MIRA INFORM REPORT

Report Date :

23.08.2012

IDENTIFICATION DETAILS

Name :	BHARTI SEEDS PRIVATE LIMITED
Registered Office :	1008, Babukhan Estate, Basheerbagh, Hyderabad – 500 029, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.07.2005
Com. Reg. No.:	01-046750
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U01119AP2005PTC046750
TAN No.: [Tax Deduction & Collection Account No.]	HYDB03560E
PAN No.: [Permanent Account No.]	AACCB7567J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Vegetable Seeds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 56000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserve of the company appears to be insufficient. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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 31-03-2012.

LOCATIONS

Registered Office :	1008, Babukhan Estate, Basheerbagh, Hyderabad – 500 029, Andhra Pradesh
Tel. No.:	91-40-23296399/ 23298939
Fax No.:	Not Available
E-Mail :	info@bhartiseeds.com bhartiseeds@yahoo.co.in
Website :	http://bhartiseeds.com
Factory:	808, 8^th Floor, Babukhan Estate, Basheerbagh, Hyderabad – 500 001, Andhra Pradesh, India
Tel. No.:	91-40-32000109/ 23290109
Fax No.:	91-40-23290109

DIRECTORS

As on 30.09.2011

Name :

Mr. Naresh Kumar Mohan Lal Lakhotia

Designation :

Managing Director

Address :

P.No.22, Sagar Society, Navodaya Colony, Road No.2, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

16.09.1953

Date of Appointment :

01.01.2009

DIN No.:

01725871

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U01119AP2005PTC046750	BHARTI SEEDS PRIVATE LIMITED	Managing director	01/01/2009	05/07/2005	Active	NO

Name :

Mr. Touti Reddy Anil Kumar Reddy

Designation :

Director

Address :

5-9-1113/305, Gun Foundry, Abids, Hyderabad – 500 001, Andhra Pradesh, India

Date of Birth/Age :

13.09.1973

Date of Appointment :

05.07.2005

DIN No.:

01855566

Name :

Mr. Ketan Dinkarrai Parekh

Designation :

Director

Address :

408-A, Ghorpade Path, Shankar Sheth Road, Pune – 411 042, Maharashtra, India

Date of Birth/Age :

25.11.1961

Date of Appointment :

03.09.2005

DIN No.:

00042643

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29219MH1996PTC097339	VIVASWAN AGRI-TECH PRIVATE LIMITED	Director	15/02/1996	15/02/1996	Active	NO
2	U01119AP2005PTC046750	BHARTI SEEDS PRIVATE LIMITED	Director	03/09/2005	03/09/2005	Active	NO

KEY EXECUTIVES

Name :	V.K. Bafna and Company
Designation :	Company Secretaries
Address :	Sona Apartments, Flat No.2, 9-1-144/5, Sebastian Road, Near Andhra Bank, Secunderabad - 500 003, Andhra Pradesh, India
Tel. No.:	91-40-27714223/ 32999628
Fax No.:	91-40-27714223
E-Mail:	bafnavk@redifmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Naresh Kumar Lakhotia	72950	7.30
Touti Reddy Anil Kumar Reddy	15000	1.50
B.L. Vijay Ram	597810	59.78
Balwant Singh	152220	15.22
Ketan D. Parekh	17500	1.75
T. Abhishek Reddy	15500	1.55
T. Shashi Rekha Reddy	82000	8.20
Santosh Lakhotia	34500	3.45
Piyush Sultania	11	0.00
Pawan Trading Private Limited, India	1	0.00
Mala K. Parekh	7500	0.75
Prachi K. Parekh	2500	0.25
Priyanka K. Parekh	2500	0.25
Total	999992	100.00

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	24.95
Other top fifty shareholders	75.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Vegetable Seeds.
Products :	Seeds

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v HDFC Bank Limited

v Canara Bank

v Standard Chartered Bank

v IDBI Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
HDFC Bank (Hypothecated against Car)	0.703	0.000
Total	0.703	0.000

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Shareholders
Pawan Traders Private Limited	0.500	0.500
Piyush Sultania	0.500	0.500
Swaran Kaur	0.300	0.300
Bajaj Finance Limited	0.894	0.000
B.S. Kanwal	1.065	1.065
Total	3.259	2.365

Banking Relations :	--
Auditors :
Name :	Avis Associates Chartered Accountants
Address :	1-2-597/1, 3^rd Floor, SLV Bhavan, Lower Tank Bund Road, Domalguda, Hyderabad – 500 029, Andhra Pradesh, India
Tel. No.:	91-40-64560025/ 23227037
Fax No.:	91-40-23227037
E-Mail :	avisassociates1995@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAEFA2332H

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
999992	Equity Shares	Rs.10/- each	Rs.10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	7.541	2.897
2] Share Application Money		0.300	1.059	5.303
3] Reserves & Surplus		3.644	1.927	0.624
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.944	10.527	8.824
LOAN FUNDS
1] Secured Loans		0.703	0.000	0.000
2] Unsecured Loans		3.259	2.365	2.364
TOTAL BORROWING		3.962	2.365	2.364
DEFERRED TAX LIABILITIES		0.259	0.205	0.169
TOTAL		18.165	13.097	11.357
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.023	2.094	2.119
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.646	5.758	3.044
	Sundry Debtors	27.604	19.585	7.914
	Cash & Bank Balances	1.229	2.678	0.969
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.411	0.586	0.530
Total Current Assets		32.890	28.607	12.457
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.925	11.296	1.170
	Other Current Liabilities	2.086	2.319	1.895
	Provisions	6.737	3.992	0.159
Total Current Liabilities		17.748	17.607	3.224
Net Current Assets		15.142	11.000	9.233
MISCELLANEOUS EXPENSES		0.000	0.003	0.005
TOTAL		18.165	13.097	11.357

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	33.920	30.002	16.987
		Other Income
		TOTAL	33.920	30.002	16.987
Less	EXPENSES
		Office Expenses	31.221	28.171	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	31.221	28.171	NA
	PROFIT BEFORE TAX		2.699	1.831	NA
Less	TAX		0.981	0.528	NA
	PROFIT AFTER TAX		1.718	1.303	0.406
	Earnings Per Share (Rs.)		1.72	0.17	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.06	4.34	2.39
Return on Total Assets (PBT/Total Assets}	(%)	7.52	5.96	NA
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	NA
Debt Equity Ratio (Total Liability/Networth)		1.56	1.90	0.63
Current Ratio (Current Asset/Current Liability)		1.85	1.62	3.86

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

FINANCIAL RESULTS:

During the year ended 31^st March, 2011 the Company achieved a total income of Rs.33.920 millions and made a net profit of Rs.1.718 millions for the year ended 31^st March, 2011.

INCREASE IN SHARE CAPITAL:

During the year, the Company allotted 245900 Equity Shares of Rs.10/- each dully paid-up.

FIXED ASSETS:

v Plant and Machinery

v Computer

v Furniture and Fixtures

v Trade Mark

v Digital Camera

v Fire Extinguisher

v Weighing Machine

v Motor Car

v 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.55.51
UK Pound	1	Rs.87.60
Euro	1	Rs.69.15

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		32

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.