MIRA INFORM REPORT

Report Date :

09-11-2006

IDENTIFICATION DETAILS

Name :	RICHFIELD FERTILIZERS LIMITED
Registered Office :	B 27, MIDC, Ambad, Nashik-422010, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	12-04-2006
Com. Reg. No.:	11-131579
CIN No.:	U24129MH2001PTC131579
IEC. No.:	3103005741/25.8.2003
TAN No.: (Tax Deduction & Collection Account No.)	NSKR01542C
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturers, Makers, Dealers, Importers, Exporters and Traders of all kinds of fertilizers, pesticides natural or mixed fertilizers and other materials including their intermediates, derivatives, by products, Co-products, constituents, mixtures, components and compounds.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Ms. Preeti Manager Accountant parted with latest financials. Subject is a relatively small company. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office/Factory :	B 27, MIDC, Ambad, Nashik-422010, Maharashtra, India
Tel. No.:	91-253-2380063/64/2581406 (R)
Mobile No:	91-9422251554
Fax No.:	91-253-2382710
E-Mail :	Gppind_nsk@sancharnet.in, mail@elctfield-wsf.com
Area:	1500 Sq. ft (8500 sq. ft Built-up)
Location:	Owned
Branches :	Located At Ahmedabad, Narayangaon, Sangli, Hubli, Hyderabad, Paipur, Indore, Pimprigaon.

DIRECTORS

Name :	Mr. Vinayak V. Shembekar
Designation :	Director
Date of Birth/Age :	21^ST August, 1948
Date of Appointment :	12^TH April, 2001
Name :	Mr. Vilas V. Shembekar
Designation :	Director
Date of Birth/Age :	13^TH February, 1954
Casing Date :	28^TH March, 2003
Date of Appointment :	12^th April, 2001
Name :	Mr. Kirit M Mehta
Designation :	Director
Date of Birth/Age :	05^th May, 1954
Casing Date :	28^th March, 2003
Date of Appointment :	12^th April, 2001
Name :	Mr. Ashok S. Agarwal
Designation :	Director
Address :	Udoy Bhonu Co-Operative Housing Society Limited, Sumit-B, 711, 65/10, Main Avenue, Santa-400056
Date of Birth/Age :	08^th April, 1946
Date of Appointment :	30^th September, 2003
Name :	Mr. Satish R Arora
Designation :	Director
Address :	251/252, Winbledon central, 21-33 Worple Road, London
Date of Birth/Age :	31^st December, 1937
Date of Appointment :	30^th September, 2003
Name :	Mr. Anant R. Kshirsagar
Designation :	Director
Address :	61/891, Rama Govind Priyadarshni Park, Nashik-422009
Date of Birth/Age :	11^th September, 1954
Date of Appointment :	30^th September, 2003
Name :	Mr. Vinayak P Patil
Designation :	Director
Address:	“Babul” Kadambvan Satpur, Ambad Link Road, Satpur, Nashik – 420012
Date of Birth/Age :	63 Years
Experience:	40 Years
Date of Appointment :	20^th March, 2003
Name :	Dr. Swapnil M Bachchhav
Designation :	Director
Address:	“Supeabha” Balwant Nagar, Anadwali Shivag, Gangapur Road, Nashil – 422013
Date of Birth/Age :	38 Years
Qualification:	M. Sc, Ph. D
Experience:	14 Years
Name :	Mrs. Pratibha S Bachchhav
Designation :	Director
Address:	“Supeabha” Balwant Nagar, Anadwali Shivag, Gangapur Road, Nashil – 422013
Date of Birth/Age :	35 Years
Qualification:	B. Sc
Experience:	5 Years
Name :	Dr. Murlidhar B Bachchhav
Designation :	Director
Address:	“Supeabha” Balwant Nagar, Anadwali Shivag, Gangapur Road, Nashil – 422013
Date of Birth/Age :	66 Years
Qualification:	M. Sc, PH. D
Experience:	40 Years

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Richifield Springs Limited (UK)	49940
Yogesh Kumar Jain	10
Shivraj Lakshman	10
Subhash W. Sawant	10
Prashant Kumar J Mukharjee	143000
Vinayak V. Shembekar	10
Vilas V. Shembekar	10
Kirit M Mehta	10
Dr. Swapnil M Bachchhav	49.99%
Mrs. Pratibha S Bachchhav	49.99%

BUSINESS DETAILS

Line of Business :	Manufacturers, Makers, Dealers, Importers, Exporters and Traders of all kinds of fertilizers, pesticides natural or mixed fertilizers and other materials including their intermediates, derivatives, by products, Co-products, constituents, mixtures, components and compounds.
Products :	NPK Fertilisers
Importer:	European

GENERAL INFORMATION

Employs :	33
Bankers :	v Vishwas Co-operative Bank Limited , Nashik-422005 v Union Bank of India, SSI Branch Satpur, Nashik – 422007
Facilities :	v Vishwas Co-operative Bank Limited - Rs. 3.000 millions v Union Bank of India – Rs. 9.100 Millions

Banking Relations :	Unknown
Auditors :	M/s. Mukadam and Associates Chartered Accountants Block No. 104-A, Anand Estate, 189-A, Sane Guriji Marg, Chinchpokli (w), Mumbai-400011
Tel. No.:	91-22-23001840
Fax. No.:	91-22-23073055

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs. 4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
290000	Equity Shares	Rs. 10/- each	Rs. 2.900 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.01.2006 [Un Audited]	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		2.900	2.900	2.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.574	0.511	0.304
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.474	3.411	3.204
LOAN FUNDS
1] Secured Loans		3.942	3.495	0.000
2] Unsecured Loans		0.750	0.073	0.073
TOTAL BORROWING		4.692	3.568	0.073
DEFERRED TAX LIABILITIES		0.176	0.175	0.077
TOTAL		10.342	7.154	3.354
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.458	5.203	3.178
Capital work-in-progress		0.926	0.000	0.000
INVESTMENT		0.150	0.150	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.215
	Sundry Debtors	13.662
	Cash & Bank Balances	3.602	14.440	8.512
	Other Current Assets	0.000
	Loans & Advances	2.537
Total Current Assets		25.016	14.440	8.512
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities & Provisions	22.261	12.690	8.395
Total Current Liabilities		22.261	12.690	8.395
Net Current Assets		2.755	1.750	0.117
MISCELLANEOUS EXPENSES		0.053	0.051	0.059
TOTAL		10.342	7.154	3.354

PROFIT & LOSS ACCOUNT

PARTICULARS	31.01.2006 [Un Audited]	31.03.2005	31.03.2004
Sales Turnover [including other income]	54.735	44.320	7.505
Profit/(Loss) Before Tax	2.111	0.336	0.590
Provision for Taxation	0.000	0.124	0.218
Profit/(Loss) After Tax	2.111	0.212	0.372
Import Value:	41.324	NA	NA
Total Expenditure	11.300	43.984	6.915

KEY RATIOS

PARTICULARS		31.01.2006 [Un Audited]	31.03.2005	31.03.2004
PAT / Total Income	(%)	3.85	0.47	4.95
Net Profit Margin (PBT/Sales)	(%)	3.85	0.75	7.86
Return on Total Assets (PBT/Total Assets}	(%)	6.70	1.71	5.04
Return on Investment (ROI) (PBT/Networth)		0.38	0.09	0.18
Debt Equity Ratio (Total Liability/Networth)		4.92	4.76	2.64
Current Ratio (Current Asset/Current Liability)		1.12	1.13	1.01

LOCAL AGENCY FURTHER INFORMATION

The company is yet to commence operation activities for which all avenues are being explored.

The company has not accepted any deposit from the public during the year.

Trade References:

v Solufeed Plant Product & Services Private Limited

v Saukar Accident Hospital, Lokmanya Nagar, Gangapur Road

Nashik – 422002

Tel. No.: 91-253-2576254

Fax. No.: 91-253-2316626

v SQM, Europe, Belgium

v Trade corporation International. Spain

Fixed Assets:

Ø Land

Ø Factory Building

CMT REPORT [Corruption, Money laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 45.30
UK Pound	1	Rs. 78.45
Euro	1	Rs. 54.88

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	4
--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
TOTAL		17

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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