MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	NODAI SEEDS INDIA PRIVATE LIMITED
Registered Office :	219 Village and P Omahipalpur, New Delhi – 110 037
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	21.04.2005
Com. Reg. No.:	55-135198
Capital Investment / Paid-up Capital :	Rs.22.500 millions
CIN No.: [Company Identification No.]	U01122DL2005PTC135198
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Rice Hybrids, Seeds for Pearl Millet, Corn, Cotton, Sorghum, Sunflower, Vegetables such as Tomato, Brinjal, Cauliflower, Capsicum, Hot Pepper, Muskmelon.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its latest financials with the Government departments. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Chauhan
Designation :	Accounts Department
Contact No.:	91-124-4265782
Date :	22.10.2011

LOCATIONS

Registered Office/Residence Address :	219 Village and P Omahipalpur, New Delhi – 110 037, India
Tel. No.:	Not Available
Mobile No.:	91-9654400689 (Mr. Mandeep Singh Joon)
Fax No.:	Not Available
E-Mail :	aj2412@rediffmail.com
Head Office :	38^th Mile Stone, NH-8, Behrampur Road, Mandeep Estate, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-4265782 / 4030591 / 4265783
Fax No.:	91-124-4030591
E-Mail :	rkchauhan@nodaiseeds.com
Location :	Owned

DIRECTORS

As on 30.09.2009

Name :	Mr. Mandeep Joon
Designation :	Director
Address :	152, Sector-17, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	12.08.1985
Date of Appointment :	25.04.2005
DIN No.:	00174502

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01122DL2005PTC135198	Nodai Seeds India Private Limited	Director	25-04-05	25-04-05	Active	YES
2	U72900HR2011PTC043451	Ethosway E Solutions Private Limited	Director	19-07-11	19-07-11	Active	NO

Name :	Mr. Anupam Joon
Designation :	Director
Address :	152, Sector-17, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	25.10.1976
Date of Appointment :	14.07.2005
DIN No.:	00174551

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U14999HR1991PLC031404	Agromusk India Limited	Director	30-09-03	30-09-03	Active	YES
2	U01122DL2005PTC135198	Nodai Seeds India Private Limited	Director	14-07-05	14-07-05	Active	YES

Name :	Mrs. Nirmala Singh
Designation :	Director
Address :	152, Sector-17, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	03.01.1958
Date of Appointment :	01.08.2007
DIN No.:	00174458

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25199HR1987PTC028993	Saraswati Rubbers Works Private Limited	Director	24-08-87	24-08-87	Dormant	NO
2	U14999HR1991PLC031404	Agromusk India Limited	Director	12-09-91	12-09-91	Active	YES
3	U18101DL2004PTC130626	Aquariusz Fashion Private Limited	Director	19-11-04	19-11-04	Active	YES
4	U01122DL2005PTC135198	Nodai Seeds India Private Limited	Director	01-08-07	01-08-07	Active	YES
5	U80900DL2009PTC189248	Ish Institute Of Commerce Private Limited	Director	08-04-09	08-04-09	Active	NO

Name :	Mr. Ishwar Singh
Designation :	Director
Address :	152, Sector-17, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	05.05.1945
Date of Appointment :	01.08.2007
DIN No.:	00174410

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25199HR1987PTC028993	Saraswati Rubbers Works Private Limited	Director	24-08-87	24-08-87	Dormant	NO
2	U14999HR1991PLC031404	Agromusk India Limited	Managing director	12-09-91	12-09-91	Active	YES
3	U18101DL2004PTC130626	Aquariusz Fashion Private Limited	Director	19-11-04	19-11-04	Active	YES
4	U01122DL2005PTC135198	Nodai Seeds India Private Limited	Director	01-08-07	01-08-07	Active	YES
5	U80900DL2009PTC189248	Ish Institute Of Commerce Private Limited	Director	08-04-09	08-04-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Chauhan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Ishwar Singh	896000
Nirmala Singh	954000
Mandeep Joon	10000
Anupam Joon	260000
Namrata Joon	50000
Neha Joon	30000
Sudesh Sharma	50000
Total	2250000

As on 30.09.2009

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Rice Hybrids, Seeds for Pearl Millet, Corn, Cotton, Sorghum, Sunflower, Vegetables such as Tomato, Brinjal, Cauliflower, Capsicum, Hot Pepper, Muskmelon.
Products :	· Rice Hybrids · Pearl Millet Hybrids · Corn Seeds · Cotton Seeds · Sorghum Seeds · Sunflower Seeds · Vegetable Seeds such as Tomato, Brinjal, Cauliflower, Cabbage, Capsicum, Hot Pepper, Watermelon, Muskmelon, Okra and Gourds.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :

Ashish Trading Company

Customers :

B M Trading Company

No. of Employees :

50 (Approximately)

Bankers :

· IDBI Bank Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· ICICI Bank, Gurgaon

· State Bank of India

· HDFC Bank

· ABN Amro Bank

· Citi Bank

Facilities :

Secured Loans	As on 31.03.2009 Rs. in millions	As on 31.03.2008 Rs. in millions
State Bank of India (CC A/c) (First hypothecation charges on the entire current assets including stocks of seeds, RM, SIP, FG, Stores, consumables, all present and future books debts / receivables / cheques / drafts etc and the entire fixed assets of the company.	61.546	52.298
Term Loans
ICICI Bank – Car Loan – Delhi (Against hypothecation of car)	0.132	0.194
ICICI Bank – Car loan – Hyderabad (Against hypothecation of car)	0.328	0.544
Reliance Capital Limited – Veh loan (Against hypothecation of car)	0.503	0.000
HDFC skoda loan (Against hypothecation of car)	1.207	0.000
HDFC Bollero loan (Against hypothecation of car)	1.744	0.000
Total	65.460	53.036

Unsecured Loans	As on 31.03.2009 Rs. in millions	As on 31.03.2008 Rs. in millions
From Shareholders
Ishwar Singh	0.508	0.354
Nirmala Singh	0.328	0.657
Namrata Joon	0.041	0.000
Form Banks
Cholamandlam DBS Finance Limited	0.271	0.424
ABN Amro Bank	1.341	0.000
Citi Bank NA	0.926	0.000
From Other Companies
India Bulls Financial Services Limited	1.553	0.000
Reliance Capital Limited	1.553	0.000
Total	6.521	1.435

Banking Relations :	--
Auditors :
Name :	Shishir Guglani Chartered Accountant
Address :	TC-6/8, New Moti Nagar, New Delhi – 110 015, India
PAN No.:	AFBPG8242E
Sister Concern :	Agromas India Limited Line of Business : Manufacturing of Pesticides.

CAPITAL STRUCTURE

As on 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		22.500	12.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.547	4.588	2.613
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.047	17.088	5.113
LOAN FUNDS
1] Secured Loans		65.460	53.036	11.865
2] Unsecured Loans		6.521	1.435	4.140
TOTAL BORROWING		71.981	54.471	16.005
DEFERRED TAX LIABILITIES		0.181	0.332	0.097
TOTAL		102.209	71.891	21.215
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.832	6.770	4.240
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.736	56.840	13.686
	Sundry Debtors	24.127	49.285	12.898
	Cash & Bank Balances	2.625	3.849	1.202
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.461	4.009	4.542
Total Current Assets		116.949	113.983	32.328
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.137	21.984	14.711
	Other Current Liabilities	10.578	25.018
	Provisions	2.871	1.887	0.682
Total Current Liabilities		25.586	48.889	15.393
Net Current Assets		91.363	65.094	16.935
MISCELLANEOUS EXPENSES		0.014	0.027	0.040
TOTAL		102.209	71.891	21.215

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2009	31.03.2008
	TOTAL TURNOVER	172.094	159.427
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION	5.147	4.466
Less/ Add	DEPRECIATION/ AMORTISATION	2.078	1.111
	PROFIT/LOSS BEFORE TAX	3.069	3.355

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	180.000	160.000

The above information has been parted by Mr. Chauhan

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Return on Total Assets (PBT/Total Assets}	(%)	2.40	2.78	NA
Return on Investment (ROI) (PBT/Networth)		0.10	0.20	NA
Debt Equity Ratio (Total Liability/Networth)		3.25	6.05	6.14
Current Ratio (Current Asset/Current Liability)		4.57	2.33	2.10

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	NO
15.	Capital in the business	NO
16.	Details of sister concerns	YES
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	--
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

FORM 8

Corporate identity number of the company	U01122DL2005PTC135198
Name of the company	NODAI SEEDS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	219 Village and P Omahipalpur, New Delhi – 110 037, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10176677
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	IDBI Bank Limited IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Nature of instrument creating charge	Loan Facility Agreement and Hypothecation Deed
Date of instrument Creating the charge	10.05.2010
Amount secured by the charge	Rs.93.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR-1.75%(Effective rate 11.0%) Terms of Repayment As Per Sanction Letter Margin 25% over all stocks and 40% on books debts Extent and Operation of the charge one year subject to renewal
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks, Books debts and advances past and present
Particulars of the present modification	(1) Increase in the aggregate limit of facilities from 85.000 millions to 93.000 millions (2) Borrower extends hypothecation change to cover the increased limit of the facilities

TRADE REFERENCES

· Ashish Trading Company

· B M Trading Company

FIXED ASSETS

· Temporary Erections

· Plant and Machinery

· Telephone Equipments

· EPBX

· Fans

· Water Cooler

· Camera and TV

· Fire Extiguishers

· Furniture and Fixtures

· Air Conditioners

· Computer

· Motor Vehicle

· Invertor

· Office Equipment

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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.