MIRA INFORM REPORT

Report No. :	328733
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	ED&F MAN COMMODITIES INDIA PRIVATE LIMITED
Registered Office :	Unit No.19, 6^th Floor, Jasville Premises, Sir Vithaldas Thackersay Marg, New Marine Lines, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-66105665 / 66046500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.2005
Com. Reg. No.:	11-157588
Capital Investment / Paid-up Capital :	Rs.10.100 Million
CIN No.: [Company Identification No.]	U51909MH2005PTC157588
IEC No.:	0306048027
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCE5460G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Agricultural commodities and sugar.
No. of Employees :	15 (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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “ED & F Man Holding Limited, UK”. It is established company and having moderate track record. From the financial of 2014, the company has reported decrease in its sales turnover and recorded losses from its business operations, due to which company reserves have also decline. Further, rating take into consideration established track record of its business and strong financial as well as managerial support company received from its holding company. However, trade relations are fair. Business is active and payments are reported to be slow but correct. In view of operational losses along with, moderate balance sheet profile the company can be considered for normal business dealings with some cautions.

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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Navin
Designation :	Accounts Department
Contact No.:	91-22-66105665
Date :	23.06.2015

LOCATIONS

Registered Office :	Unit No.19, 6^th Floor, Jasville Premises, Sir Vithaldas Thackersay Marg, New Marine Lines, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-66105665 / 66046500
Fax No.:	91-22-66105657
E-Mail :	edfmanindia@edfmanindia.com
Website :	www.edman.com
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Rahil Irfan Shaikh

Designation :

Whole-Time Director

Address :

The Khambatta House Co-Op. Housing Society,3rd Flr, Khambatta Lane, Byculla, Mumbai, 400027, Maharashtra, INDIA

Date of Birth/Age :

11.03.1975

Date of Appointment :

29.09.2007

PAN No. :

AMEPS5819H

DIN No.:

01434988

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	U51909MH2005PTC157588	ED&F Man Commodities India Private Limited	Whole-time director	29/09/2007	11/12/2006	-	Active	NO
2	U15422UP2009PTC038540	UNIWORLD SUGARS Private Limited	Director	11/07/2012	25/02/2011	-	Active	NO

Name :

Mr. Himanshu Gunavantray Purohit

Designation :

Whole-time director

Address :

703/A, Harivijay CHSL, Bhagat Singh Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

09.03.1952

Date of Appointment :

01.10.2008

PAN No. :

AAIPP7056P

DIN No. :

02317717

Name :

Raees Lakhani

Designation :

Additional Director

Address :

2 Chiltern Park, Thornbury, Bristol, Bs352hx, , United Kingdom

Date of Appointment :

06.01.2015

DIN No.:

07044231

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	U15422UP2009PTC038540	UNIWORLD SUGARS Private Limited	Nominee director	29/12/2014	29/12/2014	-	Active	NO
2	U51909MH2005PTC157588	ED&F Man Commodities India Private Limited	Additional director	06/01/2015	06/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Navin
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Agman Investemts Limited, United Kingdom	1
Sofpac BV, Netherlands	9999
Total	10000

As on 30.09.2014

Names of Shareholders	No. of Shares
Sofpac BV, Netherlands	1000000
Total	1000000

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 :

Trader of Agricultural commodities and sugar.

Products :

Product Description	Item Code No. (ITC Code)
Other Cane Sugar	17011190
Insulphur WTR	08140000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Divulged

Countries :

London

Imports :

Products :

Sugar

Countries :

• London
• Brazil

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Shree Tatyasaheb Kore Warna Sahkari Sakhar Karkhana Limited, Kolhapur, Maharashtra, India
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 :

Retailers and End Users

Reference :	ED and F Man Sugar Limited, London
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 :

15 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	Mahatma Gandhi Road, Fort, Mumbai, Maharashtra, 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
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
SHORT TERM BORROWING
Term loans from banks	428.080	313.655
Total	428.080	313.655

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	5th Floor, Block - B-2, Nirlon Knowledge Park, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
PAN No.:	AAIFB4734C
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	ED & F Man Treasury Management PLC, UK E D & F Man Holdings Limited, UK
Fellow Subsidiary company :	Ed&F Man Sugar Limited, United Kindom Volcafe Limited, Japan Ed&F Man Molasses B.V, Netherlands
Others :	Niworld Sugars Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Million
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Million
	Total		Rs.45.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Million
	Total		Rs.10.100 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	10.100	10.100	10.100
(b) Reserves & Surplus	179.259	200.561	135.067
(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)	189.359	210.661	145.167
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	1.388	1.054	0.895
Total Non-current Liabilities (3)	1.388	1.054	0.895
(4) Current Liabilities
(a) Short term borrowings	428.080	313.655	385.171
(b) Trade payables	454.864	148.316	306.555
(c) Other current liabilities	1400.179	87.272	73.832
(d) Short-term provisions	0.754	17.093	25.510
Total Current Liabilities (4)	2283.877	566.336	791.068
TOTAL	2474.624	778.051	937.130
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.915	5.639	2.534
(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)	11.083	1.285	0.519
(d) Long-term Loan and Advances	10.043	15.436	7.948
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.041	22.360	11.001
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1780.038	451.774	521.422
(c) Trade receivables	3.357	23.628	296.000
(d) Cash and cash equivalents	0.461	0.707	3.946
(e) Short-term loans and advances	662.057	269.640	89.037
(f) Other current assets	3.670	9.942	15.724
Total Current Assets	2449.583	755.691	926.129
TOTAL	2474.624	778.051	937.130

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5119.565	7687.188	4328.763
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(31.281)	91.326	64.234
Less/ Add	DEPRECIATION/ AMORTISATION	1.435	0.903	0.681
Add	PRIOR PERIOD INCOME	2.462	9.069	0.000
	PROFIT/ (LOSS) BEFORE TAX	(30.254)	99.492	63.553
Less	TAX	(9.068)	33.882	16.981
	PROFIT/ (LOSS) AFTER TAX	(21.186)	65.610	46.572
	Earnings / (Loss) Per Share (Rs.)	(2118.60)	6561.00	4657.20

Particulars	31.03.2015
Sales Turnover (Approximately)	14000.000

The above information has been parted by Mr. Navin (Accounts Department).

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
Net Profit Margin (PAT/Sales)	(%)	(0.41)	0.85	1.08
Return on Total Assets (PBT/Total Assets}	(%)	(1.23)	12.81	6.79
Return on Investment (ROI) (PBT/Networth)		(0.16)	0.47	0.44
Debt Equity Ratio (Total Debt/Networth)		2.26	1.49	2.65
Current Ratio (Current Asset/Current Liability)		1.07	1.33	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 Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.100	10.100	10.100
Reserves & Surplus	135.067	200.561	179.259
Net worth	145.167	210.661	189.359
long-term borrowings	0.000	0.000	0.000
Short term borrowings	385.171	313.655	428.080
Total borrowings	385.171	313.655	428.080
Debt/Equity ratio	2.653	1.489	2.261

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4328.763	7687.188	5119.565
		77.584	(33.401)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4328.763	7687.188	5119.565
Profit	46.572	65.610	(21.186)
	1.08%	0.85%	(0.41%)

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	Yes
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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
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

Note:

Registered address has been shifted from the 97, Jolly Maker Chambers II, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f.15.06.2009.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office 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 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.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.62

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KYP
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

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