MIRA INFORM REPORT

Report No. :	311619
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	AIREN METALS PRIVATE LIMITED
Registered Office :	G-750, Road No.9F2, Viswakarma Industrial Area, Jaipur – 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.1995
Com. Reg. No.:	17-011117
Capital Investment / Paid-up Capital :	Rs.44.550 Million
CIN No.: [Company Identification No.]	U27201RJ1995PTC011117
TAN No.: [Tax Deduction & Collection Account No.]	JPRA02247A
PAN No.: [Permanent Account No.]	AABCA5583C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of superior Copper products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered fir 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 – 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	CARE
Rating	Long term bank facilities=BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	17.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities=A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	17.02.2015

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 / Factory :	G-750, Road No.9F2, Viswakarma Industrial Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-4127777 / 2331574 / 2331012 / 2333868
Fax No.:	91-141-2460815 / 4127728 / 2331997
E-Mail :	ppincha@gmail.com info@airenmetals.com
Depot Located at:	Uttarakhand Haryana Rajasthan Uttar Pradesh Gujarat West Bengal Madhya Pradesh

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Sudhir Kumar Agarwal
Designation :	Director
Address :	F-1/14, LIC Flat, Sector No. 2, Vidhyadhar Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	24.07.1967
Date of Appointment :	23.11.1995
DIN No.:	00039759
Name :	Prabha Agarwal
Designation :	Director
Address :	F-1/14, LIC Flat, Sector No. 2, Vidhyadhar Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	27.01.1970
Date of Appointment :	23.11.1995
DIN No.:	00039774
Name :	Mr. Vishakha Agarwal
Designation :	Director
Address :	D-105 Ambabari, Jaipur, Rajasthan, India
Date of Birth/Age :	11.01.1966
Date of Appointment :	23.11.1995
DIN No.:	00039781
Name :	Mr. Suresh Kumar Agarwal
Designation :	Director
Address :	D-105 Ambabari, Jaipur, Rajasthan, India
Date of Birth/Age :	23.11.1963
Date of Appointment :	01.11.2004
DIN No.:	00053017

KEY EXECUTIVES

Name :	Mr. Hemant Agarwal
Designation :	Accounts Manager
Name :	Mr. Sudhir Kumar Agarwal
Designation :	Secretary
Address :	F-1/14, LIC Flat, Sector No. 2, Vidhyadhar Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	24.07.1967
Date of Appointment :	21.12.2001
PAN No.:	ABEPA2466P

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Sudhir Kumar Agarwal	703600
Prabha Agarwal	782200
Vishakha Agarwal	18000
Suresh Kumar Agarwal	969900
Nand Kishore Agarwal	96000
Sunita Agarwal	129000
Gita Devi Agarwal	250750
Praveena Sharma	236400
Natthu Lal Agarwal	96000
Nirmala Devi Agarwal	30000
J. M. Sharma H U F	36000
J. M. Sharma	60000
Rajan Devi Sharma	75000
Sharda Sharma	159600
Sushila Devi Agarwal	75000
Apex Money Movers Private Limited, India	60000
Suwa Devi	80000
Sudhir Agarwal (Huf)	351000
Airen Copper Private Limited, India	50000
Kedia Financial Services Private Limited, India	50000
Hari Prasad Agarwal	146550
Total	4455000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	3.59
Directors or relatives of Directors	83.68
Other top fifty shareholders	12.73
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of superior Copper products.

Products :

Item Code No.	Product Description
85445910	Copper Wires and Strips

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· Union Bank of India, M.I. Road Branch, Allahabux Building, 1st Floor, M.I. Road, Jaipur - 302001, Rajasthan, India

· State Bank of India, SMECCC, Sanganeri Gate, Jaipur - 302003, Rajasthan, India

· Punjab National Bank, SSI Branch, VKI Area , Jaipur - 302018, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans from banks	175.567	121.148
Short Term Borrowings
Rupee term loans from others	147.807	105.699
Total	323.374	226.847

Banking Relations :	--
Auditors :
Name :	L D Sharma and Company Chartered Accountants
Address :	2O4, Guru Kripa Tower, C-43, Mahaveer Marg, C Scheme, Jaipur, Rajasthan, India
PAN No.:	AABFL8361L
Membership :	--
Associates:	Airen Copper Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4455000	Equity Shares	Rs.10/- each	Rs.44.550 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	44.550	44.550	40.800
(b) Reserves & Surplus	309.021	260.262	196.189
(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)	353.571	304.812	236.989
(3) Non-Current Liabilities
(a) long-term borrowings	238.067	121.148	28.399
(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	0.438	5.482
Total Non-current Liabilities (3)	238.067	121.586	33.881
(4) Current Liabilities
(a) Short term borrowings	147.807	105.699	6.004
(b) Trade payables	488.440	415.936	400.165
(c) Other current liabilities	13.586	9.475	7.840
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	649.833	531.110	414.009
TOTAL	1241.471	957.508	684.879
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	470.237	285.487	134.951
(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	2.245	2.245	2.245
(c) Deferred tax assets (net)	0.077	0.077	0.077
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	13.920	0.618
Total Non-Current Assets	472.559	301.729	137.891
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	311.042	201.198	183.344
(c) Trade receivables	233.898	289.285	210.180
(d) Cash and cash equivalents	104.373	65.961	86.906
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	119.599	99.335	66.558
Total Current Assets	768.912	655.779	546.988
TOTAL	1241.471	957.508	684.879

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Turnover	2746.500	2944.600	2865.100
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	48.759	49.610	51.868
	Earnings / (Loss) Per Share (Rs.)	10.94	11.14	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.78	1.68	1.81
Debt Equity Ratio (Total Debt /Networth)		1.09	0.74	0.15
Current Ratio (Current Asset/Current Liability)		1.18	1.23	1.32

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	40.800	44.550	44.550
Reserves & Surplus	196.189	260.262	309.021
Net worth	236.989	304.812	353.571
long-term borrowings	28.399	121.148	238.067
Short term borrowings	6.004	105.699	147.807
Total borrowings	34.403	226.847	385.874
Debt/Equity ratio	0.145	0.744	1.091

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2865.100	2944.600	2746.500
		2.775	(6.728)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2865.100	2944.600	2746.500
Profit	51.868	49.610	48.759
	1.81%	1.68%	1.78%

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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances From related parties	62.500	0.000
Total	62.500	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10217453	09/11/2011 *	289,000,000.00	Bank of Baroda	VKI Area Branch, Jaipur, Rajasthan - 302001, India	B29006350
2	10212740	04/07/2012 *	1,332,500,000.00	Union Bank of India	M.I. Road Branch, Allahabux Building, 1st Floor, M.I. Road, Jaipur, Rajasthan - 302001, India	B43890151

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· 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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		50

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.