MIRA INFORM REPORT

Report No. :	317283
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	SRESTH PRODUCTS PRIVATE LIMITED
Registered Office :	49, Strand Road, Kolkata – 700007, West Bengal
Tel. No.:	91-33-22591911
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.08.1996
Com. Reg. No.:	21-081059
Capital Investment / Paid-up Capital :	Rs. 43.924 Million
CIN No.: [Company Identification No.]	U24293WB1996PTC081059
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 :	Trading in oil.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The company possesses on acceptable financial profile marked by average networth base comprising of low reserves and noteworthy modestly high payables along with huge advances which any at time incur pressure on liquidity, further slightly mitigated by limited financial leverage coupled with sufficient cash at the disposal of management. Management has reported a modest net profitability during FY 14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with 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 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DECLINED BY

Name :	Mr. Raja Shah
Designation :	Accountant
Contact No.:	91-33-22591911
Date :	11.04.2015

LOCATIONS

Registered Office :	49, Strand Road, Kolkata – 700007, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	nitjags81@rediffmail.com
Administrative Office :	67/50, Strand Road, Burra Bazar, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22591911

DIRECTORS

As on 30.09.2014

Name :

Mr. Mukesh Kumar Agarwal

Designation :

Director

Address :

P -41, Khirode Vidya Binod Avenue, 1^st Floor, Kolkata – 700003, West Bengal, India

Date of Birth/Age :

11.07.1967

Date of Appointment :

02.04.2012

DIN No.:

01160641

Election Commission Identity Card No.:

WB/21/140/171231

PAN No.:

ACNPA7792C

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	U24293WB1996PTC081059	SRESTH PRODUCTS PVT LTD	Director	02-04-12	26-08-96	-	Active	NO
2	U51900WB2000PTC092217	PROGRESSIVE DEALTRADE PRIVATE LIMITED	Director	02-08-04	02-08-04	-	Active	NO
3	U51102WB1996PTC081640	UPLINE TRADERS PRIVATE LIMITED	Director	18-04-05	18-04-05	-	Active	NO
4	U15142WB2000PTC091609	VARSHA FOOD STUFFS PRIVATE LIMITED	Director	18-08-05	18-08-05	-	Active	NO
5	U45400WB2007PTC115281	REAL ENCLAVE PRIVATE LIMITED	Director	21-04-07	21-04-07	-	Active	NO
6	U51909WB2008PTC127381	SHREE NARAYAN STORE PRIVATE LIMITED	Director	11-07-08	11-07-08	-	Active	NO
7	U45208WB2008PTC129065	GAJANAN HIGHRISE PRIVATE LIMITED	Director	23-10-08	23-10-08	-	Active	NO
8	U51909WB2007PTC120727	SUNRISE BARTER PRIVATE LIMITED	Director	01-06-10	01-06-10	-	Active	NO

Name :

Mr. Suresh Kumar Agarwal

Designation :

Director

Address :

P -41, Khirode Vidya Binod Avenue, 1^st Floor, Kolkata – 700003, West Bengal, India

Date of Birth/Age :

08.10.1963

Date of Appointment :

02.04.2012

DIN No.:

00537611

Election Commission Identity Card No.:

WB/21/140/171115

PAN No.:

ACTPA8049G

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	U24293WB1996PTC081059	SRESTH PRODUCTS PVT LTD	Director	02-04-12	26-08-96	-	Active	NO
2	U15412WB2002PTC095263	POTENT PRODUCTS PRIVATE LIMITED	Director	08-10-02	08-10-02	-	Active	NO
3	U51102WB1996PTC081640	UPLINE TRADERS PRIVATE LIMITED	Director	18-04-05	18-04-05	-	Active	NO
4	U45400WB2007PTC115281	REAL ENCLAVE PRIVATE LIMITED	Director	21-04-07	21-04-07	-	Active	NO
5	U51909WB2008PTC127381	SHREE NARAYAN STORE PRIVATE LIMITED	Director	11-07-08	11-07-08	-	Active	NO
6	U45208WB2008PTC129065	GAJANAN HIGHRISE PRIVATE LIMITED	Director	23-10-08	23-10-08	-	Active	NO
7	U51909WB2007PTC120727	SUNRISE BARTER PRIVATE LIMITED	Director	19-05-10	19-05-10	-	Active	NO
8	U45400WB2011PTC159876	SHREE RAM INFRA NIRMAN PRIVATE LIMITED	Director	26-02-11	26-02-11	29-03-14	Active	NO
9	U45400WB2012PTC184521	POTENT REALTY PRIVATE LIMITED	Director	08-08-12	08-08-12	-	Active	NO
10	U51900WB2000PTC092217	PROGRESSIVE DEALTRADE PRIVATE LIMITED	Director	04-03-13	04-03-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raja Shah
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ginni Devi Agarwal	9500
Mukesh Kumar Agarwal	400500
Aruna Agarwal	392000
Mayuka Agarwal	378600
Suresh Kumar Agarwal	358844
Babulal Agarwal	500
Sawar Mal Agarwal	3500
B L Agarwal – HUF	11500
Raja Saha	9600
Manoj Kumar Agarwal	40000
Binod Kumar Sharma	30000
Dadhichi Agarwal	25000
Rajesh Awasthi	65000
Puja Agarwal	30000
Kusum Devi Sharma	30000
Sravan Kumar Sain	21700
Mukesh Kumar Agarwal (HUF)	343300
Sova Agarwal	395000
Suresh KR Agarwal (HUF)	313300
Upline Traders Private Limited, India	435000
Shree Narayan Stores Private Limited, India	390000
Surajmall Santosh Kumar Mercantile	300000
C L Agarwal (HUF)	33400
Harakh Chand B Shah	300
Savitri Awasthi	100
Puspa Saha	200
Meera Agarwal	200
Smbhu Agarwal	200
Ayushy Agarwal	200
Kaushal Agarwal	375000
Total	4392444

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	25.62
Directors or relatives of Directors	68.64
Other top fifty shareholders	5.74
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in oil.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, 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 :

--

Auditors :
Name :	M. C. Jagwayan and Company Chartered Accountants
Address :	46, Kali Krishna Tagore Street, Kolkata – 700007, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABHPJ2637E
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Shree Narayan Store Private Limited, India C. L Agarwal HUF S K Agarwal HUF

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4392444	Equity Shares	Rs.10/- each	Rs. 43.924 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	43.924	43.924	43.924
(b) Reserves & Surplus	20.957	14.515	8.961
(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)	64.881	58.439	52.885
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.128
(b) Deferred tax liabilities (Net)	0.152	0.146	0.147
(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)	0.152	0.146	0.275
(4) Current Liabilities
(a) Short term borrowings	27.464	15.200	63.786
(b) Trade payables	85.184	33.112	32.010
(c) Other current liabilities	83.131	109.336	238.508
(d) Short-term provisions	0.000	0.152	0.000
Total Current Liabilities (4)	195.779	157.800	334.304
TOTAL	260.812	216.385	387.464
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.080	5.475	5.797
(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	19.427	7.278	6.641
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.325	2.344	3.241
(e) Other Non-current assets	10.565	0.565	0.565
Total Non-Current Assets	39.397	15.662	16.244
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.021	14.861	26.367
(c) Trade receivables	98.257	78.303	126.244
(d) Cash and cash equivalents	39.160	36.037	29.845
(e) Short-term loans and advances	64.080	68.627	187.048
(f) Other current assets	3.897	2.895	1.716
Total Current Assets	221.415	200.723	371.220
TOTAL	260.812	216.385	387.464

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.156	8.630	6.620
Less/ Add	DEPRECIATION/ AMORTISATION	0.437	0.512	0.603
	PROFIT/ (LOSS) BEFORE TAX	8.719	8.118	6.017
Less	TAX	2.227	2.564	1.920
	PROFIT/ (LOSS) AFTER TAX	6.492	5.554	4.097
	Earnings / (Loss) Per Share (Rs.)	1.47	1.26	0.93

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.61	3.88	1.58
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.11
Debt Equity Ratio (Total Debt /Networth)		0.42	0.26	1.21
Current Ratio (Current Asset/Current Liability)		1.13	1.27	1.11

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	43.924	43.924	43.924
Reserves & Surplus	8.961	14.515	20.957
Net worth	52.885	58.439	64.881
long-term borrowings	0.128	0.000	0.000
Short term borrowings	63.786	15.200	27.464
Total borrowings	63.914	15.200	27.464
Debt/Equity ratio	1.209	0.260	0.423

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	No
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	Yes
34]	External Agency Rating, if available	No

NOTE: Registered office of the company has been shifted from Kolkata – 700002, West Bengal, India to the present address w.e.f. 24.07.2006

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from others	19.249	4.700
Loans and advances from directors	3.215	0.000
Intercorporate borrowings	5.000	10.500
Total	27.464	15.200

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10463283	30/11/2013	5,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B90756628
2	10360672	30/11/2013 *	15,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B90755471
3	10098520	29/11/2013 *	90,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B90417569
4	10092736	30/11/2013 *	90,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B90758384

* Date of charge modification

FIXED ASSETS

Tangible assets

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.