MIRA INFORM REPORT

Report No. :	505580
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	KANGRA EXPORTS LIMITED
Registered Office :	E-657, 658 DSIDC, Industrial Area, Narela, New Delhi-110040
Mobile No.:	91-9953310000 (Mr. Achin Aggarwal)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	29.03.1996
Com. Reg. No.:	55-077701
Capital Investment / Paid-up Capital :	INR 24.790 Million
CIN No.: [Company Identification No.]	U74899DL1996PLC077701
IEC No.: [Import-Export Code No.]	0514019450
TIN / CST No.:	07260391918
GSTN : [Goods & Service Tax Registration No.]	07AAACK3126G1ZX
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK3126G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of pan masala and related products. [Registered activity] Manufacturer, trader, exporter and supplier of herbal oil, natural herbal oil, mint oil, clove oil, cardamom oil, basil oil, etc. [Confirmed by management]
No. of Employees :	15 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996 and it is having moderate track. For the financial year 2017, the company has increased in its revenue from operations as compared to previous year but reported negligible profit. However, rating takes into consideration moderate financial risk profile of the company marked by low reserves and low liquidity position. Further, rating constrained on account of volatile profitability profile inherent risk associated with business operation, very low earnings per share during the year and intense competition from industry. Trade relations are reported as fair. Business is active. Payments terms are seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 27.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Achin Aggarwal
Designation :	Director
Contact No.:	91-9953310000
Date :	23.04.2018

LOCATIONS

Registered Office / Factory :	E-657, 658 DSIDC, Industrial Area, Narela, New Delhi-110040, India
Tel. No.:	Not Available
Mobile No.:	91-9953310000 / 9811517179 (Mr. Achin Aggarwal)
Fax No.:	Not Available
E-Mail :	achinleo@gmail.com info@kangraexports.in
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Sanjay Aggarwal

Designation :

Director

Address :

40, Ground Floor, Engineers Enclave, Pitampura, Saraswati Vihar North West, Delhi-110034, India

Date of Appointment :

11.07.2007

DIN No.:

01628874

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U22219DL2006PTC150283	YADAV BROTHERS LAMINATE(INDIA) PRIVATE LIMITED	26/09/2012	-
U20212DL2007PTC170582	TULIP DECORS PRIVATE LIMITED	20/11/2007	-
U52100DL2007PTC169379	SAS SALES INDIA PRIVATE LIMITED	12/10/2007	-

Name :

Mr. Achin Aggarwal

Designation :

Director

Address :

H. No. 437, Gali Mandir Wali, Nayabans Khariboli, Delhi-110006, India

Date of Appointment :

18.11.2010

DIN No.:

02701638

Name :

Ms. Shruti Aggarwal

Designation :

Director

Address :

H. No. 437, Gali Mandir Wali, Nayabans Khariboli, Delhi-110006, India

Date of Appointment :

18.11.2010

DIN No.:

03268693

MAJOR SHAREHOLDERS

AS ON 29.09.2017

Names of Shareholders	No. of Shares
Tulip Mints Private Limited, India	37600
Sunita Aggarwal	38600
Sanjay Aggarwal	1248000
Shruti Aggarwal	32600
Achin Aggarwal	1122000
SAS Sales India Private Limited, India	100
Sanjay Aggarwal and Sons (HUF)	100
Total	2479000

AS ON 29.09.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	98.48
Promoters - Bodies corporate	1.52
Total	100.00

BUSINESS DETAILS

Line of Business :

• Manufacturing of pan masala and related products. [Registered activity]

• Manufacturer, trader, exporter and supplier of herbal oil, natural herbal oil, mint oil, clove oil, cardamom oil, basil oil, etc. [Confirmed by management]

Products / Services :

NIC No.	Product Description
12008	Manufacturing of Pan Masala and Related Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

United States

Imports :

Not Divulged

Terms :

Selling :

NEFT/RTGS

Purchasing :

NEFT/RTGS

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

• Neha Enterprises
• Nitin Trading Company
• Bee Gee Motors
• R M Enterprises
• Mahan Enterprises
• Manish Trading Company
• Palak International
• Utkarsh international
• Yash Enterprises

Customers :

Wholesalers and Manufacturer

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	IDBI Bank
Branch	12^th Floor, Nariman Bhavan, Nariman Point, Delhi, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG-TERM BORROWINGS
Car Loan – HDFC Bank	2.027	4.037
Less: Current maturity	(2.027)	(2.010)
SHORT TERM BORROWINGS
Loans repayable on demands
SBI C/C A/c	34.567	34.040
Total	34.567	36.067

Auditors :
Name :	Raj K. Sri and Company Chartered Accountants
Address :	E-16, First Floor, Sector-3, Noida-201301, Uttar Pradesh, India
Mobile No.:	91-9811277755
E-Mail :	sundeep@rajksri.com
Website :	www.rajksri.com
PAN No.:	AAEFR8476K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	INR 10/- each	INR 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2479000	Equity Shares	INR 10/- each	INR 24.790 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.790	24.790	24.790
(b) Reserves & Surplus	15.588	15.534	15.639
(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)	40.378	40.324	40.429
(3) Non-Current Liabilities
(a) long-term borrowings	6.984	6.586	6.284
(b) Deferred tax liabilities (Net)	0.000	0.000	0.214
(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)	6.984	6.586	6.498
(4) Current Liabilities
(a) Short term borrowings	34.567	37.140	35.338
(b) Trade payables	30.971	28.783	35.189
(c) Other current liabilities	31.268	28.271	3.862
(d) Short-term provisions	0.285	0.302	0.000
Total Current Liabilities (4)	97.091	94.496	74.389
TOTAL	144.453	141.406	121.316
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.734	37.459	41.108
(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)	0.472	0.223	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	35.206	37.682	41.108
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.616	74.067	55.069
(c) Trade receivables	27.896	25.871	22.243
(d) Cash and cash equivalents	0.065	0.094	0.488
(e) Short-term loans and advances	17.587	3.568	2.242
(f) Other current assets	0.083	0.124	0.166
Total Current Assets	109.247	103.724	80.208
TOTAL	144.453	141.406	121.316

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	156.975	71.488	67.348
	Other Income	0.012	0.447	0.013
	TOTAL	156.987	71.935	67.361
Less	EXPENSES
	Purchases of Stock-in-Trade	134.697	78.415	65.519
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.451	(18.997)	(9.214)
	Employees benefits expense	2.484	2.181	2.260
	Other expenses	0.895	1.127	1.921
	TOTAL	148.527	62.726	60.486
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8.460	9.209	6.875
Less	FINANCIAL EXPENSES	5.645	5.778	5.216
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.815	3.431	1.659
Less	DEPRECIATION/ AMORTISATION	2.725	3.649	2.190
	PROFIT/ (LOSS) BEFORE TAX	0.090	(0.218)	(0.531)
Less	TAX	0.026	(0.134)	(0.074)
	PROFIT/ (LOSS) AFTER TAX	0.064	(0.084)	(0.457)
	Earnings / (Loss) Per Share (INR)	0.02	(0.03)	(0.18)

Particulars	31.03.2018
Sales Turnover (Approximately)	1000.000
	(Due to increase in order)

The above information has been parted by Mr. Achin Aggarwal (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	2.027	2.010	1.819
Cash generated from operations	8.081	3.281	15.658
Net cash flow from operating activities	7.780	3.303	15.243

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	64.86	132.09	120.55
Account Receivables Turnover (Income / Sunday Debtors)	5.63	2.76	3.03
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	83.92	133.98	196.03
Inventory Turnover (Operating Income / Inventories)	0.13	0.12	0.12
Asset Turnover (Operating Income / Net Fixed Assets)	0.24	0.25	0.17

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.73	0.73	0.68
Debt Equity Ratio (Total Liability / Networth)	1.08	1.13	1.07
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.40	2.34	1.84
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.86	0.93	1.02
Interest Coverage Ratio (PBIT / Financial Charges)	1.50	1.59	1.32

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	0.04	(0.12)	(0.68)
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.04	(0.06)	(0.38)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.16	(0.21)	(1.13)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.13	1.10	1.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.47	0.31	0.34
G-Score Ratio Financial (Networth / Total Assets)	0.28	0.29	0.33
G-Score Ratio Debt (Debts / Equity Capital)	1.76	1.84	1.75
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.13	1.10	1.08

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	24.790	24.790	24.790
Reserves & Surplus	15.639	15.534	15.588
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	40.429	40.324	40.378
Long-term borrowings	6.284	6.586	6.984
Short term borrowings	35.338	37.140	34.567
Current Maturities of Long term debt	1.819	2.010	2.027
Total borrowings	43.441	45.736	43.578
Debt/Equity ratio	1.075	1.134	1.079

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	67.348	71.488	156.975
		6.147	119.582

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	67.348	71.488	156.975
Profit / (Loss)	(0.457)	(0.084)	0.064
	(0.68%)	(0.12%)	0.04%

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	Yes
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	No
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	No
18	Major suppliers	Yes
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 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 office of the company has been shifted from K-5, Green Park Extension, New Delhi-110016, India to the present address w.e.f.18.11.2010.

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Loans and advances from related parties
Sanjay Aggarwal	4.615	2.259
Other loans and advances
Shruti Aggarwal	0.100	0.000
Jagdish Goyal	0.100	0.100
SAS Sales India Private Limited	2.169	2.200
Short-term borrowings
Loans and advances from related parties
Shruti Aggarwal	0.000	0.100
Other loans and advances
Advance from customers	0.000	3.000
Total	6.984	7.659

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	B65830499	10396858	State Bank of India	21/12/2012	58000000.0	SME Branch, A-5 South Extension Part-I, New Delhi-110049, India

FIXED ASSETS:

• Land
• Building
• Office equipment
• Air conditioner
• Plant and Machinery
• Computer and printers
• Car

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 records 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	INR
US Dollar	1	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38

INFORMATION DETAILS

Information Gathered by :	TEJ
Analysis Done by :	PRS
Report Prepared by :	BHG

SCORE FACTORS

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.