MIRA INFORM REPORT

Report No. :	355637
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	ASIA MINERALS INDIA PRIVATE LIMITED
Registered Office :	No. 5H, Crescent Tower, 229 AJC Bose Road, Kolkata – 700020, West Bengal
Tel. No.:	91-33-40036538
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.08.2008
Com. Reg. No.:	21-128576
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U14219WB2008PTC128576
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CALA11222B
PAN No.: [Permanent Account No.]	AAHCA2801M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Manganese Alloys, Ore, Ferro Manganese Slag and other Minerals. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 a wholly owned subsidiary of “Asia Minerals Limited, Hong Kong”. It was incorporated in the year 2008 and has satisfactory track record. The ratings takes into consideration sound financial risk profile of the company marked by debt free capital structure and decent networth base. Further, the company has reported significant increase in its sales turnover along with decent profit margin in FY15. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong parent support along with decent financial condition, the company can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-33-40036538)

LOCATIONS

Registered Office :	No. 5H, Crescent Tower, 229 AJC Bose Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-40036538
Fax No.:	91-33-40036537
E-Mail :	gautam.kumar@asia-minerals.com subhendu.ghosh@asia-minerals.com
Website :	http://www.asia-minerals.com

DIRECTORS

AS ON 04.08.2014

Name :

Hirotaka Suzuki

Designation :

Director

Address :

Ft B 6/F Monmouth Villa, 3 Monmouth Terrace, Wan Chai, Hong Kong, XXXXXX, Hong Kong

Date of Birth/Age :

17.01.1960

Date of Appointment :

14.08.2008

DIN No.:

02243538

Name :

Setsuo Suzuki

Designation :

Director

Address :

Apt.3910, Convention Plaza Apartments, 1 Harbour Road, Wanchai, Hong Kong, XXXXXX, Hong Kong

Date of Birth/Age :

04.03.1946

Date of Appointment :

14.08.2008

DIN No.:

02235580

Name :

Mr. Gautam Kumar

Designation :

Director

Address :

2 Prince Anwar Shah Road, Flat No 3B PS Charu Market Tollygunge, Kolkata - 700033, West Bengal, India

Date of Birth/Age :

03.01.1964

Date of Appointment :

28.07.2009

PAN No.:

AEQPK0566B

DIN No.:

02088970

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	U45400WB2007PTC115183	R.S.P. BUILDCON PRIVATE LIMITED	Director	17-03-2008	17-03-2008	13-12-2011	Active	NO
2	U45400WB2007PTC114811	SATYAM NIRMAN PRIVATE LIMITED	Director	09-05-2008	09-05-2008	-	Active	NO
3	U14200WB2008PTC126298	KRISHNABALA MINING RESOURCES PRIVATE LIMITED	Director	30-05-2008	30-05-2008	21-02-2009	Active	NO
4	U14219WB2008PTC128576	ASIA MINERALS INDIA PRIVATE LIMITED	Director	28-07-2009	01-01-2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Asia Minerals Limited	999999
Hirotaka Suzuki	1
Total	1000000

AS ON 04.08.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Manganese Alloys, Ore, Ferro Manganese Slag and other Minerals. (Registered Activity)
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Doshi Chatterjee Bagri and Company Chartered Accountants
Address :	Saket, Flat 3A, 2, HO Chi Minh Sarani, Kolkata – 700071, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFD4031H
Memberships :	--
Collaborators :	--
Holding Company :	Asia Minerals Limited, Hong Kong

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	44.070	11.173	57.554
(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)	54.070	21.173	67.554
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.548	0.647	0.551
(c) Other current liabilities	3.776	11.670	3.515
(d) Short-term provisions	0.000	63.300	0.000
Total Current Liabilities (4)	4.324	75.617	4.066
TOTAL	58.394	96.790	71.620
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.229	0.431	0.612
(ii) Intangible Assets	0.000	0.005	0.031
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.115	0.088	0.070
(d) Long-term Loan and Advances	0.814	0.814	0.814
(e) Other Non-current assets	28.500	1.229	31.376
Total Non-Current Assets	29.658	2.567	32.903
(2) Current assets
(a) Current investments	0.000	0.000	13.974
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	16.947	7.549	5.666
(d) Cash and cash equivalents	7.674	48.256	17.318
(e) Short-term loans and advances	3.893	36.895	1.713
(f) Other current assets	0.222	1.523	0.046
Total Current Assets	28.736	94.223	38.717
TOTAL	58.394	96.790	71.620

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	288.026	45.195
		Other Income	5.732	5.764
		TOTAL (A)	293.758	50.959	NA
Less	EXPENSES
		Purchases of Stock-in-Trade	218.183	0.000
		Employees benefits expense	13.956	15.053
		Other expenses	10.408	9.863
		TOTAL (B)	242.547	24.916	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.211	26.043	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		1.911	0.043
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.300	26.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.207	0.231
	PROFIT BEFORE TAX (E-F) (G)		49.093	25.769	24.343
Less	TAX (H)		16.195	8.851	7.860
	PROFIT AFTER TAX (G-H) (I)		32.898	16.918	16.483
	EARNINGS IN FOREIGN CURRENCY
		Commission and Service fees	62.677	45.195	42.336
	Earnings Per Share (Rs.)		32.90	16.92	16.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	59.246	(7.896)	NA
Net Cash from Operating Activities	45.328	(16.069)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	11.42	37.43	NA
Operating Profit Margin (PBDIT/Sales)	(%)	17.78	57.62	NA
Return on Total Assets (PBT/Total Assets}	(%)	84.24	26.65	34.02
Return on Investment (ROI) (PBT/Networth)		0.91	1.22	0.36
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.65	1.25	9.52

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	57.554	11.173	44.070
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	67.554	21.173	54.070
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	45.195	288.026
		537.296

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	45.195	288.026
Profit	16.918	32.898
	37.43%	11.42%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NATURE OF OPERATIONS

Subject was incorporated under Companies Act, 1956 in August 2008 as a wholly owned subsidiary of Asia Minerals Limited, Hong Kong, primarily with the following objectives:

· Trading in Manganese Alloys, Ore, Ferro Manganese Slag and other minerals.

· Handling agent of the holding company for sale and purchase of minerals and ore.

FIXED ASSETS:

· Vehicles

· Office Equipments

· Computers

· Computer Software

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. 66.30
UK Pound	1	Rs. 98.71
Euro	1	Rs. 72.33

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KIN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--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	NO
--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		49

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.