MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	NGK FRESH TRADING PRIVATE LIMITED
Registered Office :	A-340, New Sabzi Mandi, Azadpur, New Delhi – 110033
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.11.2012
Com. Reg. No.:	55-244764
Capital Investment / Paid-up Capital :	Rs. 10.306 Millions
CIN No.: [Company Identification No.]	U51909DL2012PTC244764
Legal Form :	Private Limited Liability Company
Line of Business :	Distributors of Fresh Fruits.
No. of Employees :	14 (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 41000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established during the year 1999 as a proprietary concern with the name “NGK Trading Company” and later during the year 2012 it got converted into private limited with the name “Ngk Fresh Trading Private limited”. It is a company having satisfactory track record. As claimed by Mr. Manish Dua Account Head that even though the subject was converted into private limited company, it was working in proprietary concern till March 2013. Further he also claimed that in private limited company they have started business operation from April 2013. Trade relation are reported as fair. Business is active. Payment terms are slow but correct. The subject can be considered normal for business dealing at usual trade terms and condition. Note: The rating is based financial of proprietorship concern for the year 2013. Mr. Manish Dua Account Head provided audited financial and the turnover figure for the year 2012 is 1240.000 millions which is the correct figure (100.000 was incorrect figure provided by Mr. Sandeep Son proprietor).

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.

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. Manish
Designation :	Accountant Head
Contact No.:	91-9810293594
Date :	26.09.2014

LOCATIONS

Registered Office :	A-340, New Sabzi Mandi, Azadpur, New Delhi – 110033, India
Tel. No.:	Not Available
Mobile No.:	91-9810293594 (Mr. Manish)
Fax No.:	Not Available
E-Mail :	manish@ngk.co.in
Area :	2000 Sq. ft.
Location :	Owned
Corporate Office :	DLF Phase – I, Gurgaon, Haryana, India
Tel. No.:	91-124-4059105

DIRECTORS

As on: 30.12.2013

Name :	Mr. Naresh Khosla
Designation :	Director
Address :	B1 /03, Palm Grove Villas Ardee City, Sector – 52, Gurgaon – 122003, Haryana, India
Date of Birth/Age :	11.10.1944
Date of Appointment :	09.11.2012
DIN No.:	01027875
Name :	Mr. Gagah Kumar Khosla
Designation :	Director
Address :	B1 /03, Palm Grove Villas Ardee City, Sector – 52, Gurgaon – 122003, Haryana, India
Date of Birth/Age :	06.07.1970
Date of Appointment :	09.11.2012
DIN No.:	01442325

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Accountant Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.12.2013

Names of Shareholders	No. of Shares
Naresh Khosla	10
Gagah Kumar Khosla	9990
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 30.12.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributors of Fresh Fruits.
Imports :
Products :	· Fresh Fruits
Countries :	· USA · Chili · South Africa · Australia · Peru
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

· Mathern Fresh Company, USA

Customers :

· Exatic Fresh Product Private limited, Delhi

No. of Employees :

14 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

· HSBC Bank, DLF Branch

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013
BMW India Financial Services Private Limited – BMW Car Loan	0.137
BMW India Financial Services Private Limited – BMW Car Loan	0.371
BMW India Financial Services Private Limited – BMW Car Loan	1.799
Total	2.307

Banking Relations :	--
Auditors :
Name :	Gireesh Bhlla and Company Chartered Accountants
Address :	M-1, Ashoka Centre, E-4/15, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	91-11-23556860 / 41041215
Fax No.:	91-11-23556860
Email:	Girishbhalla2000@yahoo.co.in
PAN No.:	AAAFG9340H
Sister Concern :	Name: NGK Retail Private Limited Address: A-340, New Sabzi Mandi, Azad Pur, New Delhi – 110033, India Line of business: Supermarket

CAPITAL STRUCTURE

As on: 30.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		10.306
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		10.306
LOAN FUNDS
1] Secured Loans		2.307
2] Unsecured Loans		0.000
TOTAL BORROWING		2.307
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.066
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.836
	Sundry Debtors	33.749
	Cash & Bank Balances	6.148
	Other Current Assets	7.515
	Loans & Advances	21.663
Total Current Assets		84.911
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.643
	Other Current Liabilities	0.000
	Provisions	0.721
Total Current Liabilities		86.364
Net Current Assets		(1.453)
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	1266.195
		Other Income	1.228
		TOTAL	1267.423
Less	EXPENSES
		Cost of goods sold	728.719
		Agency Attendance	3.064
		Clearing and forwarding charges	33.450
		Custom Duty	366.422
		Freight Inward	56.830
		Service Charges	12.335
		Discount Allowed	2.912
		Exchange Rate difference	14.906
		Legal and Professional	0.402
		Salary to Staff	4.801
		Transportation Charges	3.859
		Other Expenses	20.898
		TOTAL	1248.598
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.825
Less/ Add	DEPRECIATION/ AMORTISATION		2.425
	PROFIT BEFORE TAX		16.400

Particulars	31.03.2014
Sales Turnover (Approximately)	1650.000

The above information has been parted by Mr. Manish Oha

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	1.29
Net Profit Margin (PBT/Sales)	(%)	1.30
Return on Total Assets (PBT/Total Assets}	(%)	16.57
Return on Investment (ROI) (PBT/Networth)		1.59
Debt Equity Ratio (Total Debt/Networth)		0.22
Current Ratio (Current Asset/Current Liability)		0.98

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	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	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

Note: The Registered Office of the company has been shifted from C-93, Sabzi Mandi, Azadpur, Delhi – 110033, India to the present address w.e.f. 24.11.2012.

INDEX OF CHARGES

S.No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10439342	30/06/2013	47,500,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B80553100

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. 61.57
UK Pound	1	Rs. 100.42
Euro	1	Rs. 78.45

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	DPH

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.