MIRA INFORM REPORT

Report Date :

22.04.2011

IDENTIFICATION DETAILS

Name :	CHINTAMANI AGROTECH (INDIA) LIMITED
Registered Office :	155-A, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Date of Incorporation :	21.08.2001
Com. Reg. No.:	11-133127
CIN No.: [Company Identification No.]	U31101MH2001PLC133127
TAN No.: [Tax Deduction & Collection Account No.]	NGPC03468D
PAN No.: [Permanent Account No.]	AADCC1053F
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Chemicals Products.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Yet to Commence Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	The company was incorporated in 2001 but it is yet to commence commercial operations. The valuation report and the networth statement provided is of a much lower value than the proposal amount. No further details or payment could be made available. It would be advisable to take adequate securities while dealing with the subject.

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. Nilesh Luley
Designation :	Chief Financial Officer
Contact No.:	91-9322838319
Date :	19.04.2011

LOCATIONS

Registered/ Corporate Office :	155-A, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40824600
Mobile No.:	91-9322838319/ 9867917365 (Mr. Nilesh Luley)
Fax No.:	91-22-40824666
E-Mail :	nileshml@jinbhuvish.com nileshhml@yahoo.com kunal-jpgl@gmail.com sripanigrahi@rediffmail.com sri_panigrahi@rediffmail.com
Location :	Owned
Factory :	Village Bijora Tehsil Mahagaon, District Yavatmal, Maharashtra, India

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Nilesh Amarchand Mehta
Designation :	Director
Address :	Keshriyanath Housing Society, Nikalas Mandir Road, Itwari, Nagpur- 440002, Maharashtra, India
Date of Appointment :	22.10.2009
Name :	Mr. Dilip Sitaram Bhamare
Designation :	Director
Address :	7, Moreshwar Apartments, Dr. Rajendra Prasad Road, Dombivali East, 421201, Maharashtra, India
Date of Birth/Age :	15.04.1951
Date of Appointment :	19.07.2010
Email :	sitson@sitsonindia.com
Name :	Mr. Nitin Jairam Gadkari
Designation :	Director
Address :	Gadakariwada, Upadhya Road, Mahal, Nagpur-440032, Maharashtra, India
Date of Appointment :	28.08.2001
Name :	Mr. Madan Madhukarrao Yerawar
Designation :	Director
Address :	Mourya Apartment, Datta, Chowk, Yawatmal, Maharashtra, India
Date of Appointment :	21.08.2001
Name :	Mr. Devendra Gangadharrao Fadnavis
Designation :	Director
Address :	276, Trikoni Park, Dharmpeth, Nagpur – 440010, Maharashtra, India
Date of Appointment :	23.10.2009
Name :	Mr. Rajabhau Govindrao Yerawar
Designation :	Director
Address :	Awdhootwadi, Yawatmal- 445001, Maharashtra, India
Date of Appointment :	28.08.2001
Name :	Mr. Uttam Raghoji Ingale
Designation :	Director
Address :	Nath Nagar, Umerkhed, Yawatmal- 445001, Maharashtra, India
Date of Appointment :	31.08.2001
Name :	Mr. Avinash Nandkishor Agarwal
Designation :	Director
Address :	AT. Umarkhed TQ. Umarkhed, Paltewar, Complex, Yawatmal – 445206, Maharashtra, India
Date of Appointment :	30.10.2009

KEY EXECUTIVES

Name :	Mr. Nilesh Luley
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Madan M. Yerwar	10000
Manish A. Mehta	10000
Nilesh Amarchand Mehta	10000
Neeta M. Mehta	465900
Rajani N. Mehta	10000
Aarya Powertech Private Limited, India	10000
Aarya Infrastructure Private Limited, India	10000
Total	525900

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	3.80
Directors or relatives of directors	96.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals Products.
Products :	Chemicals Products
Terms :
Selling :	Cash and Credit (30-60-90 days)
Purchasing :	Cash and Credit (30-60-90 days)

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

More than 100 (Approximately)

Bankers :

· Corporation Bank

· Canara Bank, Yavatmal

· Shijshak Sahakari Bank

· National Co-operative Bank Limited

· Punjab National Bank

· Karur Vysya Bank

· Union Bank, Dhantoli

· Indusind Bank

Ramdaspeth, Nagpur, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2011 (Provisional)	31.03.2010
	(Rs. In Millions)
Gondwana Construction Private Limited	0.000	0.113
Loan from Shareholders	4.069	4.069
Total	4.069	4.182

Banking Relations :	--
Auditors :
Name :	P V Page and Company Chartered Accountant
Address :	201, Sadar Griha, 198, L T Marg, Mumbai – 400002, Maharashtra, India
Telefax :	91-22-22054560/ 22092527
Email :	page@vsnl.com

CAPITAL STRUCTURE

(AS ON 31.03.2011 – PROVISIONAL)

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Share	Rs.10/- each	Rs.21.000 Millions
400000	Preference Shares	Rs.10/- each	Rs.4.000 Millions
	Total		Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
525900	Equity Share	Rs.10/- each	Rs.5.259 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.259	5.259	5.259	5.259
2] Share Application Money		338.391	338.391	209.831	4.400
3] Reserves & Surplus		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		343.650	343.650	215.090	9.659
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000	0.000
2] Unsecured Loans		4.069	4.182	0.000	0.000
TOTAL BORROWING		4.069	4.182	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		347.719	347.832	215.090	9.659
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.968	1.809	2.546	0.000
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	3.500	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000	0.000
	Cash & Bank Balances	0.812	0.296	3.880	2.363
	Other Current Assets	0.005	0.005	0.005	0.005
	Loans & Advances	298.381	339.566	208.276	5.882
Total Current Assets		299.198	339.867	212.161	8.250
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	(0.793)	0.000	0.949	0.489
	Other Current Liabilities and Provisions	25.292	3.486	1.952	0.091
Total Current Liabilities		24.499	3.486	2.901	0.580
Net Current Assets		274.699	336.381	209.260	7.670
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
Preliminary and Pre-Operative Expenses		71.052	6.142	3.284	1.989
TOTAL		347.719	347.832	215.090	9.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	148.522
		Other Income	0.000
		TOTAL (A)	148.522
Less	EXPENSES
		Loss on Sale of Shares	148.083
		Salaries	0.357
		Travelling Expenses	0.046
		Conveyance	0.005
		Other Expenses	0.015
		TOTAL (B)	148.506
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.016
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.016
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.003
	PROFIT BEFORE TAX (E-F) (G)		0.013
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		0.013
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		0.013
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	0.01	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	0.01	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.00	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.00	NA	NA
Debt Equity Ratio (Total Liability/Networth)		0.08	0.02	0.01	0.06
Current Ratio (Current Asset/Current Liability)		12.21	97.49	73.13	14.22

LOCAL AGENCY FURTHER INFORMATION

STATEMENT OF ASSETS AND LIABILITIES

MR. NILESH A MEHTA

(RS. IN MILLIONS)

ASSETS

DETAILS OF IMMOVABLE ASSETS

1. LAND	VALUE AS ON 31.12.2010
Open Plots at Chinchbhawan
Location	5 km from Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	No
Total Market Value	3.000
Land at Khamla
Location	Khamla, Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	4.600
Plot at Narendra Nagar
Location	Narendra Nagar, Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	3.000
Land at Bori
Location	35 km from Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	1.900
Plot at Steel and Hardware
Location	Bhandara Road, Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	1.300
Land at Bori
Location	35 km from Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	7.500
SUB TOTAL	RS.21.300 MILLIONS

2. BUILDING	VALUE AS ON 31.12.2010
Flat No.3 and 5 at Kandivali
Location	Village – Kandivali (West), Kandivali, Mumbai - 400067
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	2.800
Flat at Sadar
Location	Sadar, Nagpur
Ancestral or Self- acquired	Self
Share in the Total Property	100%
If encumbered to what extent	--
Total Market Value	5.400
SUB TOTAL	RS.8.200 MILLIONS

3. OTHERS (SPECIFY)	VALUE AS ON 31.12.2010
Innova Vehicles	0.525
Total	0.525

TOTAL IMMOVABLE ASSETS

RS.30.025 MILLIONS

DETAILS OF MOVABLE PROPERTY

Cash/ Bank Balance	0.228
Marketable investment (Cost Price)	15.680
Realiable Book Debts	24.600
Life Policies (Surrender Value)	1.500
Others	--
TOTAL MOVABLE ASSETS	42.008

TOTAL ASSETS

RS.72.033 MILLIONS

LIABILITIES

PARTICULARS	VALUE
Borrowings	11.515
TOTAL LIABILITIES	RS.11.515 MILLIONS

NET WORTH

RS.60.518 MILLIONS

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VALUATION REPORT

IN RESPECT OF MOVABLE PROPERTY

Name of Valuer Ar. W. A. Kukde	Registration No.: U D Arch, G D Arch, A. L. L. A. Architect and Licenced Surveyor and Registered Valuer, For wealth Tax, Income Tax – CAT 1/445 Council of Architecture No. CA/77/4021
Date of making valuation	30.08.2010
Name of the owner(s) of the Property	Chintamani Agrotech (India) Limited
If the Property is under Join t Ownership/ co-ownership, Share of each such owner. Are the shares undivided?	Company Limited
Brief Description of the Property	Non Agricultural Land
Location, Street, Ward No. Flat/ Plot No.	Bearing Survey No./ Mouza/ Village as per Detailed Valuation
Is the property situated in residential/ commercial/ mixed area/ industrial area	Non Agricultural Land for Industrial use.
Proximity to civic amenities like schools, Hospitals, Offices, Markets, cinema halls etc.	All amenities available in Gaothan.
Furnish Details of the Building on a sperate sheet giving number of floors, plinth area floor-wise, year and type of construction, finished (Floor- wise)	Not Applicable As it is non Agricultural Open Land.
Is it freehold or leasehold land?	Freehold
Is the Building Owner – Occupied/ Tenanted/ Both?	In Occupation and use of company
The valuer should give in detail his approach to valuation of the property and indicate how the value has been arrived at, supported by necessary calculations.	The property is valued by comparative sale method The information of rates of similar lots of nearby areas has been considered while evaluation value of this property.
Fair Market Value of the Property	Rs.255.680 Millions

DETAILED VALUATIONS

Village	Survey No.	Area in		Sale deed No.	Date
		Acre	Hectare
Bijora	18/01	9.36	3.79	557	25.09.2001
Bijora	18/02	9.34	3.78	555	25.09.2001
Bijora	26/01	12.13	4.91	554	25.09.2001
Bijora	26/02	12.25	4.96	556	25.09.2001
Bijora	19/01	1.58	0.64	582	24.05.2002
Bijora	19/02	4.50	1.82	583	24.05.2002
Bijora	19/03	4.50	1.82	581	24.05.2002
Bijora	19/04	4.50	1.82	592	24.05.2002
Bijora	19/05	4.50	1.82	584	24.05.2002
Bijora	19/06	4.00	1.62	593	24.05.2002
Bijora	28/01	13.51	5.47	591	24.05.2002
Bijora	28/2	12.33	4.99	570	26.09.2001
Ghanmukh	15	11.39	4.61	573	26.09.2001
Ghanmukh	46	4.79	1.94	572	26.09.2001
Ghanmukh	47	4.79	1.94	552	25.09.2001
Ghanmukh	48	4.79	1.94	589	26.09.2001
Ghanmukh	49	4.79	1.94	553	24.02.2001
Ghanmukh	50	4.79	1.94	571	26.09.2001
Total		127.84	51.75

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NOTE:

The Registered office of the company has been shifted from Mourya Apartment Darra Chowk, Yavatmal – 445001, Maharashtra, India, to the present address w.e.f. 02.04.2010.

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FIXED ASSETS:

· Land

· Mobile Handset

· Computers

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.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

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.