MIRA INFORM REPORT

Report Date :

11.03.2014

IDENTIFICATION DETAILS

Name :	TRISTAR METALLURGICAL PRIVATE LIMITED
Registered Office :	4, Netaji Subhash Road, 1^st Floor, Chartered Bank Building, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.11.1996
Com. Reg. No.:	21-082057
Capital Investment / Paid-up Capital :	Rs.0.178 million
CIN No.: [Company Identification No.]	U74210WB1996PTC082057
Legal Form :	Private Limited Liability Company
Line of Business :	Subject acts as an indenting agents for Metallurgical Items, they represents some of the foreign companies in India.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred losses from its operational activities during the financial year 2012 and 13. However, trade relations 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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 (GENERAL DETAILS)

Name :	Mr. Ashok Chowdhary
Designation :	Whole-time Director
Contact No.:	91-9831095151
Date :	08.03.2014

LOCATIONS

Registered and Administration Office :	4, Netaji Subhash Road, 1^st Floor, Chartered Bank Building, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22302643/ 22312782
Mobile No.:	91-9831095151 (Mr. Ashok Chowdhary)
Fax No.:	91-33-22308449
E-Mail :	hindsale@hotmail.com ekant.agarwal@yahoo.co.in
Branch Office :	Located at: · Nehru Place, Delhi, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ashok Gouri Shankar Chowdhary

Designation :

Whole-time Director

Address :

"Mani Mansion", 9/1, Lower Rowdon Street, Block - B, Flat No.4S, Kolkata – 700 020, West Bengal, India

Date of Birth/Age :

11.12.1959

Date of Appointment :

07.01.2014

DIN No.:

00005578

PAN No.:

ACPPC7001P

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	L51109WB1983PLC035835	KAJAL (INDIA) LIMITED	Director	25-02-1992	25-02-1992	-	Amalgamated	NO
2	U74210WB1996PTC082057	TRISTAR METALLURGICAL PRIVATE LIMITED	Whole-time director	07-01-2014	19-11-1996	-	Active	NO
3	U27101WB1998PTC086279	RAMAKANT INTERNATIONAL PRIVATE LIMITED	Director	07-01-1998	07-01-1998	-	Active	NO
4	U27107OR2008PTC010082	PRABHU FERRO AND ISPAT PRIVATE LIMITED	Director	25-06-2008	25-06-2008	-	Active	NO
5	U26960WB2010PTC146739	TRUSTCHEM MINMET PRIVATE LIMITED	Director	05-05-2010	05-05-2010	-	Active	NO
6	U70200WB2010PTC142132	OMKAR INFRACON PRIVATE LIMITED	Director	14-02-2011	14-02-2011	-	Active	NO
7	U74999WB2011PTC169631	OMKAR MOVERS PRIVATE LIMITED	Director	21-11-2011	21-11-2011	-	Active	NO

Name :

Mr. Ekant Deepak Kumar Agarwal

Designation :

Whole-time Director

Address :

15, Sura, 3^rd Lane, Chalet, Flat No.14, Kolkata – 700 010, West Bengal, India

Date of Birth/Age :

01.07.1985

Date of Appointment :

07.01.2014

DIN No.:

01608668

E-Mail :

ekant_agarwal@yahoo.co.in

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	U74210WB1996PTC082057	TRISTAR METALLURGICAL PRIVATE LIMITED	Whole-time director	07-01-2014	22-08-2007	-	Active	NO
2	U26960WB2010PTC146739	TRUSTCHEM MINMET PRIVATE LIMITED	Director	05-05-2010	05-05-2010	-	Active	NO

Name :

Mr. Abhimanyu Agarwal

Designation :

Director

Address :

15, Sura, 3^rd Lane, Chalet, Flat No.14, Kolkata – 700 010, West Bengal, India

Date of Birth/Age :

20.12.1979

Date of Appointment :

15.05.2000

DIN No.:

01672718

PAN No.:

AEAPA2632Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Ashok Gouri Shankar Chowdhary	10200	57.30
Meena Ashok Chowdhary	7600	42.70
Total	17800	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject acts as an indenting agents for Metallurgical Items, they represents some of the foreign companies in India.
Imports :
Products :	Metallurgical Items
Countries :	Europe US China Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Others

No. of Employees :

25 (Approximately)

Bankers :

• Standard Chartered Bank, Kolkata, West Bengal, India
• Kotak Mahindra Bank Limited
• The Hongkong and Shanghai Banking Corporation Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans from Kotak Mahindra Prime Limited (Against Hypothecation of Car) The last installment shall be repaid on 10.12.2014 Monthly installment payable amounts Rs.0.023 million	0.480	0.753
Total	0.480	0.753

Banking Relations :	--
Auditors :
Name :	L.K. Sarawgi and Associates Chartered Accountants
Address :	27, Weston Street, 1^st Floor, Room No.112, Kolkata – 700 012, West Bengal, India
PAN No.:	AJZPS8373E

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17800	Equity Shares	Rs.10/- each	Rs.0.178 million

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	0.178	0.178	0.178
(b) Reserves & Surplus	2.588	4.319	4.364
(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)	2.766	4.497	4.542
(3) Non-Current Liabilities
(a) Long-term borrowings	0.480	0.843	0.140
(b) Deferred tax liabilities (Net)	0.000	0.000	0.293
(c) Other long term liabilities	4.327	4.327	4.327
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.807	5.170	4.760
(4) Current Liabilities
(a) Short term borrowings	4.300	2.191	0.277
(b) Trade payables	0.000	0.000	0.981
(c) Other current liabilities	5.982	6.021	0.771
(d) Short-term provisions	1.335	0.610	0.550
Total Current Liabilities (4)	11.617	8.822	2.579
TOTAL	19.190	18.489	11.881
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.418	1.921	1.215
(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	6.850	7.343	7.708
(c) Deferred tax assets (net)	0.311	0.283	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.579	9.547	8.923
(2) Current assets
(a) Current investments	5.024	1.862	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.012	3.941	0.024
(d) Cash and cash equivalents	1.536	1.966	1.732
(e) Short-term loans and advances	4.039	1.173	1.202
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10.611	8.942	2.958
TOTAL	19.190	18.489	11.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	13.202	23.090	15.571
		Other Income	0.936	0.272	0.451
		TOTAL (A)	14.138	23.362	16.022
Less	EXPENSES
		Loss on Commodity Trading	3.283	2.112	0.000
		Employee Benefit Expenses	3.968	3.968	3.284
		Other Expenses	7.358	16.766	10.275
		TOTAL (B)	14.609	22.846	13.559
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.471)	0.516	2.463
Less	FINANCIAL EXPENSES (D)		0.031	0.135	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.502)	0.381	2.463
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.502	0.397	0.458
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(1.004)	(0.016)	2.005
Less	TAX (H)		0.697	0.620	0.551
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1.701)	(0.636)	1.454
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.319	4.364	3.051
Add	Deferred Tax Adjustment during the year		--	0.585	--
	Income Tax on Earlier Year		(0.030)	--	(0.036)
	Excess Provision W/Back		--	0.006	--
	FBT on Earlier Year		--	--	(0.105)
	BALANCE CARRIED TO THE B/S		2.588	4.319	4.364
	EARNINGS IN FOREIGN CURRENCY
		Agency Commission/ Consultancy Fees	13.168	23.047	15.558
	TOTAL EARNINGS		13.168	23.047	15.558
	Earnings / (Loss) Per Share (Rs.)		(95.54)	(35.76)	81.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(12.03)	(2.72)	9.08
Net Profit Margin (PBT/Sales)	(%)	(7.60)	(0.07)	12.88
Return on Total Assets (PBT/Total Assets}	(%)	(8.35)	(0.15)	48.05
Return on Investment (ROI) (PBT/Networth)		(0.36)	0.00	0.44
Debt Equity Ratio (Total Debt/Networth)		1.73	0.67	0.09
Current Ratio (Current Asset/Current Liability)		0.91	1.01	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.178	0.178	0.178
Reserves & Surplus	4.364	4.319	2.588
Net worth	4.542	4.497	2.766
long-term borrowings	0.140	0.843	0.480
Short term borrowings	0.277	2.191	4.300
Total borrowings	0.417	3.034	4.780
Debt/Equity ratio	0.092	0.675	1.728

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	15.571	23.090	13.202
		48.288	(42.824)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	15.571	23.090	13.202
Profit	1.454	(0.636)	(1.701)
	9.34%	(2.75%)	(12.88%)

LOCAL AGENCY FURTHER INFORMATION

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%	--
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	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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Note:

No Charges Exist for Company.

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Interest free advances from Others	0.000	0.090
SHORT TERM BORROWINGS
Interest free advances from Director	4.300	2.191
Total	4.300	2.281

FIXED ASSETS:

· Air Condition

· Cellular Phone

· Fax Machine

· Refrigerator

· Computer

· Motor Car

· Motor Cycle

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.61.20
UK Pound	1	Rs.102.35
Euro	1	Rs.84.95

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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		27

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.