MIRA INFORM REPORT

Report No. :	306049
Report Date :	09.02.2015

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
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCL3843N
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier and Exporter of pharmaceutical raw material, foods pharma cosmetic and neutron city cal, bulk drugs.
No. of Employees :	Not Divulged

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 430000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Case site not working
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial with government department for the year 2014. As per available financial of 2013, general financial position of the company seems to be sound. 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 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Long term borrowing (BB+)
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	Jan 15, 2014
Rating Agency Name	CRISIL
Rating	Short term borrowing (A4+)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	Jan 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 DENIED BY

Name :	Mr. Deepak Jain
Designation :	General Manager
Contact No.:	91-9385521000
Date :	03.02.2015

LOCATIONS

Registered Office :	41, Raghunayakulu Street, Park Town, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-44212345
Fax No.:	91-44-44212304
E-Mail :	accounts@kawarlal.com info@kplanish.com info@kawarlal.com mgi@kawarlal.com
Website :	http://www.kawarlalcdef.com

DIRECTORS

As on: 26.09.2013

Name :	Mr. Manish P Jain
Designation :	Director
Address :	27, Raghunayakulu Street, Park Town, Chennai – 600003, Tamilnadu, India
Date of Appointment :	29.10.2007
PAN:	ADBPJ0022F
DIN No.:	01817445
Name :	Mr. Parasmal K Jain
Designation :	Director
Address :	27, Raghunayakulu Street, Park Town, Chennai – 600003, Tamilnadu, India
Date of Appointment :	26.02.2009
PAN:	AAHPJ0394B
DIN No.:	02535981

KEY EXECUTIVES

Name :	Mr. Khandelwal
Designation :	Reception
Name :	Mr. Deepak Jain
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on:: 26.09.2013

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
Depak 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: 26.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier and Exporter of pharmaceutical raw material, foods pharma cosmetic and neutron city cal, bulk drugs.

Products :

Item Code No.	Product Description
98041000	Drugs and Medicines

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

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

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks [Secured against the receivables & stock of the company]	75.461	53.990
Total	75.461	53.990

Auditors :
Name :	R. Rajendrakumar and Company Chartered Accountants
Address :	No.329, Mint Street, Chennai – 600003, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACPR8148J
Memberships :	Not Available
Collaborators :	Not Available
Related Party disclosure in accordance with the Accounting standard 18 issued by the ICAI:	· Deepak Kumar Jain – HUF · Manish Jain – HUF · India Ingredients · Kawarlal Agencies · Kawarlal and Sons · K. Parasmal Jain HUF · V.P. Traders · Deepak Jain HUF · Manish Jain HUF · Kawarlal CDEF · D.K Enterprise

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
570,900	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	42.527
(c) Other current liabilities	10.945	18.199	33.603
(d) Short-term provisions	3.500	7.155	0.000
Total Current Liabilities (4)	280.961	232.184	97.889
TOTAL	731.162	548.733	358.509
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	11.234	8.212
(e) Short-term loans and advances	15.792	20.118	8.168
(f) Other current assets	0.000	0.000	0.100
Total Current Assets	642.393	541.998	357.170
TOTAL	731.162	548.733	358.509

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	TOTAL REVENUE	1789.200	1453.600	NA
PROFIT BEFORE TAX AND DEPRECIATION		NA	NA	NA
PROFIT AFTER TAX AND DEPRECIATION		42.399	27.209	30.346
Earnings Per Share (Rs.)		74.27	47.66	53.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.37	1.87	NA
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)
Total Revenue	1453.600	1789.200
		23.088

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	1453.600	1789.200
Profit	27.209	42.399
	1.87%	2.37%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	No
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	Yes

FINANCIAL RESULTS:

During the year, the company has earned total revenue of Rs.1789.200 Millions as against previous year revenue of Rs.1453.600 Millions. The net profit of the Company after depreciation and tax is Rs.42.300 Millions compared to previous year profit of Rs.27.200 Millions.

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	300.953	209.700
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, Tamil Nadu - 600003, INDIA	B73901357

* Date of charge modification

FIXED ASSETS:

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other 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 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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	MTN

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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.