MIRA INFORM REPORT

Report No. :	309822
Report Date :	25.03.2015

IDENTIFICATION DETAILS

Name :	SHREE EXTRUSIONS LIMITED
Formerly Known As :	SHREE EXTRUSIONS PRIVATE LIMITED
Registered Office :	217, 218 Phase-II, GIDC Udhyog Nagar, Jamnagar – 361005, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.02.1989
Com. Reg. No.:	04-011912
Capital Investment / Paid-up Capital :	Rs. 61.799 Million
CIN No.: [Company Identification No.]	U27100GJ1989PLC011912
IEC No.:	2489003844
TAN No.: [Tax Deduction & Collection Account No.]	RKTE00173F
PAN No.: [Permanent Account No.]	AADCS0253P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufactures and Exporter of Brass Wire and Rods.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow But Correct
Litigation :	Exist
Comments :	The subject company is declared as a sick unit by board for Industrial and Financial Reconstruction. The management has register case (Case No. 310/2003) with Board for Industrial and Financial Reconstruction under section 3 (1) (0) of stick industrial companies act 1985. The order on which for approval for rehabilitation proposal is pending. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured 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 – 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	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.

INFORMATION PARTED BY

Name :	Mr. Ramprasad Kabra
Designation :	Director
Contact No.:	91-98242111441
Date :	16.03.2015

LOCATIONS

Registered Office :	217,218 Phase – II, GIDC, Okha Rajkot Road, Dares, Jamnagar – 360014, Gujarat, India
Tel. No.:	91-288-2730118
Mobile No.:	91-9824211441 (Mr. Ramprasad Kabra)
Fax No.:	91-288-2730583
E-Mail :	mail@shree-extrusion.com
Website :	http://www.shree-extrution.com
Area :	1000 Sq. Ft.
Location :	Owned
Branches :	A/2, North view Apartments, Street, Xaviers college Road, Navrangapura, Ahmedabad – 380009, Gujarat, India
Area :	1320 Sq. Ft.
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Radheshyam L. Kabra

Designation :

Director

Address :

A/8, North View Apartment, Near ST, Xaviers Collage, Navrangpura, Ahmedabad, 380009, Gujarat, India

Date of Birth/Age :

15.03.1956

Qualification :

B.com

Date of Appointment :

13.09.2001

PAN No.:

ABQPK0657C

DIN No.:

00005997

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	L67120GJ1994PLC023471	SHREE METALLOYS LIMITED	Director	31/10/94	31/10/94	20/11/07	Active	NO
2	U27100GJ1989PLC011912	SHREE EXTRUSIONS LIMITED	Director	13/09/01	13/09/01	-	Active	NO
3	U70109GJ1994PTC021815	KABRA AGRO FARMS PRIVATE LIMITED	Additional director	01/10/10	01/10/10	-	Active	NO

Name :

Mr. Ramprasad Motilal Kabra

Designation :

Director

Address :

402, Mangal Murti Apartments, NearMotor House, Park Colony, Jamnagar – 361008, Gujarat, India.

Date of Birth/Age :

24.11.1977

Qualification :

B.Com, DCA, CPC

Date of Appointment :

06.02.1998

DIN No.:

00006379

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	U27100GJ1989PLC011912	SHREE EXTRUSIONS LIMITED	Director	06/02/98	06/02/98	-	Active	NO
2	L67120GJ1994PLC023471	SHREE METALLOYS LIMITED	Director	13/11/07	13/11/07	25/03/10	Active	NO

Name :

Mr. Dinesh Ramachandra. Lahoti

Designation :

Managing Director

Address :

8, Sarela Society. B / H Bank of Barod, Navarangpura, Ahmedabad–380009, Gujarat, India.

Date of Birth/Age :

11.10.1957

Qualification :

B.Com

Date of Appointment :

15.06.1994

DIN No.:

00007242

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	U27100GJ1989PLC011912	SHREE EXTRUSIONS LIMITED	Managing director	15/06/94	15/06/94	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Pratik Kabra	985000
Girjaben R Kabra	943000
Dhwani R Kabra	1414000
Radheshyam Klabra	175400
Laxmiben Kabra	206000
Pushpa L Kabra	175200
Radheshyam Klabra HUF	1171500
Kapil G Kabra	100000
Neha R Kabra	100000
Badamben Kabra	98400
Ramswaroop Kabra	58400
Urmila L Kabra	3800
Dinesh Lahoti	50000
Nimish Bavishi	37600
Rakesh Chhaparwal	30000
Mukesh Chhaparwal	10000
Jain Devendra	1000
Shubhash Shah	1000
T.L.Chowdhary	1000
Dilkhush Roshanlal	500
Mahavir Roshanlal Shah	500
Anil Agarwal	100
Yasinbhai M MusajI	120000
Farooq M. Musaji	56000
Liwa General Trading LLC	41546
Jinal Kabra	400000
TOTAL	6179946

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	00.67
Directors or relatives of Directors	95.16
Other top fifty shareholders	04.17
Total	100.00

BUSINESS DETAILS

Line of Business :	A Closely Held Public Limited Liability Company
Products :	Brass Wires Riveting Brass Wire Free Cutting Brass Wire Specialized Brass Wires Brass Brazing Wires Brass Wire for Ball Pan Tip Nickel Silver Wires for Ball Pan Tip Brass Rods Forging Brass Rods High Tensile Brass Rods Riveting Brass Rods Free Cutting Brass Rods etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Brass Wires Riveting Brass Wire Free Cutting Brass Wire Specialized Brass Wires Brass Brazing Wires Brass Wire for Ball Pan Tip Nickel Silver Wires for Ball Pan Tip Brass Rods Forging Brass Rods High Tensile Brass Rods Riveting Brass Rods Free Cutting Brass Rods etc.
Countries :	Worldwide
Imports :	Not Divulged
Terms :
Selling :	Cash, Payment, Cheque and Credit
Purchasing :	Cash, Payment, Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

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 :

400 (Approximately)

Bankers :

• Karnataka Bank Limited – Relief Road, Ahmedabad- 380001, Gujarat India
• Indian Overseas Bank – C.G. Road, Ahmedabad - 380001, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans From Banks	14.254	14.254
Other Loans and advances	0.202	0.385
Short-term borrowings
Loans repayable on demand from banks	6.069	1.232
Total	20.525	15.871

Auditors :
Name :	B.H. Vyas and Company Chartered Accountants
Address :	Centre Point, 1st Floor, Indira Marg, Jamnagar, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAUPV5545P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs.70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,179,946	Equity Shares	Rs.10/- each	Rs.61.799 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	61.799	61.799	61.799
(b) Reserves & Surplus	(84.700)	(76.465)	(62.727)
(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)	(22.901)	(14.666)	(0.928)
(3) Non-Current Liabilities
(a) long-term borrowings	65.756	25.759	25.374
(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	0.000	0.000
Total Non-current Liabilities (3)	65.756	25.759	25.374
(4) Current Liabilities
(a) Short term borrowings	6.069	1.232	0.000
(b) Trade payables	372.176	411.339	271.612
(c) Other current liabilities	2.326	2.490	1.588
(d) Short-term provisions	1.689	1.447	1.280
Total Current Liabilities (4)	382.260	416.508	274.480
TOTAL	425.115	427.601	298.926
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.749	54.646	57.331
(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	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.146	5.040	0.000
(e) Other Non-current assets	0.000	0.000	4.754
Total Non-Current Assets	62.900	59.691	62.090
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	239.651	223.571	84.681
(c) Trade receivables	99.674	122.235	122.871
(d) Cash and cash equivalents	8.185	13.060	9.877
(e) Short-term loans and advances	0.166	0.916	1.260
(f) Other current assets	14.539	8.128	18.147
Total Current Assets	362.215	367.910	236.836
TOTAL	425.115	427.601	298.926

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	788.861	846.333	923.006
	Other Income	2.141	1.033	2.268
	TOTAL (A)	791.002	847.366	925.274
		(Due to Loss in Business)
Less	EXPENSES
	Cost of Materials Consumed	715.684	860.630	848.997
	Extraordinary items	0.000	0.000	(0.393)
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(45.483)	(125.838)	(45.583)
	Employees benefits expense	23.846	20.941	18.335
	Other expenses	100.798	96.754	110.847
	TOTAL (B)	794.845	852.487	932.203
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(3.843)	(5.121)	(6.929)
Less	FINANCIAL EXPENSES (D)	3.222	2.848	2.596
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(7.065)	(7.969)	(9.525)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.009	5.768	5.582
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(13.074)	(13.737)	(15.107)
Less	TAX (I)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(13.074)	(13.737)	(15.107)
	Earnings / (Loss) Per Share (Rs.)	(2.12)	(2.22)	(2.44)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.66)	(1.62)	(1.64)
Operating Profit Margin (PBIDT/Sales)	(%)	(0.49)	(0.61)	(0.75)
Return on Total Assets (PBT/Total Assets}	(%)	(3.08)	(3.21)	(5.05)
Return on Investment (ROI) (PBT/Networth)		0.57	0.94	16.28
Debt Equity Ratio (Total Debt /Networth)		(3.140)	(1.84)	(27.34)
Current Ratio (Current Asset/Current Liability)		0.95	0.88	0.86

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	61.799	61.799	61.799
Reserves & Surplus	(62.727)	(76.465)	(84.700)
Net worth	(0.928)	(14.666)	(22.901)
long-term borrowings	25.374	25.759	65.756
Short term borrowings	0.000	1.232	6.069
Total borrowings	25.374	26.991	71.825
Debt/Equity ratio	(27.343)	(1.840)	(3.136)

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	923.006	846.333	788.861
		(8.307)	(6.791)

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	923.006	846.333	788.861
Profit	(15.107)	(13.737)	(13.074)
	(1.64%)	(1.62%)	(1.66%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

CASE DETAILS

HIGH COURT OF GUJARAT

STAMP NUMBER No. 1212 of 2013 To STAMP NUMBER No. 1231 of 2013

Status : PENDING

CCIN No : 001087201301212

Last Listing Date:	10/05/2013
Coram	ADDITIONAL REGISTRAR ( JUDICIAL)

S.NO.	Name of the Petitioner	Advocate On Record
1	STATE OF GUJARAT	GOVERNMENT PLEADER for: null  1

S.NO.	Name of the Respondent	Advocate On Record
1	SHREE EXTRUSIONS LIMITED

Presented On	: 25/04/2013	Registered On	: 25/04/2013
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/ HER/ THEIR ADVOCATE	Listed	: 0 times
Stage Name	: OFFICE OBJECTION (FILING STAGE)

OFFICE OBJECTION
Filing Stage Filing Stage	WHETHER DULY SIGNED AND AFFIRMED AFFIDAVIT IN SUPPORT IS FILED? BLANKS IN MEMO

Classification	DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - ABATEMENT / SETTING ASIDE ABATEMENT
Act	SALES TAX ACT, 1969

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	10/05/2013	51	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	ADDITIONAL REGISTRAR ( JUDICIAL)

Case No.	Company Name	Address	Status	Date of Last Order
310/2003	SHREE EXTRUSIONS LIMITED	2/A, NORTH VIEW APARTMENTS, STREET, XAVIER CONER NAURAN	Declared Slick/ DRS Awaited	04/05/2010

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long term Borrowings
Loans and advances from related parties	51.300	11.120
Total	51.300	11.120

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment’s

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.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	KAR
Report Prepared by :	GTA

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.