MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	KAR AGRO PRODUCTS LLP
Registered Office :	264, Gunj Bazaar, Opposite Mataji Temple, Old Madhupura, Ahmedabad – 380004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Year of Establishment :	April, 2010
CST No.:	24573501599
GST No.:	24073501599
Capital Investment / Paid-up Capital :	Rs.4.964 millions
IEC No.:	0810016826
PAN No.: [Permanent Account No.]	AAKFK4899F
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Manufacturer, Trader and Importer Barley, maize, millet, bajra, jowar, wheat, rice bran, de oiled rice bran, groundnut meal, groundnut cake, cotton seed d.o.c, temrinseed powder, millet flour, white millet, yellow millet, de-oiled rice bran, sal seed d.o.c, soya meal, organic barley, fine barley grains.
No. of Employees :	Approximately 05 (In office)

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 20000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established new partnership concern having moderate track records. Business is active. Payments are unknown. The concern 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Hard Sheth
Designation :	Partner
Contact No.:	91-79-22171000
Date :	29.06.2012

LOCATIONS

Registered Office :	264, Gunj Bazaar, Opposite Mataji Temple, Old Madhupura, Ahmedabad – 380004, Gujarat, India
Tel. No.:	91-79-22171000/ 22172700
Fax No.:	91-79-22136000
E-Mail :	hard@karagroproducts.com
Website :	http://www.karagroproductsllp.com
Area :	300 sq.fts
Location :	Owned

PARTNERS

Name :	Mr. Kirit Sheth
Designation :	Partner
Address :	67, Surdhara Bunglows, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	62 years
Qualification :	B.A
Experience :	35 years
Name :	Ms. Renuka Sheth
Designation :	Partner
Address :	67, Surdhara Bunglows, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	60 years
Qualification :	B.A
Experience :	25 years
Name :	Mr. Jignesh Sheth
Designation :	Partner
Address :	67, Surdhara Bunglows, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	35 years
Qualification :	B.com
Experience :	15 years
Name :	Mr. Keyuri Sheth
Designation :	Partner
Address :	67, Surdhara Bunglows, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	32 years
Qualification :	B.sc
Experience :	07 years
Name :	Mr. Ashvin Sheth
Designation :	Partner
Address :	5, Manek Stambh, Near Pragati Nagar Society, Vijaynagar Cross Road, Ahmedabad, Gujarat, India
Date of Birth/Age :	60 years
Qualification :	B.com
Experience :	25 years
Name :	Ms. Mina Sheth
Designation :	Partner
Address :	5, Manek Stambh, Near Pragati Nagar Society, Vijaynagar Cross Road, Ahmedabad, Gujarat, India
Date of Birth/Age :	52 years
Qualification :	B.A
Experience :	20 years
Name :	Mr. Hard Sheth
Designation :	Partner
Address :	5, Manek Stambh, Near Pragati Nagar Society, Vijaynagar Cross Road, Ahmedabad, Gujarat, India
Date of Birth/Age :	25 years
Qualification :	MBA
Experience :	04 years
Name :	Mr. Rajan Sheth
Designation :	Partner
Address :	Vejalpur, Panchmahal, Gujarat, India
Date of Birth/Age :	55 years
Qualification :	B.sc
Experience :	02 years
Name :	Mr. Daxita Sheth
Designation :	Partner
Address :	Vejalpur, Panchmahal, Gujarat, India
Date of Birth/Age :	50 years
Qualification :	B.A
Experience :	02 years
Name :	Mr. Nishant Sheth
Designation :	Partner
Address :	Vejalpur, Panchmahal, Gujarat, India
Date of Birth/Age :	28 years
Qualification :	MBA
Experience :	21 years

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importer Barley, maize, millet, bajra, jowar, wheat, rice bran, de oiled rice bran, groundnut meal, groundnut cake, cotton seed d.o.c, temrinseed powder, millet flour, white millet, yellow millet, de-oiled rice bran, sal seed d.o.c, soya meal, organic barley, fine barley grains.
Export:
Product:	Barley, maize, millet, bajra, jowar, wheat, rice bran, de oiled rice bran, groundnut meal, groundnut cake, cotton seed d.o.c, temrinseed powder, millet flour, white millet, yellow millet, de-oiled rice bran, sal seed d.o.c, soya meal, organic barley, fine barley grains.
Countries:	African Countries
Import:
Product:	Barley, maize, millet, bajra, jowar, wheat, rice bran, de oiled rice bran, groundnut meal, groundnut cake, cotton seed d.o.c, temrinseed powder, millet flour, white millet, yellow millet, de-oiled rice bran, sal seed d.o.c, soya meal, organic barley, fine barley grains.
Countries:	African Countries
Terms :
Selling :	L/C, CAD
Purchasing :	CAD

GENERAL INFORMATION

Suppliers:	Lux International
Customers :	Wholesalers · Amul Dairy · Baroda Dairy
No. of Employees :	Approximately 05 (In office)
Bankers :	HDFC Bank, Ashram Road

Banking Relations :	--
Auditors :
Name 1 :	ASA Associates Chartered Accountants
Address :	Chankya Building, Near Torrent House, Dinesh Hall, Ashram Road, Ahmedabad, Gujarat, India
Name 2 :	Shrikant Shah and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Associates/Subsidiaries :	Pradhin Exports Address: 264, Gunj Bazaar, Opp. Mataji Temple, Old Madhupura, Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2011

Capital Investment :
Owned :	Rs.4.964 millions
Borrowed :	--
Total :	Rs.4.964 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2011
SHAREHOLDERS FUNDS
1] Partner’s Capital			4.964
2] Share Application Money			0.000
3] Reserves & Surplus			0.000
4] (Accumulated Losses)			0.000
NETWORTH			4.964
LOAN FUNDS
1] Secured Loans			0.281
2] Unsecured Loans			8.796
TOTAL BORROWING			9.077
DEFERRED TAX LIABILITIES			0.000
TOTAL			14.041
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			2.150
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERRED TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		13.901
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets			13.901
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		2.010
	Other Current Liabilities
	Provisions
Total Current Liabilities			2.010
Net Current Assets			11.891
MISCELLANEOUS EXPENSES			0.000
TOTAL			14.041

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	68.175
		Other Income	0.676
		TOTAL	68.851
Less	EXPENSES
		Cost of Goods Sold	66.114
		Direct Expenses	0.538
		Administrative Expenses	0.854
		Auditor’s Remuneration	0.029
		Partners Remuneration	0.574
		TOTAL	68.109
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.742
Less	INTEREST & FINANCIAL EXPENSES		0.532
	PROFIT BEFORE TAX		0.210
Less	TAX		0.065
	PROFIT AFTER TAX		0.145

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.21
Net Profit Margin (PBT/Sales)	(%)	0.31
Return on Total Assets (PBT/Total Assets}	(%)	1.31
Return on Investment (ROI) (PBT/Networth)		0.11
Debt Equity Ratio (Total Liability/Networth)		2.23
Current Ratio (Current Asset/Current Liability)		6.92

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	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	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	No
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	No
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	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
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.