MIRA INFORM REPORT

Report No. :	320645
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	M M CERAMICS AND FERRO ALLOYS
Registered Office :	306, Vertex Vikas, A Wing, Opposite Andheri Railway Station, Andheri, Mumbai – 400069, Maharashtra
Tel. No.:	91-22-67872949
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2004
Capital Investment / Paid-up Capital :	Rs.226.972 Million
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Trader, Importer and Exporter of Silicon Metal Ferro and Alloys.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 partnership concern having satisfactory track. Trade relations are fair. Business is active. Payments terms are reported to be usually correct. The concern 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 – 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	CRISIL
Rating	BB+ (Long Term Rating): Suspended
Rating Explanation	Have moderate risk of default.
Date	May 29, 2013

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating): Suspended
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	May 29, 2013

Reason for Suspension: The suspension of ratings is on account of non-cooperation by MM Ceramics with CRISIL’S effects to undertake a review of the ratings outstanding.

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. Shailesh Khut
Designation :	Senior Account Manger
Contact No.:	91-22-67875219

LOCATIONS

Registered Office :	306, Vertex Vikas, A Wing, Opposite Andheri Railway Station, Andheri, Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-67872949/ 67875200/ 67872900/ 950
Mobile No.:	91-9769009101 (Mr. Nikesh)
Fax No.:	91-22-67410875/ 26844681
E-Mail :	nikeshmmc@mtcgroup.in mmceramics@mtcgroup.in
Website :	www.mtcgroup.com
Location :	Rented
Warehouse :	Steel Market, Kalamboli, Raigad, Maharashtra, India
Location :	Owned
Branch/ Commercial Office:	A-301-302, Vertex Vikas Building, Andheri (East), Mumbai – 400049, Maharashtra, India
Location :	Rented
Branch Office:	Located At: · New Delhi · Gurgaon · Ahmedabad · Bhilai · Chhattisgarh · Chennai · Bangalore

DIRECTORS

Name :	Mr. Narendra Mehta
Designation :	Partner
Name :	Mr. Sanjay Mehta
Designation :	Partner
Name :	Mr. Maganlal Mehta
Designation :	Partner
Name :	Mr. Manoj Mehta
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Shailesh Khut
Designation :	Senior Account Manger
Name :	Mr. Madam Shubha
Designation :	Account Officer

BUSINESS DETAILS

Line of Business :	Trader, Importer and Exporter of Silicon Metal Ferro and Alloys.
Products :	Silicon Metal Ferro and Alloys
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Ferro Alloys
Countries :	· Pakistan · Netherlands · Japan · Thailand · Taiwan
Imports :
Products :	Ferro Alloys
Countries :	· China · Dubai · South Korea
Terms :
Selling :	L\C and DD
Purchasing :	L\C and TT

GENERAL INFORMATION

Suppliers :

Reference :	Glencore International – China
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Jindall Stainless Limited – Orissa
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark:	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Union Bank of India
Branch	Andheri (East), Mumbai, Maharashtra, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Working Capital Limits
From Union Bank of India	217.540
Packing Credit Limit
From Union Bank of India	19.156
Total	236.696	8.997
Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Neeru Mehta	0.585
Shrinivas Engineering Auto Components Private Limited	31.500
Ramanlal R. Jain	20.000
Sangeeta Mehta	0.260
Total	52.345	30.750

Banking Relations :	--
Auditors :
Name :	A.T. Jain and Company Chartered Accountants
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged
Sister Concern :	· Madhuban Trade Steel, Pune · MS Metal and Steel (Chennai, Hyderabad and Bangalore)

CAPITAL STRUCTURE

AS ON: 31.03.2014

Capital Investment :
Owned :	Rs.226.972 Million
Borrowed :	---
Total :	Rs.226.972 Million

FINANCIAL DATA

[All figures are in Rupees Million]

Expected Sales (2014-15): Rs.4500.000 Million

The above information has been parted by Mr. Shailesh Khut.

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		226.972	192.607	123.256
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		226.972	192.607	123.256
LOAN FUNDS
1] Secured Loans		236.696	8.997	146.825
2] Unsecured Loans		52.345	30.750	30.669
TOTAL BORROWING		289.041	39.747	177.494
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		516.013	232.354	300.750
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.887	12.747	3.384
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.930	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Sundry Debtors	500.452	403.763	671.745
	Cash & Bank Balances	15.988	12.882	29.646
	Closing Stock	333.038	0.000	0.000
	Inventories	0.000	174.414	248.153
	Loans & Advances	65.386	16.130	17.674
Total Current Assets		914.864	607.189	967.218
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		422.668	387.582	669.852
Net Current Assets		492.196	219.607	297.366
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		516.013	232.354	300.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4190.247	3063.005	2934.343
		Other Income	48.775	17.243	23.636
		TOTAL	4239.022	3080.248	2957.979
Less	EXPENSES
		Cost of Goods Sold	4016.331	2922.612	2835.050
		Financial Charges	93.335	78.575	2.645
		Interest on loan	0.000	3.616	0.000
		Carriage inward	9.455	0.000	0.000
		Clearing forwarding expense	10.746	0.000	0.000
		Commission on purchase	0.324	0.000	0.000
		Labour charges	0.081	0.000	0.000
		Packing material	0.007	0.000	0.000
		Unloading charges	0.169	0.000	0.000
		Office expense	0.348	0.286	0.360
		Salary / bonus / leave salary	17.786	10.977	10.218
		Travelling expenses	1.203	0.244	1.140
		Amount written off.	2.910	0.000	0.000
		Audit remuneration / expenses	0.344	0.154	0.151
		Brokerage and agency charges	0.498	0.295	0.449
		Carriage outward	9.429	5.300	7.866
		Clearing and forwarding expense	1.964	0.025	0.000
		Commission on sales	0.187	0.190	0.000
		Conveyance	0.051	0.042	0.073
		Computers Expense	0.000	0.059	0.041
		Donation	0.045	0.005	0.000
		Electricity charges	0.170	0.245	0.322
		Franking charges	0.130	0.079	0.108
		Godown expenses	1.099	1.125	1.149
		Insurance charges	0.371	0.000	0.000
		Rent, rates and taxes	1.414	2.468	4.039
		Other Expense	0.000	33.216	85.871
		Legal and profession charges	0.928	0.000	0.000
		Labour charges	0.343	0.000	0.000
		Loading and unloading charges	0.290	0.000	0.000
		Loss on Derivative Transaction	3.020	0.000	0.000
		Miscellaneous expenses	0.368	0.000	0.000
		Material testing charges	0.433	0.000	0.000
		Membership and subscription	0.176	0.000	0.000
		Repair and maintenance	0.248	0.000	0.000
		Service tax	1.349	0.000	0.000
		Security charges	0.140	0.000	0.000
		Telephone expenses	0.468	0.000	0.000
		Provision for income tax	19.500	0.000	0.000
		TOTAL	4195.66	3059.513	2949.482
	PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION		43.362	20.735	8.497
Less	DEPRECIATION/ AMORTISATION		1.193	1.381	0.355
	NET PROFIT FOR THE YEAR		42.169	19.354	8.142

KEY RATIO

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.01	0.63	0.28
Operating Profit Margin (PBITD/Sales)	(%)	1.03	0.68	0.29
Return on Total Assets (PBT/Total Assets}	(%)	4.61	3.19	0.84
Return on Investment (ROI) (PBT/Networth)		0.19	0.10	0.07
Debt Equity Ratio (Total Debt /Networth)		1.27	0.21	1.44
Current Ratio (Current Asset/Current Liability)		2.16	1.57	1.44

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	123.256	192.607	226.972
Reserves & Surplus	0.000	0.000	0.000
Share Application money pending allotment
Net worth	123.256	192.607	226.972
long-term borrowings	146.825	8.997	236.696
Short term borrowings	30.669	30.750	52.345
Total borrowings	177.494	39.747	289.041
Debt/Equity ratio	1.440	0.206	1.273

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	2934.343	3063.005	4190.247
		4.385	36.802

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	2934.343	3063.005	4190.247
Profit	8.142	19.354	42.169
	0.28%	0.63%	1.01%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

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 records 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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RAS
Report Prepared by :	NKT

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	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.