MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	EASTERN GAS CHEMICALS PRIVATE LIMITED
Registered Office :	13A, Dacres Lane, 5^th Floor, Room No.503, Kolkata – 700 069, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.05.1995
Com. Reg. No.:	21-071823
Capital Investment / Paid-up Capital :	Rs. 6.125 Millions
CIN No.: [Company Identification No.]	U24111WB1995PTC071823
TAN No.: [Tax Deduction & Collection Account No.]	CALE02223E
PAN No.: [Permanent Account No.]	AABCE0716D
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Supplier of LPG and all other types of Gases and Petroleum Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

LOCATIONS

Registered Office :	13A, Dacres Lane, 5^th Floor, Room No.503, Kolkata – 700 069, West Bengal, India
Tel. No.:	91-33-22439390/ 22430965
Fax No.:	Not Available
E-Mail :	biswas_prasenjit@hotmail.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Anup Chakraborty

Designation :

Director

Address :

Garia Railway Station, Middle Block, Sonarpur, 24, Paragan (S), West Bengal, India

Date of Birth/Age :

02.08.1956

Date of Appointment :

03.03.1998

DIN No.:

00811893

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	U51909WB1996PTC079139	GILBART MERCHANTS PRIVATE LIMITED	Director	15/05/1996	15/05/1996	-	Active	NO
2	U51109WB1996PTC077363	DEXO TRADING PRIVATE LIMITED	Director	28/07/1997	28/07/1997	-	Active	NO
3	U24111WB1995PTC071823	EASTERN GAS CHEMICALS PRIVATE LIMITED.	Director	03/03/1998	03/03/1998	-	Active	NO
4	U51109WB1994PTC063429	MOHIT VYAPAAR PRIVATE LIMITED	Director	05/06/2003	05/06/2003	-	Active	NO
5	U31104WB1991PTC052045	RAVI BUSINESS SERVICES PRIVATE LIMITED	Director	22/10/2004	22/10/2004	-	Active	NO
6	U51909WB1994PLC065917	METALITE FUEL INDUSTRIES LIMITED	Director	29/09/2005	29/09/2005	-	Active	NO
7	U45400WB2007PTC115272	ANUP ENCLAVE PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO
8	U23109WB2000PLC091504	DURGAPUR METALIKS LIMITED	Additional director	30/04/2012	30/04/2012	-	Active	NO
9	U67120WB1987PTC042766	VANDITA INVESTMENTS PRIVATE LIMITED	Director	05/09/2012	05/09/2012	-	Active	NO

Name :

Mr. Dharampal Agarwal

Designation :

Director

Address :

54/1, Jaliapara Lane, Salkia, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

08.07.1952

Date of Appointment :

03.11.2005

DIN No.:

00812211

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	U51909WB1996PTC079139	GILBART MERCHANTS PRIVATE LIMITED	Director	15/05/1996	15/05/1996	-	Active	NO
2	U24111WB1995PTC071823	EASTERN GAS CHEMICALS PRIVATE LIMITED	Director	03/11/2005	03/11/2005	-	Active	NO

Name :

Mr. Dilip Kumar Khetan

Designation :

Director

Address :

254/1, N.S.C Bose Road, Tollygunje, Kolkata – 700047, West Bengal, India

Date of Birth/Age :

12.11.1975

Date of Appointment :

26.04.2011

DIN No.:

00832002

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	U51109WB1993PTC061128	SIKHAR COMMOTRADE PRIVATE LIMITED	Director	18/08/1997	18/08/1997	25/04/2008	Active	NO
2	U51109WB1993PTC061127	JAGRAN VYAPAR PRIVATE LIMITED	Director	09/04/1998	09/04/1998	-	Active	NO
3	U51909WB1993PTC060814	SWAGAT TREXIM PRIVATE LIMITED	Director	10/04/1998	10/04/1998	-	Active	NO
4	U51109WB1995PTC072185	AA ESS TRADELINKS PRIVATE LIMITED	Director	22/10/2003	22/10/2003	-	Active	NO
5	U51109WB1994PTC066917	SHRINGAR MERCANTILE PRIVATE LIMITED	Director	27/05/2004	27/05/2004	-	Active	NO
6	U31104WB1991PTC052045	RAVI BUSINESS SERVICES PRIVATE LIMITED	Director	22/10/2004	22/10/2004	-	Active	NO
7	U51109WB1995PTC075878	DIGVIJAY TRACON PRIVATE LIMITED	Director	05/11/2004	05/11/2004	-	Active	NO
8	U51909WB2006PTC112059	ANNIRUDH MERCANTILES PRIVATE LIMITED	Director	08/12/2006	08/12/2006	-	Active	NO
9	U45204WB2008PLC124166	ARTHUR TURNKEY PROJECTS LIMITED	Director	14/03/2008	14/03/2008	15/02/2012	Active	NO
10	U74900WB2009PTC133842	VAIKUNTH BARTER PRIVATE LIMITED	Director	28/03/2009	28/03/2009	-	Under Process of Striking off	NO
11	U74900WB2009PTC133955	SUBHLAKSHMI VINCOM PRIVATE LIMITED	Director	28/03/2009	28/03/2009	-	Under Process of Striking off	NO
12	U51109WB2008PTC123281	SAMBHAV MERCANTILES PRIVATE LIMITED	Director	03/03/2010	03/03/2010	15/11/2011	Active	NO
13	U51109WB2007PTC114711	VEENA VYAPAAR PRIVATE LIMITED	Director	08/04/2010	08/04/2010	-	Active	NO
14	U24111WB1995PTC071823	EASTERN GAS CHEMICALS PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
15	U51909WB2007PTC118883	EVERLIKE VYAPAAR PRIVATE LIMITED	Director	04/01/2012	04/01/2012	-	Active	NO
16	U51909WB2012PTC172230	HYADES SALES PRIVATE LIMITED	Director	23/02/2012	23/02/2012	16/07/2012	Active	NO
17	U51909WB2012PTC172231	AIGLET SUPPLIERS PRIVATE LIMITED	Director	23/02/2012	23/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Pramod Goyal	100
Raj Securities Limited, India	140000
Digvijay Tracon Private Limited, India	128000
Metalite Fuel Industries Limited, India	10000
Jagaran Vyapaar Private Limited, India	4000
Shree Vinay Finvest Private Limited, India	30000
Swagat Trexim Private Limited, India	40000
Krishna Financial Consultants Private Limited, India	120400
Raunak Tradelink Private Limited, India	140000
Total	612500

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	99.98
Others	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer and Supplier of LPG and all other types of Gases and Petroleum Products.

GENERAL INFORMATION

Suppliers :	· KSP Electro Engineering (India) Private Limited · Shree Shakti Metals and Steel Traders
Customers :	· Manoj Singh · Prabha Enterprises
No. of Employees :	Not Available
Bankers :	· The Federal Bank Limited, Bhowanipore Branch, India · Citi BANK · Federal Bank Limited · DCB Bank Limited · Kotak Mahindra Bank Limited · State Bank of Bikaner and Jaipur

Banking Relations :	--
Auditors :
Name :	K. Kejriwal and Company Chartered Accountant
Address :	26dr's Colony, P.O Searsol Rajbari, Raniganj, Burdwan – 713358, West Bengal, India
Tel. No.:	91-33-22374504
Mobile No.:	91-9331014884/ 9333333372
E-Mail :	kk_co@live.com
PAN.:	AAHFK0129M

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
612500	Equity Shares	Rs.10/- each	Rs. 6.125 Millions

Reconciliation of number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh Issue	Other Charges	Closing Balance
Equity Shares with Voting Right
Year Ended 31 March,2012 Number of shares Amount	612500 6.125	- -	- -	612500 6.125

Details of shares held by each share holder more than 5% shares

	Number of Shares held	% of holding in that class of shares
Swagattrexim Private Limited	40000	6.53
Krishna Financial Consultants Private Limited	120400	19.66
Raunak Tradelink Private Limited	140000	22.86

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.125	6.125	6.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.105	19.005	19.002
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.230	25.130	25.127
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		86.061	86.065	0.000
TOTAL BORROWING		86.061	86.065	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		111.291	111.195	25.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		108.725	22.475	22.475
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.196	0.196	0.197
	Cash & Bank Balances	24.944	2.968	2.946
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	482.959	85.579	0.579
Total Current Assets		508.099	88.743	3.722
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	481.651	0.000	0.015
	Other Current Liabilities	23.836	0.021	1.065
	Provisions	0.046	0.002	0.000
Total Current Liabilities		505.533	0.023	1.080
Net Current Assets		2.566	88.720	2.642
MISCELLANEOUS EXPENSES		0.000	0.000	0.010
TOTAL		111.291	111.195	25.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			0.000
		Other Income
		TOTAL	904.272	0.032	0.000
Less	EXPENSES
		Office Expenses			0.019
		Administrative Expenses
		Advertising Expenses
		TOTAL	904.127	0.026	0.019
	PROFIT/ (LOSS) BEFORE TAX		0.145	0.006	(0.019)
Less	TAX		0.045	0.002	0.027
	PROFIT/ (LOSS) AFTER TAX		0.100	0.004	(0.046)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.325	1.321	1.367
	BALANCE CARRIED TO THE B/S		1.425	1.325	1.321
	Earnings Per Share (Rs.)		0.16	0.01	(0.07)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.01	0.13	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.01	(0.51)
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		23.45	3.43	0.04
Current Ratio (Current Asset/Current Liability)		1.01	3858.39	3.45

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
18]	Major customers	Yes
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	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

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loans and Advances from related parties
Advances Received
MSP Metallics Limited (Adv)	72.996	85.000
Devesh Advisory Services Private Limited	12.000	0.000
Advance From Customer
Kejriwal (ROD)	0.521	0.521
Saha Iron Stores	0.394	0.394
Dayal Commercial Company Private Limited	0.150	0.150
Total	86.061	86.065

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. 54.64
UK Pound	1	Rs. 88.17
Euro	1	Rs. 73.13

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
TOTAL		27

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.