MIRA INFORM REPORT

Report No. :	326804
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	ELECTRO INTERNATIONAL COMPANY PRIVATE LIMITED
Registered Office :	113, Park Street, Ground Floor, Kolkata -700016, West Bengal
Tel. No.:	91-33-2227575/22275754
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.04.2012
Com. Reg. No.:	21-181098
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U51909WB2012PTC181098
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALE03961G
PAN No.: [Permanent Account No.]	AADCE3198F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Ferro Alloy, Engineering Items, etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject has recently commenced its revamped business operations from August 01, 2013, under new name and legal structure. Mr. Prashant Musaddi, the director provided information and confirmed that management has merged a partnership concern named as “Electro International company” started during 2008 with the subject on August 01, 2013. As per the latest available, the management has infused sufficient equity, conversely, there also appears moderate leverage which is mitigated by the dedication of the promoters and their urge and support to ongoing consistent development. Management has witnessed an acceptable revenue base, whereas has reported a low profit margin during FY14. The ratings also take into consideration, modest scale of operations in the highly fragmented ferro alloy business. However, trade relations are improving. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters and the company being in its embryonic stages, it 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 – 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

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) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Prashant Musaddi
Designation :	Director
Contact No.:	91-33-22275754
Date :	10.06.2015

LOCATIONS

Registered Office :	113, Park Street, Ground Floor, Kolkata -700016, West Bengal, India
Tel. No. :	91-33-2227575/ 22275754
Mobile No. :	91-9830085051 (Mr. Prashant Musaddi)
Fax No. :	Not Available
E-Mail :	singlaguptafca@yahoo.co.in info@etcmetals.com
Area :	350 sq.ft.
Location :	Owned
Warehouse :	Khidirpur, Kolkata – 700023, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Prashant Musaddi

Designation :

Director

Address :

9/1, Lower Rawdon Street, Block - A, Mani Mansions, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

13.01.1977

Date of Appointment :

05.08.2013

DIN No. :

03610049

Name :

Mr. Piyush Musaddi

Designation :

Director

Address :

9/1, Lower Rawdon Street, Block - A, Mani Mansions, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

24.07.1979

Date of Appointment :

05.08.2013

DIN No. :

03610062

Name :

Mr. Vikash Agarwal

Designation :

Director

Address :

4A, New Road, 3rd Floor, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

27.12.1974

Date of Appointment :

27.04.2012

DIN No. :

02262412

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	U13100WB2009PTC134615	A TEK RESOURCES PRIVATE LIMITED	Director	18/04/2009	18/04/2009	24/08/2011	Active	NO
2	U51909WB2012PTC181098	ELECTRO INTERNATIONAL COMPANY PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares
Prashant Mussadi	761280
Piyush Mussadi	731220
Vikash Agarwal	7500
Total	1500000

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Ferro Alloy, Engineering Items, etc.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Srilanka Pakistan Italy Dubai Spain Japan Netherland Iron
Imports :
Products :	Manganese Ore
Countries :	South Africa
Terms :
Selling :	Credit
Purchasing :	Advance Payment and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Shyam Ferro Alloys Limited
Name of the Person :	Mr. Jaydeep Mujumdar
Contact No.:	91-33-22852323
Since How Long Known :	Not Divulged
Experience :	Good
Maximum Limit Dealt :	Not Divulged

• Shabha Ispat Limited – Kolkata, West Bengal, India
• B.D. Metal and Ferrow Limited

Customers :

Not Divulged

Reference :	New Shalimar Steel Industries Private Limited – Pakistan Madina Enterprises Bhuwalka Steel Industry Back Gold Industries
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 :

30 (Approximately)

Bankers :

Banker Name	Allahabad Bank
Branch Address	Calcutta International Branch
Person Name (With Designation)	Not Divulged
Contact Number	91-33-22266368
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 :

Cash Credit : Rs. 4.000 Millions

Export Packing Credit = Rs. 23.000 Millions

Bill Discount Counting = 23.000 Millions

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Bearing Interest
From Allahbad Bank
Packing Credit	30.194	0.000
Post Shipment Credit	1.430	0.000
Cash Credit (Against Hypothecation of entire current assets and equitable mortgage of immovable properties of a body corporate and a relative of a director, pledge of fixed deposit receipts and personal guarantee of all the directors )	4.012	0.000
From HDFC Bank (Against Hypothecation of Motor Car)	0.169	0.000
Total	35.805	0.000

Auditors :
Name :	B Kumar and Company Chartered Accountants
Address :	6A Clive Row, 2^nd Floor, Kolkata – 700001, West Bengal, India
Tel. No. :	33-22300289/ 22310161
E-Mail :	bkctax@yahoo.co.in
PAN No.:	AACFB6888P
Memberships :	--
Collaborators :	--
Sisters Concern :	Electro Mica Components

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	0.100
(b) Reserves & Surplus	0.256	(0.026)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.120
Total Shareholders’ Funds (1) + (2)	15.256	0.194
(3) Non-Current Liabilities
(a) long-term borrowings	38.504	0.076
(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)	38.504	0.076
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	1.290	0.012
(d) Short-term provisions	0.300	0.000
Total Current Liabilities (4)	1.590	0.012
TOTAL	55.350	0.282
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.379	0.000
(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	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.379	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.797	0.000
(c) Trade receivables	16.403	0.000
(d) Cash and cash equivalents	9.987	0.185
(e) Short-term loans and advances	24.651	0.000
(f) Other current assets	0.133	0.097
Total Current Assets	53.971	0.282
TOTAL	55.350	0.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		TOTAL REVENUE	148.499	NA
Less	EXPENSES
		TOTAL	147.908	NA
	PROFIT/ (LOSS) BEFORE TAX		0.591	NA
Less	TAX		0.300	NA
	PROFIT/ (LOSS) AFTER TAX		0.291	(0.026)
	Earnings / (Loss) Per Share (Rs.)		0.19	(2.60)

Particulars	31.03.2015
Sales Turnover	320.000

Expected Sales (2015-16): Rs. 450.000 Million

The above information has been parted by Mr. Prashant Musuddi (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.20	NA
Operating Profit Margin (PBIDT/Sales)	(%)	0.40	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.07	NA
Return on Investment (ROI) (PBT/Networth)		0.04	NA
Debt Equity Ratio (Total Debt /Networth)		2.52	0.39
Current Ratio (Current Asset/Current Liability)		33.94	23.50

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	15.000
Reserves & Surplus	(0.026)	0.256
Share Application money pending allotment	0.120	0.000
Net worth	0.194	15.256
long-term borrowings	0.076	38.504
Short term borrowings	0.000	0.000
Total borrowings	0.076	38.504
Debt/Equity ratio	0.392	2.524

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	Yes
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
29	Profitability for last two 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10481838	15/01/2014	50,000,000.00	ALLAHABAD BANK	INTERNATIONAL BRANCH, 119, PARK STREET, KOLKATA - 700017, WEST BENGAL, INDIA	B98202500

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Not Bearing Interest From Directors	1.449	0.756
Bearing Interest From Relative of director	1.248	0.000
Total	2.697	0.756

FINANCIAL RESULTS

The total Revenue of the year was Rs.148.499 Million. The Profit before tax is Rs.0.591 Million as against previous year loss of Rs.0.026 Million. The net profit of the Company after provision of tax stood at Rs.0.291 Million.

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. 63.94
UK Pound	1	Rs. 98.27
Euro	1	Rs. 72.37

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	JYO

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	3
--LEVERAGE	1~10	3
--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	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		28

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.