MIRA INFORM REPORT

Report Date :

27.05.2013

IDENTIFICATION DETAILS

Name :	ELIAN TRADING COMPANY PRIVATE LIMITED
Registered Office :	United India Building, 2nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.11.1993
Com. Reg. No.:	11-075218
Capital Investment / Paid-up Capital :	Rs.15.200 Millions
CIN No.: [Company Identification No.]	U51900MH1993PTC075218
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Sulphur, Gypsum, Cement and Cement Clinker, Bauxite and Calcined Bauxite, Fly Ash, Met Coke, Foundry Coke, Microsilica, Aluminium Oxide, Soda Ash, Engineering and Construction Goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Eventhough the sales have improved the profitability of the company has seen a dip during the year. However, trade relations are fair. Business is active. Payment terms are recorded as 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

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 :	United India Building, 2nd Floor, Sir P M Road, Fort, Mumbai – 400001, India
Tel. No.:	91-22-40177100
Fax No.:	91-22-40177111
E-Mail :	usha.das@pispl.in
Branch Office:	W 6, Acorn Warehousing and Logistics Park, 68.3 Km, NH – 8, Village – Kapriwas, Near IST Limited, Opposite Hero Honda Factory Dharuhera, District Rewari, Haryana 122100, India

DIRECTORS

As on: 28.08.2012

Name :	Mrs. Usha Harish Das
Designation :	Director
Address :	R – 32, Goverdhangiri, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India
Date of Birth/Age :	27.12.1963
Date of Appointment :	14.04.2007
DIN No.:	01439953
Name :	Mr. Deepak Ganpatrao Patkar
Designation :	Director
Address :	502, MU Arcade Baptista Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	23.07.1952
Date of Appointment :	30.10.2010
DIN No.:	03300799

MAJOR SHAREHOLDERS

As on: 28.08.2012

Names of Shareholders (Equity Shares)	No. of Shares
Sujata Parekh Kumar and Sevantilal J. Parekh	190
Fisalcon Private Limited, India	190
Sevanttlal J Parekh, Sarla Parekh and V. H. Parekh	190
Sarla S. Parekh and Sevanttlal J, Parekh	180
Sevanttlal J. Parekh and Sarla S. Parekh	180
Practical Financial Services Private Limited, India	10
Multi-Line Business Solutions Private Limited, India	190
Uni Recyclers Private Limited, India	190
Morganite Trading Company Private Limited, India	190
Shr6e Nirmal Maintenance and Logistics Private Limited, India	190
Parekh Mercantile Private Limited, India	190
Tarini Atul Kumar and Sujata P Kumar	100
Sarla Parekh and Mukesh Maniar and S J Parekh Trustees of Reshma Family Trust, India	10
Total	2000

Names of Shareholders (Preference Shares)	No. of Shares
Sevanttlal J Parekh, Sarla Parekh and V. H. Parekh	20000
Sujata Parekh Kumar	34000
Anandita Slinil Parekh	5500
Sujata Parekh Kumar and Vikram H Parekh Trustees of Parekh Family Trust, India	29000
Arundhat1 Sunil Parekh	5500
Morganite Trading Company Limited, India	31000
R V Bhansali	2500
P R Virvadia	5000
Sevantilal J Parekh	10500
Pan Ma Anil Upadhvayay	7000
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on: 28.08.2012

Category	Percentage
Bodies corporate	57.50
Other top fifty shareholders	42.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Sulphur, Gypsum, Cement and Cement Clinker, Bauxite and Calcined Bauxite, Fly Ash, Met Coke, Foundry Coke, Microsilica, Aluminium Oxide, Soda Ash, Engineering and Construction Goods.

GENERAL INFORMATION

Suppliers :

• N. K. Seth and Company
• S.S. Jhunjhunwala and Company
• Parekh Mercantile Private Limited
• Sky Shipping Mumbai
• MTCL Transport
• Rohit Enterprises

Customers :

• Hindware Sanitary and Industries Limited
• Smith and Nephew Healthcare Limited
• United Shippers Limited
• Calcutta Medical College
• Charring Cross Nursing Home
• Chittranjan Medical College
• Divine Nursing Home

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Cash Credit from Bank	0.606	0.000
Total	0.606	0.000

Banking Relations :	--
Auditors :
Name :	S. S. Jhunjhunwala and Company Chartered Accountants
Address :	306, Akruti Arcade, J. P. Road, Opposite Wadia High School, Andheri, Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26743351/ 52
Fax No.:	91-22-26734498
E-Mail :	ssjco@bom5.vsnl.net.in
PAN No.:	AAGFS6934F

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million
150000	Preference Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.15.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 Million
150000	Preference Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.15.200 Millions

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		15.200	15.200	15.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.533	9.736	2.912
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.733	24.936	18.112
LOAN FUNDS
1] Secured Loans		0.606	0.000	0.000
2] Unsecured Loans		6.018	3.638	3.057
TOTAL BORROWING		6.624	3.638	3.057
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		36.357	28.574	21.169
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.143	2.180	0.539
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.327	0.317	0.317
DEFERREX TAX ASSETS		0.087	0.052	0.115
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.209	0.183	0.000
	Sundry Debtors	41.389	33.315	0.777
	Cash & Bank Balances	11.318	0.630	0.152
	Other Current Assets	0.017	0.015	0.000
	Loans & Advances	8.069	13.278	23.017
Total Current Assets		61.002	47.421	23.946
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.749	16.291	2.668
	Other Current Liabilities	5.453	3.399	0.191
	Provisions	0.000	1.706	0.889
Total Current Liabilities		27.202	21.396	3.748
Net Current Assets		33.800	26.025	20.198
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		36.357	28.574	21.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	153.448	88.268	6.407
		Other Income	2.160	3.412
		TOTAL (A)	155.608	91.680	6.407
Less	EXPENSES
		Purchase of Stock in trade	112.366	67.535	5.237
		Changes in inventories of stock n trade	(0.025)	(0.183)
		Employee Benefit Expenses	6.211	2.411
		Other Expenses	27.503	11.365
		TOTAL (B)	146.055	81.128	5.237
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.553	10.552	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		2.204	0.260
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.349	10.292	1.324
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.422	0.342	0.154
	PROFIT BEFORE TAX (E-F) (G)		6.927	9.950	1.170
Less	TAX (H)		2.129	3.127	0.349
	PROFIT AFTER TAX (G-H) (I)		4.798	6.823	0.821
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.224	1.401	0.579
	BALANCE CARRIED TO THE B/S		13.022	8.224	1.401
	EARNINGS IN FOREIGN CURRENCY		37.249	8.089	0.000
	Earnings Per Share (Rs.)		2174.00	3187.00	186.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.08	7.44	12.81
Net Profit Margin (PBT/Sales)	(%)	4.51	11.27	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.97	20.06	4.78
Return on Investment (ROI) (PBT/Networth)		0.23	0.40	0.06
Debt Equity Ratio (Total Debt /Networth)		0.22	0.15	0.17
Current Ratio (Current Asset/Current Liability)		2.24	2.22	6.39

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	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

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From Companies	1.248	1.248
SHORT TERM BORROWINGS
From Companies	4.770	2.390
Total	6.018	3.638

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U51900MH1993PTC075218
Name of the company	ELIAN TRADING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	United India Buildind, 2nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India usha.das@pispl.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Stock in trade)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India akhil.dhawan@hdfcbank.com
Nature of instrument creating charge	Hypothecation Agreement by and between the Company and HDFC Bank Limited dated February 23, 2012.
Date of instrument Creating the charge	23.02.2012
Amount secured by the charge	Rs.44.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rates as may be communicated by the Bank from time to time. Terms of Repayment Repayable on demand Margin Company shall at all times during the continuance of this security of a sufficient quantity and value to provide the margin of security as may from time to time as advised by the Bank. Extent and Operation of the charge Exclusive Charge.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stock in trade, all the book debts and all the moveable Plant and Machinery

FIXED ASSETS:

• Air Conditioner
• Printer
• Refrigerator
• Generator
• Office Equipment
• Electrical Installation

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.55.61
UK Pound	1	Rs.83.98
Euro	1	Rs.71.94

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.