MIRA INFORM REPORT

Report No. :	350390
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	KOTAK COMMODITY SERVICES PRIVATE LIMITED (w.e.f. 01.10.2015) KOTAK GINNING AND PRESSING INDUSTRIES (DIVISION OF “KOTAK COMMODITY SERVICES PRIVATE LIMITED”)
Formerly Known As :	KOTAK COMMODITY SERVICES LIMITED KOMAL FINANCE LIMITED
Registered Office :	1^st Floor, Nirlon House, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra
Tel. No.:	91-22-66528989/ 66528800/ 66528815/ 66528872
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.01.1987
Com. Reg. No.:	11-042230
Capital Investment / Paid-up Capital :	Rs.24.307 million
CIN No.: [Company Identification No.]	U65910MH1987PTC042230
IEC No.:	0396059287
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK1581D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of various commodities such as cotton, Edible Oil, Sesame Oil etc.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1280000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Kotak Commodity Services Limited incorporated as on January 1987, promoted by the Kotak family, which has a history satisfactory track. Turnover and profit of the company has declined during FY 2014. However, the company has able to maintain good profit margin at 12% approx. Further, the rating also takes into consideration healthy net worth base and fair liquidity position of the company. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitments. In view of long track record and acceptable financial base, 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	ICRA
Rating	Short Term Debt Programme: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	December 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Arnab Chakraborti
Designation :	Vice President
Contact No.:	91-22-66528872
Date :	04.11.2015

LOCATIONS

Registered Office :	1^st Floor, Nirlon House, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-66528989/ 66528800/ 66528815/ 66528872
Fax No.:	91-22-24924696/ 24924689
E-Mail :	shripal.shah@kotakcommodities.com arnab.chakraborti@kotakcommodities.com
Website :	http://www.kotakcommodities.com

DIRECTORS

As on: 25.09.2014

Name :

Mr. Suresh Amritlal Kotak

Designation :

Director

Address :

Shakti Villa, 14, Laburnum Road, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

02.10.1933

Date of Appointment :

06.11.2003

DIN No.:

00019333

PAN No.:

AABPK6548A

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	U34300MH1968PTC013997	ALLIED AUTO ACCESSORIES PRIVATE LIMITED	Director	27-04-1968	27-04-1968	-	Active	NO
2	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	22-07-1985	22-07-1985	13-12-2008	Active	NO
3	U24100MH1968PLC014141	KOTAK CHEMICALS LIMITED	Director	07-04-1990	07-04-1990	-	Active	NO
4	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	29-04-1993	29-04-1993	-	Active	NO
5	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	01-11-1995	01-11-1995	-	Active	NO
6	U74110MH1995PTC094748	KOTAK TRUSTEE COMPANY PRIVATE LIMITED	Director	23-11-1995	23-11-1995	-	Active	NO
7	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	04-01-2000	04-01-2000	-	Active	NO
8	U17120MH1994PTC082794	KOTAK GINNING AND PRESSING INDUSTRIES PRIVATE LIMITED	Director	04-01-2000	04-01-2000	-	Active	NO
9	U75144MH2001PTC131527	INSUREKOT SPORTS PRIVATE LIMITED	Director	09-04-2001	09-04-2001	-	Active	NO
10	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	18-12-2002	18-12-2002	15-12-2006	Active	NO
11	L15420MH1931PLC001797	BAJAJ HINDUSTHAN LIMITED	Director	27-12-2002	27-12-2002	23-09-2008	Active	NO
12	U72900MH2000PLC129228	ESUGARINDIA LIMITED	Director	28-03-2003	28-03-2003	26-12-2008	Active	NO
13	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	06-11-2003	06-11-2003	-	Active	NO
14	U91990MH2004NPL144896	INSUREKOT RESEARCH FOUNDATION	Director	08-03-2004	08-03-2004	-	Active	NO
15	U67120MH1996PTC098584	INFINA FINANCE PRIVATE LIMITED	Director	19-01-2006	19-01-2006	-	Active	NO
16	U91990MH2004GAP147894	FEDERATION OF INDIAN COMMODITY EXCHANGES	Director	01-02-2006	01-02-2006	-	Active	NO
17	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	04-09-2006	04-09-2006	-	Active	NO
18	U99999MH1996PTC098713	CUMULUS TRADING COMPANY PRIVATE LIMITED	Director	28-09-2007	15-12-2006	-	Active	NO
19	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	16-04-2010	16-04-2010	-	Active	NO
20	U70102MH2007PTC176965	PUMA PROPERTIES PRIVATE LIMITED	Additional director	11-06-2012	11-06-2012	-	Active	NO

Name :

Mr. Rajesh Harkishandas Doshi

Designation :

Director

Address :

4, Rambaug, S.V. Patel Road, Borivali (West), Mumbai – 400 092, Maharaashtra, India

Date of Birth/Age :

01.01.1959

Date of Appointment :

18.12.2002

DIN No.:

00019502

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	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	17-08-1994	17-08-1994	-	Active	NO
2	U99999MH1996PTC098713	CUMULUS TRADING COMPANY PRIVATE LIMITED	Director	18-12-2002	18-12-2002	15-12-2006	Active	NO
3	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	18-12-2002	18-12-2002	-	Active	NO
4	U51900MH1985PTC035419	HARISIDDHA TRADING AND FINANCE Private LIMITED	Director	28-09-2007	01-11-2006	11-07-2008	Active	NO
5	U67190MH2007PTC168303	Phoenix ARC Private Limited	Director	02-03-2007	02-03-2007	29-06-2007	Active	NO

Name :

Mr. Sumanlal Babulal Shah

Designation :

Whole-time Director

Address :

51, Solitaire, Central Avenue, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

27.11.1949

Date of Appointment :

01.04.2014

DIN No.:

00019473

PAN No.:

ABWPS5108C

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	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	22-02-2000	22-02-2000	-	Active	NO
2	L17119PN1990PLC058139	PRANAVADITYA SPINNING MILLS LIMITED	Director	27-11-2001	27-11-2001	24-07-2007	Active	NO
3	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	18-12-2002	18-12-2002	22-09-2008	Active	NO
4	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Whole-time director	01-04-2014	18-12-2002	-	Active	NO
5	U67120MH1996PTC098584	INFINA FINANCE PRIVATE LIMITED	Director	30-06-2004	30-06-2004	-	Active	NO
6	U51900MH1985PTC035419	HARISIDDHA TRADING AND FINANCE PRIVATE LIMITED	Director	06-04-2005	06-04-2005	-	Active	NO
7	U74999MH2003PLC140009	KOTAK MAHINDRA ASSET RECONSTRUCTION COMPANY LIMITED	Director	30-06-2005	30-06-2005	-	Strike off	NO
8	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	02-03-2007	02-03-2007	29-06-2007	Active	NO
9	U00000DL1970PLC100242	BUSINESS STANDARD LIMITED	Director	25-09-2008	23-08-2008	-	Active	NO
10	U75144MH2001PTC131527	INSUREKOT SPORTS PRIVATE LIMITED	Additional director	06-05-2014	06-05-2014	-	Active	NO

Name :

Mr. Shripal Parasmal Shah

Designation :

Whole-time Director

Address :

B-601, Sahyadri Tower, Upper Govind Nagar, Near Upvan Tower, M. Lad, Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

01.01.1971

Date of Appointment :

01.04.2014

DIN No.:

03055553

PAN No.:

AGVPS0349F

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	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Whole-time director	01-04-2014	08-04-2010	-	Active	NO

Name :

Mr. Vinay Narottamdas Kotak

Designation :

Whole-time Director

Address :

Seksaria House, 28, Babulnath Road, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

20.05.1958

Date of Appointment :

01.04.2014

DIN No.:

00019439

PAN No.:

AABPK6757D

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	U17120MH1994PTC082794	KOTAK GINNING AND PRESSING INDUSTRIES PRIVATE LIMITED	Director	10-11-1994	10-11-1994	-	Active	NO
2	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	01-11-1995	01-11-1995	-	Active	NO
3	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	04-01-2000	04-01-2000	-	Active	NO
4	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31-12-2008	31-12-2008	-	Active	NO
5	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Whole-time director	01-04-2014	01-07-2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arnab Chakraborti
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

ON 25.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Cumulus Trading Company Private Limited, India	395843
Dipak B. Gupta	10
Zuber A. Kazi	10
Gurnani Rajiv	10
A R Sundar Raman	10
Samant Sachin	10
Krishnan V. Manian	10
Suresh Amrtilal Kotak	31250
Kotak and Company Limited	3551
Total	430704

Names of Shareholders (Preference Shares)	No. of Shares
Komaf Financial Services Limited, India	200000
Total	200000

AS ON 25.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	92.74
Directors or relatives of directors	7.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of various commodities such as cotton, Edible Oil, Sesame Oil etc.

Products :

Item Code No.	Product Description
9971	Commodity Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• China
• Indonesia
• Egypt
• Vietnam

Imports :

Products :

Edible Oil

Countries :

• Malaysia

• Argentina

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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 :

Wholesalers and Retailers

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 :

250 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Bank Name	HDFC Bank Limited
Branch	Sandoz House, Worli, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66521000
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Term loans from banks (Pari Passu first charge on the stock in trade and trade receivables)	44.996	0.000
Total	44.996	0.000

Auditors :
Name :	V C Shah and Company Chartered Accountants
Address :	22, Rajgir Chambers, III Floor, 12-14, Shahid Bhagat Singh Road, PP Old Custom House, Mumbai – 400 001, Maharashtra, India
PAN No.:	AADFV8088N
Memberships :	--
Collaborators :	---
Holding Company :	Cumulus Trading Company Private Limited, India (CIN No.: U99999MH1996PTC098713)
Associates :	Kotak Securities Limited, India Kotak Mahindra Old Mutual Life Insurance Limited, India Kotak Mahindra Bank Limited, India Kotak Mahindra Asset Management Company Limited, India Infina Finance Private Limited, India Allied Auto Accessories Private Limited, India Kotak Mahindra Investments Limited, India
Subsidiary Companies :	Kotak Commodity International FZE, United Arab Emirates
Fellow Subsidiary Companies :	Kotak Ginning and Pressing Industries Limited, India Kotak and Company Limited, India Komaf Financial Services Limited, India Aero Agencies Limited, India

CAPITAL STRUCTURE

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 million
20000	12% Preference Shares	Rs.100/- each	Rs.2.000 million
200000	7.5% Preference Shares	Rs.100/- each	Rs.20.000 million
1650000	Unclassified Shares	Rs.10/- each	Rs.16.500 million
	Total		Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
430704	Equity Shares	Rs.10/- each	Rs.4.307 million
200000	7.5% Preference Shares	Rs.100/- each	Rs.20.000 million
	Total		Rs.24.307 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	24.307	24.307	24.308
(b) Reserves & Surplus	422.966	389.817	297.799
(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)	447.273	414.124	322.107
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	197.084	298.204
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	12.934	110.517	135.092
(d) Long-term provisions	7.276	6.213	2.779
Total Non-current Liabilities (3)	20.210	313.814	436.075
(4) Current Liabilities
(a) Short term borrowings	652.150	497.716	724.673
(b) Trade payables	1171.208	1608.559	2386.356
(c) Other current liabilities	211.175	246.713	78.396
(d) Short-term provisions	25.577	23.088	31.643
Total Current Liabilities (4)	2060.110	2376.076	3221.068
TOTAL	2527.593	3104.014	3979.250
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.676	17.568	18.092
(ii) Intangible Assets	12.143	18.595	18.447
(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	0.033	0.033
(c) Deferred tax assets (net)	51.642	62.395	40.596
(d) Long-term Loan and Advances	90.988	55.558	166.376
(e) Other Non-current assets	177.663	489.829	905.306
Total Non-Current Assets	352.112	643.978	1148.850
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	265.232	205.142	1321.027
(c) Trade receivables	894.922	881.625	722.569
(d) Cash and cash equivalents	980.931	1241.820	663.023
(e) Short-term loans and advances	27.078	119.051	111.889
(f) Other current assets	7.318	12.398	11.892
Total Current Assets	2175.481	2460.036	2830.400
TOTAL	2527.593	3104.014	3979.250

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	279.419	341.124	411.569
		Other Income	138.919	185.840	162.276
		TOTAL (A)	418.338	526.964	573.845
Less	EXPENSES
		Employee benefit expense	129.252	130.017	91.972
		Other expenses	122.194	141.459	125.090
		TOTAL (B)	251.446	271.476	217.062
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		166.892	255.488	356.783
Less	FINANCIAL EXPENSES (D)		91.120	100.619	84.223
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.772	154.869	272.560
Less	DEPRECIATION/ AMORTISATION (F)		15.571	14.646	11.104
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		60.201	140.223	261.456
Less	TAX (H)		25.285	46.462	68.525
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		34.916	93.761	192.931
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		107.958	15.940	15.940
Less	ADJUSTMENTS AND APPROPRIATIONS		1.767	1.743	192.931
	BALANCE CARRIED TO THE B/S		141.107	107.958	15.940
	EARNINGS IN FOREIGN CURRENCY		1789.881	1812.076	1967.358
	Earnings / (Loss) Per Share (Rs.)		81.07	217.69	447.94

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	(409.674)	NA	NA
Net Cash flows from operating activities	20.344	82.540	111.315

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.50	27.49	46.88
Operating Profit Margin (PBIDT/Sales)	(%)	59.73	74.90	86.69
Return on Total Assets (PBT/Total Assets}	(%)	2.43	4.61	6.64
Return on Investment (ROI) (PBT/Networth)		0.13	0.34	0.81
Debt Equity Ratio (Total Debt /Networth)		1.46	1.68	3.18
Current Ratio (Current Asset/Current Liability)		1.06	1.04	0.88

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	24.308	24.307	24.307
Reserves & Surplus	297.799	389.817	422.966
Net worth	322.107	414.124	447.273
long-term borrowings	298.204	197.084	0.000
Short term borrowings	724.673	497.716	652.150
Total borrowings	1022.877	694.800	652.150
Debt/Equity ratio	3.176	1.678	1.458

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	411.569	341.124	279.419
		(17.116)	(18.089)

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	411.569	341.124	279.419
Profit	192.931	93.761	34.916
	46.88%	27.49%	12.50%

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	No
19	Major customers	No
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 three 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	Yes
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

Unsecured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Deposits from others	0.000	197.084
SHORT-TERM BORROWINGS
Term loans from others	197.154	247.716
Deposits from others	410.000	250.000
	607.154	694.800

CONTINGENT LIABILITIES:

• In respect of open positions of Commodities Futures contracts outstanding as on balance sheet date Rs.576.757 Million (P.Y. Rs. 2222.702 Million).

• In respect of open positions of Foreign Currency Forward Contracts, Bills outstanding for collections, etc., outstanding as on balance sheet date Rs. 215.581 Million (P.Y. Rs. 11.470 Million).

• Bank Guarantees given to Multi Commodities Exchange of India Limited and National Commodity and Derivatives Exchange Limited - Rs. 995.000 Million (P.Y.Rs. 945.000 Million).

• Bank Guarantees to Sales Tax Authorities - Rs. 0.075 Million (P.Y.Rs. 0.075 Million).

• Contingent Liability in respect of Value Added Tax penalty demand of Rs. 3.599 Million (P.Y. Nil).

BUSINESS OPERATIONS:-

Industry Scenario

The turnover of the commodity exchanges fell by 40.51 per cent to Rs 10.141 million for in 2013-14 from Rs. 17.046 million for in FY 13. The commexes turnover slipped by 40.51 per cent mainly due to imposition of commodity transaction tax, sluggish participation in futures trade and poor markets sentiment due to NSEL scam during FY 14.

Company Business

The company and commodity market as a whole witnessed a difficult year compared to previous year. While the markets haven’t really been supportive, the company has focused on consolidating its position and has increased its market share in the commodity futures market.

Company has continued its sustained push on online trading business and plans to launch its mobile trading platform in the coming year. Company’s sustained effort of investing into the online platform and customer service has resulted into further growth of online business on a year on year basis. The company continues to invest in technology platforms that will result into superior customer trading experience and improved customer service.

During the year, the KGP division continued its focus on trading and export of cotton. During the year it has also undertaken trading and export of sesame seed. During the coming year company would explore to expand its portfolio to various other commodities.

The directors are happy to mention that during the year, ICRA has re-affirmed rating of [ICRA] A1+ (pronounced ICRA one plus) to the Rs 1000.000 million short term debt program.

Total Revenue for the year is Rs. 418.338 Million compared to Rs. 526.964 Million in the previous year. The operating profit for the year is Rs. 60.201 Million as against Rs. 140.223 Million in the previous year. The profit after tax for the year under review is Rs. 34.916 Million as against Rs. 93.761 Million in previous year.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10463365	15/11/2013	60,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B90793142
2	10396168	07/02/2014 *	450,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C00774406
3	10385935	17/10/2012	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B61889812
4	10378307	13/09/2012	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B58840299
5	10333785	12/01/2012	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B31355787
6	10172643	27/09/2011 *	30,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B25005059
7	10172460	25/06/2009	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A67877019
8	10088575	27/12/2007	50,000,000.00	UNION BANK OF INDIA	CAPITAL MARKET CELL, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	A32652463

FIXED ASSETS:

Tangible Assets

· Land

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Leasehold Improvements

Intangible Assets

· Goodwill

· Computer Software

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.66.17
UK Pound	1	Rs.100.66
Euro	1	Rs.70.97

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	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		50

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.