MIRA INFORM REPORT

Report No. :	346523
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	PODDAR BUSINESS PRIVATE LIMITED
Registered Office :	107, Old China Bazar Street, 4^th Floor, Room No. 401, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22627108
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.03.1996
Com. Reg. No.:	21-078725
Capital Investment / Paid-up Capital :	Rs. 58.016 Million
CIN No.: [Company Identification No.]	U51909WB1996PTC078725
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader of Soya doc, Pulses, Maize, Moong, Sugar etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1996. It is having satisfactory track. The company trades primarily in soya de-oiled cake (DOC), chick peas, black matpe, red lentils and other agro-products. The rating takes into consideration strong financial risk profile of the company marked by relatively modest networth however comfortable gearing in FY14. Management has reported decent revenue base along with increasing net profit in the year under consideration. However, has reported low profit margin. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of long track record of business operations along with decent financial condition, the company can be considered for business dealings with 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	Fund Based Limit – Cash Credit = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	September 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.

LOCATIONS

Registered Office :	107, Old China Bazar Street, 4^th Floor, Room No. 401, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22627108
Fax No.:	91-33-22627139
E-Mail :	CARAJUBARDIA@YAHOO.COM
Corporate Office :	2^nd floor, room # B-3, 23/1 Maharasni Devendra Road, Kolkata – 700007, West Bengal, India

DIRECTORS

AS ON 30.09.2014

Name :

Purushottam Lal Poddar

Designation :

Director

Address :

493/C/A, G.T Road (South), Phase - II ,Block -I, Kolkata - 711102, West Bengal, India

Date of Birth/Age :

01.09.1957

Date of Appointment :

23.03.2015

DIN No.:

00556941

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	U51909WB1996PTC078725	PODDAR BUSINESS PRIVATE LIMITED	Director	23/03/2015	04/08/2003	-	Active	NO
2	U27102WB2004PLC098163	MAA SHAKAMBARI STEEL LIMITED	Director	23/03/2015	24/03/2004	-	Active	NO
3	U27109WB2005PTC102969	MAA SHAKAMBARI IRON & STEEL PRIVATE LIMITED	Director	05/05/2005	05/05/2005	30/04/2014	Active	NO
4	U51909WB2007PTC118582	SUDARSHAN AGENCY PRIVATE LIMITED.	Director	12/11/2007	12/11/2007	-	Active	NO
5	U74900WB2009PTC134832	SHREE HANS INGOT PRIVATE LIMITED	Director	30/04/2009	30/04/2009	01/09/2011	Active	NO
6	U52190WB2009PTC139329	MAHI DEALERS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
7	U51909WB2013PTC190094	KAILASHDHAM VINTRADE PRIVATE LIMITED	Director	09/03/2013	09/03/2013	-	Active	NO

Name :

Usha Devi Poddar

Designation :

Director

Address :

493/C/A, G.T Road (South), Phase - II , Block -I, Howrah - 711102, West Bengal, India

Date of Birth/Age :

27.07.1959

Date of Appointment :

01.04.2014

DIN No.:

00557301

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	U51909WB1996PTC078725	PODDAR BUSINESS PRIVATE LIMITED	Director	01/04/2014	04/08/2003	-	Active	NO
2	U51909WB2007PTC118582	SUDARSHAN AGENCY PRIVATE LIMITED.	Director	12/11/2007	12/11/2007	-	Active	NO
3	U52190WB2009PTC139329	MAHI DEALERS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO

Name :

Vikash Poddar

Designation :

Director

Address :

493/C/A, G.T.Road (South), Vivek Vihar, Phase- 2, Block- I, 5th Floor, Flat No.-501, Shibpur, Howrah - 711102, West Bengal, India

Date of Birth/Age :

24.01.1989

Date of Appointment :

01.04.2014

DIN No.:

05171263

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	U51909WB1996PTC078725	PODDAR BUSINESS PRIVATE LIMITED	Director	01/04/2014	16/01/2012	-	Active	NO
2	U51909WB2007PTC118582	SUDARSHAN AGENCY PRIVATE LIMITED.	Director	21/08/2012	21/08/2012	-	Active	NO
3	U52190WB2009PTC139329	MAHI DEALERS PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO

Name :

Ashish Poddar

Designation :

Director

Address :

493 C/A, G T Road (South), Vivek Vihar, Howrah - 711101, West Bengal, India

Date of Birth/Age :

05.10.1992

Date of Appointment :

09.07.2014

DIN No.:

06876023

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	U51909WB1996PTC078725	PODDAR BUSINESS PRIVATE LIMITED	Director	09/07/2014	09/07/2014	-	Active	NO
2	U51909WB2007PTC118582	SUDARSHAN AGENCY PRIVATE LIMITED.	Director	09/07/2014	09/07/2014	-	Active	NO
3	U52190WB2009PTC139329	MAHI DEALERS PRIVATE LIMITED	Director	09/07/2014	09/07/2014	-	Active	NO
4	U27102WB2004PLC098163	MAA SHAKAMBARI STEEL LIMITED	Director	23/03/2015	23/03/2015	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Allied Mercantile Private Limited	9000
Arun Nangalia	300
Banwari Lal Verma	180000
Bishwanath Poddar (HUF)	210000
Ghashi Ram Poddar (HUF)	210000
Gouri Shankar Poddar	165000
Lal Chand Poddar	165000
Mahi Dealers Private Limited	1260000
Nirmala Banka	300
Om Prakash Poddar	90000
Purushottam Lal Poddar	408000
Sudarshan Agency Private Limited	2605000
Udvai Traders Private Limited	12000
Usha Devi Poddar	387000
Abhimanyu Vincom Private Limited	20000
Aryawart Vincom Private Limited	20000
Mubarak Lubricant Private Limited	20000
Venky Agencies Private Limited	20000
Ziwani Barter Private Limited	20000
Total	5801600

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	68.71
Directors or relatives of Directors	31.29
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Soya doc, Pulses, Maize, Moong, Sugar etc.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

• State Bank of India, Commercial Branch, J.L. Nehru Road :1, Middleton Street, Kolkata – 700071, West Bengal, India
• Bank of Baroda, C. R. Avenue (South) Branch, 33, C. R. Avenue Branch, Kolkata – 700012, West Bengal, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	0.000	0.011
SHORT TERM BORROWING
Loans repayable on demand from banks	271.422	294.074
Total	271.422	294.085

Auditors :
Name :	Agarwal Mahesh and Company Chartered Accountant
Address :	18, British Indian Street, 4^th Floor, Room No. 403, Kolkata – 700069, West Bengal, India
PAN No.:	AAFFA2410F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5801600	Equity Shares	Rs.10/- each	Rs. 58.016 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	58.016	58.016	58.016
(b) Reserves & Surplus	40.372	35.306	31.385
(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)	98.388	93.322	89.401
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.011	0.139
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.011	0.139
(4) Current Liabilities
(a) Short term borrowings	271.422	294.554	237.893
(b) Trade payables	2.500	1.989	0.226
(c) Other current liabilities	2.218	3.909	2.746
(d) Short-term provisions	5.647	4.905	3.128
Total Current Liabilities (4)	281.787	305.357	243.993
TOTAL	380.175	398.690	333.533
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.847	0.941	1.107
(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	2.120	2.120	2.120
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.055	0.055	0.021
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.022	3.116	3.248
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.295	28.637	78.621
(c) Trade receivables	316.253	270.756	179.397
(d) Cash and cash equivalents	33.006	49.896	24.819
(e) Short-term loans and advances	18.599	46.285	47.448
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	377.153	395.574	330.285
TOTAL	380.175	398.690	333.533

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2602.913	2022.344	NA
	Other Income	3.467	2.421	NA
	TOTAL	2606.380	2024.765	NA
Less	EXPENSES	2574.644	1994.199	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	31.736	30.566	NA
Less	FINANCIAL EXPENSES	24.180	24.703	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	7.556	5.863	NA
Less/ Add	DEPRECIATION/ AMORTISATION	0.164	0.166	NA
	PROFIT BEFORE TAX	7.392	5.697	5.127
Less	TAX	2.326	1.776	1.599
	PROFIT AFTER TAX	5.066	3.921	3.528
	IMPORTS
	Raw Materials	563.167	268.415	179.019
	TOTAL IMPORTS	563.167	268.415	179.019
	Earnings Per Share (Rs.)	0.87	0.68	0.61

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
Net cash flow from (used in) operation	30.876	(7.157)	28.691

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.19	0.19	NA
Operating Profit Margin (PBIDT/Sales)	(%)	1.22	1.51	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.96	1.44	1.55
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.06
Debt Equity Ratio (Total Debt /Networth)		2.76	3.16	2.66
Current Ratio (Current Asset/Current Liability)		1.34	1.30	1.35

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	58.016	58.016	58.016
Reserves & Surplus	31.385	35.306	40.372
Share Application money pending allotment	0.000	0.000	0.000
Net worth	89.401	93.322	98.388
long-term borrowings	0.139	0.011	0.000
Short term borrowings	237.893	294.554	271.422
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	238.032	294.565	271.422
Debt/Equity ratio	2.663	3.156	2.759

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	2022.344	2602.913
		28.708

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	2022.344	2602.913
Profit	3.921	5.066
	0.19%	0.19%

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	No
7	Name of the person contacted	No
8	Designation of contact person	No
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	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
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 two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 2^nd floor, room # B-3, 23/1 Maharasni Devendra Road, Kolkata – 700007, West Bengal, India to the present address w.e.f. 17.07.2014.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand from others	0.000	0.480
Total	0.000	0.480

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10592006	13/08/2015	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C64712789
2	10097575	02/01/2012 *	230,000,000.00	BANK OF BARODA	C. R. AVENUE (SOUTH) BRANCH, 33, C. R. AVENUE BRANCH, KOLKATA, West Bengal - 700012, INDIA	B29326824

* Date of charge modification

FIXED ASSETS

• Plant and Equipments
• Vehicles
• Office Equipments
• Computer Equipments
• Other 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. 64.88
UK Pound	1	Rs. 99.89
Euro	1	Rs. 72.06

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.