MIRA INFORM REPORT

Report No. :	340335
Report Date :	11.09.2015

IDENTIFICATION DETAILS

Name :	SARU COPPER ALLOY SEMIS PRIVATE LIMITED
Registered Office :	Saru Nagar, Sardhana Road, Meerut - 250001, Uttar Pradesh
Tel. No.:	91-121-2556279
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.05.1988
Com. Reg. No.:	20-009631
Capital Investment / Paid-up Capital :	Rs. 19.990 Million
CIN No.: [Company Identification No.]	U27201UP1988PTC009631
IEC No.:	0593057210
TAN No.: [Tax Deduction & Collection Account No.]	MRTS00058C
PAN No.: [Permanent Account No.]	AACCS5747F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Copper Road, Continuous Cast and Cold Drawn Copper Alloy Road and Copper Alloy Bars.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 207000
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 reported to be usually correct. The company can be considered business dealing 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 – 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sanjeev Jain
Designation :	Director
Contact No.:	91-9897026872
Date :	07.09.2015

LOCATIONS

Registered Office/ Factory :	Saru Nagar, Sardhana Road, Meerut - 250001, Uttar Pradesh, India
Tel. No.:	91-121-2556279/ 2554126/ 2554160/ 2558402
Mobile No.:	91-9897026872 (Mr. Sanjeev Jain 91-9897055501 (Mr. Nitish Jain)
Fax No.:	91-121-2558402
E-Mail :	info@sarucopper.com sales@sarucopper.com
Website :	http://www.sarucopper.com
Location:	Owned
Locality:	Commercial

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Dhan Pal Jain

Designation :

Director

Address :

Vaijayant, 102/2 Prabhat Nagar, Meerut - 250002, Uttar Pradesh, India

Date of Birth/Age :

06.03.1931

Date of Appointment :

12.05.1988

DIN No.:

00514228

Name :

Mrs. Natasha Jain

Designation :

Director

Address :

101/2, Prabhat Nagar Vaijayant, Meerut - 250001, Uttar Pradesh, India

Date of Birth/Age :

27.12.1963

Date of Appointment :

20.08.2008

DIN No.:

02299285

Name :

Mr. Sanjeev Jain

Designation :

Whole-Time Director

Address :

A-203 , Defence Colony, Meerut - 250001, Uttar Pradesh, India

Date of Birth/Age :

19.12.1961

Date of Appointment :

12.05.1988

DIN No.:

00513596

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	U27201UP1988PTC009631	SARU COPPER ALLOY SEMIS PRIVATE LIMITED	Whole-time director	01/07/2014	12/05/1988	Active	NO
2	U72300DL2006PTC155530	MG Solutions Private Limited	Director	16/11/2006	16/11/2006	Strike off	NO

Name :

Mr. Nitish Jain

Designation :

Whole-Time Director

Address :

A-203, Defence Colony, Meerut - 250001, Uttar Pradesh, India

Date of Birth/Age :

07.03.1990

Date of Appointment :

05.02.2010

DIN No.:

02917081

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Sanjeev Jain	42700
Natasha Jain	8330
Rajeev Jain	16500
Sanjeev Jain (HUF)	37810
Nitish Jain	45810
Parnami Habitate Developers Limited, India	3000
Tactful Investment Limited, India	2000
Utkarsh Jain	43750
Total	199900

AS ON 25.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	2.50
Directors or relatives of directors	97.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Copper Road, Continuous Cast and Cold Drawn Copper Alloy Road and Copper Alloy Bars.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	Indonesia
Terms :
Selling :	Cash and Credit (30/ 60/ 90 Days)
Purchasing :	Cash and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEM’s

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Civil Lines, Boundary Road, Meerut - 250001, Uttar Pradesh, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash/Credit = Rs. 40.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of Baroda, Abu Lane Meerut Cantt, Meerut - 251001, Uttar Pradesh, India

· Bank of Baroda, Abu Lane, Meerut - 251001, Uttar Pradesh, India

· State Bank of India, Bombay Bazar, Meerut Cantt, Meerut - 250001, Uttar Pradesh, India

· Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Axis Bank Car Loan (Skoda)	0.437	0.830
Axis Bank Car Loans (Honda)	0.227	0.000
SHORT TERM BORROWINGS
Axis Bank Car Loan (Skoda)	0.393	0.353
Axis Bank Car Loan (Honda)	0.125	0.000
Axis Bank Limited (Packing Credit)	16.444	0.000
Axis Bank Limited (P. C.F.C.)	8.258	17.386
Axis Bank Limited OD A/C	1.023	0.000
Total	26.907	18.569

Banking Relations :	--
Auditors :
Name :	Jain Vishal and Associates Chartered Accountants
Address :	Labour Office Compound, Begum Bridge, Meerut – 250001, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFJ7008C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199,900	Equity Shares	Rs. 100/- each	Rs. 19.990 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	19.990	19.990	19.990
(b) Reserves & Surplus	52.449	43.265	33.853
(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)	72.439	63.255	53.843
(3) Non-Current Liabilities
(a) Long-term borrowings	8.062	16.930	20.387
(b) Deferred tax liabilities (Net)	0.780	0.593	0.656
(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)	8.842	17.523	21.043
(4) Current Liabilities
(a) Short term borrowings	26.243	17.739	15.119
(b) Trade payables	3.529	3.810	8.949
(c) Other current liabilities	9.826	8.512	11.564
(d) Short-term provisions	4.663	4.629	4.129
Total Current Liabilities (4)	44.261	34.690	39.761
TOTAL	125.542	115.468	114.647
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.554	29.148	29.353
(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	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.554	29.648	29.353
(2) Current assets
(a) Current investments
(b) Inventories	33.129	34.108	16.172
(c) Trade receivables	16.881	19.408	40.623
(d) Cash and cash equivalents	22.169	12.568	12.039
(e) Short-term loans and advances	22.809	19.736	16.460
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	94.988	85.820	85.294
TOTAL	125.542	115.468	114.647

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	257.004	222.780	228.078
Less	EXPENSES
		TOTAL	242.856	208.801	215.425
	PROFIT/ (LOSS) BEFORE TAX		14.148	13.979	12.653
Less	TAX		4.965	4.566	4.349
	PROFIT/ (LOSS) AFTER TAX		9.183	9.413	8.304
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	192.525	179.760	172.650
	Earnings Per Share (Rs.)		45.94	47.09	41.54

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Sanjeev Jain (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	11.27	12.16	11.04
Return on Investment (ROI) (PBT/Networth)		0.20	0.22	0.23
Debt Equity Ratio (Total Debt/Networth)		0.47	0.55	0.66
Current Ratio (Current Asset/Current Liability)		2.15	2.47	2.15

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	19.990	19.990	19.990
Reserves & Surplus	33.853	43.265	52.449
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	53.843	63.255	72.439
Long-term borrowings	20.387	16.930	8.062
Short term borrowings	15.119	17.739	26.243
Total borrowings	35.506	34.669	34.305
Debt/Equity ratio	0.659	0.548	0.474

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)
Total Income	228.078	222.780	257.004
		-2.323	15.362

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	228.078	222.780	257.004
Profit	8.304	9.413	9.183
	3.64%	4.23%	3.57%

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	No
18	Major suppliers	No
19	Major customers	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10568311	26/02/2015	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C52977378
2	10194031	03/02/2014 *	40,000,000.00	AXIS BANK LIMITED	CIVIL LINES, BOUNDARY ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA	B97485775
3	10194030	22/11/2010 *	25,000,000.00	AXIS BANK LIMITED	HOTEL CRYSTAL PALACE G-2/47, CIVIL LINES, BOUNDRY ROAD, MEERUT DISTRICT, MEERUT - 250001, UTTAR PRADESH, INDIA	B01180827

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans from Directors and their relatives	5.273	13.975
Loans from Others	2.125	2.125
Total	7.398	16.100

FIXED ASSETS:

· Land

· Building

· Machinery

· Motor Car

· Office Equipment

· Furniture’s

· Computers

· Library Books

· Motor Cycle

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.66.58
UK Pound	1	Rs.102.29
Euro	1	Rs.74.71

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	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	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		47

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.