MIRA INFORM REPORT

Report No. :	340334
Report Date :	08.09.2015

IDENTIFICATION DETAILS

Name :	MAKALU TRADING LIMITED
Registered Office :	1, Pearl Mansion, 91 M Karve Road, Mumbai – 400 020, Maharashtra
Tel. No.:	91-22-22000786
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.06.1981
Com. Reg. No.:	11-024687
Capital Investment / Paid-up Capital :	Rs. 125.948 Million
CIN No.: [Company Identification No.]	U51900MH1981PLC024687
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM24011B
PAN No.: [Permanent Account No.]	AAACM9511H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Trading of Iron and Steel Items
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “Shrilekha Group” established in the year 1981. It has a satisfactory track record. The company possesses a healthy financial profile marked by decent net worth base, and comfortable liquidity characterized by conservative financial strategy. Management has reported a decent sales volume and average profitability margin, during FY 2014. The company has very long history of business track record. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of healthy financial risk profile, the company can be considered for 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 – 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	CRISIL
Rating	Long term rating “BB”
Rating Explanation	Moderate risk of default regarding payments.
Date	05.02.2015

Rating Agency Name	CRISIL
Rating	Short term rating “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	05.02.2015

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 DECLINED

Management non cooperative (91-22-22000786)

LOCATIONS

Registered Office :	1, Pearl Mansion, 91 M Karve Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22000786
Fax No.:	91-22-22008246
E-Mail :	info@supremeholdings.net

DIRECTORS

As on 31.03.2014

Name :	Mr. Vinod Kumar Subhkaran Jatia
Designation :	Managing Director
Address :	Damodar Bhawan, 2, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	02.04.1957
Date of Appointment :	24.06.1981
DIN No.:	00091115
Name :	Mr. Prateek Vinod Kumar Jatia
Designation :	Managing director
Address :	Damodar Bhawan, 2, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	01.01.1987
Date of Appointment :	23.06.2008
DIN No.:	00453068
Name :	Mr. Sunilkumar Jatia
Designation :	Director
Address :	Damodar Bhawan, 2, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	16.02.1966
Date of Appointment :	27.03.2006
DIN No.:	01430529
Name :	Mr. Vidip Vinod Jatia
Designation :	Whole Time Director
Address :	Damodar Bhawan, 2, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	13.10.1992
Date of Appointment :	29.01.2013
DIN No.:	06720329

KEY EXECUTIVES

Name :	Mr. Vinit Chandrakant Rode
Designation :	Secretary
Address :	Room-1899, Old Belapur Road, Ramnagar (Digha), Navi Mumbai, Maharashtra, India
Date of Birth/Age :	04.01.1984
Date of Appointment :	18.01.2013
PAN No.:	ALYPR8590D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares
Nita Jatia	167110
Vinod Jatia	123680
Yardley Investment and Trading Company Private Limited, India	115505
Asuti Trading Private Limited	115000
Vidip Jatia	79900
Rohit Razdan and Gunjan Rajdan	72193
Prateek Vinod Kumar Jatia	205305
Sunilkumar Jatia	9000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	27.75
Bodies corporate	18.30
Directors or relatives of Directors	49.50
Other top fifty shareholders	4.45
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Trading of Iron and Steel Items
Products :	Iron and Steel Items
Brand Names :	Not Available
Agencies Held :	Not Available
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 :	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 :

Information declined by the management

Bankers :

Banker Name :	Oriental Bank of Commerce
Branch Address :	Overseas Branch, Dalamal Towers, B Wing, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, INDIA
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Banker Name :	Indian Overseas Bank
Branch Address :	New Marine Lines Branch, Maker Bhavan No.2, 1st Floor, Mumbai - 400020, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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
Long Term Borrowing
Rupee term loans from others	0.000	2.340
Loans repayable on demand	26.814	26.814
Short Term Borrowing
Rupee term loans from others	2.333	2.118
Total	29.147	31.272

Auditors :
Name :	Pramod P Jain and Company Chartered Accountants
Address :	203A, Ganesh Leela, Behind B A Lalji Hospital, Mira Bhayander road, Bhayander (East), Thane – 401 105, Maharashtra, India
PAN No.:	ACSPJ8067A
Memberships :	Not Available
Collaborators :	Not Available
Associates :	· Yardley Investment and Trading Company Private Limited CIN No.: U65990MH1988PTC048910 · Dilshad Trading Company Private Limited CIN No.: U51900MH1982PTC027434 · Superways Enterprises Private Limited CIN No.: U51909MH1989PTC050675 · Subhkaran and Sons · Grandeour Hotels Private Limited CIN No.: U55101MH2005PTC151196
Entities Controlled by Key Management Personnel or their Relatives :	Ogardhani Exports Private Limited Grandeour Hotels Private Limited Shrilekha Trading Private Limited Subhkaran and Sons Asian Hotels (North) Limited Supreme Holding and Hospitality (I) Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,300,000	Equity Shares	Rs.100/- each	Rs.130.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,259,475	Equity Shares	Rs.100/- each	Rs.125.948 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	125.948	125.948	125.948
(b) Reserves & Surplus	594.105	525.277	463.302
(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)	720.053	651.225	589.250
(3) Non-Current Liabilities
(a) long-term borrowings	467.988	659.461	42.802
(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	1.807	1.784	1.438
Total Non-current Liabilities (3)	469.795	661.245	44.240
(4) Current Liabilities
(a) Short term borrowings	2.333	2.118	0.000
(b) Trade payables	3109.749	2869.253	2801.172
(c) Other current liabilities	270.114	140.907	50.877
(d) Short-term provisions	1.341	0.000	0.000
Total Current Liabilities (4)	3383.537	3012.278	2852.049
TOTAL	4573.385	4324.748	3485.539
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.501	13.095	187.246
(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	20.394	20.394	20.439
(c) Deferred tax assets (net)	0.355	0.275	0.002
(d) Long-term Loan and Advances	0.075	0.841	2.432
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34.325	34.605	210.119
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	3192.938	2854.039	2780.276
(d) Cash and cash equivalents	302.674	333.021	282.095
(e) Short-term loans and advances	1038.530	1102.540	212.506
(f) Other current assets	4.918	0.543	0.543
Total Current Assets	4539.060	4290.143	3275.420
TOTAL	4573.385	4324.748	3485.539

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	7587.959	6640.546	5779.243
		Other Income	25.685	29.626	22.653
		TOTAL (A)	7613.644	6670.172	5801.896
Less	EXPENSES
		Purchases of Stock-in-Trade	7440.065	6544.324	5563.303
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	106.607
		Employees benefits expense	10.913	8.971	7.676
		Other expenses	34.232	7.301	8.079
		Prior period items	0.215	0.000	0.139
		TOTAL (B)	7485.425	6560.596	5685.804
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		128.219	109.576	116.092
Less	FINANCIAL EXPENSES (D)		22.120	15.543	27.726
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.099	94.033	88.366
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.083	2.534	0.555
	PROFIT BEFORE TAX (E-F) (G)		104.016	91.499	87.811
Less	TAX (H)		35.188	29.524	28.319
	PROFIT AFTER TAX (G-H) (I)		68.828	61.975	59.492
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		358.669	296.694	237.202
	BALANCE CARRIED TO THE B/S		427.497	358.669	296.694
	IMPORTS
		Raw Materials	0.000	0.000	13.273
	TOTAL IMPORTS		0.000	0.000	13.273
	Earnings Per Share (Rs.)		54.65	49.21	49.70

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	63.910	138.648	203.278

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.91	0.93	1.03
Operating Profit Margin (PBDIT/Sales)	(%)	1.69	1.65	2.01
Return on Total Assets (PBT/Total Assets}	(%)	2.28	2.13	2.53
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.15
Debt Equity Ratio (Total Debt /Networth)		0.65	1.02	0.07
Current Ratio (Current Asset/Current Liability)		1.34	1.42	1.15

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	125.948	125.948	125.948
Reserves & Surplus	463.302	525.277	594.105
Net worth	589.250	651.225	720.053
long-term borrowings	42.802	659.461	467.988
Short term borrowings	0.000	2.118	2.333
Total borrowings	42.802	661.579	470.321
Debt/Equity ratio	0.073	1.016	0.653

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5779.243	6640.546	7587.959
		14.903	14.267

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5779.243	6640.546	7587.959
Profit	59.492	61.975	68.828
	1.03%	0.93%	0.91%

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	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)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
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 three 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	Yes
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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from directors	441.174	630.307
Total	441.174	630.307

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90154502	22/10/2013 *	3,000,000,000.00	Oriental Bank of Commerce	Overseas Branch, Dalamal Towers,, B Wing, Ground Floor, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B88177282

* Date of charge modification

CONTINGENT LIABILITIES

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Contingent Liabilities
a) Sales Tax Demand Disputed in Appeals	217.205	1.985
b) On Guarantees Executed by Company's Bankers	1.259	1.259

FIXED ASSETS

• Buildings
• Plant and equipment
• Factory equipment’s
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

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.66.74
UK Pound	1	Rs.101.36
Euro	1	Rs.74.27

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	TRI
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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	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		42

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.