MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	K.S. COMMODITIES PRIVATE LIMITED
Registered Office :	719, Indra Prakash Building, 21, Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.07.1998
Com. Reg. No.:	55-095261
Capital Investment / Paid-up Capital :	Rs.17.625 Millions
CIN No.: [Company Identification No.]	U99999DL1998PTC095261
TAN No.: [Tax Deduction & Collection Account No.]	DELK04959D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Commodities and Metals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 58000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	719, Indra Prakash Building, 21, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23352070/ 71/ 72/ 43795555
Fax No.:	91-11-23352072
E-Mail :	akaggarwalca@gmail.com mail@ksc.co.in
Website :	http://www.ksc.co.in

DIRECTORS

(AS ON 24.09.2010)

Name :

Mr. Aatish Narang

Designation :

Director

Address :

E-219, II Floor, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

29.11.11985

Date of Appointment :

20.10.2009

DIN No.:

00767025

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1994PTC062246	TRUST COMMODITIES PRIVATE LIMITED	Director	14/12/2006	14/12/2006	8/6/2009	Active	NO
2	U99999DL1998PTC095261	K.S. COMMODITIES PRIVATE LIMITED	Director	20/10/2009	20/10/2009	-	Active	NO

Name :

Mr. Narain Mohan Narang

Designation :

Director

Address :

E-219, II Floor, Greater Kailash – I, Nerw Delhi – 110048, India

Date of Birth/Age :

08.11.1956

Date of Appointment :

29.07.1998

DIN No.:

00289988

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999DL1998PTC095261	K.S. COMMODITIES PRIVATE LIMITED	Director	29/07/1998	29/07/1998	Active	NO
2	U74899DL1994PTC062246	TRUST COMMODITIES PRIVATE LIMITED	Director	9/3/2004	9/3/2004	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 24.09.2010)

Names of Shareholders	No. of Shares
Narain Mohan Narang	787500
Rita Narang	237500
Trust Commodities Private Limited, India	250000
Aatish Narang	125000
Seema Verma	362500
Total	1762500

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Commodities and Metals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

International Business Branch, Parliament Street, New Delhi - 110001, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit Account (Bank of Baroda, K. G. Marg, against hypothecation of Stock and Book debts)”		--
Export Packing Credit Account (Bank of Baroda, IB branch, against hypothecation of stock)	85.808	11.269
Foreign Bill Purchase Account (Bank of Baroda, IB branch, against hypothecation of stock)		52.781
Overdraft Account		--
HDFC Bank Car Loan Account		0.289
Total	85.808	64.338

Banking Relations :	--
Auditors :
Name :	Gopal Mittal and Associates Chartered Accountant
Address :	301 and 302, IIIrd Floor, 79, Shyam Lal Marg, Daryaganj, New Delhi – 110002, India
Tel No.:	91-11-23282206
Telefax No.:	91-11-23285390
PAN No.:	AAAFG9401F

CAPITAL STRUCTURE

(AS ON 24.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Share	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Share	Rs.10/- each	Rs.25.000 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1762500	Equity Share	Rs.10/- each	Rs.17.625 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		17.625	12.500	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.218	3.343	1.301
4] (Accumulated Losses)		(3.339)	0.000	0.000
NETWORTH		14.504	15.843	11.301
LOAN FUNDS
1] Secured Loans		85.808	64.338	102.445
2] Unsecured Loans		0.000	0.000	3.766
TOTAL BORROWING		85.808	64.338	106.211
DEFERRED TAX LIABILITIES		0.046	0.028	0.004
TOTAL		100.358	80.209	117.516
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.215	1.329	1.437
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.005	0.005	0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.985	0.000	57.290
	Sundry Debtors	1.391	61.570	59.284
	Cash & Bank Balances	10.405	14.314	3.070
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.804	7.583	1.008
Total Current Assets		105.585	83.467	120.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.291	2.800	4.132
	Other Current Liabilities		0.601	0.206
	Provisions	3.156	1.191	0.240
Total Current Liabilities		6.447	4.592	4.578
Net Current Assets		99.138	78.875	116.074
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		100.358	80.209	117.516

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
REVENUE	989.400	956.200	380.000
PROFIT/(LOSS) AFTER TAX	3.321	2.042	0.241
Earnings Per Share (Rs.)	1.63	NA	NA

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	6.36	4.35	9.80
Current Ratio (Current Asset/Current Liability)	16.38	18.18	26.35

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

During the year, Company generated the revenue of Rs.989.400 Millions as against Rs.956.200 Millions in the previous year mainly due to exports of agri-commodities during the current year and incurred loss of Rs.3.321 Millions as against Profit after Tax of Rs.2.042 Millions in previous year.

FORM 8:

Corporate identity number of the company	U99999DL1998PTC095261
Name of the company	K.S. COMMODITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	719, Indra Prakash Building, 21, Barakhamba Road, New Delhi – 110001, India akaggarwalca@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of Baroda International Business Branch, Parliament Street, New Delhi – 110001, India ca_rcg@yahoo.co.in
Nature of instrument creating charge	Composite Hypothecation Agreement dated 23.07.2011
Date of instrument Creating the charge	23.07.2011
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: At such rate(s) as are applicable to PC/CC limits from time to time. Terms of Repayments: Payable on demand Margin: PC -25%, CC - 30% Extend and Operation of the charge: 100% Others: To secure all amounts payable under Adhoc Packing Credit/CC limit of Rs. 35.000 Millions granted to the Company together with all interests, costs, charges, expenses etc.
Particulars of the property charged	Hypothecation of the following: a) The whole of the Borrower's stocks - both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw-materials, work-in-process, semi-finished goods and finished goods, packing materials, stores etc. such as stocks of raw-materials, stock-in-progress, semi-finished goods and finished goods whatsoever and wheresoever’s situate at and/or in transit whether now belonging to or that may at any time during the continuance of this security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the Borrower. b) All the present and future book-debts, outstanding, monies receivables, claims, bills, contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Govt. of India or any State Govt. or Indian Railways or and Government Department or office or any municipal or local or public or semi government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchased basis. c) All tangible moveable machinery and plant and cranes, boats and craft and the vehicles of the Borrower together with spares, tools and accessories and other moveable - both present and future and the furniture, fixtures and fittings and office equipment whether installed or not and whether lying loose or in case which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrower's premises and godowns or wherever else the same may be or be held by any party to the order and disposition of the Borrower (including those on lease or hire purchase) relating or pertaining to the Borrower M/s K.S. Commodities Private Limited having a regd. office at 719-720, Indraprakash Building, 21 Barakhamba Road, New Delhi, India

FIXED ASSETS:

· Air Conditioner

· Furniture and Fixture

· Television

· Mobile

· Fax

· Computers

· Car

· Inverter

WEBSITE DETAILS:

PROFILE:

Subject is a Government recognized export house incorporated a decade ago. The Company with its headquarters in New Delhi is a leading exporter / importer of agri-products / commodities.

The company has been actively trading in agri-products like sugar, maize, soyabean meal, rice, rape seed meal, wheat and pulses out of India and into India. In this short period the company has been successful in making a dent in the international trade of agri-commodities and has been able to carve out a niche for itself.

The Company prides itself in being associated with the internationally reputed trade houses and the most discerning of destination buyers and sellers. The services of timely performance, quality control and logistics management have met up to their global standards and ensured consistent relationships.

The Company is managed by a team of professionals with rich experience, who over this period have mastered the art of origination and procurement of quality products at competitive prices to enable offer superior value proposition to customer in terms of quality cargoes, timely shipments, market intelligence and tailor-made risk management solutions. The emphasis on details ensures maintaining cargo integrity through the efficient logistics chain until the final destination.

It is their commitment and dedication from the nascent stage itself the organization has been able to build a good name for itself as a reliable exporter and importer.

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 records 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.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.