MIRA INFORM REPORT

Report No. :	315596
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	EAST INDIA HOLDINGS PRIVATE LIMITED
Registered Office :	501, Diamond Prestige, 41 – A, A.J.C. Boss Road, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.1998
Com. Reg. No.:	21-087450
Capital Investment / Paid-up Capital :	Rs. 30.266 Million
CIN No.: [Company Identification No.]	U70103WB1998PTC087450
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Mild Steel, Alloy Ingots, Steel Scrap.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 720000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Overall Financial position of the company has improved as compared to previous year. The rating also takes into consideration business risk profile, adequate liquidity over the medium term, supported by its moderate cash accruals, backed by improved profitability and working capital management. It also takes into consideration promoter’s extensive experience in the steel industry. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Have inadequate credit quality and high credit risk.
Date	16.03.2015

Rating Agency Name	CRISIL
Rating	Short Term rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	16.03.2015

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 DENIED BY

Name :	Mr. Das
Designation :	Accountant
Contact No.:	91-33-40181900
Date :	04.04.2015

LOCATIONS

Registered Office :	501, Diamond Prestige, 41 – A, A.J.C. Boss Road, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-40181900
Mobile No.:	Not Available
Fax No.:	91-33-40181923
E-Mail :	eatindiakol@gmail.com
Factory :	Plot No. 268 – 270, Vill – Haedoba, PO. Icchapur, Faridpur, Durgapur, Burdwan – 713363, India

DIRECTORS

As on : 30.09.2014

Name :

Mr. Om Prakash Agarwal

Designation :

Director

Address :

6/1/3, Queens Park Ballygunge, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.04.1942

Date of Appointment :

06.07.1998

DIN No.:

00844553

Voter ID No.:

WB/23/146/189420

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	U27107MN1988PTC003129	MANIPUR BHARI ISPAT NIGAM PVT LTD	Director	29/11/1988	29/11/1988	-	Active	NO
2	U29298WB1993PTC060160	EAST INDIA SALES AND SERVICES PVT LTD	Managing director	20/09/1993	20/09/1993	-	Active	NO
3	U65999WB1996PTC077520	MANIPUR FISCAL SERVICES PVT LTD	Director	22/02/1996	22/02/1996	-	Active	NO
4	U70103WB1998PTC087450	EAST INDIA HOLDINGS PRIVATE LIMITED	Director	06/07/1998	06/07/1998	-	Active	NO

Name :

Mr. Rajeev Agarwal

Designation :

Director

Address :

6/1/3, Queens Park Ballygunge, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

11.11.1968

Date of Appointment :

06.07.1998

DIN No.:

00206299

Voter ID No.:

DWK5067673

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	U29298WB1993PTC060160	EAST INDIA SALES AND SERVICES PVT LTD	Director	20/09/1993	20/09/1993	-	Active	NO
2	U65992WB1996PTC077533	EAST INDIA FINANCIAL SERVICES PVT LTD	Director	01/10/2012	22/02/1996	-	Active	NO
3	U70103WB1998PTC087450	EAST INDIA HOLDINGS PRIVATE LIMITED	Director	06/07/1998	06/07/1998	-	Active	NO
4	U51909WB1996PTC076619	XEDD TRADING AND MARKETING PVT LTD	Director	12/07/2001	12/07/2001	28/12/2010	Active	NO
5	U36900WB2001PTC093743	KAGAZKAAR INDUSTRIES PRIVATE LIMITED	Director	17/09/2001	17/09/2001	-	Active	NO
6	U63022WB1949PTC017949	HIND ICE & COLD STOAGE PVT LTD	Director	30/03/2002	30/03/2002	13/08/2012	Active	NO
7	U27107MN1988PTC003129	MANIPUR BHARI ISPAT NIGAM PVT LTD	Director	20/03/2006	20/03/2006	-	Active	NO
8	U65929WB1996PTC077849	JM HOLDINGS PVT LTD	Director	30/04/2007	30/04/2007	01/08/2013	Active	NO
9	U74120WB2009PTC132872	BALASUR COLD STORAGE CO PRIVATE LIMITED	Director	18/02/2009	18/02/2009	28/12/2010	Active	NO
10	U65999WB1996PTC077520	MANIPUR FISCAL SERVICES PVT LTD	Director	01/10/2010	08/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares	%age
Om Prakash Agarwal	99300	3.28
Rajeev Agarwal	107100	3.54
Om Prakash Agarwal (HUF)	47300	1.56
Manjula Devi Agarwal	170100	5.62
Rajeev Agarwal (HUF)	101920	3.37
Sonia Agarwal	28600	0.94
East India Financial Services Private Limited	1182800	39.08
Manipur Fiscal Services Private Limited	1289500	42.61
Total	3026620	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	81.69
Directors or relatives of Directors	18.31
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Mild Steel, Alloy Ingots, Steel Scrap.
Products :	Mild Steel Alloy Ingots Steel Scrap
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	Vijaya Bank
Branch Address	Brabourne Road Branch, 1 R N Mukherjee Road, Kolkata – 700001, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	125.150	115.489
Total	125.150	115.489

Auditors :
Name :	Atish Kumar Shaw Chartered Accountant
Address :	10/12/2 Sitanath Bose Lanesalkia, India
PAN No.:	AABFT8978K
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Manipur Fiscal Services Private Limited U65999WB1996PTC077520 Jm Holdings Private Limited U65929WB1996PTC077849 East India Financial Services Private Limited U65992WB1996PTC077533

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs. 32.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3026620	Equity Shares	Rs.10/- each	Rs. 30.266 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	30.266	30.266	30.266
(b) Reserves & Surplus	222.353	210.026	235.013
(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)	252.619	240.292	265.279
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	26.899
(b) Deferred tax liabilities (Net)	22.570	21.338	19.360
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.942	0.750	0.511
Total Non-current Liabilities (3)	23.512	22.088	46.770
(4) Current Liabilities
(a) Short term borrowings	143.577	144.924	133.285
(b) Trade payables	98.370	212.039	209.891
(c) Other current liabilities	19.576	50.643	20.642
(d) Short-term provisions	2.186	3.787	5.467
Total Current Liabilities (4)	263.709	411.393	369.285
TOTAL	539.840	673.773	681.334
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157.934	169.739	179.884
(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	0.077	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.433	0.383	0.383
(e) Other Non-current assets	0.751	0.010	0.008
Total Non-Current Assets	159.195	170.232	180.375
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.686	72.614	141.515
(c) Trade receivables	231.560	366.509	311.287
(d) Cash and cash equivalents	32.436	10.082	8.185
(e) Short-term loans and advances	72.963	54.336	39.972
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	380.645	503.541	500.959
TOTAL	539.840	673.773	681.334

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES TURNOVER	2412.390	1932.546	NA
EXPENSES	NA	NA	NA
PROFIT/LOSS BEFORE TAX	17.000	12.327	NA
TAX	4.673	(12.660)	NA
PROFIT/LOSS AFTER TAX	12.327	24.987	11.047
Earnings Per Share (Rs.)	4.07	8.26	3.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.51	1.29	----
Operating Profit Margin (PBDIT / Sales)	(%)	100.00	100.00	-----
Return on Total Assets (PBT/Total Assets}	(%)	3.15	1.83	0.00
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.00
Debt Equity Ratio (Total Debt /Networth)		0.57	0.60	0.60
Current Ratio (Current Asset/Current Liability)		1.44	1.22	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.266	30.266	30.266
Reserves & Surplus	235.013	210.026	222.353
Net worth	265.279	240.292	252.619
long-term borrowings	26.899	0.000	0.000
Short term borrowings	133.285	144.924	143.577
Total borrowings	160.184	144.924	143.577
Debt/Equity ratio	0.604	0.603	0.568

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1932.546	2412.390
	----	24.830

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1932.546	2412.390
Profit	24.987	12.327
	1.29%	0.51%

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 two 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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

Registered office of the company has been shifted from 224, Shyama Prasad Pally, Ground Floor, Purba Putiary, P.S. Regent Park, Kolkata – 700093, West Bengal, India to the present address but the same has not been effected in the Government Registry.

OPERATIONS OUTLOOK

The Turnover of the company has peaked in the year to Rs. 2412.390 Million as compared to previous year’s figure of Rs. 1932.546 Million. The increase brings out the acceptability of the product manufactured by the company and its acceptance in the market. It has also turned the bottom – line back to black as against previous year and figure. The financial operation of the company resulted in Profit before Tax of Rs. 17.000 Million and Profit after Tax of Rs. 12.327 Million. Your director’s foresee even a better performance of the company in the years to come.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand from banks	18.426	29.434
Total	18.426	29.434

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10316433	17/10/2011	30,000,000.00	VIJAYA BANK LIMITED	BRABOURNE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLK  ATA, West Bengal - 700001, INDIA	B24846347
2	10134558	03/12/2008	9,000,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1&2 OLD COURT HOUSE STREET  , KOLKATA, West Bengal - 700001, INDIA	A52919107
3	10116024	16/06/2008	70,000,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1 & 2 OLD COURT HOUSE CORN  ER, KOLKATA, West Bengal - 700001, INDIA	A43180835
4	10057929	10/09/2014 *	170,000,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1, R N MUKHERJEE ROAD, KOL  KATA, West Bengal - 700001, INDIA	C23318991
5	10044326	19/06/2007 *	24,100,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1 & 2, OLD COURT HOUSE COR  NER, KOLKATA, West Bengal - 700001, INDIA	A17805961
6	80033021	16/06/2008 *	94,500,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1 & 2 OLD COURT HOUSE CORN  ER, KOLKATA, West Bengal - 700001, INDIA	A43181254

* Date of charge modification

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 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] 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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSM
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.