MIRA INFORM REPORT

Report Date :

13.05.2013

IDENTIFICATION DETAILS

Name :	ELEGANT COATINGS PRIVATE LIMITED
Registered Office :	F-13, MIDC, Waluj, Aurangabad – 431136, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.08.1995
Com. Reg. No.:	11-092094
Capital Investment / Paid-up Capital :	Rs. 7.380 Millions
CIN No.: [Company Identification No.]	U27108MH1995PTC092094
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Refrigerator and Spare Parts.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in sales and profitability during 2011-2012. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	April 2013

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. Diwakar Kale
Designation :	Senior Manager
Contact No.:	91-9011047274
Date :	13.05.2013

LOCATIONS

Registered Office / Factory 1 :	F - 13, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-6619620 / 2554695
Mobile No.:	91-9011047274 (Mr. Diwakar Kale)
Fax No.:	91-240-6619638 / 2554695
E-Mail :	devendraring@gmail.com accounts@kalegroup.co.in info@kalegrouo-india.com
Website :	http://www.kalegroup-india.com
Location :	Owned
Factory 2 :	E-37, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2564434 / 2556367
Fax No.:	91-240-2564293
Factory 3 :	D-16, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Ashok Pandurang Kale

Designation :

Director

Address :

3, Gadiya Park, Jalna Road, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

21.01.1966

Date of Appointment :

18.03.2005

DIN No.:

00518897

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	U27108MH1995PTC092094	ELEGANT COATINGS PRIVATE LIMITED	Director	18-03-05	18-03-05	-	Active	NO
2	U31900MH2004PTC147960	CLAD METAL INDIA PRIVATE LIMITED	Director	18-03-05	18-03-05	-	Active	NO
3	U74990MH2009PTC192077	MASSIA AUTO COMPONENT CLUSTER PRIVATE LIMITED	Director	28-04-09	28-04-09	-	Active	NO

Name :

Mr. Pandurang Jagannath Kale

Designation :

Director

Address :

85, Gadiya Park, Bassaye Nagar, Mahesh Nagar Road, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

14.04.1938

Date of Appointment :

23.08.1995

DIN No.:

01361020

Name :

Ms. Kalpana Ashok Kale

Designation :

Additional Director

Address :

3, Gadiya Park, Jalna Road, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

26.08.1973

Date of Appointment :

17.01.2013

DIN No.:

00518840

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	U31900MH2004PTC147960	CLAD METAL INDIA PRIVATE LIMITED	Director	12-08-05	12-08-05	-	Active	NO
2	U27108MH1995PTC092094	ELEGANT COATINGS PRIVATE LIMITED	Additional director	17-01-13	17-01-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Diwakar Kale
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Pandurang Jagannath Kale	300
Taramati Pandurang Kale	300
Ashok Pandurang Kale	692400
Kalpana Ashok Kale	45000
Total	738000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Refrigerator and Spare Parts.
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

Suppliers :

· 24X7 Pest Management Services

· A B Engineering Works

· A To 2 Steel Profiles

· A To Z Steels

· A.D. Sales Corporation

· Adinath Enterprises

· T. Engineering Works

· Accurate Fastners

· Advantage Quality

· Airtorq India

· Akanksha Packs

· Akansha Fastners

· Akshay Components Private Limited

· Akshay Enterprise

· Akshay Industries

· Alhad Deshpande

· Alpit Metal Works E-70/T3

· Amol Industrial Suppliers

· Animesh Packaging Industries

· Arasna Industries

· Ashish Trading Company

· Ankit Enterprises

· Ashish Industries

· B.R. Kawre

· Balkrashn Hydrolic

· Balaji Engineers

· Bhumi Associates

· Bhusari Constructions

· Bhushan Enterprises

Customers :

Retailers and End Users

Legrand Group

· Legrand (India) Private Limited (Chennai)

· Legrand (India) Private Limited (Delhi)

· Legrand (India) Private Limited (Kolkatta)

· Legrand (India) Private Limited. (Mumbai)

· Legrand (India) Private Limited (Jalgaon )

· Legrand (India) Private Limited (Sinnar )

· Legrand India Private Limited (National Warehouse)

Videocon- Group

· Value Industries Limited

· rrend Electronics Limited

· Trend Electronics Limited

· Fechno Electronics Limited

· Value Industries Limited ( W/M)

· Videocon Industries Limited (Ac)

· Videocon Industries Limited Warora

· i/ideocon Industries Limited (Ctv)

· Videocon Industries Limited ( Showcase )

Secure Group

· Secure Meters Limited (C.S.)

· Kundan Electrical Components Private Limited

Other

· Haier Appliances (India) Private Limited

· Spectrum Polytech

· North India Steel Company

· Sujal Industries

· Lombardini India Private Limited

· S.K. Traders

· Clad Metal India Private Limited

· Mythri Engineering Associates

No. of Employees :

300 (Approximately)

Bankers :

· IDBI Bank Limited

· HDFC Bank Limited

· Deutsche Bank

· Bank of Maharashtra, Kranti Chowk, Adalat Road, Aurangabad - 431005, Maharashtra, India

Tel. No.: 91-240-2347759

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-Term Borrowings
Term loans From banks
Term Loan Bank of Maharashtra (A/c No.60086109079)	13.032	0.566
Short-Term Borrowings
Loans repayable on demand:
From banks - Working capital Loan - Bank of Maharashtra (A/c No.20093488908)	35.629	44.838
Total	48.661	45.404

Banking Relations :	--
Auditors :
Name :	Gunwant Patil and Associates Chartered Accountants
Address :	Patil Plaza 24, SBH Colony, Behind Osmanpura Police Station, Darga Road, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2352797
PAN.:	ABCDE1234F
Sister Concern :	· Clad Metal India Private Limited Address : F-14, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India Line of Business: Manufacturer and Importer of Refrigerator and Spare Parts. · Alpit Metal Works Address : E-70/13, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India Line of Business: Manufacturer and Importer of Refrigerator and Spare Parts. · Tejal Industries · Sujal Industries

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
738000	Equity Shares	Rs.10/- each	Rs.7.380 Millions

Share Capital Reconciliation

Particular	Number of Shares Held	Ra. In Millions
Opening Balance	1000000	100.000
Fresh Issue / Bonus Issue	--	--
Other Charges	--	--
Closing Balance	1000000	100.000

Details of shares held by each shareholder holding more than 5% shares

Class of Shares / Name of shareholder	Number of Shares Held	% Holding in that Class of Share
Ashok Pandurang Kale	692400	69.25%
Pandurang Jagannath Kale	300	0.30%
Kalpana Ashok Kale	45000	4.50%
Taramati Pandurang Kale	300	0.30%

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		7.380	1.230	1.230
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		58.628	57.546	48.118
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.008	58.776	49.348
LOAN FUNDS
1] Secured Loans		48.661	45.404	35.175
2] Unsecured Loans		5.027	5.852	6.146
TOTAL BORROWING		53.688	51.256	41.321
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		119.696	110.032	90.669
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.785	36.449	33.861
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.700	2.700	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.353	35.513	45.828
	Sundry Debtors	63.824	71.418	50.887
	Cash & Bank Balances	22.581	7.780	14.139
	Other Current Assets	3.748	5.840	16.205
	Loans & Advances	3.810	3.820	0.191
Total Current Assets		150.316	124.371	127.250
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.350	45.443	64.727
	Other Current Liabilities	0.000	0.000	5.715
	Provisions	3.755	8.045
Total Current Liabilities		84.105	53.488	70.442
Net Current Assets		66.211	70.883	56.808
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		119.696	110.032	90.669

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	421.562	596.965	354.362
		Other Income	NA	NA	NA
		TOTAL	424.100 (Due to market slow down )	573.100	344.200
Less	EXPENSES
		Office Expenses
		Administrative Expenses	403.499	551.580	308.168
		Advertising Expenses
		TOTAL	403.499	551.580	308.168
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.601	21.520	36.032
Less/ Add	DEPRECIATION/ AMORTISATION		8.206	6.690	6.400
	PROFIT BEFORE TAX		12.395	14.830	29.632
	TAX		0.000	0.000	14.938
	PROFIT AFTER TAX		12.395	14.830	14.694
	Earnings Per Share (Rs.)		17	20	119

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.94	2.60	4.15
Return on Total Assets (PBT/Total Assets}	(%)	6.16	9.22	18.39
Return on Investment (ROI) (PBT/Networth)		0.19	0.25	0.60
Debt Equity Ratio (Total Debt /Networth)		0.81	0.87	0.84
Current Ratio (Current Asset/Current Liability)		1.79	2.33	1.81

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%	Yes
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

Note:

The registered office of the company has been shifted from D-16, MIDC Waluj, Aurangabad – 431136, Maharashtra, India to present address w.e.f. 21.01.2012.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-Term Borrowings
Sales Tax Defferal Loan New	1.469	1.469
Sales Tax Defferal Loan Payable	2.858	3.683
Loans and advances from related parties
Mr. P.J. Kale	0.700	0.700
Total	5.027	5.852

FIXED ASSETS

· Building

· Plant and Machinery

· Tools and Dies

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· Computer and Software

· Vehicle

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.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.