MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	VIKRMA IMPEX PRIVATE LIMITED
Registered Office :	32, Jawaharlal Nehru Road, 4^th Floor, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.05.1994
Com. Reg. No.:	21-063315
Capital Investment / Paid-up Capital :	Rs.21.781 Millions
CIN No.: [Company Identification No.]	U51109WB1994PTC063315
TAN No.: [Tax Deduction & Collection Account No.]	CALV01036A
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Tea.
No. of Employees :	Information denied by management

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 87000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 DENIED BY

Management Non Co-Operative (Tel No.: 91-33-22266103)

LOCATIONS

Registered Office / Head Office :	32, Jawaharlal Nehru Road, 4^th Floor, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22266103 / 5726 / 32924801 / 4802
Fax No.:	91-33-22492367
E-Mail :	bhutu2008@sify.com info@merichai.in munnatea@cal3.vsnl.net.in
Website :	http://www.merichai.in
Overseas Office :	392, Seifulina Avenue, Almaty, Republic Of Kzakistan
Tel. No.:	+7-727-272330836 / +7-727-017312933
E-Mail :	kzak@merichai.in

DIRECTORS

As on 27.09.2013

Name :

Mr. Nand Kishore Agarwal

Designation :

Director

Address :

13, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

10.02.1968

Date of Appointment :

31.05.2000

PAN No.:

ADAPA8072B

DIN No.:

00395349

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	U51109WB1994PTC063315	VIKRMA IMPEX PRIVATE LIMITED	Director	31/05/2000	31/05/2000	-	Active	NO
2	U06278WB2000PTC099249	BALAJI AGRO PRIVATE LIMITED	Director	22/08/2000	22/08/2000	-	Active	NO
3	U51909WB1977PTC031288	AJAY BHARAT PRIVATE LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
4	U45400WB2009PTC138707	GD REALITY PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO
5	U70100WB2007PTC120026	SANGINI TRADECOM PRIVATE LIMITED	Director	22/02/2014	22/02/2014	-	Active	NO
6	U51909WB2007PTC120355	GD TIE-UP PRIVATE LIMITED	Additional director	25/07/2014	25/07/2014	-	Active	NO

Name :

Mr. Raju Agarwal

Designation :

Director

Address :

58/1, Old Nimta Road, 32, Belgharia, Kolkata – 700083, North 24 Parganas, West Bengal, India

Date of Birth/Age :

31.03.1982

Date of Appointment :

25.03.2009

PAN No.:

AMTPA4589P

DIN No.:

02260780

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	U51109WB1994PTC063315	VIKRMA IMPEX PRIVATE LIMITED	Director	25/03/2009	25/03/2009	-	Active	NO
2	U06278WB2000PTC099249	BALAJI AGRO PRIVATE LIMITED	Director	25/03/2009	25/03/2009	-	Active	NO
3	U65921WB1996PTC126939	NEW CHARAN KANWAL FINANCE COMPANY PRIVATE LIMITED	Director	24/08/2009	24/08/2009	16/10/2012	Active	NO
4	U45400WB2007PTC120537	EVEREST REAL ESTATES PRIVATE LIMITED	Director	14/07/2010	14/07/2010	-	Active	NO
5	U70200WB2010PTC153461	SANGAM DEVCON PRIVATE LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
6	U70109WB2010PTC153460	DIAMOND DEVCON PRIVATE LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
7	U51909WB1977PTC031288	AJAY BHARAT PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Nand Kishore Agarwal	341557
Bhagvati Devi Agarwal	96500
Giriya Devi Agarwal	200000
Maya Agarwal	100000
Vikram Agarwal	140000
Balaji Agro Private Limited, India	375300
Raju Agarwal	36000
Mukesh Agarwal	57000
New Charan Kanwal Finance Company Private Limited, India	48000
Moonlight Devcon Private Limited, India	586000
Samay Traders Private Limited, India	197700
Total	2178057

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Bodies corporate	55.42
Directors or relatives of Directors	44.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Tea.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• State Bank of India, Chowringhee Branch, 38B, Chowringhee Road, Kolkata – 700071, West Bengal, India
• UCO Bank, International Banking Branch, 4 and 4/1; Red Cross Place, Kolkata – 700001, West Bengal, India
• CITI Bank, Chowringhee Branch, Kolkata – 700071, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Foreign Bill (FBP SBI A/C)	0.000	15.395
SBI Packing Credit loan	2.506	0.052
EFFC	0.000	(0.073)
PCEC Loan – SBI	105.223	89.734
EBR Loan A/C	0.000	3.866
ICICI Bank Car Loan A/C	1.122	0.000
Security Deposit
Anand Automotive Limited	0.560	0.000
National Steel and Industries Limited	1.680	1.680
Loans repayable on demand
From body corporate	121.917	99.135
Total	233.008	209.789

Banking Relations :	--
Auditors :
Name :	D. Dokania and Company Chartered Accountants
Address :	Diamond Arcade, 68 Jessore Road, Room No.518, 5th Floor, Kolkata – 700055, West Bengal, India
Tel. No.:	91-33-32877609 / 65402815
PAN No.:	ADQPD4151Q
Related Parties :	· GD Tie-Up Private Limited · Balaji Agro Private Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2178057	Equity Shares	Rs.10/- each	Rs.21.781 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.781	21.781	19.804
(b) Reserves & Surplus	143.575	132.347	90.741
(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)	165.356	154.128	110.545
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.596	0.576	0.333
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.576	2.576	2.555
Total Non-current Liabilities (3)	9.172	3.152	2.888
(4) Current Liabilities
(a) Short term borrowings	233.008	209.789	207.573
(b) Trade payables	199.166	0.000	0.000
(c) Other current liabilities	0.000	91.873	54.642
(d) Short-term provisions	24.793	56.955	41.741
Total Current Liabilities (4)	456.967	358.617	303.956
TOTAL	631.495	515.897	417.389
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.663	84.841	59.476
(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	0.170	0.170	0.170
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.089	16.328	12.147
(e) Other Non-current assets	6.413	2.515	2.711
Total Non-Current Assets	110.335	103.854	74.504
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	133.495	115.273	53.605
(c) Trade receivables	313.403	253.391	270.252
(d) Cash and cash equivalents	29.824	3.433	4.170
(e) Short-term loans and advances	4.148	18.810	1.331
(f) Other current assets	40.290	21.136	13.527
Total Current Assets	521.160	412.043	342.885
TOTAL	631.495	515.897	417.389

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	747.087	617.006	737.825
		Other Income	60.361	69.042	45.672
		TOTAL (A)	807.448	686.048	783.497
Less	EXPENSES
		Purchase of Stock-in-trade	661.335	635.753	643.561
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(18.222)	(61.668)	48.165
		Employee Benefits Expenses	2.073	2.045	1.934
		Other Expenses	110.531	76.917	66.939
		TOTAL (B)	755.717	653.047	760.599
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.731	33.001	22.898
Less	FINANCIAL EXPENSES (D)		26.780	22.297	15.539
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.951	10.704	7.359
Less	DEPRECIATION/ AMORTISATION (F)		7.704	4.78	1.9
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		17.247	5.924	5.459
Less	TAX (H)		6.019	1.883	1.718
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		11.228	4.041	3.741
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.370	20.326	16.585
Add	Being the assessment order received for AY 2011-12		0.000	0.002	0.000
Add	IT refunded against arrear demand for A Y 2001		0.000	0.001	0.000
	BALANCE CARRIED TO THE B/S		35.398	24.370	20.326
	Earnings Per Share (Rs.)		5.16	2.02	1.89

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.39	0.59	0.48
Net Profit Margin (PBT/Sales)	(%)	2.31	0.96	0.74
Return on Total Assets (PBT/Total Assets}	(%)	2.73	1.15	1.31
Return on Investment (ROI) (PBT/Networth)		0.10	0.04	0.05
Debt Equity Ratio (Total Debt /Networth)		1.41	1.36	1.88
Current Ratio (Current Asset/Current Liability)		1.14	1.15	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	19.804	21.781	21.781
Reserves & Surplus	90.741	132.347	143.575
Net worth	110.545	154.128	165.356
long-term borrowings	0.000	0.000	0.000
Short term borrowings	207.573	209.789	233.008
Total borrowings	207.573	209.789	233.008
Debt/Equity ratio	1.878	1.361	1.409

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	737.825	617.006	747.087
		(16.375)	21.083

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	737.825	617.006	747.087
Profit	3.741	4.041	11.228
	0.51%	0.65%	1.50%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
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

CORPORATE INFORMATION

Company is formed as a private limited company and is engaged in the business of trading in tea and its having its registered place of business at 32, Jawaharlal Nehru Road, 4^th Floor, Kolkata – 700071, West Bengal, India.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502216	21/05/2014	30,000,000.00	Barclays Bank Plc	801/808, Ceejay House, Opposite Nehru Planetarium, Estate, Dr Annie Besant Road, Worli, MUMBAI, Maharashtra - 400018, India	C06213896
2	10067907	29/04/2014 *	148,000,000.00	State Bank of India	SME Exim Branch, Block-A, 6th Floor, LHO Samriddhi Bhavan, 1, Strand Road, Kolkata, West Bengal - 700001, India	C09294158

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	VNT

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	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		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.