MIRA INFORM REPORT

Report No. :	357131
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	APEX COMMODITIES
Registered Office :	11 SCO House, 50 Jawaharlal Nehru Road, 11^th Floor, Kolkata – 700071, West Bengal
Tel. No.:	91-33-22821548/0513/5413
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	25.05.2009
Capital Investment / Paid-up Capital :	Rs. 11.784 Million
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	CALA11366F
PAN No.: [Permanent Account No.]	AAPFA3271N
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Ferro alloy products like silicon manganese, ferro manganese, high carbon ferro manganese, low carbon ferro manganese, medium carbon ferro manganese, quartz, etc. [Confirmed by management]
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 2009. It has satisfactory track. As per available financials of the year 2015, the concern has reported sufficient capital base along with comfortable and decreasing debt level over previous year. Further, the concern has reported significant increase in its sales revenue along with thin profit margin in the same consecutive year. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of improving financial condition, the concern can be considered for business dealings with 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. P. K. Chamal
Designation :	Account Head
Contact No.:	91-9830807411
Date :	24.12.2015

Name :	Mr. Purushottam Somani
Designation :	Manager
Contact No.:	91-9099995889
Date :	24.12.2015

LOCATIONS

Registered Office :	11 SCO House, 50 Jawaharlal Nehru Road, 11^th Floor, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22821548/0513/5413
Mobile No.:	91-9830807411 (P.K. Chamal) 91-9099995889 (Mr. Purushottam Somani)
Fax No.:	91-33-22821564
E-Mail :	pkchamal@ideal.in
Website :	http://www.ideal.in
Area :	2000 sq. ft.
Location :	Rented
Locality :	Commercial
Branch Office/ Warehouse :	Shop 9, Kusum Chandra Park, ONGC Char Rasta, Hazira Road, Khharpore, Surat – 394510, Gujarat, India
Area :	5000 sq. ft.
Location :	Rented
Locality :	Commercial

PARTNERS

Name :	Mr. Nakul Himat Singka (HUF)
Designation :	Partner
Date of Birth/Age :	35 Year
Qualification :	BSC
Experience :	15 Years
Name :	Mr. Tirthraj Himat Singka (HUF)
Designation :	Partner
Date of Birth/Age :	54 Years
Qualification :	Master of Business Management
Experience :	28 Years

KEY EXECUTIVES

Name :	Mr. P. K. Chamal
Designation :	Account Head
Name :	Mr. Purushottam Somani
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Trader of Ferro alloy products like silicon manganese, ferro manganese, high carbon ferro manganese, low carbon ferro manganese, medium carbon ferro manganese, quartz, etc. [Confirmed by management]
Products :	Silicon Manganese Ferro Manganese High Carbon Ferro Manganese Low Carbon Ferro Manganese Medium Carbon Ferro Manganese Quartz
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit (30 days)
Purchasing :	Cash, Cheque and Credit (30 days)

GENERAL INFORMATION

Suppliers :

Reference :

Shri Girija Alloy and Power India Private Limited

Name of the Person :

Mr. Vamsi Pericherla (Director)

Contact No.:

91-9948873557

Since How Long Known :

6 Years

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Rs. 70.000 Million (Yearly)

Remark :

Mr. Vamsi gave positive response about subject company in payment behavior and market goodwill.

Reference :

Swastik Chemical Lime Industries

Name of the Person :

Mr. Shetal Modi (Partner)

Contact No.:

91-9414123280

Since How Long Known :

7 Years

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Rs. 10.000 Million (Monthly)

Remark :

Mr. Shetal Modi informed that they are satisfied with their payment behavior.

Customers :

Wholesalers, Manufacturer

Reference :

Essar Steel India Limited – Mumbai

Name of the Person :

Mr. Jignesh Patel (Purchase Department)

Contact No.:

91-9879103302

Since How Long Known :

7 Years

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Rs. 400.000 Million (Annually)

Remark :

Mr. Jignesh Patel informed that they are satisfied with their product quality and delivery behavior.

No. of Employees :

15 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	27 Km, Surat Hazira Road, Nana Niketan, Essar Township, Hazira (Branch), Surat – 394270, Gujarat, India
Person Name (With Designation)	Mr. Kumud
Contact Number	91-261-6684071
Name of Account Holder	Apex Commodities
Account Number	30550274584
Account Since (Date/Year of Account Opening)	2009
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Current Account
Account Operation	Not Divulged
Remarks (If any)	Bank is closed due to bank holiday.

Auditors :
Name :	Niranjan Desai and Company Chartered Accountants
Address :	Surat, Gujarat, India
Memberships :	--
Collaborators :	--
Group Companies :	Ideal Resources Private Limited Ideal Movers Private Limited Ideal Real Estate Private Limited Ideal Dealers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

PARTNERS FIXED CAPITAL

Particular	Rs. In Million
Nakul Himatsingka (HUF)	0.350
Tirthraj Himatsingka (HUF)	0.150
Total	0.500

PARTNERS CURRENT CAPITAL

Name of the Partner	Ratio of Profit	Opening Balance	Addition	Interest	Profit	Total	Withdrawals	Rs. In Million
Nakul Himatsingka (HUF)	70	2.358	--	0.238	3.763	6.360	2.555	3.805
Tirthraj Himatsingka (HUF)	30	5.221	--	0.645	1.613	7.479	--	7.479
Total	100	7.580	--	0.883	5.376	13.839	2.555	11.284

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		11.784	8.080	5.046
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.784	8.080	5.046
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		19.244	24.747	15.860
TOTAL BORROWING		19.244	24.747	15.860
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.028	32.827	20.906
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.194	0.605	0.711
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.020	0.020	0.020
DEFERREX TAX ASSETS				0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.258	0.135	17.683
	Sundry Debtors	100.736	27.159	63.609
	Cash & Bank Balances	0.259	0.534	0.160
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.097	7.783	1.375
Total Current Assets		144.350	82.827	35.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	6.782	0.000
	Other Current Liabilities	111.950	8.081	49.051
	Provisions	2.586	0.573	1.574
Total Current Liabilities		114.536	50.625	15.436
Net Current Assets		29.814	32.202	20.175
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.028	32.827	20.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	920.050	717.541	1063.488
		Other Income	7.063	4.996	5.800
		TOTAL	927.113	722.537	1069.288
Less	EXPENSES
		Direct Expenses	2.504	1.499	1.761
		Purchases of Stock-in-Trade	935.390	729.626	1062.534
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(23.575)	(17.548)	(0.056)
		Selling and Administrative exp.	1.077	0.696	0.924
		Interest to Partner	0.883	0.600	0.567
		Bad debts	0.000	0.024	0.096
		TOTAL	916.279	714.897	1065.826
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.834	7.640	3.462
Less	FINANCIAL EXPENSES		2.780	2.720	1.682
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.054	4.920	1.780
Less/ Add	DEPRECIATION/ AMORTISATION		0.209	0.106	0.125
	PROFIT BEFORE TAX		7.845	4.814	1.655
Less	TAX		2.469	1.505	0.592
	NET PROFIT		5.376	3.309	1.063

Expected Sales (2015-16): Rs. 1250.000 Million

The above information has been parted by Mr. Purushottam Somani (Manager)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.58	0.46	0.10
Operating Profit Margin (PBIDT/Sales)	(%)	1.17	1.06	0.32
Return on Total Assets (PBT/Total Assets}	(%)	26.31	14.95	8.20
Return on Investment (ROI) (PBT/Networth)		0.67	0.60	0.33
Debt Equity Ratio (Total Debt /Networth)		1.63	3.06	3.14
Current Ratio (Current Asset/Current Liability)		1.26	1.64	2.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.046	8.080	11.784
Reserves & Surplus	0.000	0.000	0.000
Net worth	5.046	8.080	11.784
Secured loan	0.000	0.000	0.000
Unsecured loan	15.860	24.747	19.244
Total borrowings	15.860	24.747	19.244
Debt/Equity ratio	3.143	3.063	1.633

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1063.488	717.541	920.050
		(32.529)	28.223

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1063.488	717.541	920.050
Profit	1.063	3.309	5.376
	0.10%	0.46%	0.58%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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 records 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 records 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. 66.20
UK Pound	1	Rs. 98.30
Euro	1	Rs. 72.41

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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		43

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.