MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	AUROGLOBAL COMTRADE PRIVATE LIMITED
Registered Office :	Plot No-303/304, Punjabi Colony, Satya Nagar, Bhubaneswar – 751007, Orissa
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.12.2010
Com. Reg. No.:	15-012798
Capital Investment / Paid-up Capital :	Rs.8.662 Millions
CIN No.: [Company Identification No.]	U13100OR2010PTC012798
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of iron ore fines.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating is constrained on account of sharp dip in turnover of the company, highly competitive and fragmented iron ore trading business and high working capital intensity of operation. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow 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	CARE
Rating	Long term bank facilities: B+
Rating Explanation	Risk prone credit quality and high credit risk.
Date	28.08.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.08.2014

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 (GENERAL DETAILS)

Name :	Mr. Suresh Das
Designation :	Account Head
Contact No.:	91-674-2571222
Date :	23.09.2014

LOCATIONS

Registered Office :	Plot No-303/304, Punjabi Colony, Satya Nagar, Bhubaneswar – 751007, Orissa, India
Tel. No.:	91-674-2555776/ 2571222
Fax No.:	91- 674-2555776
E-Mail :	accounts@auroglobal.com
Website :	www.auroglobal.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Raj Kumar Dhupar

Designation :

Managing director

Address :

Plot No. 62, Satya Nagar, Sahid Nagar, Bhubaneswar – 751007, Orissa, India

Date of Birth/Age :

17.06.1968

Date of Appointment :

13.12.2010

DIN No.:

02046316

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	U51420OR2008PTC009854	DHUPAR INFRASTRUCTURE & EXIM PRIVATE LIMITED	Director	05/03/2008	05/03/2008	-	Active	NO
2	U13100OR2010PTC012798	AUROGLOBAL COMTRADE PRIVATE LIMITED	Managing director	13/12/2010	13/12/2010	-	Active	NO
3	U70200WB2010PTC147113	SAMBODHAN PROJECTS PRIVATE LIMITED	Director	17/12/2012	17/12/2012	-	Active	NO

Name :

Mr. Raunak Dhupar

Designation :

Director

Address :

Plot No. 62, Satya Nagar, Sahid Nagar, Bhubaneswar – 751007, Orissa, India

Date of Birth/Age :

04.06.1990

Date of Appointment :

13.12.2010

DIN No.:

03161108

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	U51420OR2008PTC009854	DHUPAR INFRASTRUCTURE & EXIM PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
2	U13100OR2010PTC012798	AUROGLOBAL COMTRADE PRIVATE LIMITED	Director	13/12/2010	13/12/2010	-	Active	NO
3	U70200WB2010PTC147113	SAMBODHAN PROJECTS PRIVATE LIMITED	Director	17/12/2012	17/12/2012	-	Active	NO
4	U74140WB2008PTC126385	SAKAMBHARI FINANCIAL CONSULTANCY PRIVATE LIMITED	Director	27/05/2013	27/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Das
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Raj Kumar Dhupar	995960
Raunak Dhupar	200
Total	996160

As on 31.10.2013

Names of Allottess	No. of Shares
Raj Kumar Dhupar	70000
Total	70000

As on 31.03.2014

Names of Allottess	No. of Shares
Sakambhari Consultancy Private Limited, India	455000
Total	455000

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 :	Trader of iron ore fines.
Exports :
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Customers :

· End Users

· Manufacturer

No. of Employees :

35 (Approximately)

Bankers :

State Bank of India, Commercial Branch, IDCOL House, Ashoknagar, Unit-2, Bhubaneswar - 751009, Orissa, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	0.000	0.362
Short-term borrowings
Loans repayable on demand from banks	134.435	191.937
Total	134.435	192.299

Banking Relations :
Auditors :
Name :	RDA and Associates Chartered Accountants
Address :	N-1/A-15, Irc Village, Nayapalli, Orissa, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFR1018E

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1521160	Equity Shares	Rs.10/- each	Rs. 15.212 Millions

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
996160	Equity Shares	Rs.10/- each	Rs. 9.962 Millions

As on 31.03.2013

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
866160	Equity Shares	Rs.10/- each	Rs. 8.662 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.662	8.662
(b) Reserves & Surplus	65.599	60.198
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	34.900	2.000
Total Shareholders’ Funds (1) + (2)	109.161	70.860
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.362
(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)	0.000	0.362
(4) Current Liabilities
(a) Short term borrowings	134.435	191.937
(b) Trade payables	14.555	186.314
(c) Other current liabilities	56.773	89.962
(d) Short-term provisions	2.830	3.691
Total Current Liabilities (4)	208.593	471.904
TOTAL	317.754	543.126
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.923	7.021
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	24.995
(c) Deferred tax assets (net)	0.222	0.055
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.055	0.119
Total Non-Current Assets	5.200	32.190
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	233.268	181.054
(c) Trade receivables	24.693	173.169
(d) Cash and cash equivalents	38.420	29.518
(e) Short-term loans and advances	4.926	52.105
(f) Other current assets	11.247	75.090
Total Current Assets	312.554	510.936
TOTAL	317.754	543.126

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		9.162
2] Share Application Money		0.000
3] Reserves & Surplus		54.209
4] (Accumulated Losses)		0.000
NETWORTH		63.371
LOAN FUNDS
1] Secured Loans		74.034
2] Unsecured Loans		0.000
TOTAL BORROWING		74.034
DEFERRED TAX LIABILITIES		0.076
TOTAL		137.481
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.757
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.793
	Sundry Debtors	0.000
	Cash & Bank Balances	2.348
	Other Current Assets	14.373
	Loans & Advances	61.797
Total Current Assets		191.311
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.017
	Other Current Liabilities	1.831
	Provisions	9.890
Total Current Liabilities		62.738
Net Current Assets		128.573
MISCELLANEOUS EXPENSES		0.151
TOTAL		137.481

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Turnover	564.489	1082.199	289.129
	Other Income	NA	NA	0.149
	TOTAL	NA	NA	289.278
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.604	11.315
Less/ Add	DEPRECIATION/ AMORTISATION	1.539	2.214
	PROFIT/ (LOSS) BEFORE TAX	8.065	9.101
Less	TAX	2.664	3.112
	PROFIT/ (LOSS) AFTER TAX	5.401	5.989	0.935
	Balance Carried to the B/S	31.352	25.951	NA
	Earnings / (Loss) Per Share (Rs.)	6.24	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.011
PAT / Total Income	(%)	0.96	0.55	0.32
Return on Total Assets (PBT/Total Assets}	(%)	2.54	1.76	NA
Return on Investment (ROI) (PBT/Networth)		0.07	0.13	NA
Debt Equity Ratio (Total Debt /Networth)		1.23	2.71	1.17
Current Ratio (Current Asset/Current Liability)		1.50	1.08	3.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.662	8.662
Reserves & Surplus	60.198	65.599
Share Application money pending allotment	2.000	34.900
Net worth	70.860	109.161
long-term borrowings	0.362	0.000
Short term borrowings	191.937	134.435
Total borrowings	192.299	134.435
Debt/Equity ratio	2.714	1.232

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)
Turnover	289.129	1082.199	564.489
		274.296	(47.839)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	289.129	1082.199	564.489
Profit	0.935	5.989	5.401
	0.32%	0.55%	0.96%

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%	--
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)	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	Yes

OPERATION

Subject. has been established / incorporated on 13th December 2010 to carry on business of trading, purchasing, selling, manufacturing, importing, exporting, handling, developing, transporting, marketing, processing, storing, distributing, supply and otherwise dealing in all kinds of and classes of minerals, metals including steels, iron ore, ferrous and non-ferrous ores of every description grades whatsoever in any part of the country and to carry on the business of processing, cleaning, melting, forging, grading and machinery convert the ores into marketable metals. In pursuant to the Deed of Agreement made on 12th day of January 2011 with M/s. Auroglobal Comtrade, a Proprietorship Firm has taken over the assets and liabilities with effect form 1st January 2011.

After taking over the business of the proprietorship firm namely M/s Auroglobal Comtrade Works w.e.f. from 1 st January 2011, the company has only started the functioning of the company with the existing contracted works of transferee firm. Within a short span of time i.e. 3 months, the company has achieved the goal during the financial year 2010-11 and since then the company has been achieving the target as estimated. During the year under review, the company couldn’t be able to achieve the target due to certain technical problems. I, on behalf of the Board, am pro-actively addressing the need to build a robust leadership. All the members, shareholders should play active role to have the sustained support from the management teams including employees in Making Tomorrow Brighter.

OUT LOOK

Currently, the business of export of iron ore fines account for nearly 100% of its revenues. The outlook for its margins and profitability for this business depends on overall economic outlook. This company is likely to benefit most from an upturn in the business cycle, given its scale of operations and its competitive cost positions. Today, it is truly a market driven company, making innovative changes and technological improvements, leaving no stone, unturned in fulfilling dreams of its founding fathers, turning every activity to meet the subtle demands of its customers.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10285967	27/04/2012 *	260,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, IDCOL HOUSE,ASHOKNAGAR, UNIT- 2, BHUBANESWAR, ORISSA - 751009, INDIA	B39183041

* Date of charge modification

FIXED ASSETS

Tangible assets

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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.61.03
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Information Gathered by :	GYT
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	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		31

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.