MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	ADHUNIK FUELS PRIVATE LIMITED
Registered Office :	3^rd Floor, Flat No. 307, Dhanbad – 826001, Jharkhand
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.05.2009
Com. Reg. No.:	21-135113
Capital Investment / Paid-up Capital :	Rs. 5.280 Millions
CIN No.: [Company Identification No.]	U10100WB2009PTC135113
TAN No.: [Tax Deduction & Collection Account No.]	CALA14250F
PAN No.: [Permanent Account No.]	AAHCA7225K
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Processing of Coke.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Note: The New registered office changes are yet to be done on ROC.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Vimal Kumar Lohariwal
Designation :	Director
Contact No.:	91-9431124783
Date :	23.12.2014

LOCATIONS

Registered Office :	3^rd Floor, Flat No. 307, Dhanbad – 826001, Jharkhand, India
Tel. No. :	Not Available
Mobile No. :	91-9431124783 (Mr. Vimal Kumar Lohariwal)
Fax No. :	91-326-2307612
E-Mail :	rocmatter1@gmail.com adhunikfuel@yahoo.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Vimal Kumar Lohariwal

Designation :

Director

Address :

Flat No.306, 3^rd Floor, Urmila Tower, Dhanbad – 826001, Jharkhand, India

Date of Birth/Age :

11.11.1967

Date of Appointment :

15.05.2009

DIN No. :

02320545

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	Company/ LLP Status	Defaulting status
1	U10100WB2009PTC135113	ADHUNIK FUELS PRIVATE LIMITED	Director	15-05-2009	15-05-2009	Active	NO
2	U74999WB2005PTC105538	EASTERN FIRE-BRICKS PRIVATE LIMITED	Director	01-01-2010	01-01-2010	Active	NO
3	U51101WB2010PTC146508	DESERVE DISTRIBUTORS PRIVATE LIMITED	Director	05-05-2010	05-05-2010	Active	NO
4	U51909WB2010PTC146568	VISIBLE AGENCIES PRIVATE LIMITED	Director	05-05-2010	05-05-2010	Active	NO
5	U51909WB2008PTC128958	SWIFT DEALERS PRIVATE LIMITED	Director	15-01-2011	15-01-2011	Active	NO

Name :

Mr. Vijay Kumar Lohariwal

Designation :

Director

Address :

Flat No.306, 3^rd Floor, Urmila Tower, Dhanbad – 826001, Jharkhand, India

Date of Birth/Age :

12.07.1968

Date of Appointment :

15.05.2009

DIN No. :

02368709

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	Company/ LLP Status	Defaulting status
1	U10100WB2009PTC135113	ADHUNIK FUELS PRIVATE LIMITED	Director	15-05-2009	15-05-2009	Active	NO
2	U51101WB2010PTC146508	DESERVE DISTRIBUTORS PRIVATE LIMITED	Director	05-05-2010	05-05-2010	Active	NO
3	U51909WB2010PTC146568	VISIBLE AGENCIES PRIVATE LIMITED	Director	05-05-2010	05-05-2010	Active	NO
4	U51909WB2008PTC128958	SWIFT DEALERS PRIVATE LIMITED	Director	15-01-2011	15-01-2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Deserve Distributors Private Limited, India	260000
Visible Agencies Private Limited, India	258000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading and Processing of Coke.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From Banks (Secured against bills discounted)	0.000	16.234
Total	0.000	16.234
PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From related parties	1.108	1.000
Total	1.108	1.000

Auditors :
Name :	AGARWAL KHEMKA & ASSOCIATES Chartered Accountants
Address :	30, Jadunath Dey Road, Anupam Tower, 2nd Floor, Kolkata – 700012, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ACSPA8878N
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
550,000	Equity Shares	Rs.10/- each	Rs. 5.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
528,000	Equity Shares	Rs.10/- each	Rs. 5.280 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.280	5.280	5.280
(b) Reserves & Surplus	22.476	22.008	21.627
(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)	27.756	27.288	26.907
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.287
(b) Deferred tax liabilities (Net)	0.055	0.053	0.046
(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)	0.055	0.053	0.333
(4) Current Liabilities
(a) Short term borrowings	1.108	17.234	0.000
(b) Trade payables	91.575	50.995	50.424
(c) Other current liabilities	3.734	3.402	1.678
(d) Short-term provisions	0.000	0.055	0.083
Total Current Liabilities (4)	96.417	71.686	52.185
TOTAL	124.228	99.027	79.425
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.664	5.177	4.570
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.251	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.075	0.075	0.085
(e) Other Non-current assets	1.888	1.814	1.276
Total Non-Current Assets	7.627	8.317	5.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.706	12.438	15.187
(c) Trade receivables	97.350	74.645	57.104
(d) Cash and cash equivalents	1.009	2.342	1.177
(e) Short-term loans and advances	0.489	1.259	0.000
(f) Other current assets	0.047	0.026	0.026
Total Current Assets	116.601	90.710	73.494
TOTAL	124.228	99.027	79.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	174.940	190.030	169.854
		Other Income	0.873	0.351	0.026
		TOTAL (A)	175.813	190.381	169.880
Less	EXPENSES
		Cost of Raw Materials Consumed/ Sold	146.836	126.271	144.647
		Purchases of Stock-in-Traded	11.585	33.116	10.518
		Changes in Inventories of Finished Goods and Stock-in-Trade	(7.887)	6.524	-8.905
		Employee Benefits Expenses	2.079	1.965	1.958
		Other Expenses	21.156	20.949	20.468
		TOTAL (B)	173.769	188.825	168.686
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.044	1.556	1.194
Less	FINANCIAL EXPENSES (D)		0.578	0.341	0.092
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.466	1.215	1.102
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.790	0.661	0.580
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.676	0.554	0.522
Less	TAX (H)		0.208	0.173	0.169
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.468	0.381	0.353
	Earnings / (Loss) Per Share (Rs.)		0.89	0.72	0.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.27	0.20	0.21
Operating Profit Margin (PBDIT/Sales)	(%)	1.17	0.82	0.70
Return on Total Assets (PBT/Total Assets}	(%)	0.54	0.57	0.66
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		0.04	0.63	0.01
Current Ratio (Current Asset/Current Liability)		1.21	1.27	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.280	5.280	5.280
Reserves & Surplus	21.627	22.008	22.476
Net worth	26.907	27.288	27.756
long-term borrowings	0.287	0.000	0.000
Short term borrowings	0.000	17.234	1.108
Total borrowings	0.287	17.234	1.108
Debt/Equity ratio	0.011	0.632	0.040

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	169.854	190.030	174.940
		11.878	-7.941

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	169.854	190.030	174.940
Profit	0.353	0.381	0.468
	0.21%	0.20%	0.27%

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	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%	-----
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	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes / No
28]	Incorporation details, if applicable	Yes / No
29]	Last accounts filed at ROC	Yes / No
30]	Major Shareholders, if available	Yes / No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes / No
32]	PAN of Proprietor/Partner/Director, if available	Yes / No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes / No
34]	External Agency Rating, if available	Yes / No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS

31.03.2013 (Rs. In Millions)

31.03.2012 (Rs. In Millions)

CHANGE OF ADDRESS

The registered office of the company has been shifted from Bhola Apartment, 4th Floor, 21/1, Mahendranath Roy Lane, Howrah – 711101, West Bengal, India the present address.

OPERATIONS

The year was rather eventful as the company initiated various activities to pave way for widening the scope of its business. Further the business prospects of the company appear to be bright and the Directors are hopeful of achieving good financial results in the near futures.

CONTINGENT LIABILITIES (AS ON 31.03.204)

Liability towards Bill Discounted with Banks: Rs. 13.743 Millions.

FIXED ASSETS

Tangible Assets

· Land

· Shed and Building

· Boundary Wall

· Plant and Machinery

· Computers

· Vehicles

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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.