MIRA INFORM REPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	ELEGANT COATINGS PRIVATE LIMITED

Registered Office :	F – 13, MIDC, Waluj, Aurangabad – 431136, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	23.08.1995

Com. Reg. No.:	11-092094

Capital Investment / Paid-up Capital :	Rs.7.380 Millions

CIN No.: [Company Identification No.]	U27108MH1995PTC092094

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Importer of Refrigerator and Spare Parts.

No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations seems to be fair. Business is active. Payment terms are reported as usually 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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and Moderate credit risk.
Date	09.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	09.10.2014

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. Diwakar Kale
Designation :	Accounts Manager
Contact No.:	91-9011047274
Date :	29.10.2014

LOCATIONS

Registered Office / Factory 1 :	F – 13, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-661962 0/ 2554695
Mobile No.:	91-9011047274 (Mr. Diwakar Kale)
Fax No.:	91-240-6619638 / 2554695
E-Mail :	devendraring@gmail.com accounts@kalegroup.co.in info@kalegroup-india.com
Website :	www.kalegroup-india.com
Location :	Owned

Factory 2 :	E7-37, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2564436/ 2556367
Fax No.:	91-240-2564293

Factory 3 :	D-16, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India

Factory 4 :	Gut No. 10, Farola, Paithan Road, Aurangabad - 431005, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Pandurang Kale

Designation :

Director

Address :

3, Gadiya Park, Jalna Road, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

21.01.1966

Date of Appointment :

18.03.2005

DIN No.:

00518897

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	U27108MH1995PTC092094	ELEGANT COATINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
2	U31900MH2004PTC147960	CLAD METAL INDIA PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
3	U74990MH2009PTC192077	MASSIA AUTO COMPONENT CLUSTER PRIVATE LIMITED	Director	28/04/2009	28/04/2009	-	Active	NO

Name :

Mr. Pandurang Jagannath Kale

Designation :

Additional Director

Address :

3, Gadiya Park, Jalna Road, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

14.04.1938

Date of Appointment :

23.08.1995

DIN No.:

01361020

Name :

Ms. Kalpana Ashok Kale

Designation :

Additional Director

Address :

3, Gadiya Park, Bassaye Nagar, Mahesh Nagar Road, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

26.08.1973

Date of Appointment :

17.01.2013

DIN No.:

00518840

Other Directorship:

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

U31900MH2004PTC147960

CLAD METAL INDIA PRIVATE LIMITED

Director

12/08/2005

Active

U27108MH1995PTC092094

ELEGANT COATINGS PRIVATE LIMITED

Director

30/09/2013

17/01/2013

Active

KEY EXECUTIVES

Name :	Mr. Diwakar Kale
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Pandurang Jagannath Kale	300	0.04
Taramati Pandurang Kale	300	0.04
Ashok Pandurang Kale	692400	93.82
Kalpana Ashok Kale	45000	6.10
Total	738000	100.00

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 and Importer of Refrigerator and Spare Parts.

Products :	Roll Bond Evaporator Press Components Filter Dryer Strainer Metal Flush Box Surface Boxes

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

24X7 Pest Management Services
A B Engineering Works
A To 2 Steel Profiles
A To Z Steels
A.D. Sales Corporation
Adinath Enterprises
T. Engineering Works
Accurate Fastners
Advantage Quality
Amol Industrial Suppliers
Animesh Packaging Industries
Arasna Industries
Ashish Trading Company
Ankit Enterprises
Ashish Industries
B.R. Kawre
Balkrashn Hydrolic
Balaji Engineers
Bhumi Associates
Bhusari Constructions
Bhushan Enterprises

Customers :

Legrand Group

Legrand (India) Private Limited (Chennai)
Legrand (India) Private Limited (Delhi)
Legrand (India) Private Limited (Kolkatta)
Legrand (India) Private Limited. (Mumbai)
Legrand (India) Private Limited (Jalgaon )
Legrand (India) Private Limited (Sinnar )
Legrand India Private Limited (National Warehouse)

Videocon Group

Value Industries Limited
rrend Electronics Limited
Trend Electronics Limited
Fechno Electronics Limited
Value Industries Limited ( W/M)
Videocon Industries Limited (Ac)
Videocon Industries Limited Warora
Videocon Industries Limited (Ctv)
Videocon Industries Limited ( Showcase )

Secure Group

Secure Meters Limited (C.S.)
Kundan Electrical Components Private Limited

Others

Haier Appliances (India) Private Limited
Spectrum Polytech
North India Steel Company
Sujal Industries
Lombardini India Private Limited
S.K. Traders
Clad Metal India Private Limited
Mythri Engineering Associates

No. of Employees :

400 (Approximately)

Bankers :

Bank of Maharashtra, Kranti Chowk, Kranti Chowk, Adalat Road, Aurangabad – 431005, Maharashtra, India
IDBI Bank Limited, Aurangabad, Maharashtra, India
HDFC Bank Limited, Akashwani Chowk, Aurangabad, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loan
From Bank	7.891	13.032
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Banks – Working Capital Loan Bank of Maharashtra	18.727	35.629
Total	26.618	48.661


Banking Relations :	--

Auditors :
Name :	Gunwant Patil and Associates Chartered Accountants
Address :	Patil Plaza 24, SBH Colony, Behind Osmanpura Police Station, Darga Road, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2352797
PAN No.:	ABCDE1234F

Sister Concerns :	Clad Metal India Private Limited Address : F-14, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India Line of Business: Manufacturer and Importer of Refrigerator and Spare Parts. Alpit Metal Works Address : E-70/13, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India Line of Business: Manufacturer and Importer of Refrigerator and Spare Parts. Tejal Industries Sujal Industries

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

738000	Equity Shares	Rs.10/- each	Rs.7.380 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	7.380	7.380	1.230
(b) Reserves & Surplus	66.395	58.627	57.546
(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)	73.775	66.007	58.776

(3) Non-Current Liabilities
(a) long-term borrowings	12.091	18.059	6.418
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	12.091	18.059	6.418

(4) Current Liabilities
(a) Short term borrowings	18.727	35.629	44.838
(b) Trade payables	39.666	80.350	45.443
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	45.528	3.756	8.046
Total Current Liabilities (4)	103.921	119.735	98.327

TOTAL	189.787	203.801	163.521

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.181	50.785	36.449
(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	2.700	2.700	2.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.070	1.777	1.594
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	64.951	55.262	40.743

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.784	56.353	35.514
(c) Trade receivables	65.411	63.824	71.418
(d) Cash and cash equivalents	14.292	22.581	7.780
(e) Short-term loans and advances	4.314	2.033	2.226
(f) Other current assets	0.035	3.748	5.840
Total Current Assets	124.836	148.539	122.778

TOTAL	189.787	203.801	163.521

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011

	SALES AND OTHER INCOME	507.500	424.100	573.100

Less	DEPRECIATION/ AMORTISATION	10.000	8.200	6.700

Less	TAX	623.400	0.000	0.000

	PROFIT/(LOSS) AFTER TAX	11.100	12.400	14.800

	Earnings / (Loss) Per Share (Rs.)	15.04	17.00	20.00

Particulars

31.03.2014

Sales Turnover (Approximately)

590.000

The above information has been parted by Diwakar Kale (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.19	2.92	2.58

Debt Equity Ratio (Total Debt /Networth)		0.42	0.81	0.87

Current Ratio (Current Asset/Current Liability)		1.20	1.24	1.25

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	1.230	7.380	7.380
Reserves & Surplus	57.546	58.627	66.395
Share Application money pending allotment	0.000	0.000	0.000
Net worth	58.776	66.007	73.775

Long Term borrowings	6.418	18.059	12.091
Short Term borrowings	44.838	35.629	18.727
Total borrowings	51.256	53.688	30.818
Debt/Equity ratio	0.872	0.813	0.418

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
Sales and Other Income	573.100	424.100	507.500
		(25.999)	19.665

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales and Other Income	573.100	424.100	507.500
Profit	14.800	12.400	11.100
	2.58%	2.92%	2.19%

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Loans and Advances from related parties	4.200	5.027
Total	4.200	5.027

OPERATING RESULTS

During the year, the company had achieved a turnover of Rs.507.500 Millions against last year’s Rs.424.100 Millions. The company is positive about its future growth.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10057961	23/05/2007 *	62,600,000.00	Bank of Maharashtra	Kranti Chowk Branch, Kranti Chowk, Aurangabad, Maharashtra - 431001, India	A18416909
2	10024757	18/06/2014 *	170,000,000.00	Bank of Maharashtra	Kranti Chowk Branch, Kranti Chowk, Aurangabad, Maharashtra - 431001, India	C09407172
3	90160501	17/06/1999	3,500,000.00	Bank of Maharashtra	Kranti Chowk Branch, Kranti Chowk, Aurangabad, Maharashtra - 431001, India	-
4	90156394	08/05/2001 *	300,000.00	Bank of Maharashtra	Kranti Chowk Branch, Kranti Chowk, Aurangabad, Maharashtra - 431001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 records 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 records 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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] 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.61.32
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	SUB

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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		45

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.

MIRA INFORM REPORT

Unit