MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	STALLION ENERGY PRIVATE LIMITED
Registered Office :	929-930, Star Plaza, Near Circuit House, Phulchhab Chowk, Rajkot-360001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.05.2009
Com. Reg. No.:	04-057015
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U23209GJ2009PTC057015
TAN No.: [Tax Deduction & Collection Account No.]	RKTS06613F
PAN No.: [Permanent Account No.]	AANCS0926P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter and Supplier of Coke and Petroleum Products and carbon.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 23000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company is huge which act as threatening to liquidity position of the company. Profitability of the company is low. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DECLINED

MANAGEMENT NON – COOPERATIVE (91-281-2478974)

LOCATIONS

Registered Office :	929-930, Star Plaza, Near Circuit House, Phulchhab Chowk, Rajkot-360001, Gujarat, India
Tel. No.:	91-281-2478974 / 2443721 / 2478713 / 3245552 / 324551 / 2478975
Fax No.:	91-281-2471665 / 2443721
E-Mail :	info@stallionenergy.in
Website:	www.stallionenergy.in
Factory :	Survey No.83/1, Ardoi, Near Toll Plaza (Bharudi), Rajkot- Gondal National Highway, Taluka Kolda, Sangani, District Rajkot-360030, Gujarat, India
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Kuldipsinh Bhikhubha Basiya

Designation :

Managing Director

Address :

Ravi Menor, Flat No.301, Amin Marg, Rajkot-360005, Gujarat, India

Date of Birth/Age :

13.09.1971

Date of Appointment :

10.06.2009

DIN No.:

02627106

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	U23209GJ2009PTC057015	STALLION ENERGY PRIVATE LIMITED	Managing director	10/06/2009	21/05/2009	-	Active	NO
2	U15400GJ2010PTC061910	STALLION ORGANICS PRIVATE LIMITED	Director	09/08/2010	09/08/2010	-	Active	NO

Name :

Ms. Smitadevi Kuldeepsinh Basiya

Designation :

Director

Address :

Ravi Menor, Flat No.301, Amin Marg, Rajkot-360005, Gujarat, India

Date of Birth/Age :

13.09.1978

Date of Appointment :

21.05.2009

DIN No.:

02627098

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	U23209GJ2009PTC057015	STALLION ENERGY PRIVATE LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO
2	U15400GJ2010PTC061910	STALLION ORGANICS PRIVATE LIMITED	Director	09/08/2010	09/08/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Kuldipsinh Bhikhubha Basiya	300000
Smitadevi Kuldeepsinh Basiya	100000
Total	400000

As on 23.10.2013

Names of Allottees	No. of Shares
Kuldipsinh Bhikhubha Basiya	900000
Smitadevi Kuldeepsinh Basiya	300000
Total	1200000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer, Exporter and Supplier of Coke and Petroleum Products and carbon.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• HDFC Bank Limited
• Karnataka Bank Limited, Rajkot Branch, Kalawad Road, Rajkot-360005, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
HDFC Bank Limited, Auto Loan No. 20111377 (Secured against hypothecation of innova car)	0.295	0.697
Tata Motors Finance Limited No. 5000929642 (Secured against hypothecation of three trucks)	1.320	1.678
Tata Motors Finance Limited No.5000929666	1.319	1.678
Tata Motors Finance Limited No.5000929660	1.320	1.678
Short-term borrowings
Karnataka Bank Limited, Cash and Credit A/c	15.624	15.891
Total	19.878	21.622

Banking Relations :	--
Financial Institute:	Tata Motors Finance Limited, C/O. Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Vasoya and Associates Chartered Accountant
Address :	Vasoya and Associates, 303, Star Plaza, Phulchhab Chowk, Rajkot-360001, Gujarat, India
Tel No.:	91-281-6622303/2451405
PAN N Income-tax PAN of auditor or auditor's firm :	ABQPV4449M

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs. 16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs. 16.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.000	4.000	4.000
(b) Reserves & Surplus	1.771	1.204	0.196
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5.771	5.204	4.196
(3) Non-Current Liabilities
(a) long-term borrowings	4.254	5.731	0.000
(b) Deferred tax liabilities (Net)	0.000	0.156	0.016
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.254	5.887	0.016
(4) Current Liabilities
(a) Short term borrowings	17.004	16.251	0.641
(b) Trade payables	47.513	1.135	9.615
(c) Other current liabilities	3.914	4.410	1.717
(d) Short-term provisions	0.705	0.540	0.058
Total Current Liabilities (4)	69.136	22.336	12.031
TOTAL	79.161	33.427	16.243
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.602	7.823	0.195
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.207	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.067	0.092	0.012
Total Non-Current Assets	5.876	7.915	0.207
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.138	9.936	0.000
(c) Trade receivables	45.476	12.244	14.061
(d) Cash and cash equivalents	0.346	0.469	0.808
(e) Short-term loans and advances	5.068	2.743	1.138
(f) Other current assets	0.257	0.120	0.029
Total Current Assets	73.285	25.512	16.036
TOTAL	79.161	33.427	16.243

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	269.325	261.491	48.759
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	262.196	257.676	48.322
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.129	3.815	0.437
Less	FINANCIAL EXPENSES (D)		3.827	1.915	0.155
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.302	1.900	0.282
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.343	0.207	0.090
	PROFIT BEFORE TAX (E-F) (G)		0.959	1.693	0.192
Less	TAX (H)		0.391	0.685	0.059
	PROFIT AFTER TAX (G-H) (I)		0.568	1.008	0.133
	Earnings Per Share (Rs.)		1.42	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.21	0.65	0.39
Return on Total Assets (PBT/Total Assets}	(%)	1.21	5.06	1.18
Return on Investment (ROI) (PBT/Networth)		0.17	0.33	0.05
Debt Equity Ratio (Total Debt /Networth)		3.68	4.22	0.15
Current Ratio (Current Asset/Current Liability)		1.06	1.14	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.000	4.000	4.000
Reserves & Surplus	0.196	1.204	1.771
Net worth	4.196	5.204	5.771
long-term borrowings	0.000	5.731	4.254
Short term borrowings	0.641	16.251	17.004
Total borrowings	0.641	21.982	21.258
Debt/Equity ratio	0.153	4.224	3.684

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	48.759	261.491	269.325
		436.293	2.996

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	48.759	261.491	269.325
Profit	0.133	1.008	0.568
	0.27%	0.39%	0.21%

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	No
18]	Major customers	No
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

OPERATION AND PROSPECTS

The company has achieved turnover (Gross Receipts) of Rs.269.325 Millions during the current year. The company has earned profit of Rs. 7.129 Millions before providing depreciation and interest and earned net profit Rs.0.959 Million which is remarkable as compare to the previous year. The directors are trying to further improve the performance of the company in terms of turnover and profitability. The prospects of the company’s business are bright and positive.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
From director	1.350	0.360
From shareholders and directors relatives	0.030	0.000
Total	1.380	0.360

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10354241	19/03/2012	1,998,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, MAHARASHTRA - 400001, INDIA	B39161138
2	10354511	19/03/2012	1,998,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, MAHARASHTRA - 400001, INDIA	B39252895
3	10354512	19/03/2012	1,998,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, MAHARASHTRA - 400001, INDIA	B39253117
4	10312475	03/10/2011	16,000,000.00	KARNATAKA BANK LIMITED	RAJKOT BRANCH, KALAWAD ROAD, RAJKOT, GUJARAT - 36 0005, INDIA	B23333024

FIXED ASSETS

• Air conditioner
• Fax Machine
• Telephone Instrument
• Furniture and Fixtures
• Vehicle
• Computer

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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		28

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.