MIRA INFORM REPORT

Report No. :	347453
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	METLONICS INDUSTRIES PRIVATE LIMITED
Registered Office :	D 105, Phase VII, Industrial Area, Mohali, Ropar – 160055, Punjab
Tel. No.:	91-172-2236605
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.07.1996
Com. Reg. No.:	16-018573
Capital Investment / Paid-up Capital :	Rs.47.000 Million
CIN No.: [Company Identification No.]	U27101PB1996PTC018573
IEC No.:	2299002286
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCM2009A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Automobile part, Railway part, Tractor part.
No. of Employees :	250 (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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Metlonics Industries Private Limited was incorporated in the year 1996 and it is engaged into engineering, production and fabrication work. The ratings reflects on company’s established track record, moderate capital structure and adequate debt coverage indicators. The ratings also factor in increasing trend of revenue during from its previous FY-14 along with decent profitability margin. The rating further, derive strength from long track record of the company and experienced promotors and diversified product portfolio. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of decent operational and financial base, the company can be considered for the business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Shashi
Designation :	Accountant
Contact No.:	91-9216566006
Date :	30.10.2015

LOCATIONS

Registered Office :	D 105, Phase VII, Industrial Area, Mohali, Ropar – 160055, Punjab, India
Tel. No.:	91-172-2236605/6451033
Mobile No.:	91-9216566006 (Mr. Shashi)
Fax No.:	91-172-2236606
E-Mail :	gs@metlonics.com ms@metlonics.com sandeep@metlonics.com
Website :	www.metlonics.com
Location:	Owned
Locality:	Commercial
Factory :	Jhingra Road, Village Chanlon. Kurali, District Mohali – 140103, Punjab, India
Location:	Owned
Locality:	Industrial

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Sukhdev Singh
Designation :	Managing director
Address :	House No. 220, Sector 33-A, Chandigarh - 160033, India
Date of Birth/Age :	12.02.1948
Date of Appointment :	30.07.1996
DIN No.:	00224299
Name :	Mr. Mandeep Singh
Designation :	Director
Address :	House No. 220, Sector 33-A, Chandigarh - 160033, India
Date of Birth/Age :	30.03.1977
Date of Appointment :	30.07.1996
DIN No.:	00224387
Name :	Mr. Gagandeep Singh
Designation :	Director
Address :	11.07.1979
Date of Birth/Age :	House No. 220, Sector 33-A, Chandigarh - 160033, India
Date of Appointment :	01.10.2002
DIN No.:	00224419

KEY EXECUTIVES

Name :	Mr. Shashi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sukhdev Singh	1768907
Mandeep Singh	447615
Harbinder Singh	1291533
Gagandeep Singh	1151545
Charanjit Singh	30400
Vishal Khurana	10000
Total	4700000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.14
Other top fifty shareholders	0.86
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Automobile part, Railway part, Tractor part.
Products :	Automobile part Railway part Tractor part.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA France Australia Austria
Imports :
Products :	Raw Material
Countries :	France Australia Austria
Terms :
Selling :	L/C, Cash, Cheque and Credit
Purchasing :	L/C, Cash, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Veenay Steel Trader, Mohali, Punjab, India

Name of the Person :

Mr. Veenay (Proprietor)

Contact No.:

91-9216702248

Since How Long Known :

2002

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their payment behaviour and market goodwill.

Customers :

Wholesalers, Retailers and End Users

Reference :	Hyline International , USA
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 :

250 (Approximately)

Bankers :

• Canara Bank, SCF 13 SME Branch, Phase V, Mohali - 160059, Punjab, India
• Bank of India, Sector 17, Chandigarh - 160017, India

Banker Name	Indusind Bank
Branch Address	S C F 23-24, Phase III, B -2, Sasnagar, Mohali, Chandigarh – 1600059, Punjab, India
Person Name (With Designation)	Mr. Saurau (RM)
Contact Number	91-9646763123
Name of Account Holder	Metlonics Industries Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	5 Years APP
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about subject company banker gave us positive response about subject company.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
IndusInd Bank (Secured against hypothecation Machinery and Personal Guarantee of Directors)	NA	8.133
HDFC Bank	NA	0.065
ICICI Bank	NA	1.538
Tata Capital Limited (Secured against hypothecation of Car)	NA	0.207
SHORT TERM BORROWING
From IndusInd Bank Cash Credit (Secured against Hypothecation of stocks; Book Debts and Personal Guarantee of Directors)	NA	55.110
Total	NA	65.053

Auditors :
Name :	Tejinder Garg and Company Chartered Accountants
Address :	SCO 20 Tribune Road, Sector 20, Chandigarh – 160022, India
Tel. No.:	91-172-2716232
Mobile No.:	91-9872892770
Fax No.:	91-172-2716232
E-Mail :	Tejinder104@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AATPG3610K
Memberships :	Not Available
Collaborators :	Not Available
Other related party (AS ON 31.03.2014) :	K K Corporation Harko Metal Metlonics Corporation

CAPITAL STRUCTURE

As On 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 47.000 Million

AS ON 31.03.2014

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
4700000	Equity Shares	Rs.10/- each	Rs. 47.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	47.000	47.000	47.000
(b) Reserves & Surplus	92.452	86.790	80.959
(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)	139.452	133.790	127.959
(3) Non-Current Liabilities
(a) long-term borrowings	191.422	102.389	103.169
(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)	191.422	102.389	103.169
(4) Current Liabilities
(a) Short term borrowings	64.638	55.110	54.777
(b) Trade payables	60.392	57.947	30.158
(c) Other current liabilities	91.463	49.263	50.224
(d) Short-term provisions	1.332	0.528	3.057
Total Current Liabilities (4)	217.825	162.848	138.216
TOTAL	548.699	399.027	369.344
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	311.793	217.093	201.967
(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	1.910	1.416	2.799
(e) Other Non-current assets	0.000	0.000	0.040
Total Non-Current Assets	313.703	218.509	204.806
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.300	50.477	66.263
(c) Trade receivables	118.007	99.321	63.502
(d) Cash and cash equivalents	15.767	14.238	10.525
(e) Short-term loans and advances	55.922	16.482	24.248
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	234.996	180.518	164.538
TOTAL	548.699	399.027	369.344

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	434.293	329.128	369.074
	Other Income	1.058	0.777	0.675
	TOTAL (A)	435.351	329.905	369.749
Less	EXPENSES
	Cost of Materials Consumed	263.943	187.576	213.146
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.535)	1.678	(0.698)
	Other manufacturing expenses	76.952	53.521	56.873
	Employees benefits expense	28.474	32.673	30.401
	Other expenses	33.928	26.079	25.553
	TOTAL (B)	399.762	301.527	325.275
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	35.589	28.378	44.474
Less	FINANCIAL EXPENSES (D)	16.012	13.651	17.816
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	19.577	14.727	26.658
Less/ Add	DEPRECIATION/ AMORTISATION (F)	12.583	11.954	11.381
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6.994	2.773	15.277
Less	TAX (H)	1.332	-3.057	2.463
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5.662	5.830	12.814
	EARNINGS IN FOREIGN CURRENCY
	Value of goods and services	NA	42.520	80.412
	TOTAL EARNINGS	NA	42.520	80.412
	Earnings / (Loss) Per Share (Rs.)	1.20	0.48	2.60

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.30	1.77	3.47
Operating Profit Margin (PBIDT/Sales)	(%)	8.19	8.62	12.05
Return on Total Assets (PBT/Total Assets}	(%)	1.27	0.69	4.14
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	0.12
Debt Equity Ratio (Total Debt /Networth)		1.84	1.18	1.23
Current Ratio (Current Asset/Current Liability)		1.08	1.11	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	47.000	47.000	47.000
Reserves & Surplus	80.959	86.790	92.452
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	127.959	133.790	139.452
long-term borrowings	103.169	102.389	191.422
Short term borrowings	54.777	55.110	64.638
Total borrowings	157.946	157.499	256.060
Debt/Equity ratio	1.234	1.177	1.836

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	369.074	329.128	434.293
		(10.823)	31.953

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	369.074	329.128	434.293
Profit	12.814	5.830	5.662
	3.47%	1.77%	1.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans from directors
Gagandeep Singh	NA	7.118
Mandeep Singh	NA	6.468
Sukhdev Singh	NA	31.169
Loans from others
Sandeep Singh	NA	3.075
Harbinder Kaur	NA	44.616
Total	NA	92.446

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10340478	18/02/2012	10,000,000.00	BANK OF INDIA	SECTOR 17, CHANDIGARH, CHANDIGARH - 160017, INDIA	B34278192
2	10329150	16/05/2015 *	329,289,000.00	INDUSIND BANK	1ST FLOOR, SCO 53-54, SECTOR-8C,MADHYA MARG, CHAN DIGARH, CHANDIGARH - 160018, INDIA	C56589211
3	90171555	12/03/2007 *	45,183,000.00	STATE BANK OF PATIALA	SCF 34-35, INDUSTRIAL AREA, PHASE-7, MOHALI, PUNJ AB - 160059, INDIA	-
4	90175406	26/06/2003 *	3,000,000.00	STATE BANK OF INDIA	SSI BRANCH PHASE VII, MOHALI, PUNJAB, INDIA	-
5	90311869	20/06/2003 *	2,000,000.00	STATE BANK OF INDIA	SSI BRANCH, PHASE -VIII, MOHALI, PUNJAB, INDIA	-
6	90311652	20/06/2003 *	725,000.00	STATE BANK OF INDIA	SSI BRANCH, PHASE -VIII, MOHALI, PUNJAB, INDIA	-
7	90173949	20/06/2003 *	725,000.00	STATE BANK OF INDIA	SSI BRANCH PHASE VII, MOHALI, PUNJAB, INDIA	-
8	90172975	16/03/2001	200,000.00	STATE BANK OF INDIA	SSI BRANCH, MOHALI, PUNJAB, INDIA	-
9	90173918	16/03/2001	3,100,000.00	STATE BANK OF INDIA	SSI BRANCH, MOHALI, PUNJAB, INDIA	-

* Date of charge modification

FIXED ASSETS

• Air Conditioner
• Electrical
• Office equipment
• Mobile Phone
• Water Cooler
• Computer
• Land
• Building
• Machinery

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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	5
--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	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		48

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.