MIRA INFORM REPORT

Report No. :	346906
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	AGRICORE COMMODITIES PRIVATE LIMITED (w.e.f. 17.07.2006)
Formerly Known As :	GLENCORE COMMODITIES PRIVATE LIMITED
Registered Office :	'Cnergy' , Unit B, 4th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra
Tel. No.:	91-22-66515000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.04.2006
Com. Reg. No.:	11-161144
Capital Investment / Paid-up Capital :	Rs. 95.000 Million
CIN No.: [Company Identification No.]	U51110MH2006PTC161144
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA28661D
PAN No.: [Permanent Account No.]	AACCG5797M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of sales, purchases, processing, refining, import, export of all kinds of agricultural produce. Subject along with its holding company engages in physical commodity trading in agricultural produce. Subject inter-alia, engages in trading in commodity futures and forwards.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is part of “Glencore International AG”. It is an established company having moderate track record. For the FY2014, the company has reported huge accumulated losses resulting in erosion of its networth base. It has huge debt level. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and secured 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-22-66515000)

LOCATIONS

Registered Office :	'Cnergy' , Unit B, 4th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
Tel. No.:	91-22-66515000
Fax No.:	91-22-66515001
E-Mail :	glencore@glencoreindia.com glencore@glencore.com

DIRECTORS

As on 30.09.2014

Name :	Mr. Pravin Raghuvir Dongre
Designation :	Managing Director
Address :	204, Ocean View, Union Park, Khar, Mumbai-400052, Maharashtra, India
Date of Birth/Age :	12.01.1961
Date of Appointment :	13.04.2006
PAN No.:	AAAPD3450D
DIN No.:	00145163
Name :	Mr. Shyam Kantibhai Doshi
Designation :	Director
Address :	25, Savani Apartments, 5th Floor, M.G. Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Date of Birth/Age :	26.03.1969
Date of Appointment :	13.04.2006
DIN No.:	00144382
Name :	Mrs. Sharmila Shyam Gaikwad
Designation :	Director
Address :	2, Sai Prasad, Nanda Patkar Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Date of Birth/Age :	20.04.1960
Date of Appointment :	15.07.2013
DIN No.:	06448515

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Glencore Grain India Private Limited, India	9499999
Pravin Raghuvir Dongre	1
Total	9500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of sales, purchases, processing, refining, import, export of all kinds of agricultural produce. Subject along with its holding company engages in physical commodity trading in agricultural produce. Subject inter-alia, engages in trading in commodity futures and forwards.

Products :

Item Code No.	Product Description
57049010	Cotton
84451990	Others
10089090	Pulses
15149190	Rape Seeds
10011090	Wheat

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management

Bankers :

Bank Name	Standard Charted Bank
Branch	Not Divulged
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre Tower 3/27-32 Floor, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	--
Collaborators :	--
Holding Company :	· Glencore Grain India Private Limited CIN No.: U15130MH2005PTC155626
Ultimate Holding Company :	· Glencore Xstrata plc (GXPLC) (Previous Year Glencore International plc (GIPLC)), Switzerland
Intermediate Holding Company :	· Glencore International AG (GIAG), Switzerland
Fellow Subsidiaries :	· Glencore Grain BV (GGBV), Netherlands · Glencore India Private Limited (GIPL) CIN No.: U00000DL1995PTC064981

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9,500,000	Equity Shares	Rs.10/- each	Rs. 95.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,500,000	Equity Shares	Rs.10/- each	Rs. 95.000 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	95.000	95.000	95.000
(b) Reserves & Surplus	(961.247)	(490.008)	(161.160)
(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)	(866.247)	(395.008)	(66.160)
(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	3.230	0.000	0.000
(d) long-term provisions	6.971	7.301	5.571
Total Non-current Liabilities (3)	10.201	7.301	5.571
(4) Current Liabilities
(a) Short term borrowings	1843.341	1435.000	1395.700
(b) Trade payables	742.937	250.308	104.217
(c) Other current liabilities	254.533	122.725	155.768
(d) Short-term provisions	3.499	1.742	0.783
Total Current Liabilities (4)	2844.310	1809.775	1656.468
TOTAL	1988.264	1422.068	1595.879
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.401	0.175	0.137
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.107	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.075	0.095	0.087
(c) Deferred tax assets (net)	0.000	0.000	17.319
(d) Long-term Loan and Advances	33.268	30.874	4.098
(e) Other Non-current assets	1.281	5.170	5.067
Total Non-Current Assets	71.025	36.421	26.708
(2) Current assets
(a) Current investments	0.020	0.002	0.035
(b) Inventories	1475.342	657.703	920.750
(c) Trade receivables	80.048	93.144	81.963
(d) Cash and cash equivalents	45.113	59.854	49.078
(e) Short-term loans and advances	315.116	574.357	510.420
(f) Other current assets	1.600	0.587	6.925
Total Current Assets	1917.239	1385.647	1569.171
TOTAL	1988.264	1422.068	1595.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Gross Income	NA	3572.463	5874.178
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	(311.469)	240.446
Less/ Add	DEPRECIATION/ AMORTISATION		NA	0.060	0.051
	PROFIT/ (LOSS) BEFORE TAX		NA	(311.529)	240.395
Less	TAX (H)		NA	17.319	41.229
	PROFIT/ (LOSS) AFTER TAX		(417.239)	(328.848)	199.166
	Earnings / (Loss) Per Share (Rs.)		(43.91)	(34.61)	20.96

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 flows from (used in) operation	(394.010)	(2.470)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Gross Income)	(%)	NA	(9.21)	3.39
Return on Total Assets (PBT/Total Assets}	(%)	NA	(21.91)	15.23
Return on Investment (ROI) (PBT/Networth)		NA	0.79	(3.63)
Debt Equity Ratio (Total Debt /Networth)		(2.13)	(3.63)	(21.10)
Current Ratio (Current Asset/Current Liability)		0.67	0.77	0.95

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	95.000	95.000	95.000
Reserves & Surplus	(161.160)	(490.008)	(961.247)
Net worth	(66.160)	(395.008)	(866.247)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1395.700	1435.000	1843.341
Total borrowings	1395.700	1435.000	1843.341
Debt/Equity ratio	(21.096)	(3.633)	(2.128)

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	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	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)	No
16]	No. of employees	No
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 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	No
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: the registered office of the company has been shifted from Pharma Search House, 3rd Floor, B G Kher Marg, Worli, Mumbai-400018, Maharashtra, India to the present address w.e.f. 22.07.2013

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	750.000	1235.000
Intercorporate deposits	1093.341	200.000
Total	1843.341	1435.000

OVERVIEW:

The company was incorporated on April 13, 2006 as Glencore Commodities Private Limited as a wholly owned subsidiary of Glencore Grain India Private Limited. The Company changed its name to Agricore Commodities Private Limited on July 17, 2006. The Company is incorporated with an objective to carry on the business of sales, purchases, processing, refining, import, export of all kinds of agricultural produce. The Company along with its holding company engages in physical commodity trading in agricultural produce. The Company, inter-alia, engages in trading in commodity futures and forwards.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Land
• Building
• Furniture and fixtures
• Office equipment
• Computer

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 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.64.96
UK Pound	1	Rs.99.54
Euro	1	Rs.71.64

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	AMR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		16

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.