MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	KAMALGANGA EXPORTS PRIVATE LIMITED [w.e.f. 31.07.2006]
Formerly Known As :	KAMAL HI-TECH SYSTEMS PRIVATE LIMITED
Registered Office :	G-30 and 31, MIDC, Ghikalthana, Aurangabad-431001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.05.2000
Com. Reg. No.:	11-126841
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U30007MH2000PTC126841
TAN No.: [Tax Deduction & Collection Account No.]	NSKK01507C
PAN No.: [Permanent Account No.]	AABCK6201B
Legal Form :	Private Limited Liability Company
Line of Business :	Merchant Exporter of Furnaces and Rolling Mills.
No. of Employees :	6 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 31500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit and sales turnover of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 31-03-2012.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Malay Santosh Gupta
Designation :	Director
Contact No.:	91-9370744082
Date :	22.10.2013

LOCATIONS

Registered Office :	G-30 and 31, MIDC, Ghikalthana, Aurangabad-431001, Maharashtra, India
Tel. No.:	91-240-2482049
Mobile No.:	91-9370744082 [Mr. Malay Santosh Gupta]
Fax No.:	91-240-2476181
E-Mail :	kamalganga@rediffmail.com
Location :	Owned
Warehouse :	Plot No. K-122/2/C, MIDC, Waluj, Aurangabad-431136, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Malay Santosh Gupta

Designation :

Director

Address :

Plot No. 114, Sector AN-1, CIDCO, Aurangabad-431003, Maharashtra, India

Date of Birth/Age :

07.12.1975

Date of Appointment :

03.10.2006

Din No.:

00041409

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	U51220MH2001PTC131319	SVM ENTERPRISES PRIVATE LIMITED	Director	13/04/2002	13/04/2002	04/10/2010	Active	NO
2	U30007MH2000PTC126841	KAMALGANGA EXPORTS PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO

Name :

Mr. Santosh Cheedalal Gupta

Designation :

Director

Address :

114, Sector A, N-1, CIDCO, Aurangabad-431003, Maharashtra, India

Date of Birth/Age :

29.07.1948

Date of Appointment :

30.05.2000

Din No.:

00149572

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	U30007MH2000PTC126841	KAMALGANGA EXPORTS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	-	Active	NO
2	U01403MH2010PTC203124	NOVA CROP SCIENCES PRIVATE LIMITED	Director	01/12/2010	01/12/2010	29/08/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Santosh Cheedalal Gupta	28010
Kamlesh Santosh Gupta	35010
Gagan Santosh Gupta	36960
Surendra Kumar Gupta	10
Dwarka Prasad Soni	10
TOTAL	100000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Merchant Exporter of Furnaces and Rolling Mills.
Exports :
Products :	Furnaces and Rolling Mills
Countries :	East Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Anikit Travel Services Crescent Combution System Private Limited Essen Welding Alloys Private Limited Trackon Couriers S.S. Enterprises Saraf Logistics India Private Limited Cargo Partner Logistics India Private Limited Disha Prints Sharda Enterprises S R Ventures
Customers :	Others
No. of Employees :	6 [Approximately]
Bankers :	Bank of Baroda, Aurangabad, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Baheti Totla and Associates Chartered Accountants
Address :	Baheti Hospital Premises, Manjit Nagar, Opposite Akashwani, Jalna Road, Aurangabad-431001, Maharashtra, India
Tel No.:	91-240-2353797
Email:	beheti.totla@gmail.com
PAN No:	AAIFB3229Q

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	6.891	5.275
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.891	6.275
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(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)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	20.705	12.581
(b) Trade payables	0.657	3.687
(c) Other current liabilities	0.318	0.402
(d) Short-term provisions	0.530	0.235
Total Current Liabilities (4)	22.210	16.905
TOTAL	30.101	23.180
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.515	4.259
(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)	0.099	0.079
(d) Long-term Loan and Advances	1.800	2.080
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.414	6.418
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.129	0.129
(c) Trade receivables	19.017	15.697
(d) Cash and cash equivalents	2.320	0.672
(e) Short-term loans and advances	3.129	0.019
(f) Other current assets	0.092	0.245
Total Current Assets	24.687	16.762
TOTAL	30.101	23.180

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		4.843
4] (Accumulated Losses)		0.000
NETWORTH		5.843
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		12.926
TOTAL BORROWING		12.926
DEFERRED TAX LIABILITIES		0.000
TOTAL		18.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.374
Capital work-in-progress		0.000
INVESTMENT		0.050
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	12.485
	Cash & Bank Balances	1.258
	Other Current Assets	0.473
	Loans & Advances	2.128
Total Current Assets		16.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.417
	Other Current Liabilities	0.427
	Provisions	0.155
Total Current Liabilities		1.999
Net Current Assets		14.345
MISCELLANEOUS EXPENSES		0.000
TOTAL		18.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	26.271	25.955	19.480
Less	EXPENSES
		TOTAL (B)	21.419	23.896	17.739
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.852	2.059	1.741
Less	FINANCIAL EXPENSES (D)		0.999	0.637	0.774
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.853	1.422	0.967
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.958	0.810	0.780
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.895	0.612	0.187
Less	TAX (H)		1.280	0.181	0.210
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.615	0.431	(0.023)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.275	4.843	4.866
Less	APPROPRIATIONS
		Transfer to General Reserve	6.890	5.275	4.843
	Earnings / (Loss) Per Share (Rs.)		16.15	4.31	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.15	1.66	(0.12)
Return on Total Assets (PBT/Total Assets}	(%)	9.65	2.65	0.90
Return on Investment (ROI) (PBT/Networth)		0.37	0.10	0.03
Debt Equity Ratio (Total Debt/Networth)		2.62	2.00	2.21
Current Ratio (Current Asset/Current Liability)		1.11	0.99	8.17

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	No
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Mauli Steel Private Limited	0.000	0.539
Malay Gupta	0.013	0.000
Santosh C. Gupta HUF	9.687	9.567
SVM Enterprises Private Limited	4.050	2.250
Anamika G Gupta	1.605	0.000
Kamlesh C. Gupta	5.319	0.000
Santosh C. Gupta	0.031	0.186
C.R. Gupta	0.000	0.039
TOTAL	20.705	12.581

FIXED ASSETS:

• Office Building
• Computers
• Furniture and Fixtures
• Office Equipments
• Printer
• Car
• Mobile
• Two Wheeler

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.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

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	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.