MIRA INFORM REPORT

Report Date :

06.04.2011

NOTE -The Registered Office of the company has been shifted from Near Hotel Krishna Park, NH 8-B, Gondal Road, Vavdi, Rajkot-360004, Gujarat, India, to the present address w.e.f 03.11.2010

IDENTIFICATION DETAILS

Name :	TIRTH AGRO TECHNOLOGY PRIVATE LIMITED
Registered Office :	Near Goverdhan Gin Mill, National Highway 8-B, Taluka Gondal Bhunava, Bhunava-360004, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.07.2000
Com. Reg. No.:	04-38435
CIN No.: [Company Identification No.]	U72900GJ2000PTC038435
TAN No.: [Tax Deduction & Collection Account No.]	RKTT200405G
PAN No.: [Permanent Account No.]	AABCT6282F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Importer and Exporter of Agricultural Implements.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Pravin Yadav
Designation :	Account Manager
Contact No.:	91-9227927905
Date :	05.04.2011

LOCATIONS

Registered Office :	Near Goverdhan Gin Mill, National Highway 8-B, Taluka Gondal Bhunava, Bhunava-360004, Gujarat, India
Tel. No.:	91-281-2386047 / 2377204 / 2380852
Mobile No :	91-9227927905 (Mr. Pravin Yadav)
Fax No.:	91-281-2380852 / 2386047
E-Mail :	hjamnadas1@gmail.com info@shaktimanagro.com hg@shaktimanagro.com clientmca21@gmail.com arunmkothari@gmail.com
Website :	www.shaktimanagro.com
Area :	10000 Sq. ft.
Location :	Owned

DIRECTORS

As On : 30.09.2010

Name :	Mr. Hasmukhbhai Gatorbhai Gohil
Designation :	Director
Address :	304, Kevalam Apartment, Marutibagar-3, Near Airport Road, City Rajkot-360001, Gujarat, India
Date of Birth :	22.12.1975
Qualification :	Mechanical Engineer
DIN No.:	00619221
Date of Appointment :	26.07.2000
Name :	Mr. Ashwin Gatorbhai Gohil
Designation :	Director
Address :	401 Atul Apartment, 4 Ram Krishna Nagar, B/H Ramkrishna Ashram, DR. Yagnik Road, Rajkot-360001, Gujarat, India.
Date of Birth :	08.12.1973
Qualification :	Mechanical Engineer
DIN No.:	00619253
Date of Appointment :	26.07.2000

KEY EXECUTIVES

Name :	Mr. Pravin Yadav
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Hasmukhbhai Gatorbhai Gohil	606000
Ashwin Gatorbhai Gohil	754000
Gatorbhai Gohil	25000
Total	1385000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Agricultural Implements.
Products :	· Agricultural Machinery · Regular Series · Semi Champion · Champion · Side Shift Rotary Tiller · Mini Rotary Tiller Series · Rotary Plough · Post Hole Digger
Brand Names :	“SHAKTIMAN”
Exports :
Products :	Agricultural Equipment
Countries :	· Greece · Italy · Sri Lanka · Middle East · Nepal · European Countries
Imports :
Products :	Raw Material
Countries :	Italy
Terms :
Selling :	L/C, Cash and Credit (30 / 60 / 90 days)
Purchasing :	L/C, Cash and Credit (30 / 60 / 90 days)

PRODUCTION STATUS

(AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Rotary Tiller Machine	Nos.	22,500	17883

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

· OEM’s

No. of Employees :

500 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Bank of Baroda

Facilities :

Particulars	As on 31.03.2010 (Rs. In Million)	As on 31.03.2009 (Rs. In Million)
Cash Credit
Bank of Baroda	24.595	19.955
Term Loans
Bank of Baroda -1	40.337	0.000
Bank of Baroda -2	57.591	0.000
[All the above limits are Secured by way of Equitable mortgage of Factory Land and Building and hypothecation of Moveable and Current Assets of the company]
Vehicle Loans
HDFC Bank Limited
Scooter Loan-HDFC Bank Limited-1	0.008	0.024
Scooter Loan-HDFC Bank Limited-2	0.008	0.024
Car Loan-HDFC Bank Limited-Bolero	0.460	0.000
Car Loan-HDFC Bank Limited- Skoda	0.671	1.060
Truck Loan-HDFC Bank Limited-Eicher	0.796	0.000
Bus Loan-HDFC Bank Limited-Mazda	0.973	0.000
[Secured by way of hypothecation of vehicles]	0.000	0.000
Total	125.439	21.063

Particulars	As on 31.03.2010 (Rs. In Million)	As on 31.03.2009 (Rs. In Million)
Unsecured Loans
From Directors	42.386	43.863
From Shareholders and Relatives	1.500	0.000
Total	43.886	43.863

Banking Relations :	--
Auditors :
Name :	Kalaria and Sampat Chartered Accountant
Address :	302-305, Star Avenue, Dr. Radha Krishnan Road, Opposite, Rajkumar College, Rajkot-360001, Gujarat, India
Associates:	A. G. Agro Industries

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1385000	Equity Shares	Rs. 10/- each	Rs. 13.850 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		13.850	13.000	5.000
2] Share Application Money		1.500	0.000	0.000
3] Reserves & Surplus		84.647	40.174	5.120
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.997	53.174	10.120
LOAN FUNDS
1] Secured Loans		125.439	21.063	15.117
2] Unsecured Loans		43.886	43.863	0.675
TOTAL BORROWING		169.325	64.926	15.792
DEFERRED TAX LIABILITIES		8.905	2.093	1.405
TOTAL		278.227	120.193	27.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.855	79.262	41.246
Capital work-in-progress		56.871	9.810	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.989	46.687	30.089
	Sundry Debtors	132.249	119.092	88.513
	Cash & Bank Balances	23.455	5.458	5.332
	Other Current Assets	0.000	0.000	0.448
	Loans & Advances	43.075	4.272	4.309
Total Current Assets		251.768	175.509	128.691
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	125.494	136.053	135.931
	Other Current Liabilities	26.821	4.767	5.911
	Provisions	19.123	3.819	1.059
Total Current Liabilities		171.438	144.639	142.901
Net Current Assets		80.330	30.870	(14.210)
MISCELLANEOUS EXPENSES		0.171	0.251	0.281
TOTAL		278.227	120.193	27.317

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1167.701	724.898	386.570
		Other Income	3.074	1.104
		TOTAL (A)	1170.775	726.002	386.570
Less	EXPENSES
		Cost of Materials	797.601	559.520
		Manufacturing Expenses	173.383	99.871
		Increase/(Decrease) in Finished Goods	4.409	(12.724)	376.027
		Personal Expenses	16.912	8.982
		Administrative and Selling Expenses	101.698	47.078
		Miscellaneous Expenditure W/Off	0.080	0.080
		TOTAL (B)	1094.083	702.807	376.027
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		76.692	23.195	10.543
Less	FINANCIAL EXPENSES (D)		3.747	2.678	0.742
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		72.945	20.517	9.801
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.638	9.129	3.630
	PROFIT BEFORE TAX (E-F) (G)		57.307	11.388	6.171
Less	TAX (H)		20.443	3.333	2.039
	PROFIT AFTER TAX (G-H) (I)		36.864	8.055	4.132
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.174	5.120	NA
Less	Excess / (Short) Provision of Income Tax of Earlier Year		(0.042)	(0.001)	NA
	BALANCE CARRIED TO THE B/S		49.996	13.174	5.120
	EXPORT VALUE		14.396	21.641	NA
	Earnings Per Share (Rs.)		28.23	8.73	82.64

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	31.49	1.11	1.07
Net Profit Margin (PBT/Sales)	(%)	4.91	1.57	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.60	4.47	3.63
Return on Investment (ROI) (PBT/Networth)		0.57	0.21	0.61
Debt Equity Ratio (Total Liability/Networth)		3.50	3.98	15.68
Current Ratio (Current Asset/Current Liability)		1.47	1.21	0.90

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Creditors for Goods	61.542	93.921	87.548
Creditors for Assets	1.393	2.075	10.199
Creditors for Expenses	62.559	40.057	38.184
Total	125.494	136.053	135.931

OPERATIONS :

During the year, the company has recorded growth despite of overall economic downtrend by selling 18160 Tilers.

The Turnover for the year registered an increase of 61%, amounting to Rs. 1167.701 millions compared to Rs. 724.898 millions in the previous year while Net Profit increased by 358%, amounting to Rs. 36.865 millions as compared to Rs. 8.055 millions in the previous year.

FINANCE :

During the year, Company was sanctioned fresh term loan to the tune of Rs. 101.700 millions for its expansion program and the Working Capital limits of the Company has also been enhanced to Rs. 60.000 millions during the year.

During the year, the company also allotted 85000 Equity Shares of Rs. 10/- each at a premium of Rs. 90/- per share aggregating to Rs. 8.500 millions

FORM 8

Corporate identity number of the company	U72900GJ2000PTC038435
Name of the company	Tirth Agro Technology Private Limited
Address of the registered office or of the principal place of business in India of the company	Near Goverdhan Gin Mill, National Highway 8-B, Taluka Gondal Bhunava, Bhunava-360004, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Agreement for Loan and Guarantee. (Contracts No.: 18202490)
Date of instrument Creating the charge	25.02.2011
Amount secured by the charge	Rs. 0.750 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 12.52 % p.a. Terms of repayment The Loan is repayable in 47 EMIs of Rs.0.020 million starting from 15th March , 2011 ending on 15th January , 2015. Margin As may be stipulated by bank from time to time. Extent and operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No. 15 as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Other The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property charged (Including location of the property)	Hypothecation of Vehicle namely : FORCE TRAVELLER , ENGINE NO. AND CHASSIS NO

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electric Weight Scale

· Auto Rickshaw

· Vehicles

· Tools

· Furniture

· Air Conditioner

· Computer Systems

· Office Equipment

· Water Coolers

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	Indian Rupees
US Dollar	1	Rs.44.45
UK Pound	1	Rs.71.59
Euro	1	Rs.63.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.