MIRA INFORM REPORT

Report No. :	344107
Report Date :	07.10.2015

IDENTIFICATION DETAILS

Name :	HEMRAJ DEVKARANDAS METALS AND MINERALS LIMITED (w.e.f. 13.09.2015)
Formerly Known As :	HEMRAJ DEVKARANDAS METALS AND MINERALS PRIVATE LIMITED
Registered Office :	A-901, Ekta Terraces, Mahavir Nagar, Kandivali West, Mumbai – 400067, Maharashtra
Tel. No.:	91-22-29674400
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.10.2012
Com. Reg. No.:	11-236916
Capital Investment / Paid-up Capital :	Rs.6.100 Million
CIN No.: [Company Identification No.]	U74120MH2012PLC236916
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMH14341F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of ferrous and non-ferrous metals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 17^th October 2012, it is an established company having moderate track record. The rating are constrained on company’s small scales of operations as well as small reserves position and low networth base. Rating is further constrained on company’s huge external borrowings which has leveraged the balance sheet position of the company. Trade relations are reported as fair. Business is active. Payment 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 – 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

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 DENIED BY

Name :	Mr. Vinit Agarwal
Designation :	Director
Contact No.:	91-22-29674400
Date :	06.10.2015

LOCATIONS

Registered Office :	A-901, Ekta Terraces, Mahavir Nagar, Kandivali West, Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-29674400
Fax No.:	Not Available
E-Mail :	jmm_itax@yahoo.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vinit Vijay Agrawal

Designation :

Director

Address :

A-901, Ekta Terraces, Mahavir Nagar, Kandivali-West, Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

14.07.1983

Date of Appointment :

17.10.2012

DIN No.:

02065478

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	Company/ LLP Status	Defaulting status
1	U27310MH2008PTC180446	SHREE GIRIRAJ FERROMET PRIVATE LIMITED	Director	26/03/2008	26/03/2008	Active	NO
2	U51420MH2005PTC154743	SHREE GIRIRAJ METALEX PRIVATE LIMITED	Director	06/08/2015	09/04/2012	Active	NO
3	U74120MH2012PLC236916	HEMRAJ DEVKARANDAS METALS AND MINERALS Limited	Director	17/10/2012	17/10/2012	Active	NO

Name :

Mrs. Ayushi Vinit Agrawal

Designation :

Director

Address :

A-901, Ekta Terraces, Mahavir Nagar, Kandivali-West, Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

16.01.1988

Date of Appointment :

17.10.2012

DIN No.:

06389913

Name :

Mr. Satyabhama Agrawal

Designation :

Director

Address :

H.No.1, North Avenue Marg, Choubey Colony, Raipur - 492010, Chhattisgarh, India

Date of Appointment :

28.07.2015

DIN No.:

07247301

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Vinit Vijay Agrawal	575000	94.26
Ayushi Vinit Agrawal	35000	5.74
Total	610000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of ferrous and non-ferrous metals.
Products :	Ferrous Metals Non-Ferrous Metals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	Bank of Baroda
Branch :	IBB Branch, Hem Niwas, S. V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Bank of Baroda CC A/c. 107	13.943	0.000
Total	13.943	0.000

Auditors :
Name :	J. M. Mathuria and Associates Chartered Accountants
Address :	614, Kasshinath Building, 2^nd Floor, Above Baliwala and Homi, J.S.S. Road, Dhobi Talao, Mumbai – 400002, Maharashtra, India
PAN No.:	AAGPM7002E
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
610000	Equity Shares	Rs.10/- each	Rs.6.100 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
610000	Equity Shares	Rs.10/- each	Rs.6.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.100	0.100
(b) Reserves & Surplus	0.139	(0.009)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6.239	0.091
(3) Non-Current Liabilities
(a) long-term borrowings	32.867	0.036
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	32.867	0.036
(4) Current Liabilities
(a) Short term borrowings	0.088	0.000
(b) Trade payables	34.688	0.000
(c) Other current liabilities	0.035	0.000
(d) Short-term provisions	0.064	0.000
Total Current Liabilities (4)	34.875	0.000
TOTAL	73.981	0.127
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.388	0.006
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.750	0.025
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.138	0.031
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	36.053	0.000
(c) Trade receivables	36.202	0.000
(d) Cash and cash equivalents	0.287	0.063
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.301	0.033
Total Current Assets	72.843	0.096
TOTAL	73.981	0.127

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	TOTAL INCOME	53.757	NA
Less	TOTAL EXPENSES	53.545	NA
	PROFIT/(LOSS) BEFORE TAX	0.212	NA
Less	TAX	0.064	NA
	PROFIT/(LOSS) AFTER TAX	0.148	(0.009)
	Earnings Per Share (Rs.)	0.24	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets)	(%)	0.29	NA
Return on Investment (ROI) (PBT/Networth)		0.03	NA
Debt Equity Ratio (Total Debt /Networth)		5.28	0.40
Current Ratio (Current Asset/Current Liability)		2.09	0.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	0.100	6.100
Reserves & Surplus	(0.009)	0.139
Net worth	0.091	6.239
long-term borrowings	0.036	32.867
Short term borrowings	0.000	0.088
Total borrowings	0.036	32.955
Debt/Equity ratio	0.396	5.282

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 one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from related parties
Vinit Agarwal	18.875	0.036
Ayushi Vinit Agarwal	0.049	0.000
Short Term Borrowings
Unsecured
Mayur Bhilare	0.019	0.000
Niti Bhalala	0.018	0.000
Ravindra Bhilare	0.018	0.000
Tanaji Kolekar	0.018	0.000
Usha Kolekar	0.015	0.000
Total	19.012	0.036

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10487170	16/12/2014 *	71,250,000.00	Bank of Baroda	IBB Branch, Matru Ashish Building,, S. V. Road, Kandivali (W), Mumbai, Maharashtra - 400067, India	C40023764

*Date of modification Charges

FIXED ASSETS:

· Alto 800 LXI Car

· Computer

· Printer

· Software

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.65.39
UK Pound	1	Rs.99.05
Euro	1	Rs.73.19

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.