MIRA INFORM REPORT

Report Date :

11.02.2014

IDENTIFICATION DETAILS

Name :	KUMAR WORLD TRADE PRIVATE LIMITED
Formerly Known As :	A-6, New Narayan Nagar, Vasna Road, Vadodara – 390 015, Gujarat
Registered Office :	India
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.08.1995
Com. Reg. No.:	04-027136
Capital Investment / Paid-up Capital :	Rs.0.817 Million
CIN No.: [Company Identification No.]	U45201GJ1995PTC027136
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading of chemical items and others items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 89000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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.

LOCATIONS

Registered Office :	A-6, New Narayan Nagar, Vasna Road, Vadodara-390015, Gujarat, India
Tel. No.:	91-265-6530608/2251208/5540259
Fax No.:	91-265-2250583
E-Mail :	kwtrade100@yahoo.com

DIRECTORS

As on 31.08.2013

Name :

Mr. Navendukum Radheyshyam Shastri

Designation :

Director

Address :

Sukhashray Bunglow, Opposite Tanmay Apartment, Atmajyoti Ashram Road, Ellora Park, Vadodara-390023, Gujarat, India

Date of Birth/Age :

11.08.1970

Date of Appointment :

17.08.1995

DIN No.:

00691859

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	Company/ LLP Status	Defaulting status
1	U24110GJ1991PTC015117	ALBION RESINS (INDIA) PRIVATE LIMITED	Director	25/02/1991	25/02/1991	Active	NO
2	L27100GJ1991PLC015156	CONTINENTAL FORGING LIMITED	Director	05/03/1991	05/03/1991	Active	NO
3	U45201GJ1995PTC027136	KUMAR WORLD TRADE PRIVATE LIMITED	Director	17/08/1995	17/08/1995	Active	NO

Name :

Mr. Viwasvatkum Radheyshyam Shastri

Designation :

Director

Address :

Sukhashray Bunglow, Opposite Tanmay Apartment, Atmajyoti Ashram Road, Ellora Park, Vadodara - 390023, Gujarat, India

Date of Birth/Age :

08.02.1974

Date of Appointment :

17.08.1995

DIN No.:

00691785

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	Company/ LLP Status	Defaulting status
1	U45201GJ1995PTC027136	KUMAR WORLD TRADE PRIVATE LIMITED	Director	17/08/1995	17/08/1995	Active	NO
2	L27100GJ1991PLC015156	CONTINENTAL FORGING LIMITED	Director	10/04/1997	10/04/1997	Active	NO
3	U24110GJ1991PTC015117	ALBION RESINS (INDIA) PRIVATE LIMITED	Director	27/09/2002	27/09/2002	Active	NO

MAJOR SHAREHOLDERS

As on 31.08.2013

Names of Shareholders	No. of Shares
Navendukum Radheyshyam Shastri	54500
Viwasvatkum Radheyshyam Shastri	27100
Munesh Radheyshyam Shastri	100
Total	81700

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in trading of chemical items and others items.

GENERAL INFORMATION

Suppliers :

· Akshay Art Printers

· Albion Resins (India) Private Limited

· Alif Traders

· Allied Enterprise

· Arihant Trading Company

· Ashok Kumar Lalchand and Company

· Asian Computers

· A S I Sales Private Limited

· Associates Road Carries Limited

· Atul Club House

· Chain Centre

· D.C. Parikh and Company

· Dinesh Mehta and Company

· Interport Impex Private Limited

· Krishna Barrels Company

· Mayuri Enterprises

· Om International

Customers :

· Acierie De Cote D’lvoire

· Arab Iron and Steel Corporation

· Congo Copper Mills Sprl

· Devki Steel Mills Limited (Kenya)

· Egyptian Iron and Steel Company

· Jumbo North (E.A.) Limited

· Melwire Rolling Private Limited

· M.S. Steel Trade Fze

· S R Steel Private Limited

· Special Steel Limited

· Modern Plus (K) Limited, Kenya

· Prometal

No. of Employees :

Not Available

Bankers :

· The Karur Vysya Bank Limited, 13, SIDCUP Tower, Race House, Vadodara-390007, Gujarat, India

· The Royal Bank of Scotland N.V., 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India

· ICICI Bank Limited

· Vijaya Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
The Kurar Vysya Bank Limited (P.Cr.)	2.247	13.630
The Kurar Vysya Bank Limited (EBDS) bill discounting	23.047	11.363
Total	25.294	24.993

Banking Relations :	--
Auditors :
Name :	D.C. Parikh and Company Chartered Accountants
Address :	307, Payal Complex, Tower D, Near Stock Exchange, Vadodara-390005, Gujarat, India
Tel. No.:	91-265-2361914
Fax No.:	91-265-2362389
PAN No:	ACTPP2402L

CAPITAL STRUCTURE

As on 31.08.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81700	Equity Shares	Rs.10/- each	Rs.0.817 Million

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	0.817	0.817	0.817
(b) Reserves & Surplus	21.323	18.443	16.472
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.133
Total Shareholders’ Funds (1) + (2)	22.140	19.260	17.422
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	12.643
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	12.643
(4) Current Liabilities
(a) Short term borrowings	25.294	24.993	0.000
(b) Trade payables	15.382	46.785	21.236
(c) Other current liabilities	0.060	0.126	-0.077
(d) Short-term provisions	0.806	3.339	1.924
Total Current Liabilities (4)	41.542	75.243	23.083
TOTAL	63.682	94.503	53.148
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.272	1.726	2.225
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	7.258	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.017	0.017	0.017
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.147	0.094	0.035
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.436	9.095	2.277
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.492	19.017	4.628
(c) Trade receivables	40.745	44.179	35.645
(d) Cash and cash equivalents	0.815	0.600	0.219
(e) Short-term loans and advances	9.194	21.612	10.379
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	52.246	85.408	50.871
TOTAL	63.682	94.503	53.148

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		289.303	217.989	146.594
Less	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX			4.177	2.954	1.880
Less	TAX			1.297	0.983	0.537
	PROFIT/(LOSS) AFTER TAX)			2.880	1.971	1.343
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			18.443	16.472	15.128
	BALANCE CARRIED TO THE B/S			21.323	18.443	16.472
	EARNINGS IN FOREIGN CURRENCY			3.128	2.240	NA
	Value of Imports
			Purchase of Goods	0.078	0.000	0.000
	TOTAL IMPORTS			0.078	0.000	0.000
	Earnings Per Share (Rs.)			35.26	24.12	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.00	0.90	0.92
Return on Total Assets (PBT/Total Assets}	(%)	6.56	3.39	3.54
Return on Investment (ROI) (PBT/Networth)		0.19	0.15	0.11
Debt Equity Ratio (Total Debt /Networth)		1.14	1.30	0.73
Current Ratio (Current Asset/Current Liability)		1.26	1.14	2.20

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80002538	23/11/2011 *	55,500,000.00	THE KARUR VYSYA BANK LIMITED	13, SIDCUP TOWER, RACE COURSE, VADODARA, Gujarat - 390007, INDIA	B29918158

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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.62.19
UK Pound	1	Rs.102.14
Euro	1	Rs.84.74

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.