MIRA INFORM REPORT

Report No. :	497311.2
Report Date :	19.03.2018

IDENTIFICATION DETAILS

Name :	KAVIT INDUSTRIES LIMITED
Formerly Known As :	ATREYA PETROCHEM LIMITED
Registered Office :	Vill : Tundao, Tal: Salvi, Vadodara – 391775, Gujarat
Mob. No.:	91-9428402633 [Mr. Jayendra Modi]
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	23.11.1990
Com. Reg. No.:	04-014692
Capital Investment / Paid-up Capital :	INR 619.333 Million
CIN No.: [Company Identification No.]	L23100GJ1990PLC014692
IEC No.: [Import-Export Code No.]	3407006284
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	24AAACJ4907C1Z3
PAN No.: [Permanent Account No.]	AAACJ4907C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trading of Edible oil, Garments, Agriculture Produce and Various other products of consumer goods. [Registered activity] Manufacturer and Trader of Edible Oil, Cotton Seeds Oil, Vegetable Oil, Palm Oil. Trader of Cattle Feed and Agriculture Products. Wholesale Trading and Distribution of various kind of merchandise like textile, garments, chemicals and petrochemicals, electronics and electrical item, machinery tools, papers, cement, coal, engineering goods, steel and steel related items, Solar panels, home appliances, steel and steel related items, Ferrous and Non Ferrous, plastic material, slag, gypsum etc. equipment’s. [Confirmed by management]
No. of Employees :	35 (Approximately) [In Office: 15; In Factory: 20]

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1990 and is having satisfactory track records. For the financial year 2017, the company has healthy increased in its revenue from operation as compared to previous year and maintained minimal profitability margin of 0.50%. Rating takes into consideration sound financial risk profile of the company marked by healthy capital structure along with negligible debt balance sheet. Further, rating also reflects from its established track records of business operations and healthy improvement in the revenue as well profitability profile during the year. Further, positive feedback received from its supplier (Sona Agency) and customer (Shiv Trader) about company’s payment behavior and product quality. Banker (Allahabad Bank) has also given positive feedback and satisfied with company’s banking transactions. However, rating strength is partially offset by low reserve level reported during the year and intense competition from industry. Trade relations are reported as fair. Payments are reported to be usually correct. In view of aforesaid, the company can be considered 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

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

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 31-03-2016.

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 19.03.2018.

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. Jayendra Modi
Designation :	Managing Director
Contact No.:	91-9428402633
Date :	16.03.2018

LOCATIONS

Registered Office / Factory :	Vill : Tundao, Tal: Salvi, Vadodara – 391775, Gujarat, India
Tel. No.:	91-265-2361100 / 265-2362200
Mobile No.:	91-9428402633 [Mr. Jayendra Modi] 91-9428402631 [Mr. Bhavesh Jayantibhai Desai]
Fax No.:	Not Available
E-Mail :	kavitindustrieslimited@gmail.com
Website :	www.kavitindustries.in
Area :	3.50 lac. sq. ft.
Location :	Owned
Locality :	Industrial
Corporate Office :	9^th Floor, Galav Chambers, Sayajigunj, Vadodara, Gujarat, India
Tel. No.:	91-265-2361100 / 265-2362200
Fax No.:	91-265-2361551
Area :	3000 sq. ft.
Location :	Owned

DIRECTORS

As on 31.03.2017

Name :	Mr. Jayesh Raichandbhai Thakkar
Designation :	Managing Director
Address :	04, Kunj Society, Alkapuri, Race Course, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	53 Years
Qualification :	B.Com
Experience :	25 Year
Date of Appointment :	28.01.2011
DIN No.:	01631093
Name :	Mr. Chirag Vinodchandra Thakkar
Designation :	Director
Address :	22 Ajay Society, Behind T.B. Hospital, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	38 Years
Qualification :	B.Com
Experience :	10 Years
Date of Appointment :	12.03.2014
DIN No.:	06844583
Name :	Kalyani Chandrakant Rajeshirke
Designation :	Director
Address :	00, Bagi Khana Polo Graund, Near Baroda High School, Vadodara – 390001, Gujarat, India
Date of Birth/Age :	25 Year
Qualification :	B.Com
Experience :	2 Years
Date of Appointment :	02.11.2015
DIN No.:	07330113
Name :	Mr. Monish Malhotra
Designation :	Director
Address :	Bunglow No 5, Near Ishita Hospital, Behind Shabri School, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	51 Years
Qualification :	M.D
Experience :	25 Years
Date of Appointment :	28.04.2017
DIN No.:	02039981
Name :	Mr. Salil Shashikant Patel
Designation :	Director
Address :	A-24, Krishna Velly Bunglow, Near Amit Nagar Circle, Karelibaug, Vadodara – 390018, Gujarat, India
Date of Birth/Age :	50 Years
Qualification :	B. Com
Experience :	19 Years
Date of Appointment :	06.09.2017
DIN No.:	07371520
Name :	Mr. Kartik Kumar Bakulchandra Mistry
Designation :	Director
Address :	Shaktinagar, Nandesari, Vadodara – 391340, Gujarat, India
Date of Birth/Age :	26 Years
Qualification :	B.E.
Experience :	3 Years
Date of Appointment :	06.09.2017
DIN No.:	07791008

KEY EXECUTIVES

Name :	Mr. Bhavesh Jayantibhai Desai
Designation :	Chief Financial Officer (KMP)
Address :	15 Girdhar Nagar Soc At Po Ta Savli, Dist Baroda, Savli – 391770, Gujarat, India
Date of Birth/Age :	42 Years
Qualification :	B.Com
Experience :	20 Years
Date of Appointment :	06.09.2017
DIN No.:	AJMPD8376M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	2,66,47,383	43.03
(B) Public	3,52,85,950	56.97
Grand Total	6,19,33,333	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	38,25,461	6.18
Jayeshbhai Raichand Bhai Thakkar	24,44,296	3.95
Artiben Jayeshbhai Thakkar	4,52,798	0.73
Jaswant Raichand Thakkar	1,36,133	0.22
Somabhai S Thakkar	1,33,705	0.22
Patel Bharatbhai Limjibhai	1,33,333	0.22
Santosh Kahar	1,27,333	0.21
Jagdishbhai Raichanddas Thakkar	1,04,533	0.17
Mitul Jagdishbhai Thakkar	93,332	0.15
Hansaben Jaswantbhai Thakkar	66,666	0.11
Hashmukhbhai Dhanjibhai Thakkar	66,666	0.11
Thakkar Kokila H	66,666	0.11
Any Other (specify)	2,28,21,922	36.85
Raghuvir International Private Limited	1,28,72,150	20.78
Shree Saibabaexim Private Limited	99,49,772	16.07
Sub Total A1	2,66,47,383	43.03
A2) Foreign		0.00
A=A1+A2	2,66,47,383	43.03

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Mutual Funds/	46,665	0.08
Financial Institutions/ Banks	1,40,000	0.23
Sub Total B1	1,86,665	0.30
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	43,60,501	7.04
Individual share capital in excess of INR 0.200 Million	28,43,654	4.59
Any Other (specify)	2,78,95,130	45.04
Trusts	2,194	0.00
HUF	41,524	0.07
NRI – Non- Repat	10,423	0.02
NRI – Repat	6,641	0.01
Clearing Members	5,91,530	0.96
Bodies Corporate	2,72,42,818	43.99
Krystalklear Properties Private Limited	52,00,000	8.40
Aprateem Trading Private Limited	48,00,000	7.75
Silvercade Trading Private Limited	43,91,724	7.09
Saint Infrastructure Private Limited	42,66,666	6.89
Gill Entertainment Private Limited	41,33,228	6.67
Indivar Traders Private Limited	24,80,217	4.00
Sub Total B3	3,50,99,285	56.67
B=B1+B2+B3	3,52,85,950	56.97

AS ON 31.03.2017

MAJOR SHAREHOLDERS [Provided by Management]

Names of Shareholders	No. of Shares
Aprateem Trading	4600000
Gill Entertainment	4133228
Indiver Traders	3601206
Jayesh R Thakkar	244296
Krystal Klear Properties Private Limited	5200000
Raghuveer International Private Limited	12838850
Saint Infrastructure Private Limited	4266666
Shree Saibaba Exim Private Limited	9738333
Silver Cade Trading	4375964

BUSINESS DETAILS

Line of Business :

• Trading of Edible oil, Garments, Agriculture Produce and Various other products of consumer goods.

[Registered activity]

• Manufacturer and Trader of Edible Oil, Cotton Seeds Oil, Vegetable Oil, Palm Oil.
• Trader of Cattle Feed and Agriculture Products.
• Wholesale Trading and Distribution of various kind of merchandise like textile, garments, chemicals and petrochemicals, electronics and electrical item, machinery tools, papers, cement, coal, engineering goods, steel and steel related items, Solar panels, home appliances, steel and steel related items, Ferrous and Non Ferrous, plastic material, slag, gypsum etc. equipment’s.

[Confirmed by management]

Products :

Item Code No.	Product Description
10409	Edible oil
10409	Agricultural products

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit [30 days]

Purchasing :

Cash and Credit [30 days]

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Sona Agency

Name of the Person :

Mr. Ashokbhai (Proprietor)

Contact No.:

91-9824012138

Since How Long Known :

1 Year

Maximum Limit Dealt :

Depend on order

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

Mr. Ashokbhai (Proprietor) gave positive response about subject company.

Customers :

Wholesalers

Reference :

Shiv Trader

Name of the Person :

Mr. Manojbhai (Proprietor)

Contact No.:

91-9825061505

Since How Long Known :

4 Years

Maximum Limit Dealt :

Depend on order

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

Mr. Manojbhai proprietor gave positive response about subject company.

No. of Employees :

35 (Approximately) [In Office: 15; In Factory: 20]

Bankers :

Bank Name	Allahabad Bank
Branch	Sayajigunj (Branch) Vadodara, Gujarat, India
Person Name (With Designation)	Mr. Sandeep (Manager) Mr. Ravi (Branch Manager)
Contact Number	91-265-2363009 / 2363655
Name of Account Holder	Kavit Industries Limited
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Current Account
Account Operation	Satisfactory
Remarks (If any)	Mr. Sandeep (Manager) confirmed that subject company have current account in their bank. No Complaints.

• Bank of India, Vadodara, Gujarat, India
• UCO Bank, Vadodara, Gujarat, India
• HDFC Bank, Vadodara, Gujarat, India
• INDUSIND Bank, Vadodara, Gujarat, India
• ICICI Bank, Vadodara, Gujarat, India
• AXIS Bank, Vadodara, Gujarat, India

Auditors :
Name :	Sheetal Samraiya and Associates Chartered Accountants
Address :	t-14a, India Bulls Mega Mall, Jetalpur Road, Vadodara, Gujarat, India
Mob. No.:	91-9537525999
E-Mail :	ssabaroda@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Kavit Green Energy Private Limited U74140GJ2015PTC081718 Kavit Edible Oil Limited U15100GJ2017PLC096076 Kavit Swachh Organic Food Private Limited U15490GJ2016PTC094300 Kavit Infoline Private Limited U72300GJ2016PTC086091 Kavit Infra Projects Private Limited U45209GJ2015PTC083192
Sister Concern :	Pacific Finstock Limited Kavit Edible Oil Limited Prabhav Industries Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
66450000	Equity Shares	INR 10/- each	INR 664.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
61933333	Equity Shares	INR 10/- each	INR 619.333 Million

The Company in the Annual General Meeting held on September 25, 2015 increased the authorized share capital from INR 464.500 Million to INR 664.500 Million. However, the e-form SH-7 for increasing authorized Share Capital is yet to be filed. The company is in process to completing the said filing with the Registrar of Companies

a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year

Particulars	As at March 31, 2017
	Number of Shares	INR In Million
Shares outstanding at the beginning of the years	61933333	619.333
Share issued during the year-Bonus Issue	--	--
Shares extinguished pursuant to buy back	--	--
Shares outstanding	61933333	619.333

b) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

Particulars	As at (No. of Shares)
	Number of Shares	INR In Million
Equity Shares	--	--
Equity shares allotted as fully paid-up bonus shares	--	15.483

c) Disclosures of Shareholders holding more than 5% of the share Capital of the company

Name of Shareholders	As at 31.03.2017
	Number of Shares	% of Holdings
Raghuvir International Private Limited	12838850	20.73
Shree Saibaba Exim Private Limited	9738333	15.72
SIL Vercade Trading Private Limited	5333333	8.61
Krystalklear Properties Private Limited	5200000	8.40
Aprateem Trading Private Limited	--	0.00
Ethan Constructions Private Limited	--	0.00
Saint Infrastructure Private Limited	4266666	6.89
Gill Entertainment Private Limited	4133333	6.67
Golding Mercantile Private Limited	3800000	6.14
Indivar Traders Private Limited	3866666	6.24
Amrapali Aadya Trading and Investment Private Limited	--	--

As per records of the company, including its register of Shareholders / Members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares

Terms, Rights and restrictions attached to equity shares

Voting Right

Each holder of equity share having a par value of Rs.10 per equity share is entitled to one vote per equity share

Rights as to Dividend

The Equity shareholders have right dividend when declared by the Board of Directors subject to approval in the ensuring Annual General Meeting. The Company proposed dividend of INR NIL during the year ended March 31, 2017 (INR NIL per share in March 31, 2016)

Right pertaining to repayment of Capital

In the event of liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be according to the shareholders rights and interest in the company.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET – STANDALONE

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	619.333	619.333	464.500
(b) Reserves & Surplus	43.088	34.128	187.797
(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)	662.421	653.461	652.297
(3) Non-Current Liabilities
(a) long-term borrowings	29.716	62.625	4.207
(b) Deferred tax liabilities (Net)	0.231	0.000	0.000
(c) Other long term liabilities	1.754	1.754	32.725
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.701	64.379	36.932
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1462.512	350.592	1.920
(c) Other current liabilities	30.597	13.844	42.893
(d) Short-term provisions	5.412	1.299	0.703
Total Current Liabilities (4)	1498.521	365.735	45.516
TOTAL	2192.643	1083.575	734.745
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.914	22.753	23.982
(ii) Intangible Assets	0.044	0.015	0.000
(iii) Capital work-in-progress	1.951	1.951	0.191
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.176	15.075	35.503
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	445.863	445.863	626.069
(e) Other Non-current assets	10.875	25.674	23.604
Total Non-Current Assets	491.823	511.331	709.349
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.898	4.335	2.010
(c) Trade receivables	1393.087	220.528	16.693
(d) Cash and cash equivalents	7.435	15.730	6.674
(e) Short-term loans and advances	291.718	331.833	0.000
(f) Other current assets	0.682	(0.182)	0.019
Total Current Assets	1700.820	572.244	25.396
TOTAL	2192.643	1083.575	734.745

PROFIT & LOSS ACCOUNT – STANDALONE

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1775.325	339.637	6.199
	Other Income	1.614	4.426	4.218
	TOTAL	1776.939	344.063	10.417
Less	EXPENSES
	Cost of Materials Consumed	0.321	1.036	1.643
	Purchases of Stock-in-Trade	1757.543	335.190	0.611
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.882)	(2.205)	1.392
	Employees benefits expense	2.047	0.961	0.480
	Other expenses	6.597	5.063	2.595
	Exceptional Items	0.000	0.018	0.045
	TOTAL	1762.626	340.063	6.766
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14.313	4.000	3.651
Less	FINANCIAL EXPENSES	0.211	0.542	0.157
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	14.102	3.458	3.494
Less	DEPRECIATION/ AMORTISATION	0.767	0.818	1.996
	PROFIT/ (LOSS) BEFORE TAX	13.335	2.640	1.498
Less	TAX	4.375	1.032	0.477
	PROFIT/ (LOSS) AFTER TAX	8.960	1.608	1.021
	Earnings / (Loss) Per Share (INR)	0.14	0.03	0.02

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(34.085)	108.452	40.874
Net cash flow from operating activity	(34.085)	108.452	40.874

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^STQuarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	Unaudited	Unaudited	Unaudited
Net Sales	299.570	100.160	174.370
Total Expenditure	295.880	98.280	175.690
PBIDT (Excl OI)	3.690	1.880	(1.320)
Other Income	1.410	0.410	0.650
Operating Profit	5.100	2.290	(0.670)
Interest	0.020	0.040	NA
Exceptional Items	NA	NA	NA
PBDT	5.080	2.250	(0.670)
Depreciation	0.430	0.450	0.440
Profit Before Tax	4.650	1.800	(1.110)
Tax	1.580	0.550	(0.340)
Provisions and contingencies	NA	NA	NA
Profit After Tax	3.070	1.250	(0.760)
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	3.070	1.250	(0.760)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	286.41	237.00	982.89
Account Receivables Turnover (Income / Sundry Debtors)	1.27	1.54	0.37
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	303.67	380.60	310.91
Inventory Turnover (Operating Income / Inventories)	1.81	0.92	1.82
Asset Turnover (Operating Income / Net Fixed Assets)	0.57	0.16	0.15

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.70	0.40	0.07
Debt Equity Ratio (Total Liability / Networth)	0.04	0.10	0.01
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.26	0.56	0.07
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.04	0.04	0.04
Interest Coverage Ratio (PBIT / Financial Charges)	67.83	7.38	23.25

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.50	0.47	16.47
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.41	0.15	0.14
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.35	0.25	0.16

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.13	1.56	0.56
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.13	1.55	0.51
G-Score Ratio Financial (Networth / Total Assets)	0.30	0.60	0.89
G-Score Ratio Debt (Debts / Equity Capital)	0.05	0.10	0.01
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.13	1.56	0.56

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 16.00/-

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	464.500	619.333	619.333
Reserves & Surplus	187.797	34.128	43.088
Net worth	652.297	653.461	662.421
long-term borrowings	4.207	62.625	29.716
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.207	62.625	29.716
Debt/Equity ratio	0.006	0.096	0.045

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	6.199	339.637	1775.325
		5,378.900	422.712

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	6.199	339.637	1775.325
Profit	1.021	1.608	8.960
	16.47%	0.47%	0.50%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	619.333	619.333
(b) Reserves & Surplus	3.825	34.165
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	5.138	0.000
Total Shareholders’ Funds (1) + (2)	628.296	653.498
(3) Non-Current Liabilities
(a) long-term borrowings	301.980	94.202
(b) Deferred tax liabilities (Net)	39.941	0.000
(c) Other long term liabilities	1.754	1.755
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	343.675	95.957
(4) Current Liabilities
(a) Short term borrowings	5.717	0.015
(b) Trade payables	1462.517	351.343
(c) Other current liabilities	26.084	13.924
(d) Short-term provisions	6.887	1.323
Total Current Liabilities (4)	1501.205	366.605
TOTAL	2473.176	1116.060
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	293.658	22.753
(ii) Intangible Assets	0.044	0.015
(iii) Capital work-in-progress	1.951	1.951
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	5.076	5.076
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	445.863	445.863
(e) Other Non-current assets	10.875	27.135
Total Non-Current Assets	757.467	502.793
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.898	4.335
(c) Trade receivables	1397.112	220.592
(d) Cash and cash equivalents	9.196	15.749
(e) Short-term loans and advances	294.820	367.268
(f) Other current assets	6.683	5.323
Total Current Assets	1715.709	613.267
TOTAL	2473.176	1116.060

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	1779.351	339.637
	Other Income	2.112	5.060
	TOTAL	1781.463	344.697
Less	EXPENSES
	Cost of Materials Consumed	0.321	1.036
	Purchases of Stock-in-Trade	1757.543	335.190
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.883)	(2.206)
	Employees benefits expense	2.047	1.006
	Other expenses	6.668	5.589
	Exceptional Items	0.000	0.018
	TOTAL	1762.696	340.633
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	18.767	4.064
Less	FINANCIAL EXPENSES	0.697	0.546
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	18.070	3.518
Less	DEPRECIATION/ AMORTISATION	4.085	0.817
	PROFIT/ (LOSS) BEFORE TAX	13.985	2.701
Less	TAX	(30.100)	1.056
	PROFIT/ (LOSS) AFTER TAX	44.085	1.645
	Earnings / (Loss) Per Share (INR)	(0.49)	0.03

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	Yes
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last 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	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

BUSINESS OVERVIEW:

The Company recorded an exceptional standalone profit of INR 8.960 Million in the FY 2016-17 in comparison to INR 1.608 Million in FY 2015-16. The Consolidated Profit before tax for the year 2017 was recorded at INR 13.984 Million, which was almost 5 times higher than the profit recorded last year. However, due to deferred tax provision on the consolidated financials the Company recorded a loss after tax of INR 30.100 Million.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Indian Economy and Business Outlook:

India has emerged as one of the fastest growing economies in recent times. The global growth prospects also look positive with the main economies gradually ascending the growth ladder. The Indian economy is expected to embark on higher economic growth trajectory in FY18 owing to proactive measures taken by the government as well as favorable economic conditions expected to prevail during the course of the year. The main driving forces in FY18 would be Increased government spending in infrastructure, Pick up in private investment, Good monsoon, Expected surge in consumer spending with pent up demand being satiated. The Goods and Services Tax (GST), which was implemented from July 1, 2017, has potential to spur the economy further. The economic outlook of the Indian economy looks positive with the country expected to grow at more than 7.5% in FY18 before moving past the 8% trajectory in FY19. Certain threats, however, prevail in terms of upside risk to inflation, increasing global commodity prices especially crude oil prices, slower growth in investment and credit rising bad loans issue and uncertain trade prospects with appreciating rupee and uncertain global economic conditions. Globally, protectionism adopted by the US and higher interest rates by the Fed, revival in European countries and higher growth in China causing diversion of funds from India could counter the prospective growth story of the country.

Overview of Indian Edible oil Industry

Indian edible oil industry is the world’s fourth‐largest industry after USA, China and Brazil and accounts for around 9% of the world’s oil seed production. It is highly fragmented with extreme variation in the consumption pattern of Indian consumers of edible oil. The Indian edible oil industry continues to be underpenetrated and thereby holds immense business opportunities. Vegetable oil consumption has increased due to rise in overall household income, surging retail sector, increasing health awareness, growing population and increasing demand. In India, oilseeds are grown in nearly 26‐27million hectares. The productivity is however very low in comparison with the world average. The consumption growth is rising by nearly 5.5 to 6.0% per annum. Palm Oil is consumed the most by lower income category of Indian society. Consumption of Palm oil in India is now nearly 45% of the total oil consumption followed by Soybean oil and Rapeseed oil. Also the Indian edible oil demand is quiet elastic and does reduce or increase to an extent with change in prices. Import of edible oil has increased nearly 2.5 times in last 8 years. The central government allowed 100% FDI in oil palm plantations which is one of the important steps in helping fill the gap of edible oil deficit in India. The alarming declines of Indian oilseeds production and crushing are going along with booming import demand for vegetable oils, have brought oil meal exports from India almost to a standstill.

EDIBLE OIL

The vision to be a leader in Edible Oil Industry commenced in the year 2016 by having Edible Oil segment of KAVIT INDUSTRIES LTD. Today the company stands strong as KAVIT INDUSTRIES LIMITED. In Business Market and the Brand is recalled as "KAVIT" across Indian Families. Making a mark the creative delegates of the Company under the supervision of Mr. Jayesh Raichandbhai Thakkar have passionately adhered to the objective of making only world‐class products and started the business with three firm pillars ‐ Quality, Research and Integration on which they have successfully build the business empire which today produces 1550 M.T. refined oil per day with complete vertical integration. Marking one of the major milestones, “KAVIT” became India's renowned Edible Oil Company to get Food& Safety Quality Management Certification of ISO 22000:2005

"KAVIT" is a well communicated and trusted edible oil brand in India. Its market positioning as balanced cooking oil, helped it attach with its consumers on the health and fitness ground and soon the brand became a household name across Gujarat. The company offers different types of edible oils to consumer market. To produce best quality edible oil, company has procured best available technology and machinery over the period of time. Knowledge, Technology and Process up‐gradation has always enabled Kavit Industries to be a market leader in Edible Oil segment. Kavit Industries Limited is one of those very few companies which have also invested in vertical integration to add a value of quality to all their end products. Company has its own manufacturing plants to manufacturer and pack tins, Bottles, Jars. To serve Industrial Segment, Kavit Industries is planning to offer export quality edible oil and its Derivatives across the Globe. The vision of the Company is to make the brand “KAVIT” as a Star Export House and to make it as one of the largest exporters of India

Petrochem:

Company has been predominantly engaged in the Petrochem business before it diversified into other business verticals. Company has an established brand “Ecrol” under which the company markets various petroleum products like lubricants, engine oil, etc. the company has an up to date processing plant situated at Tundav village in Gujarat on an eight acre plot. The plant is classified as a mini refinery to process crude oil and hydrocarbons to various end products. Ecrol products are manufactured to meet the norms laid down by BIS, API and JASO. High Quality Standards have been a critical element in the marketing strategy of Ecrol to capture a sizeable share in the domestic market in a short span of time. Company is focused of delivering the best quality at an affordable price and continuous up‐gradation.

Garments:

The Company deals in readymade garments for men and women under the Brand “RAW”. The product offerings include dresses, salwar kameez, tops and tees, jackets and denim jeans. The Company has opened two retail stores under the brand “Mizguided” in Mumbai and Baroda. While the scale of current operations is low, the company intends to expand this business in future. Company shall endeavor to increase its retail footprint by opening new stores and diversifying into more cities. Company shall also explore options to export its products in developed countries and to sell products through ecommerce portals.

Kavit Infoline:

The Company intends to diversify into the technology sector through its subsidiary Kavit Infoline Private Limited. The rapid growth of ecommerce and penetration of internet and smart phones present a great opportunity in the technology sector. While the competition is very high, there are still a lot of opportunities to grow and expand the business. Through Kavit Infoline, Company intends to offer a Gamut of services like IT consulting, web development, software development business transformation. The management is hopeful that the IT and Software business shall have substantial contribution in the overall business performance of the company.

Kavit Green Energy:

The renewable energy arm of the company shall focus on generating power through renewable sources of energy such as solar and wind. They are in process of setting up our solar power project in Karnataka which is awarded by Karnataka Renewable Energy Development Limited for 5 MW. The Company believes that this project has great potential in future

Kavit Swachh Organic Foods:

The company has incorporated a subsidiary to tap the organic food market. While the project is on a preliminary stage, the organic food business appears to be one of the fast growing businesses. Today increasing number of people are switching their food habits from fast and processed food to organic and healthy food. The company shall make every attempt to gain maximum advantage from this growing trend. They endeavor to offer quality products at a reasonable price in order to encourage more people to switch to healthy foods and lifestyle.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	2.774	2.774
Loans and Advances from Others
From Corporates	22.402	22.376
From Others	4.540	37.475
Total	29.716	62.625

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 31^ST DECEMBER 2017

(INR In Million)

Particulars	Quarter Ended	Quarter Ended	Nine Months Ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Income from Operations
a) Net Sales / Income from Operations	174.368	100.154	574.090
b) Other Operating Income	0.646	0.413	2.467
Total Income from Operations (net)	175.014	100.567	576.557
Expenditure
a) Cost of materials consumed
b) Purchase of stock-in-trade	165.602	80.740	559.613
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	8.016	12.087	(1.629)
d) Employee benefits expense	1.226	1.599	4.031
e)Finance Costs	0.000	0.045	0.065
f) Depreciation and amortisation expense	0.443	0.452	1.321
g) Power and Fuel Charges	--	--	--
h) Other expenses	0.831	3.847	7.805
Total Expenses	176.120	98.771	571.209
Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items	(1.105)	1.796	5.348
Exceptional items	--	--	--
Profit/ (Loss) from ordinary activities before tax	(1.105)	1.796	5.348
Tax expenses	(0.341)	(0.546)	1.788
Net Profit / (Loss) from ordinary activities after tax	(0.763)	1.249	3.560
Paid-up equity share capital (Face Value of INR 10 per share)	619.333	619.333	619.333
Reserve excluding Revaluation reserve
Earnings Per Share (EPS) before and after extraordinary items (of INR 10/- each) a) Basic b) Diluted	(0.01) (0.01)	0.02 0.02	0.05 0.05

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

FOR THE QUARTER ENDED 31^ST DECEMBER 2017

(INR In Million)

Sr. No.	Particulars	Quarter Ended	Quarter Ended	Nine Months Ended
		31.12.2017	30.09.2017	31.12.2017
		Unaudited	Unaudited	Unaudited
A	Segment Revenue
	a) Securities Division	12.947	24.027	92.570
	b) Manufacturing Division	--	--	--
	c) Food and Ingredient Division	153.143	25.739	282.108
	d)Garment Division	--	--	--
	e)Edible oil	8.278	50.388	199.411
	f)Others	--	--	--
	Total	174.368	100.154	574.090
B	Segment Results
	Profit/(Loss) (Before Tax and Interest) For each Segment
	a) Securities Division	0.416	6.876	7.589
	b) Manufacturing Division	--	--	--
	c) Food and Ingredient Division	1.666	0.002	1.679
	d)Garment Division	--	--	--
	e)Edible oil	(3.188)	(5.037)	(3.854)
	f)Others	--	--	--
	Total	(1.104)	1.841	5.414
	Less: Interest	0.000	0.044	0.065
	Other Un-allocable Expenditure net off	--	--	--
	Un-allocable Income	0.000	--	--
	Total Profit Loss Before Taxation	(1.105)	1.796	5.348
C	Segment Assets
	a) Securities Division	10.786	10.786	10.786
	b) Manufacturing Division	1820.724	1972.045	1820.724
	c) Food and Ingredient Division	77.820	52.106	77.820
	d)Garment Division	16.463	16.463	16.463
	e)Edible oil	64.782	114.777	64.782
	f)Others	9.543	9.543	9.543
	Unallocated	2.061	2.061	2.061
	Total Segment Assets	2002.179	2177.781	2002.179
d	Segment Liabilities
	a) Securities Division	5.883	6.299	5.883
	b) Manufacturing Division	1158.996	1310.316	1158.996
	c) Food and Ingredient Division	59.612	35.564	59.612
	d)Garment Division	10.915	10.915	10.915
	e)Edible oil	21.620	68.427	21.620
	f)Others	6.327	6.327	6.327
	Unallocated	3.111	3.111	3.111
	Total	1266.465	1440.962	1266.465
E	Capital Employed
	a) Securities Division	4.903	4.486	4.903
	b) Manufacturing Division	661.727	661.728	661.727
	c) Food and Ingredient Division	18.207	16.541	18.207
	d)Garment Division	5.548	5.548	5.548
	e)Edible oil	43.161	46.349	43.161
	f)Others	3.216	3.216	3.216
	Unallocated	(1.050)	(1.050)	(1.050)
	Total	735.714	736.818	735.714

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• 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 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 64.87
UK Pound	1	INR 90.49
Euro	1	INR 79.91

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	PRA
Report Prepared by :	JYO

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	YES
--LISTED	YES/NO	YES
--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.