MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	EXECUTIVE TRADING COMPANY PRIVATE LIMITED
\
Registered Office :	G-1, Ashirwad Building, Ahmedabad Street, Carnac Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.03.1995
Com. Reg. No.:	11-086378
Capital Investment / Paid-up Capital :	Rs. 39.430 Millions
CIN No.: [Company Identification No.]	U51909MH1995PTC086378
TAN No.: [Tax Deduction & Collection Account No.]	MUME05123G
PAN No.: [Permanent Account No.]	AAACE3492M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importers of iron and steels.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a slight increase in the net profitability during 2012. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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. Devesh Gupta
Designation :	Accountant
Contact No.:	91-22-66103880
Date :	02.09.2012

LOCATIONS

Registered Office :	G-1, Ashirwad Building, Ahmedabad Street, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23484506/ 49127804/ 66103880
Fax No.:	Not Available
E-Mail :	roc@sara-india.com godsbounty@hotmail.com pankajexecutive@hotmail.com etcpl1@hotmail.com
Website :	http://www.bima-steel.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Pankaj Rajkumar Sureka

Designation :

Managing director

Address :

33, Maker Tower ‘A’, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Appointment :

13.03.1995

PAN No.:

ALXPS7071H

DIN No.:

00209530

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	U51909MH1995PTC086378	EXECUTIVE TRADING COMPANY PRIVATE LIMITED	Managing director	13/03/1995	13/03/1995	-	Active	NO
2	U51100MH1998PTC115425	PALAK AGENCY PRIVATE LIMITED	Additional director	25/03/2013	14/10/2005	-	Active	NO
3	U51900HR1997PLC047058	GROW WELL MERCANTILE LIMITED	Director	14/10/2005	14/10/2005	-	Active	NO
4	U70102MH2008PTC183865	EXECUTIVE DEVELOPERS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
5	U74910MH2008PTC185259	PRIME CIVIL CONSTRUCTION SERVICES PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
6	U74910MH2008PTC189233	SHIVOM TECHNICAL SUPPORT SERVICES PRIVATE LIMITED	Director	30/12/2008	30/12/2008	-	Active	NO
7	U93090MH2009PTC189974	GAMA BUSINESS MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/01/2009	29/01/2009	-	Active	NO
8	U74120MH2011PTC218115	EXECUTIVE STEEL PRIVATE LIMITED	Director	31/05/2011	31/05/2011	-	Active	NO
9	U27100KA2010PLC053231	UTTAM GALVA FEROUS LIMITED	Director	29/09/2012	17/10/2011	-	Active	NO
10	U45201MH2006PTC162947	NEW MILLENIUM INDIA PROPERTY DEVELOPERS PRIVATE LIMITED	Additional director	13/07/2012	13/07/2012	14/08/2013	Active	NO
11	U45200MH1994PTC081267	INDRAJIT POWER PRIVATE LIMITED	Additional director	23/04/2013	23/04/2013	-	Active	NO
12	U99999GJ1960PLC001006	TENSILE STEEL LIMITED	Additional director	24/04/2013	24/04/2013	25/04/2013	Active	NO

Name :

Mr. Sumeet Ahuja

Designation :

Director

Address :

Shri R.K. Flour Mills, Bagadganj, Nagpur – 440008, Maharashtra, India

Date of Appointment :

30.09.2011

DIN No.:

03028958

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	U51900HR1997PLC047058	GROW WELL MERCANTILE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
2	U51909MH1995PTC086378	EXECUTIVE TRADING COMPANY PRIVATE LIMITED	Director	30/09/2011	05/04/2011	-	Active	NO
3	U70102MH2008PTC183865	EXECUTIVE DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	05/04/2011	-	Active	NO
4	U67120MH1995PTC095602	GUNJAR INVESTMENT AND TRADING PRIVATE LIMITED	Additional director	30/08/2012	30/08/2012	31/08/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Devesh Gupta
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Pankaj Rajkumar Sureka	232980
Kshitij Rajkumar Sureka	161220
Babitha Pankaj Sureka	200
TOTAL	394400

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importers of iron and steels.
Imports :
Products :	Iron Steel
Countries :	China Ukraine
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

10 (Approximately)

Bankers :

Punjab and Maharashtra Co-operative Bank Limited, No. 4 and 5, 3^rd Floor, Dreams Mall, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Long Term Borrowings
Term Loans from Banks	2.294	366.110
TOTAL	2.294	366.110

Banking Relations :	--
Auditors :
Name :	Tandon and Thanawala Chartered Accountants
Address :	505, Abhay Steel House, 5th Floor, 22, Baroda Street, Iron Market, Mumbai – 400009, Maharashtra, India
PAN No.:	AAAFT2134Q
Associates :	· Executive Developers Private Limited CIN No.: U70102MH2008PTC183865 · Prime Civil Construction Services Private Limited CIN No.: U74910MH2008PTC18525 · Peacock Hospitality Management Services Private Limited CIN No.: U74900MH2009PTC196300

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
394300	Equity Shares	Rs.100/- each	Rs. 39.430 Millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
394400	Equity Shares	Rs.100/- each	Rs. 39.440 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	39.430	39.430
(b) Reserves & Surplus	40.958	33.930
(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)	80.388	73.360
(3) Non-Current Liabilities
(a) long-term borrowings	2.294	366.110
(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)	2.294	366.110
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1583.652	600.090
(c) Other current liabilities	4.672	20.394
(d) Short-term provisions	3.600	3.200
Total Current Liabilities (4)	1591.924	623.684
TOTAL	1674.606	1063.154
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.769	11.244
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	36.566	34.480
(b) Non-current Investments	6.910	7.040
(c) Deferred tax assets (net)	0.490	0.398
(d) Long-term Loan and Advances	121.939	113.281
(e) Other Non-current assets	438.386	422.022
Total Non-Current Assets	617.060	588.465
(2) Current assets
(a) Current investments	0.106	120.661
(b) Inventories	6.650	76.234
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	20.689	1.995
(e) Short-term loans and advances	1030.101	275.799
(f) Other current assets	0.000	0.000
Total Current Assets	1057.546	474.689
TOTAL	1674.606	1063.154

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.430
2] Share Application Money		0.000
3] Reserves & Surplus		29.684
4] (Accumulated Losses)		0.000
NETWORTH		69.114
LOAN FUNDS
1] Secured Loans		2.988
2] Unsecured Loans		6.679
TOTAL BORROWING		9.667
DEFERRED TAX LIABILITIES		0.000
TOTAL		78.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.044
Capital work-in-progress		0.000
INVESTMENT		7.040
DEFERREX TAX ASSETS		0.663
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.738
	Sundry Debtors	531.647
	Cash & Bank Balances	3.100
	Other Current Assets	3.933
	Loans & Advances	100.820
Total Current Assets		710.238
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	636.296
	Other Current Liabilities	10.504
	Provisions	6.600
Total Current Liabilities		653.400
Net Current Assets		56.838
MISCELLANEOUS EXPENSES		0.196
TOTAL		78.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1624.300 Approximately (Due to recession)	2523.200 Approximately	1720.043
		Other Income	NA	NA
		TOTAL	NA	NA	1720.043
Less	EXPENSES
		Office Expenses	NA	NA	1704.060
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	1704.060
	PROFIT / (LOSS) BEFORE TAX		10.710	8.138	15.983
Less	TAX		3.600	3.200	6.600
	PROFIT / (LOSS) AFTER TAX		7.110	4.938	9.383
	Earnings / (Loss) Per Share (Rs.)		18.03	12.52	66.00

Particulars	31.03.2013
Sales Turnover (Approximately)	3996.200

Expected Sales (2013-2014) : Rs. 5000.000 Millions

The above information has been parted by Mr. Devesh Gupta.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.55
Return on Total Assets (PBT/Total Assets}	(%)	0.66	0.80	2.21
Return on Investment (ROI) (PBT/Networth)		0.13	0.11	0.23
Debt Equity Ratio (Total Debt /Networth)		0.03	4.99	0.14
Current Ratio (Current Asset/Current Liability)		0.66	0.76	1.09

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

VIEW INDEX OF CHARGES

S. NO	CHARGE ID	DATE OF CHARGE CREATION /MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN
1	10317275	18/10/2012 *	350,000,000.00	PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED	NO. 4 AND 5, 3RD FLOOR, DREAMS MALL, L.B.S. MARG, BHANDUP (WEST), MUMBAI, MAHARASHTRA - 400078, INDIA	B63197263
* Date Of Charge Modification

NOTE

The registered address of the company has been shifted from 303, Abhay Steel House, 59-E, Baroda Street, Masjid Bunder (East), Mumbai - 400009, Maharashtra, India to the present w.e.f. 30.09.2011

FIXED ASSETS

• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Computer
• Air Conditioner
• Television
• Office Equipment
• Mobile

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. 62.14
UK Pound	1	Rs. 99.02
Euro	1	Rs. 83.87

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.