MIRA INFORM REPORT

Report No. :	308067
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	K.S. COMMODITIES PRIVATE LIMITED
Registered Office :	719, Indra Prakash Building, 21, Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.07.1998
Com. Reg. No.:	55-095261
Capital Investment / Paid-up Capital :	Rs.29.769 Millions
CIN No.: [Company Identification No.]	U99999DL1998PTC095261
TAN No.: [Tax Deduction & Collection Account No.]	DELK04959D
PAN No.: [Permanent Account No.]	AABCK2584P
Legal Form :	Private Limited Liability Company
Line of Business :	Traders, exporters, importers of all types of agri commodity.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover and profit of the company during FY 2014, profit margin of the company is also low. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cation.

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	India Rating
Rating	Long Term Issuer Rating=B+
Rating Explanation	High risk of default.
Date	16.07.2014

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. Ravinarayan
Designation :	Finance Manager
Contact No.:	91-11-23352071
Date :	16.02.2015

LOCATIONS

Registered Office :	719, Indra Prakash Building, 21, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23352070 / 71 / 72
Fax No.:	91-11-23352072
E-Mail :	akaggarwalca@gmail.com mail@ksc.co.in
Website :	http://www.ksc.co.in
Location :	Owned

DIRECTORS

AS ON 22.07.2013

Name :

Mr. Aatish Narang

Designation :

Director

Address :

E-219, II Floor, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

29.11.11985

Date of Appointment :

20.10.2009

PAN No.:

ADOPN1854A

DIN No.:

00767025

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	U74899DL1994PTC062246	TRUST COMMODITIES PRIVATE LIMITED	Director	14/12/2006	14/12/2006	08/06/2009	Active	NO
2	U99999DL1998PTC095261	K.S. COMMODITIES PRIVATE LIMITED	Director	20/10/2009	20/10/2009	-	Active	NO

Name :

Mr. Narain Mohan Narang

Designation :

Director

Address :

E-219, II Floor, Greater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

08.11.1956

Date of Appointment :

29.07.1998

PAN No.:

AAHPN8631P

DIN No.:

00289988

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	U99999DL1998PTC095261	K.S. COMMODITIES PRIVATE LIMITED	Director	29/07/1998	29/07/1998	-	Active	NO
2	U74899DL1994PTC062246	TRUST COMMODITIES PRIVATE LIMITED	Director	09/03/2004	09/03/2004	26/12/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravinarayan
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 22.07.2013

Names of Shareholders	No. of Shares	% of Holding
Narain Mohan Narang	900000	33.00
Aatish Narang	405000	14.85
Rita Narang	482500	17.69
Trust Commodities Private Limited, India	250000	9.17
Saumya Narang	689423	25.28
Total	2726923	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 22.07.2013

Category	Percentage
Bodies corporate	9.17
Directors or relatives of Directors	90.83
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders, exporters, importers of all types of agri commodity.
Products :	Agri Commodity
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Middle East African Countries European Countries Srilanka Bangladesh
Imports :
Products :	Finished Goods
Countries :	Pakistan Dubai
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Vitthal Rao Shinde SSK Limited – Pune
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Company Name :	Kira Trade – Dubai
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

20 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	International Business Branch, Parliament Street, New Delhi - 110001, India
Person Name (With Designation) :	Mr. Harisgkumar (Chief Manager)
Contact Number :	91-11-23441504
Name of Account Holder :	K.S. Commodities Private Limited
Account Number :	--
Account Since (Date/Year of Account Opening) :	2008
Average Balance Maintained :	Rs.360.000 Millions
Credit Facilities Enjoyed (CC/OD/Term Loan) :	CC- Export Limit
Account Operation :	Satisfactory
Remark :	As claimed by Mr. Harishankar that the subject is having good track record.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Other loans and advances	0.454	0.699
Short Term Borrowings
Other loans and advances	159.219	262.583
Total	159.673	263.282

Banking Relations :	--
Auditors :
Name :	Gopal Mittal and Associates Chartered Accountant
Address :	301 and 302, IIIrd Floor, 79, Shyam Lal Marg, Daryaganj, New Delhi – 110002, India
Tel. No.:	91-11-23282206
Fax No.:	91-11-23285390
PAN No.:	AAAFG9401F
Memberships :	--
Collaborators :	--
Associate :	Trust Commodities Private Limited
Subsidiary Company :	Kyra Trade DMCC

CAPITAL STRUCTURE

AS ON 22.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2976923	Equity Shares	Rs.10/- each	Rs.29.769 Millions

AS ON 22.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2726923	Equity Shares	Rs.10/- each	Rs.27.269 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	29.769	25.769	25.000
(b) Reserves & Surplus	37.132	25.426	7.733
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	3.000	0.000
Total Shareholders’ Funds (1) + (2)	66.901	54.195	32.733
(3) Non-Current Liabilities
(a) long-term borrowings	0.454	0.699	0.378
(b) Deferred tax liabilities (Net)	0.000	0.000	0.026
(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)	0.454	0.699	0.404
(4) Current Liabilities
(a) Short term borrowings	159.219	266.122	113.481
(b) Trade payables	19.238	7.655	15.264
(c) Other current liabilities	0.858	1.433	1.054
(d) Short-term provisions	12.601	8.780	3.725
Total Current Liabilities (4)	191.916	283.990	133.524
TOTAL	259.271	338.884	166.661
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	4.530	4.053	2.111
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.158	0.024	0.000
(d) Long-term Loan and Advances	0.015	0.026	0.043
(e) Other Non-current assets	0.000	0.150	0.027
Total Non-Current Assets	4.703	4.253	2.181
(2) Current assets
(a) Current investments	3.297	0.000	0.000
(b) Inventories	0.000	1.036	14.871
(c) Trade receivables	182.476	283.776	107.341
(d) Cash and cash equivalents	41.076	0.737	0.584
(e) Short-term loans and advances	26.060	47.173	38.294
(f) Other current assets	1.659	1.909	3.390
Total Current Assets	254.568	334.631	164.480
TOTAL	259.271	338.884	166.661

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	2042.200	2323.200	1306.000
Less	EXPENSES
		TOTAL (B)	2010.300	2277.500	1291.893
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.900	45.700	[Including Financials]
Less	FINANCIAL EXPENSES (D)		19.300	18.500
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.600	27.200	14.107
Less	DEPRECIATION/ AMORTISATION (F)		1.200	0.900	0.374
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		11.400	26.300	13.733
Less	TAX (H)		3.700	8.900	3.721
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		7.700	17.400	10.012
	Earnings Per Share (Rs.)		2.91	6.78	4.55

Expected Sales (2014-2015): Rs.2500.000 Millions

The above information has been parted by Mr. Ravinarayan

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.40	7.76	8.24
Return on Investment (ROI) (PBT/Networth)		0.17	0.49	0.42
Debt Equity Ratio (Total Debt /Networth)		2.39	4.92	3.48
Current Ratio (Current Asset/Current Liability)		1.33	1.18	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	25.000	25.769	29.769
Reserves & Surplus	7.733	25.426	37.132
Net worth	32.733	54.195	66.901
long-term borrowings	0.378	0.699	0.454
Short term borrowings	113.481	266.122	159.219
Total borrowings	113.859	266.821	159.673
Debt/Equity ratio	3.478	4.923	2.387

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1306.000	2323.200	2042.200
		77.887	(12.095)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1306.000	2323.200	2042.200
Profit	10.012	17.400	7.700
	0.77%	0.75%	0.38%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Other loans and advances	0.000	3.539
Total	0.000	3.539

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10337843	06/02/2012	30,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B33079518
2	10303779	23/07/2011	35,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B19441294
3	10032290	13/01/2014 *	360,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B97104426
4	10005366	10/05/2006	20,000,000.00	BANK OF BARODA	K.G. MARG, NEW DELHI, DELHI - 110001, INDIA	A01080928
5	90039649	21/12/2004	15,000,000.00	BANK OF BARODA	K.G. MARG, NEW DELHI, DELHI, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		28

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.