MIRA INFORM REPORT

Report No. :	310359
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	SUN METALLICS AND ALLOYS PRIVATE LIMITED
Registered Office :	14, Neha Industrial Estate, Ground Floor, Behind CCI Limited, Off. Dattapada Road, Borivali (East), Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.01.2011
Com. Reg. No.:	11-212275
Capital Investment / Paid-up Capital :	Rs. 77.500 Million
CIN No.: [Company Identification No.]	U27100MH2011PTC212275
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS69462B
PAN No.: [Permanent Account No.]	AAPCS2702P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of TMT Bars.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by low profit margin and low reserves level of the company. However, trade relations are reported as fair. Business is active. Paymets terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	Fund Based Limits = BB+
Rating Explanation	Moderate risk of default
Date	December 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A4+
Rating Explanation	Minimal degree of safety and carry very high credit risk
Date	December 2014

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 :	14, Neha Industrial Estate, Ground Floor, Behind CCI Limited, Off. Dattapada Road, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-42032000
Fax No.:	91-22-42032020
E-Mail :	satyajitmishra_cs@rediffmail.com ajay.sunsteel@gmail.com
Factory :	Village – Lakhampur Bhiwandi Road, Wada – Thane, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :

Manoharlal Singhania

Designation :

Director

Address :

D/915, Sunderdham-II, CHS, Rambaug Lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Appointment :

13.01.2011

DIN No.:

000182359

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	U72300MH2000PTC125970	SINGHANIA SYSTEM TECHNOLOGISTS PRIVATE LIMITED	Director	19/04/2000	19/04/2000	-	Active	NO
2	U27100MH2011PTC212275	SUN METALLICS & ALLOYS PRIVATE LIMITED	Director	13/01/2011	13/01/2011	-	Active	NO

Name :

Pawan Singhania

Designation :

Director

Address :

495, Gumasta Nagar, Indore – 452001, Madhya Pradesh, India

Date of Appointment :

13.01.2011

DIN No.:

00390905

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	U02710MP2004PTC017151	JAIDEEP ISPAT AND ALLOYS PRIVATE LIMITED	Whole-time director	01/03/2014	19/06/2006	-	Active	NO
2	U67110MP1997PTC011668	SHUBHAM FININVEST (INDIA) PRIVATE LIMITED	Director	26/06/2006	26/06/2006	-	Active	NO
3	U27100MP2007PTC019779	RIDHHI ISPAT PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
4	U27100MH2011PTC212275	SUN METALLICS & ALLOYS PRIVATE LIMITED	Director	13/01/2011	13/01/2011	-	Active	NO
5	U27100MP2009PTC021884	BHARTI INGOT PRIVATE LIMITED	Director	09/10/2011	09/10/2011	26/11/2011	Active	NO
6	U27104DL2001PLC112900	RATHI IRON AND STEEL INDUSTRIES LIMITED	Director	29/09/2012	29/02/2012	-	Active	NO
7	U27100MP2012PTC028653	GUNJAN IRON AND STEEL (INDIA) PRIVATE LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO
8	U70101MP2014PTC032971	MOIRA BUILDCON PRIVATE LIMITED	Director	28/07/2014	28/07/2014	-	Active	NO
9	U70109MP2014PTC033122	VPA Civilcon Private Limited	Director	01/09/2014	01/09/2014	-	Active	NO
10	U70101MP2011PTC025634	BMT INFRAESTATE PRIVATE LIMITED	Director	20/09/2014	19/09/2014	-	Active	NO

Name :

Mayank Manoharlal Singhania

Designation :

Director

Address :

D/915, Sunderdham – Ii Chs, Rambaug Lane Borivali West, Mumbai – 400092, Maharashtra, India

Date of Appointment :

13.01.2011

PAN No.:

01362668

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	U72300MH2000PTC125970	SINGHANIA SYSTEM TECHNOLOGISTS PRIVATE LIMITED	Director	19/04/2000	19/04/2000	-	Active	NO
2	U27100MH2011PTC212275	SUN METALLICS & ALLOYS PRIVATE LIMITED	Director	13/01/2011	13/01/2011	-	Active	NO

Name :

Avinash Todi

Designation :

Director

Address :

501, Darshan Residency, 104-105, Anand Bazar, Baikunth Dham Colony, Indore – 452001, Madhya Pradesh, India

Date of Appointment :

13.01.2011

DIN No.:

01970390

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	U67110MP1997PTC011668	SHUBHAM FININVEST (INDIA) PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
2	U27106MP1985PLC002907	MOIRA STEELS LIMITED	Director	29/09/2007	29/06/2007	01/10/2010	Active	NO
3	U02710MP2004PTC017151	JAIDEEP ISPAT AND ALLOYS PRIVATE LIMITED	Whole-time director	01/03/2014	04/09/2008	-	Active	NO
4	U27100MH2011PTC212275	SUN METALLICS & ALLOYS PRIVATE LIMITED	Director	13/01/2011	13/01/2011	-	Active	NO
5	U27100MP2009PTC021884	BHARTI INGOT PRIVATE LIMITED	Director	09/10/2011	09/10/2011	26/11/2011	Active	NO
6	U27104DL2001PLC112900	RATHI IRON AND STEEL INDUSTRIES LIMITED	Director	29/09/2012	29/02/2012	-	Active	NO
7	U70102MP2009PTC021598	AVINASH REALTY PRIVATE LIMITED	Director	29/09/2012	01/03/2012	-	Active	NO
8	U70101MP2014PTC032963	AVI TOWNSHIP PRIVATE LIMITED	Director	25/07/2014	25/07/2014	-	Active	NO
9	U70101MP2014PTC032971	MOIRA BUILDCON PRIVATE LIMITED	Director	28/07/2014	28/07/2014	-	Active	NO
10	U70101MP2014PTC032970	ARYAMAN CIVICON PRIVATE LIMITED	Director	28/07/2014	28/07/2014	-	Active	NO
11	U70101MP2011PTC025634	BMT INFRAESTATE PRIVATE LIMITED	Director	20/09/2014	19/09/2014	-	Active	NO

Name :

Ajay Kumar Lalgarhia

Designation :

Additional Director

Address :

402 Wing A Nirmal Park 6 S V Road, Bhayander E, Near Sai Mandir, Thane – 401105, Maharashtra, India

Date of Appointment :

15.02.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Manoharlal Singhnia	1312700	16.94
Pawan Singhnia	110300	1.42
Avinash Todi	220500	2.85
Mayank M. Singhnia	430700	5.56
Jaideep Ispat and Alloys Private Limited	3544200	45.73
Singhania System Techologies Private Limted	2131600	27.50
Total	7750000	100.00

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	73.23
Directors or relatives of Directors	26.77
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of TMT Bars.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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 :

Canara Bank, Lovely House, Midland Hotel Building, J.N. Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	0.657	1.012
SHORT TERM BORROWINGS
Working capital loan from banks	93.632	115.490
Total	94.289	116.502

Auditors :
Name :	V.K. Bukalsaria and Company Chartered Accountants
Address :	301, Patel Industrial Estate, 3^rd Floor, Plot No. B-304, Off Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
PAN No.:	ACKPB2098R
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	Singhania System Technologists Private Limited Jaideep Ispat And Alloys Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7750000	Equity Shares	Rs. 10/- each	Rs. 77.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	77.500	77.500	77.500
(b) Reserves & Surplus	44.753	36.347	27.414
(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)	122.253	113.847	104.914
(3) Non-Current Liabilities
(a) long-term borrowings	166.457	241.787	232.264
(b) Deferred tax liabilities (Net)	10.103	10.086	6.395
(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)	176.560	251.873	238.659
(4) Current Liabilities
(a) Short term borrowings	93.632	115.490	116.696
(b) Trade payables	28.512	98.907	21.801
(c) Other current liabilities	17.392	32.597	47.585
(d) Short-term provisions	0.329	0.013	2.225
Total Current Liabilities (4)	139.865	247.007	188.307
TOTAL	438.678	612.727	531.880
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	188.756	214.095	208.878
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.130	5.740	5.742
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	188.886	219.835	214.620
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	144.781	213.935	115.568
(c) Trade receivables	59.732	85.883	145.679
(d) Cash and cash equivalents	13.400	68.365	13.119
(e) Short-term loans and advances	31.740	24.432	42.478
(f) Other current assets	0.139	0.277	0.416
Total Current Assets	249.792	392.892	317.260
TOTAL	438.678	612.727	531.880

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income from Operations	1966.281	2386.747	2448.090
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		7.663	15.825	37.939
	TAX		1.516	6.891	13.857
	PROFIT/ (LOSS) AFTER TAX		8.405	8.933	24.083
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.347	27.414	3.332
	BALANCE CARRIED TO THE B/S		44.752	36.347	27.414
	Earnings Per Share (Rs.)		1.08	1.15	3.11

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	043	0.37	0.98
Return on Total Assets (PBT/Total Assets}	(%)	1.75	389.53	460.27
Return on Investment (ROI) (PBT/Networth)		0.06	20.96	23.33
Debt Equity Ratio (Total Debts/Networth)		2.13	3.14	3.33
Current Ratio (Current Asset/Current Liability)		1.79	1.59	1.68

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	77.500	77.500	77.500
Reserves & Surplus	27.414	36.347	44.753
Net worth	104.914	113.847	122.253
long-term borrowings	232.264	241.787	166.457
Short term borrowings	116.696	115.490	93.632
Total borrowings	348.960	357.277	260.089
Debt/Equity ratio	3.326	3.138	2.127

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	2448.090	2386.747	1966.281
		(2.506)	(17.617)

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	2448.090	2386.747	1966.281
Profit	27.414	36.347	44.752
	1.12%	1.52%	2.28%

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	No
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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10282547	03/10/2012 *	307,000,000.00	Canara Bank	LOVELY HOUSE, MIDLAND HOTEL BUILDING, J.N.ROAD,  SANTACRUZ (E), MUMBAI, MUMBAI, Maharashtra - 4000 55, INDIA	B60974094

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Other loans and advances	79.500	126.500
Loans and advances from others	79.800	105.216
Loan and advaces from directors	6.500	9.060
Total	165.800	240.776

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Equipments
• Furniture and Fixture
• Vehicles

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. 61.82
UK Pound	1	Rs. 95.27
Euro	1	Rs. 69.14

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.