MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	EQUI MINERALS PRIVATE LIMITED
Registered Office :	International Trade Center, 2nd Floor, Wing-B/ 205B, Majura Gate, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.12.2009
Com. Reg. No.:	04-058940
Capital Investment / Paid-up Capital :	Rs. 2.670 Millions
CIN No.: [Company Identification No.]	U51109GJ2009PTC058940
Legal Form :	Private Limited Liability Company
Line of Business :	Traders and Distributors.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 81800
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profit margin is low. However, trade relations are reported as fair. Business is active. Payment terms are 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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Nitesh Kumar Himatsingha
Designation :	Director
Contact No.:	91-33-26687775/ 91-9830559129
Date :	12.08.2013

LOCATIONS

Registered Office :	International Trade Center, 2nd Floor, Wing-B/ 205B, Majura Gate, Surat – 395002, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9830559129 [Mr. Nitesh Kumar Himatsingha]
Fax No.:	Not Available
E-Mail :	equiminerals@gmail.com

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Anup Kumar Himatsingka

Designation :

Director

Address :

88, College Road, Ravindra Nagar, Block-F, Flat No. 201, Howrah – 711103, West Bengal, India

Date of Birth/Age :

06.08.1974

Date of Appointment :

18.12.2009

DIN No.:

00982027

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	U70109WB2007PTC118959	ANISH REALTORS PRIVATE LIMITED	Director	25/09/2007	25/09/2007	Active	NO
2	U51109GJ2009PTC058940	EQUI MINERALS PRIVATE LIMITED	Director	18/12/2009	18/12/2009	Active	NO
3	U51909WB2010PTC155394	SAKAR RESIDENCY PRIVATE LIMITED	Director	04/12/2010	04/12/2010	Active	NO
4	U51909WB2010PTC155546	EMERGING MINERALS PRIVATE LIMITED	Director	08/12/2010	08/12/2010	Active	NO
5	U51909WB2011PLC159138	LAXMI COAL AND CARBON INDIA LIMITED	Director	14/02/2011	14/02/2011	Active	NO
6	U51909WB2006PTC112232	AASHI TIE-UP PRIVATE LIMITED	Director	14/01/2013	14/01/2013	Active	NO

Name :

Mr. Nitesh Kumar Himatsingka

Designation :

Director

Address :

88, College Road, Ravindra Nagar, Block-F, Flat No. 201, Howrah – 711103, West Bengal, India

Date of Birth/Age :

01.10.1983

Date of Appointment :

18.02.2011

DIN No.:

00980157

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	U51909WB2006PTC112232	AASHI TIE-UP PRIVATE LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
2	U74140WB2007PTC112675	HIMATSINGKA CONSULTANCY PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
3	U51909WB2007PTC117850	AADARSH TRADLINK PRIVATE LIMITED	Managing director	16/08/2007	16/08/2007	-	Active	NO
4	U70101WB2007PTC117598	SAMRAT REALTORS PRIVATE LIMITED	Director	13/11/2007	13/11/2007	22/12/2010	Active	NO
5	U51909WB2010PTC155546	EMERGING MINERALS PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
6	U51909WB2011PLC159138	LAXMI COAL AND CARBON INDIA LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
7	U51109GJ2009PTC058940	EQUI MINERALS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
8	U51109WB2005PTC105045	VEDANT DEALERS PRIVATE LIMITED	Director	22/05/2012	22/05/2012	28/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Anup Kumar Himatsingka	5000
Nitesh Kumar Himatsingka	5000
Aarav Himatsingka Family Trust	35875
Aashi Himatsingka Family Trust	200125
Nish Himatsingka Family Trust	21000
Total	267000

AS ON 26.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	3.75
Other top fifty shareholders	96.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Traders and Distributors.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Kotak Mahindra Bank Limited · HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	D. Dokania and Company Chartered Accountants
Address :	2A, Ganesh Chandra Avenue, Commerce House 7th Floor Room No-10A, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-32977609/ 22132089
Mobile No.:	91-9836345651
E-Mail :	cadeepakdokania@gmail.com ddokaniaandco@gmail.com
Income-tax PAN of auditor or auditor's firm :	ADQPD4151Q

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
267,000	Equity Shares	Rs. 10/- each	Rs. 2.670 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.670	2.345
(b) Reserves & Surplus	17.780	11.470
(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)	20.450	13.815
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.220
(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)	0.000	1.220
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	4.700	6.233
(d) Short-term provisions	0.363	0.476
Total Current Liabilities (4)	5.063	6.709
TOTAL	25.513	21.744
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.991	5.508
(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	0.000	0.000
(e) Other Non-current assets	0.303	0.000
Total Non-Current Assets	5.294	5.508
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	9.295	5.493
(d) Cash and cash equivalents	10.477	10.183
(e) Short-term loans and advances	0.378	0.497
(f) Other current assets	0.069	0.063
Total Current Assets	20.219	16.236
TOTAL	25.513	21.744

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.100
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.084
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.003
	Provisions	0.000
Total Current Liabilities		0.003
Net Current Assets		0.081
MISCELLANEOUS EXPENSES		0.019
TOTAL		0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	62.383	19.558	0.000
		Other Income	1.034	0.235	0.000
		TOTAL	63.417	19.793	0.000
Less	EXPENSES
		Purchase	16.219	5.037	0.000
		Freight Expenses	37.823	11.856	0.000
		Administrative Expenses	4.822	0.411	0.000
		Employee Expenses	2.322	0.485	0.000
		TOTAL	61.186	17.789	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.231	2.004	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		2.036	0.462	0.000
	PROFIT BEFORE TAX		0.195	1.542	0.000
Less	TAX		0.060	0477	0.000
	PROFIT AFTER TAX		0.135	1.065	0.000
	Earnings Per Share (Rs.)		0.51	4.54	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.21	5.38	0.00
Net Profit Margin (PBT/Sales)	(%)	0.31	7.88	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.76	7.09	0.00
Return on Investment (ROI) (PBT/Networth)		0.01	0.11	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.09	0.00
Current Ratio (Current Asset/Current Liability)		3.99	2.42	28.00

LOCAL AGENCY FURTHER INFORMATION

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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	Yes
8]	No. of employees	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Aashi Tie up Private Limited	0.000	0.700
Anup Kumar Himatsingka	0.000	0.300
Anup Kumar Himatsingka HUF	0.000	0.220
Total	0.000	1.220

FIXED ASSETS:

· Vehicle Commercial

· Motor Car

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. 61.43
UK Pound	1	Rs. 95.08
Euro	1	Rs. 81.78

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.