MIRA INFORM REPORT

Report Date :

17.08.2013

IDENTIFICATION DETAILS

Name :	FUEL SOURCES INDIA PRIVATE LIMITED
Registered Office :	Ram Kumar Plaza, 1^st Floor, Chattribari Road, Guwahati – 781001, Assam
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.12.1995
Com. Reg. No.:	02-004649
Capital Investment / Paid-up Capital :	Rs.0.787 Million
CIN No.: [Company Identification No.]	U10102AS1995PTC004649
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal, Mineral and Metals.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 112000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitments. The company 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 – 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 PARTED BY

Name :	Mr. Pankaj Kumar Khetwat.
Designation :	Director
Contact No.:	91-33-24546517
Date :	13.08.2013

LOCATIONS

Registered Office :	Ram Kumar Plaza, 1^st Floor, Chattribari Road, Guwahati – 781001, Assam, India
Tel. No.:	91-361-2343167
Fax No.:	91-361-2343165
E-Mail :	gclient09@gmail.com allefiling@gmail.com
Correspondence Address :	104, S P Mukherjee Road, Unit 404, 4^th Floor, Kolkata – 700026, West Bengal, India
Tel. No.:	91-33-65297371/ 24546517/ 24573997
Fax No.:	91-33-24546517
Email :	fsil@cal.vsnl.net.in

DIRECTORS

(AS ON 29.09.2012)

Name :	Mrs. Raj Kumari Khetawat
Designation :	Director
Address :	90/N, BL E Dimond Harbour Road, 81-New Alipore, Kolkata - 700053, West Bengal, India
Date of Birth/Age :	09.12.1950
Date of Appointment :	30.06.2012
DIN No.:	01374360
Name :	Mrs. Meena Khetawat
Designation :	Director
Address :	90/N, New Alipore, Block E, Tiru[pati Enclave, 1^st Floor, Kolkata - 700053, West Bengal, India
Date of Birth/Age :	31.08.1973
Date of Appointment :	30.06.2012
DIN No.:	01374282
Name :	Mr. Pankaj Kumar Khetwat
Designation :	Director
Address :	90/N, BL E Dimond Harbour Road, 81-New Alipore, Kolkata - 700053, West Bengal, India
Date of Birth/Age :	03.02.1976
Date of Appointment :	30.06.2012
DIN No.:	01374341
Name :	Mr. Ravi Kumar Khetawat
Designation :	Director
Address :	90/N, BL E Dimond Harbour Road, 81-New Alipore, Kolkata - 700053, West Bengal, India
Date of Birth/Age :	02.05.1971
Date of Appointment :	30.06.2012
DIN No.:	01538459
Name :	Mr. Raj Kumar Aggarwal
Designation :	Director
Address :	253, Tarun Enclave, 1^st Floor, Pitampura, Delhi – 110034, India
Date of Birth/Age :	07.10.1966
Date of Appointment :	11.01.2006
DIN No.:	01016208
Name :	Mr. Sanoj Agarwal
Designation :	Director
Address :	Sohel Niwas, 3^rd Floor, Chatribari Road, Guwahati, Kamrup – 781001, Assam, India
Date of Birth/Age :	26.09.1979
Date of Appointment :	30.06.2012
DIN No.:	02869673

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Lal Chand Agarwal	20100
Raj Kumari Khetawat	3100
Meena Khetawat	30000
Sanoj Agarwal	15000
Manoj Agarwal	10500
Total	78700

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Coal, Mineral and Metals.
Terms :
Selling :	Cash and Credit (30-60 days)
Purchasing :	Cash and Credit (30-60 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

10 (Approximately)

Bankers :

· State Bank of India

Panbazar Branch, Guwahati, Assam, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Vehicles Loan from Bank	0.000	0.124
Total	0.000	0.124
NOTE: Vehicle Loan in the reporting period is secured by hypothecation of vehicle against which the loans have been taken and the personal guarantee of the directors of the Company The Company has not defaulted in the repayment of dues during the reporting period Vehicle Loans are repayable in equal monthly installments over the term of the loan ranging from 2 to 4 years The long term portion of Term Loan is shown under the long term borrowings and the current maturities of the long term borrowing is shown under the current liabilities.

Banking Relations :	--
Auditors :
Name :	Rajesh Kagliwal Chartered Accountants
Address 1:	L-5, Zabbar Bazar, 2^nd Floor, S. J. Road, Athgaon, Guwahati – 781001, Assam, India
Address 2:	Yakub Plaza, S. C. Road, Guwahati – 781001, Assam, India
PAN No.:	AIMPK1018J

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
78700	Equity Shares	Rs.10/- each	Rs.0.787 Million

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	0.787	0.787
(b) Reserves & Surplus	27.202	14.706
(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)	27.989	15.493
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.124
(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	0.124
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	399.655	342.030
(c) Other current liabilities	0.348	1.540
(d) Short-term provisions	0.042	0.044
Total Current Liabilities (4)	400.045	343.614
TOTAL	428.034	359.231
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.947	9.881
(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	6.400	37.385
(c) Deferred tax assets (net)	1.005	0.811
(d) Long-term Loan and Advances	0.196	0.075
(e) Other Non-current assets	23.503	12.634
Total Non-Current Assets	39.051	60.786
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	11.590	12.644
(c) Trade receivables	96.814	69.751
(d) Cash and cash equivalents	10.851	10.268
(e) Short-term loans and advances	269.682	205.782
(f) Other current assets	0.046	0.000
Total Current Assets	388.983	298.445
TOTAL	428.034	359.231

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.787
2] Share Application Money		0.000
3] Reserves & Surplus		6.698
4] (Accumulated Losses)		0.000
NETWORTH		7.485
LOAN FUNDS
1] Secured Loans		0.727
2] Unsecured Loans		0.000
TOTAL BORROWING		0.727
DEFERRED TAX LIABILITIES		0.000
TOTAL		8.212
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.879
Capital work-in-progress		0.000
INVESTMENT		175.368
DEFERREX TAX ASSETS		0.262
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.332
	Sundry Debtors	37.712
	Cash & Bank Balances	3.674
	Other Current Assets	0.273
	Loans & Advances	68.093
Total Current Assets		116.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	167.684
	Other Current Liabilities	126.845
	Provisions	1.852
Total Current Liabilities		296.381
Net Current Assets		(180.297)
MISCELLANEOUS EXPENSES		0.000
TOTAL		8.212

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	678.208	736.106	465.771
		Other Income	43.574	29.781	18.695
		TOTAL (A)	721.782	765.887	484.466
Less	EXPENSES
		Cost of Goods Sold		729.377	464.609
		Administrative Expenses		13.584	8.081
		Loss from Agartala Branch		9.626	8.329
		TOTAL (B)	702.244	752.587	481.019
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	13.300	3.447
Less	FINANCIAL EXPENSES (D)			0.114	0.103
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.538	13.186	3.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.623	3.999	1.776
	PROFIT BEFORE TAX (E-F) (G)		16.915	9.187	1.568
Less	TAX (H)		4.419	1.180	0.499
	PROFIT AFTER TAX (G-H) (I)		12.496	8.007	1.069
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.705	6.698	5.629
	BALANCE CARRIED TO THE B/S		27.201	14.705	6.698
	Earnings Per Share (Rs.)		158.78	101.75	13.58

Particulars	31.03.2013
Sales Turnover (Approximately)	730.000

Expected Sales (2013-14): Rs.750.000 Millions

The above information has been parted by Mr. Pankaj Kumar Khetwat.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.73	1.05	0.22
Net Profit Margin (PBT/Sales)	(%)	2.49	1.25	0.34
Return on Total Assets (PBT/Total Assets}	(%)	4.02	2.86	1.22
Return on Investment (ROI) (PBT/Networth)		0.60	0.59	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.10
Current Ratio (Current Asset/Current Liability)		0.97	0.87	0.39

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Computer

· Vehicles

· Furniture

· Air Conditioner

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.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		53

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.