MIRA INFORM REPORT

Report No. :	308980
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	XANGBO TRADING (INDIA) PRIVATE LIMITED
Registered Office :	Unit No. 318, 3^rd Floor, ILD Trade Centre, Sector 47, Sohna Road, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.08.2009
Com. Reg. No.:	05-047640
Capital Investment / Paid-up Capital :	Rs.5.714 Millions
CIN No.: [Company Identification No.]	U51909HR2009FTC047640
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACX0774B
Legal Form :	Private Limited Liability Company
Line of Business :	Export, Import and Wholesale trading, B2B trading of bulk agricultural commodities, bulk chemical and fertilizers, merchant trading of international commodities
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported accumulated losses during FY 2014. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with caution.

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	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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Nitin
Designation :	Treasury Department
Contact No.:	91-9899023250
Date :	19.02.2015

LOCATIONS

Registered Office :	Unit No. 318, 3^rd Floor, ILD Trade Centre, Sector 47, Sohna Road, Gurgaon – 122001, Haryana, India
Tel No. :	91-124-4290115/4035 626
Mobile No.:	91-9899023250 (Mr. Nitin)
Fax. No.:	91-124-4035626/4035 626
E-Mail :	crsridhar@xangbo.com geoff.main@xangbo.com
Website :	http://www.xangbo.com
Head Office :	#36-01, OCBC Centre, 65 Chulia Street, Singapore 049513
Tel. No.:	91-65- 6303 0730
E-Mail :	info@xangbo.com
Turkey Office:	Göztepe Merdivenköy Mah. Bora Sok, Nida Kule İş Merkezi No:1 Kat:7, 34732 Kadıköy, İstanbul, Turkey
Tel. No.:	90-216-4688865
Fax No.:	90-216-4688801
Mobile No.:	90-533-2851411 (Mr. Alp Figen)
E-Mail Id :	alp.figen@xangbo.com
USA Office:	1650 West End Blvd., Suite 100, St. Louis Park, Minnesota, MN 55416, USA
Tel. No.:	1-763-2595730
Fax No.:	1-763-2595701
Mobile No.:	1-612-868-2207 (Mr. Joe Wagner)
E-Mail :	Joseph.Wagner@xangbo.com

DIRECTORS

As on 30.09.2014

Name :	Mr. Mano Vikrant Singh
Designation :	Director
Address :	#1 Clifton Vale 359661 Sigapore
Date of Birth/Age :	18.01.1960
Date of Appointment :	07.08.2009
DIN No.:	01803563
Name :	Mr. Harish Jaryal
Designation :	Director
Address :	195-198, Ward 6, Mehrauli New Delhi – 110030, India
Date of Birth/Age :	05.08.1986
Date of Appointment :	30.09.2013
DIN No.:	06481935

KEY EXECUTIVES

Name :	Mr. Nitin
Designation :	Treasury Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Bani Singh	9900
Xangbo Global Markets Pte. Limited	631945
Maritime Trade Corporation	30949600
Total	31591445

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Export, Import and Wholesale trading, B2B trading of bulk agricultural commodities, bulk chemical and fertilizers, merchant trading of international commodities

Products :

Product Description	Item Code No. (ITC Code)
Wholesale trading of agricultural products	9961
Chemicals and Fertilizers	99611720

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loan from Banks	0.000	641.276
Total	0.000	641.276

Auditors :
Name :	S.N.Dhawan and Company Chartered Accountants
Address :	C-37 , Connaught Place , New Delhi -110001, India
PAN No.:	AAQFS0580H
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Maritime Trade Corporation, Cayman Islands
Fellow Subsidiary company :	Calanna Ventures Limited, Cyprus Xangbo Global Markets Pte. Limjted, Singapore

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
31800000	Equity Shares	Rs.10/- each	Rs. 318.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31591445	Equity Shares	Rs.10/- each	Rs. 315.914 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
31800000	Equity Shares	Rs.10/- each	Rs. 318.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
571445	Equity Shares	Rs.10/- each	Rs. 5.714 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	5.714	5.714	5.714
(b) Reserves & Surplus	(2.549)	(59.036)	(176.762)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	310.200	0.000	0.000
Total Shareholders’ Funds (1) + (2)	313.365	(53.322)	(171.048)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.002	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)	0.002	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	937.046	663.910
(b) Trade payables	3318.636	2539.601	2802.027
(c) Other current liabilities	333.480	494.190	267.430
(d) Short-term provisions	5.960	0.000	0.000
Total Current Liabilities (4)	3658.076	3970.838	3733.367
TOTAL	3971.443	3917.517	3562.319
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.177	0.152	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.857	22.752	3.527
(e) Other Non-current assets	0.100	0.100	0.100
Total Non-Current Assets	11.134	23.004	3.627
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	3658.025	1399.165	1101.279
(d) Cash and cash equivalents	155.094	2326.807	2300.471
(e) Short-term loans and advances	72.983	1.599	0.180
(f) Other current assets	74.206	166.942	156.762
Total Current Assets	3960.309	3894.513	3558.692
TOTAL	3971.443	3917.517	3562.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	9113.212	3483.500	3211.321
		Other Income	43.341	226.960	41.355
		TOTAL	9156.553	3710.460	3252.676
Less	EXPENSES
		TOTAL	9099.142	3592.733	3429.197
	PROFIT BEFORE TAX		57.411	117.727	(176.521)
Less	TAX		0.924	0.000	0.000
	PROFIT AFTER TAX		56.487	117.727	(176.521)
	EARNINGS IN FOREIGN CURRENCY		2994.653	88.091	6.878
	Earnings Per Share (Rs.)		1.79	3.73	(5.59)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.62	3.38	(5.50)
Operating Profit Margin (PBITD/Sales)	(%)	0.63	3.38	(5.50)
Return on Total Assets (PBT/Total Assets}	(%)	1.45	3.01	(4.96)
Return on Investment (ROI) (PBT/Networth)		0.18	(2.21)	1.03
Debt Equity Ratio (Total Debt /Networth)		0.00	(17.57)	(3.88)
Current Ratio (Current Asset/Current Liability)		1.08	0.98	0.95

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	5.714	5.714	5.714
Reserves & Surplus	(176.762)	(59.036)	(2.549)
Share Application money pending allotment	0.000	0.000	310.200
Net worth	(171.048)	(53.322)	313.365
long-term borrowings	0.000	0.000	0.000
Short term borrowings	663.910	937.046	0.000
Total borrowings	663.910	937.046	0.000
Debt/Equity ratio	(3.881)	(17.573)	0.000

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	3211.321	3483.500	9113.212
		8.476	161.611

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	3211.321	3483.500	9113.212
Profit	(176.521)	117.727	56.487
	(5.50%)	3.38%	0.62%

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 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	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	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 address of the company has been shifted from No. 23, Rainbow Residency Jannasandra Layout

Varthur Hobli, Near Wipro Corporate Office Bangalore, Karnataka - 560035 India to the present address w.e.f 03.09.2012

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loan from others	0.000	295.770
Total	0.000	295.770

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Office equipment
• Other Equipment

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 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.62.25
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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		30

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.