  i - 110017, INDIA	B27531375
9	10319306	28/11/2011	29,200,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi, Delh  i - 110017, INDIA	B25906462
10	10174336	04/11/2009 *	550,000,000.00	IDBI BANK LIMITED	3RD FLOOR, RED CROSS SOCIETY BUILDING, 1-RED CROS  S ROAD, NEW DELHI, Delhi - 110001, INDIA	A73612400

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer Equipments
• Leasehold Improvements

Intangible Assets

• Computer Software

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.61.38
UK Pound	1	Rs.98.00
Euro	1	Rs.76.98

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

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.