MIRA INFORM REPORT

Report No. :	330485
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	KESHAV INDUSTRIES PRIVATE LIMITED
Registered Office :	402, Pukhraj Corporate, Navlakha Main Road, Janki Nagar, Indore – 452001, Madhya Pradesh
Tel. No.:	91-731-452001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.01.2009
Com. Reg. No.:	10-021535
Capital Investment / Paid-up Capital :	Rs. 4.030 Million
CIN No.: [Company Identification No.]	U15143MP2009PTC021535
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLK02696B
PAN No.: [Permanent Account No.]	AADCK5715G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Soya lecithin liquid, soya lecithin powder, soya product, agro product and spices and others
No. of Employees :	70 (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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2009. It is dealing in the business of manufacturing and exporting of soya lecithin liquid, soya lecithin powder, soya product, agro product and spices and others. It has a satisfactory track record. For the financial year 2014, the company has reported decent operational performance with good sales volume but it has low profitability margin. The company has good balance sheet profile marked by adequate net worth position of the company. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered normal 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 – 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) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sunil
Designation :	Export Manager
Contact No.:	91-9329775406
Date :	02.07.2015

LOCATIONS

Registered Office :	402, Pukhraj Corporate, Navlakha Main Road, Janki Nagar, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4001090
Mobile No.:	91-9329775406 (Mr. Sunil)
Fax No.:	91-731-4096594
E-Mail :	export@keshav.co.in
Website :	http://www.keshav.co.in
Location :	Owned
Factory :	101, Industrial Agrea, Dewar, Madhya Pradesh, India

DIRECTORS

AS ON: 30.09.2014

Name :

Mr. Navneet Garg

Designation :

Director

Address :

25, Keshav Sadan, Shivji Baser Nagar, Mandsaur-458001, Madhya Pradesh, India

Date of Birth/Age :

06.04.1980

Date of Appointment :

15.01.2009

DIN No.:

01838376

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	U15142MP2007PTC019566	KESHAV AGRO EXPORT PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Strike off	NO
2	U15143MP2009PTC021535	KESHAV INDUSTRIES PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO

Name :

Mr. Vinod Kumar Garg

Designation :

Director

Address :

25, Keshav Sadan, Shivji Baser Nagar, Mandsaur-458001, Madhya Pradesh, India

Date of Birth/Age :

05.01.1955

Date of Appointment :

05.01.2009

DIN No.:

01853163

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	U15143MP2007PTC019232	RAMKRISHNA SOLVEX PRIVATE LIMITED	Director	24/10/2007	23/01/2007	12/03/2010	Active	NO
2	U15143MP2009PTC021535	KESHAV INDUSTRIES PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO
3	U15100MP2014PTC032793	Ambika Soya Private Limited	Director	13/06/2014	13/06/2014	-	Active	NO

Name :

Mr. Arun Garg

Designation :

Director

Address :

Meghoot Nagar, Janta Colony, Mandsaur-458001, Madhya Pradesh, India

Date of Birth/Age :

25.12.1982

Date of Appointment :

15.01.2009

DIN No.:

02461554

PAN No.:

AKMPG7428J

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	U51900MH1997PTC107699	DHULATAWALA EXIM PRIVATE LIMITED	Director	26/03/2001	26/03/2001	25/10/2010	Active	NO
2	U15143MP2009PTC021535	KESHAV INDUSTRIES PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO
3	U15100MP2014PTC032793	Ambika Soya Private Limited	Director	13/06/2014	13/06/2014	-	Active	NO

Name :

Mr. Ajay Garg

Designation :

Director

Address :

Meghoot Nagar, Janta Colony, Mandsaur-458001, Madhya Pradesh, India

Date of Birth/Age :

10.09.1986

Date of Appointment :

15.01.2009

DIN No.:

02461667

KEY EXECUTIVES

Name :	Mr. Sunil
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares	%age
Arun Kumar Garg	100,750	25.00
Navneet Kumar Garg	100,750	25.00
Ajay Garg	100,750	25.00
Vinod Kumar Garg	100,750	25.00
Total	403,000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Soya lecithin liquid, soya lecithin powder, soya product, agro product and spices and others

Products :

Product Description	Item Code No. (ITC Code)
Soya Refined oil and Cotton Refined Oil	1507
Acid oil and Fatty Acid	3823
Soya Lecithin	2923
Spen Earth	3825
Sorbitol	2905

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Europe
• Middle East
• Gulf Countries
• Iran

Imports :

Products :

Raw Material

Countries :

• China
• Malaysia

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

70 (Approximately)

Bankers :

Banker Name	Central Bank of India
Branch Address	Nai Abadi (Branch), Madasor – 458001, Madhya Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 30.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Terms loan from banks	5.700	11.425
SHORT TERM BORROWING
Working capital from banks	25.144	23.818
Total	30.844	35.243

Auditors :
Name :	M Mehta and Company Chartered Accountant
Address :	11/5, South Tukoganj Nath, Mandir Road, Indore-452001, India
PAN No.:	AAGFM2167A
Memberships :	--
Collaborators :	--
Sister Concern :	Ambika Soya Private Limited

CAPITAL STRUCTURE

AS ON: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
403000	Equity Shares	Rs.10/- each	Rs.4.030 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	4.030	4.030	4.030
(b) Reserves & Surplus	57.642	55.524	51.192
(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)	61.672	59.554	55.222
(3) Non-Current Liabilities
(a) long-term borrowings	5.700	11.425	17.125
(b) Deferred tax liabilities (Net)	0.000	0.000	1.323
(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)	5.700	11.425	18.448
(4) Current Liabilities
(a) Short term borrowings	26.009	24.658	26.204
(b) Trade payables	17.777	5.028	5.246
(c) Other current liabilities	3.993	8.072	12.177
(d) Short-term provisions	0.429	0.416	0.000
Total Current Liabilities (4)	48.208	38.174	43.627
TOTAL	115.580	109.153	117.297
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.495	52.370	61.833
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	4.381	0.000
(iv) Intangible assets under development	0.000	3.527	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.377	0.830	0.000
(d) Long-term Loan and Advances	3.594	3.529	2.411
(e) Other Non-current assets	0.000	0.000	1.895
Total Non-Current Assets	60.466	64.637	66.139
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.346	15.290	18.503
(c) Trade receivables	6.011	9.041	11.105
(d) Cash and cash equivalents	2.554	7.685	12.153
(e) Short-term loans and advances	0.954	1.327	2.317
(f) Other current assets	17.249	11.173	7.080
Total Current Assets	55.114	44.516	51.158
TOTAL	115.580	109.153	117.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income (Gross)	1209.400	1295.600	124.880
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		19.500	18.300	9.900
Less	FINANCIAL EXPENSES AND DEPRECIATION EXPENSES		16.400	16.200	13.900
	PROFIT BEFORE TAX		3.100	2.100	(4.000)
Less	TAX		1.000	(2.200)	0.200
	PROFIT AFTER TAX		2.100	4.300	(4.200)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.800)	(6.100)	(1.900)
	BALANCE CARRIED TO THE B/S		0.300	(1.800)	(6.100)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	0.305	0.421	0.000
	TOTAL EARNINGS		0.305	0.421	0.000
	Earnings Per Share (Rs.)		5.21	10.67	(10.42)

Particulars	31.03.2015
Sales Turnover (Approximately)	1330.000

Expected Sales (2015-16): Rs. 1400.000 Million

The above information has been parted by Mr. Sunil (Export Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	2.69	2.09	(3.41)
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	(0.07)
Debt Equity Ratio (Total Debt /Networth)		0.51	0.61	0.78
Current Ratio (Current Asset/Current Liability)		1.14	1.17	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.030	4.030	4.030
Reserves & Surplus	51.192	55.524	57.642
Net worth	55.222	59.554	61.672
long-term borrowings	17.125	11.425	5.700
Short term borrowings	26.204	24.658	26.009
Total borrowings	43.329	36.083	31.709
Debt/Equity ratio	0.785	0.606	0.514

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 (Gross)	124.880	1295.600	1209.400
		937.476	(6.653)

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 (Gross)	124.880	1295.600	1209.400
Profit	(4.200)	4.300	2.100
	(3.36%)	0.33%	0.17%

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	No
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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
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	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Other loans and advances	0.865	0.840
Total	0.865	0.840

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10184294	07/10/2009	45,225,000.00	CENTRAL BANK OF INDIA	MHOW NASIRABAD ROAD, NAI ABADI, MANDSAOR, Madhya  Pradesh - 458001, INDIA	A72186521

FIXED ASSETS

• Land
• Building
• Factory Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer 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 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. 63.57
UK Pound	1	Rs. 99.20
Euro	1	Rs. 70.35

INFORMATION DETAILS

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

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	4
--LIQUIDITY	1~10	4
--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	YES
--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.