MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	K.P. MANISH GLOBAL INGREDIENTS PRIVATE LIMITED
Registered Office :	41, Raghunayakulu Street, Park Town, Chennai – 600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.10.2007
Com. Reg. No.:	18-065205
Capital Investment / Paid-up Capital :	Rs. 5.709 millions
CIN No.: [Company Identification No.]	U24297TN2007PTC065205
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEK09647B
PAN No.: [Permanent Account No.]	AABCL3843N
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Pharma Ingredients
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments term are reported to be usually correct. 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 – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Moderate risk of default
Date	January 15, 2014

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	January 15, 2014

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 PARTED BY

Name :	Mr. Vishal Jain
Designation :	Son of Director
Contact No.:	91-44-25352345
Date :	07.11.2014

LOCATIONS

Registered Office :	41, Raghunayakulu Street, Park Town, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25352345/ 25351345/ 25356050
Fax No.:	91-44-25356171
E-Mail :	mgi@kawarlala.com ing@kawarlala.com accounts@kawarlal.com info@kawarlal.com
Website :	http://www.kawarlal.com
Area :	2400 sq. ft
Location:	Owned
Head office :	27 Raghunayakula Street, Park Town, Chennai – 600003, Tamilnadu, India
Tel. No.:	91 - 44 - 2535 2767/5801/7534
Fax No.:	91 - 44 - 2534 0234
E-Mail :	info@kawarlal.com
Godown:	No. 166, Madhavaram High Road, Chennai – 600003, Tamilnadu, India
Tel No.:	91-44-25532266
Fax No.:	91-44-25530044
Email:	warhouse@kawarlal.com
Area :	36000 sq. ft
Location:	Owned
Branches 1 :	No. 4772/23, 2^nd Floor, Bharat Ram Road, Dariyaganj, New Delhi - 110002, India
Tel No.:	91-11-32526618 / 23256621
Fax No.:	91-11-23256619
Email:	delhi@kawarlal.com
Area :	1200 sq. ft
Location:	Rented
Branches 2 :	'Samaj Deep' 301, Jamnadas Adukia Road, 3rd Floor, Kandivali (West), Mumbai - 400067, Maharashtra, India
Tel No.:	91-22-2863 8200
Fax No.:	91-22-2863 8222
Email:	sales@kawarlal.com
Branches 3 :	4-3-533 to 535/7, Hanuman Tekdi, Hyderabad - 500001, Andhra Pradesh, India
Tel No.:	91-40-24761068
Fax No.:	91-40-24761069
E-mail:	hyderabad@kawarlal.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Manish Paramal Jain

Designation :

Director

Address :

27, Ragunayakulu Street, Park Town, Chennai - 600003, Tamilnadu, India

Date of Birth/Age :

19.11.1982

Date of Appointment :

29.10.2007

PAN No.:

AAKHM6452Q

DIN No.:

01817445

Name :

Mr. Parasmal Kawarlal Jain

Designation :

Director

Address :

27, Ragunayakulu Street, Park Town, Chennai - 600003, Tamilnadu, India

Date of Birth/Age :

03.01.1959

Date of Appointment :

30.09.2009

PAN No.:

AAHPJ0394B

DIN No.:

02535981

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	U24297TN2007PTC065205	K.P.MANISH GLOBAL INGREDIENTS PRIVATE LIMITED	Director	30/09/2009	26/02/2009	-	Active	NO
2	U24133MH2004PTC146248	DEEPAK CELLULOSE PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Manish P Jain	190000
K. Parasmal Jain	125000
Sarala Bai Jain	44400
Vishal P. Jain	46100
Chandanbala M. Jain	32000
Deepak Jain (HUF)	20000
Deepak Kumar P Jain	63400
Manish P Jain HUF	50000
Total	570900

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Pharma Ingredients
Exports :
Products :	Finished goods
Countries :	Nigeria
Imports :
Products :	Raw material
Countries :	Canada USA China
Terms :
Selling :	Cash, and Credit (30 ---- Days)
Purchasing :	Cash, and Credit (30 ---- Days)

GENERAL INFORMATION

Suppliers :

Saputo, Canada

Customers :

Wholesaler, Retailer and End Users

Reference	Apex Laborities India Private Limited
Name of the person	Mr. Padmanabham (Senior Manager)
Contact Number	91-984449977
Since How Long known	7years
Experience	Very good
Maximum limit dealt	Rs. 40.000 millions
Comment	They give us an positive response about subject company. As claimed by Mr. Padmanabham they are satisfied with subject.

No. of Employees :

90 (Approximately)

Bankers :

Union Bank of India, Sowcarpet Branch, 194 Mint Street, Chennai - 600003, Tamilnadu, India

Banker Name	Union Bank of India
Person Name	Mr. Manish (Manager)
Contact No.	91-44-23460808

Name of Account Holder	Mr. K. P. Manish
Remarks (if any)	Satisfactory
Comment	The banker gave positive response. The company having satisfactory track record for the transaction. Confirmed by [Mr. Manish (Manager)]

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
Working capital loans from banks (secured against the receivables and stocks of the company)	75.461	53.990
Total	75.461	53.990

Auditors :
Name :	R. Rajendrakumar and Company Chartered Accountant
Address :	No. 329, Mint Street, Chennai - 600003, Tamilnadu, India
Tel. No.:	91-44-25354874/ 25352934
PAN No.:	AACPR8148J

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
570900	Equity Shares	Rs.10/- each	Rs.5.709 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	5.709	5.709	5.709
(b) Reserves & Surplus	143.539	101.140	73.926
(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)	149.248	106.849	79.635
(3) Non-Current Liabilities
(a) long-term borrowings	300.953	209.700	180.985
(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)	300.953	209.700	180.985
(4) Current Liabilities
(a) Short term borrowings	75.461	53.990	21.759
(b) Trade payables	191.055	152.840	42.526
(c) Other current liabilities	10.945	18.199	33.603
(d) Short-term provisions	3.500	7.154	0.000
Total Current Liabilities (4)	280.961	232.183	97.888
TOTAL	731.162	548.732	358.508
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.726	3.185	1.296
(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	81.500	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.007	0.000
(d) Long-term Loan and Advances	4.543	3.543	0.043
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.769	6.735	1.339
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	102.400	82.323	47.362
(c) Trade receivables	503.909	428.323	293.328
(d) Cash and cash equivalents	20.292	11.233	8.212
(e) Short-term loans and advances	15.792	20.118	8.168
(f) Other current assets	0.000	0.000	0.099
Total Current Assets	642.393	541.997	357.169
TOTAL	731.162	548.732	358.508

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1789.200	1453.600	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION		N.A	N.A	0.567
	PROFIT BEFORE TAX		N.A	N.A	30.659
Less	TAX		N.A	N.A	0.313
	PROFIT AFTER TAX		0.423	0.272	30.346
	Earnings Per Share (Rs.)		0.74	--	53.15

Particulars	31.03.2014
Sales Turnover (Approximately)	2150.000

Expected Sales (2014-15) : Rs.3000.000 Millions

The above information has been parted by Mr. Vishal Jain ( Son of Director)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	2.52	2.47	2.55
Current Ratio (Current Asset/Current Liability)	2.29	2.33	3.65

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	5.709	5.709	5.709
Reserves & Surplus	73.926	101.140	143.539
Net worth	79.635	106.849	149.248
long-term borrowings	180.985	209.700	300.953
Short term borrowings	21.759	53.990	75.461
Total borrowings	202.744	263.690	376.414
Debt/Equity ratio	2.546	2.468	2.522

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	1453.600	1789.200
		23.088

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	1453.600	1789.200
Profit	0.272	0.423
	0.02%	0.02%

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	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	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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Loans and advances from directors	161.690	3.297
Loans and advances from others	139.263	206.403
Total	300.953	209.700

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10134196	05/01/2012 *	220,000,000.00	UNION BANK OF INDIA	SOWCARPET BRANCH, 194 MINT STREET,, CHENNAI, Tami  l Nadu - 600003, INDIA	B73901357

* Date of charge modification

FIXED ASSETS:

Tangible Assets

• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer Equipments

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.61.55
UK Pound	1	Rs.97.09
Euro	1	Rs.76.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.