MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	GREEN CROP INTERNATIONAL PRIVATE LIMITED
Registered Office :	202 Manikachan, 86 Kanchan Lane, Off Law College Road, Pune – 411 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.12.2001
Com. Reg. No.:	017841
Capital Investment / Paid-up Capital :	Rs.15.320 millions
CIN No.: [Company Identification No.]	U01122PN2001PTC017841
IEC No.:	3102009549
PAN No.: [Permanent Account No.]	AABCG7263M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fertilizers and Pesticides.
No. of Employees :	50 (In Office 10 and In Factory 40) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – 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

LOCATIONS

Registered Office :	202 Manikachan, 86 Kanchan Lane, Off Law College Road, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-25435110
Fax No.:	91-20-25435109
E-Mail :	cprshah@gmail.com greencroppune@rediffmail.com
Website :	www.greencrop.co.in
Head Office :	Hyderabad 402, Reliance Residency, Opp. NTR Stadium, Ramakrishna Mutt Road, Domalguda, Hyderabad – 500 029 Tel No : 91-40-27605932/35 Fax No: 91-40-66686468 Mobile No: 91-9866045000 (Mr. R. Venugopal) / 9849878444 (Mr. MVRC Sekar) / Mr. V.Srinivas Reddy (91-9849638001 E-Mail: greencrop@rediffmail.com Bangalore No.85/S F-7, 2^nd Floor, Gangamma Rangasetty Complex, 3^rd Main, 1^st Cross, New Tharagupet, Bangalore – 560 002 Mobile No: 91-9945118897 / 91-9448101008 (Mr. LCM Reddy) Fax No: 91-80-26707861 E-Mail: greencropbangalore@rediffmail.com Coimbatore C/o. H.R. Business Links, 64 Thaalai Thoppu, G.N. Mills Post, Mettupalayam Road, Coimbatore – 641 029 Tel No: 91-422-4383008/4384009 Fax No: 91-422-2648659 Mobile No: 91-9848023304 / 9443723304 (Mr. S. Rajendran) / 91-9842230637 (Mr. Kumaraswamy) E-Mail: gciplcbe@airtelmail.in rankmark@airtelbroadband.in Ahmedabad C/o, Bhole Agro Traders, S-34, Tirupati Estate, Opp. House of Kedia, N.11.8, ASLALI, Ahmedabad Tel No: 91-2718-261238 Mobile No: 91-9898520940/9825455246 Raipur C/o Mundra Distributors, 1^st Floor, Gopal Bagh, K.K. Road, Raipur. Tel No: 91-771-2888836 / 2529936 / 2525536 Fax No: 91-771-4030436 (Mr. Rao) / 2528836
Factory 1 :	GAT No.389, Zendewadi, Saswad Road, Post Dive, Tq. Purandhar, Pune, Maharashtra, India
Tel No :	91-2115-202730
Location :	Leased
Factory 2 :	Also Located at · Ahmedabad
Branch Office :	Located at: · Raipur · Hyderabad
Location :	Rented

DIRECTORS

As on 14.07.2011

Name :	Mr. Sharad W. Sawant
Designation :	Managing Director
Address :	Great Eastern Retreat, Flat No. 404, Lakakki Road, Model Colony, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Date of Birth/Age :	31.07.1942
Date of Appointment :	12.12.2001
DIN No.:	00151604

Other Directorship

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	L24120MH1990PLC058560	Basant Agro Tech (India) Limited	Director	20-09-91	20-09-91	Active	NO
2	U55101MH1995PTC094466	Rain Dance Resorts Private Limited	Director	14-11-95	14-11-95	Active	NO
3	U63023MH1996PTC104298	Sai Warehouses Private Limited	Director	31-08-97	31-08-97	Active	NO
4	U01122PN2001PTC017841	Green Crop International Private Limited	Managing director	12-12-01	12-12-01	Active	NO
5	U51909MH2005PTC157599	Green India Export Private Limited	Director	28-11-05	28-11-05	Active	NO
6	U40200MH2010PTC199801	Annapurna Energy Private Limited	Director	22-12-10	22-12-10	Active	NO
7	U40103MH2011PTC214587	Aishwarya Green Energy Private Limited	Director	11-03-11	11-03-11	Active	NO

Name :	Mr. Balkrishna D. Bhutada
Designation :	Director
Address :	Busar Lane, Latur – 413 513, Maharashtra, India
Date of Birth/Age :	01.11.1958
Date of Appointment :	06.12.2001
DIN No.:	00262012
Name :	Mr. Dyaneshwar B. Karegaonkar
Designation :	Director
Address :	Maharani Laxmibai Road, Near Magear Hospital, Parbhani – 431 401, Maharashtra, India
Date of Birth/Age :	25.08.1951
Date of Appointment :	06.12.2001
DIN No.:	00262285

Other Directorship

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	U01122PN2001PTC017841	Green Crop International Private Limited	Director	06-12-01	06-12-01	Active	NO
2	U74990MH2009PLC189518	Tridhara Sugar Limited	Director	01-06-10	01-06-10	Active	NO

Name :	Mr. Popatrao S. Deshmukh
Designation :	Director
Address :	B-3/3 Ragdari, D. P. Road, Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	15.03.1952
Date of Appointment :	12.12.2001
DIN No.:	00262182
Name :	Mr. Reddi Palli Venugopal
Designation :	Director
Address :	302 Bhandari Residency, Uma Nagar, Begum Peth, Hyderabad – 500 016, Andhra Pradesh, India
Date of Birth/Age :	01.07.1958
Date of Appointment :	28.05.2002
DIN No.:	00365630

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.07.2011

Names of Shareholders	No. of Shares
Sharad W. Sawant jointly with Snehal Sharad Sawant	173000
Dnyanoba Baliram Karegaonkar jointly with Nilesh Dnyanoba Karegaonkar	83500
Mankarnika Dnyanoba Karegaonkar jointly with Nilesh Dnyanoba Karegaonkar	56500
Rajendra Gokuldas Rathi jointly with Meena Rajendra Rathi	40000
Meena Rajendra Rathi jointly with Rajendra Gokuldas Rathi	70000
Balkishan D. Bhutada jointly with Pramila Balkishan Bhutada, Shrikant D. Bhutada	120000
Gangadhar Harischandra Munde jointly with Mangala Gangadhar Munde	44500
R. Venugopal	50000
Popatrao Sonaji Deshmukh jointly with Alka Popatrao Deshmukh	74400
Sangeeta Surendrakumar Rathi Jointly with Surendrakumar Gokuldas Rathi	75000
Ramkrishna Dagdopant Muley jointly with Geetanjali Ramkrishna Muley	50000
Rekhatai Balasaheb Kale jointly with Pawan Balasaheb Kale	120000
Archana Ashokrao Buchale jointly with Ashokrao Trimbakrao Buchale	25000
Bejo Sheetal Seeds Private Limited, India	250000

As on 14.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	17.62
Directors or relatives of directors	82.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fertilizers and Pesticides.

GENERAL INFORMATION

No. of Employees :

50 (In Office 10 and In Factory 40) (Approximately)

Bankers :

Bank of Maharashtra

Agri Hi Tech Branch, Mangalmurti Complex, Sinhgad Road, Pune – 411 030, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs in millions	As on 31.03.2010 Rs in millions
Bank of Maharashtra
Cash Credit (Secured by hypothecation of movable plant and machinery, inventory and book debts and also mortgage of some of the Directors and a member’s personal property and also by personal guarantee of some of the Directors and a member)	23.904	20.674
Term Loans (Secured by hypothecation of Machinery and personal guarantee of Directors)
From Banks	0.544	0.000
Term Loans (Secured by hypothecation of Motor Cars)
From Banks	1.500	0.692
From Others	0.178	0.294
Total	26.126	21.660

Unsecured Loans	As on 31.03.2011 Rs in millions	As on 31.03.2010 Rs in millions
From Directors	1.000	0.000
From Shareholders	1.350	0.350
Total	2.350	0.350

Banking Relations :	--
Auditors :
Name :	Chag Pahwa and Shah Chartered Accountants
Address :	404, Bhagyalaxmi Kennedy Bridge, Opera House, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23873358 / 23873359
E-Mail :	cprshah@gmail.com
PAN No.:	AABFC6555H
Enterprises where key management personnel along with their relatives exercise significant influence :	Green India Exports Private Limited

CAPITAL STRUCTURE

After 14.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1532000	Equity Shares	Rs.10/- each	Rs.15.320 millions

As on 31.03.2011

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
1532000	Equity Shares	Rs.10/- each	Rs.15.320 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		15.320	14.950	14.550
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.874	9.501	5.678
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.194	24.451	20.228
LOAN FUNDS
1] Secured Loans		26.126	21.660	28.178
2] Unsecured Loans		2.350	0.350	1.000
TOTAL BORROWING		28.476	22.010	29.178
DEFERRED TAX LIABILITIES		0.008	0.000	0.000
TOTAL		57.678	46.461	49.406
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.807	4.051	3.741
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	42.951	28.394	34.265
	Sundry Debtors	57.506	48.570	43.404
	Cash & Bank Balances	11.787	5.584	7.614
	Other Current Assets	8.624	6.628	8.305
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		120.868	89.176	93.588
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.367	19.012	23.329
	Other Current Liabilities	21.417	19.035	19.119
	Provisions	10.227	8.747	5.518
Total Current Liabilities		69.011	46.794	47.966
Net Current Assets		51.857	42.382	45.622
MISCELLANEOUS EXPENSES		0.014	0.028	0.043
TOTAL		57.678	46.461	49.406

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.706	9.754	5.482
Less/ Add	DEPRECIATION/ AMORTISATION		1.136	0.938	0.645
	PROFIT/(LOSS) BEFORE TAX		9.570	8.816	4.837
Less	TAX		3.128	2.900	2.085
	PROFIT/(LOSS) AFTER TAX		6.442	5.916	2.752
Less/ Add	EXCESS PROVISION FOR TAX		0.053	0.000	0.083
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.851	5.277	4.621
Less	APPROPRIATIONS
		Transfer to General Reserve	0.200	0.250	0.250
		Proposed Dividend	1.826	1.788	1.507
		Tax on Distribution of Dividend	0.296	0.304	0.256
	BALANCE CARRIED TO THE B/S		13.024	8.851	5.277
	EARNINGS IN FOREIGN CURRENCY		0.090	NIL	0.016
	IMPORTS		26.195	5.881	3.539
	Earnings Per Share (Rs.)		4.20	3.96	1.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	7.55	9.46	4.97
Return on Investment (ROI) (PBT/Networth)		0.33	0.36	0.24
Debt Equity Ratio (Total Liability/Networth)		3.34	2.81	3.81
Current Ratio (Current Asset/Current Liability)		1.75	1.91	1.95

LOCAL AGENCY FURTHER INFORMATION

NOTE

The company changed its registered office from 161/A, 3-A, Shyam Shakuntal Height Modi Baug, Ganesh Khind Road, Pune – 411 016, Maharashtra, India to 1 Amit Apartment, 1098/1A Model Colony, Shivaji Nagar, Pune – 411 016, Maharashtra, India w.e.f. 15.01.2007.

The Registered Office has again shifted from 1 Amit Apartment, 1098/1A Model Colony, Shivaji Nagar, Pune – 411 016, Maharashtra, India to the present address w.e.f. 23.10.2009.

OPERATION

The industry during the year witnessed moderate-to-good Kharif season in all the territories excepting in their major contributing Akola Sales office territory and sluggish Rabi season thereby restricting the growth to a certain extent. Consumption of Herbicides soared to the never anticipated levels during Kharif and contributed to the major growth in turnovers of all corn pa flies.

While the industry has registered a growth of around 15% over previous year in value terms, the Company has grown by almost 22% despite set back in Akola Sales Office area due to deficient/erratic rainfall.

Further, the agreement entered into between the Company, and RNZ, Dubai has resulted in timely availability of stocks and quantum leap in sales of all Water Soluble Fertilisers thereof.

Highlights of performance during 2010/11 being:

· Company has grown by 22% in value terms vis-a-vis previous year

· Fertilisers and Pesticides-Own activities have grown by 55.7% and 15.5% respectively compared to previous year

· Coimbatore Sales Office continued to perform in an exemplary manner by registering growth of 98% over previous year (almost doubled).

Ahmedabad sales office, though reached coveted figure of Rs.2 Cr+ for the first time, the growth has been prima facie in fertilizer activity, that too, through offer of huge special discounts.

Pune sales office registered impressive growth of 83.4% over last year and on the track to better the best performance figures achieved with the support of Sumitomo products in the past.

With 18.9% growth over last year. Hyderabad sales office has recorded the best turnover (Rs.78.000 millions) since inception.

Raipur sales office having recorded highest growth of 160% over last year in the company, has also registered the best turnover (Rs.14.500 millions) since inception.

Akola sales office, the normally high performing sales office, has unfortunately degrown by 11.8% due to adverse agro-climatic conditions prevailed during Kharif.

Due to a number of factors, Bangalore sales office has degrown by 39% over previous year and action is being initiated to reverse the trend.

Plans for financial year 2011/12 will be

· To intensively focus in unexpected and under-expected areas for attaining significant growth.

· To retain product mix and focus on high contributing products.

· To reduce ADCP (Average Debt Collection Period) and minimize interest / bad debts.

· To contain expenses / stock returns

· To build Assets.

CONTINGENT LIABILITIES IN RESPECT OF (AS ON 31.03.2011)

· Capital contracts not provided for net of advance paid – Rs. NIL

· Irrevocable Letter of Credits issued by bank for imports – Rs.0.470 million

FORM 8

Corporate identity number of the company	U01122PN2001PTC017841
Name of the company	GREEN CROP INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	202 Manikachan, 86 Kanchan Lane, Off Law College Road, Pune – 411 004, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Others o Stock
Particular of charge holder	Bank of Maharashtra Agri Hi Tech Branch, Mangalmurti Complex, Sinhgad Road, Pune – 411 030, Maharashtra, India E-Mail : brmgr1142@mahabank.co.in
Nature of instrument creating charge	1. Composite deed of hypothecation for all facilities 2. Memorandum of record of additional equitable mortgage Both the agreements constitute single charge
Date of instrument Creating the charge	22.11.2011
Amount secured by the charge	Rs.5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2% over the rate applicable to existing CC limit Terms of Repayment Up to 30/04/2012 Margin 25% in bank's favour Extent and Operation of the charge First and exclusive charge over the property secured.

FIXED ASSETS

· Air Conditioner

· Electrical Fittings

· Fax and EPABX

· Furniture and Fixtures

· Aqua Guard

· Car

· Computer

· Emergency Power System

· Mobile Handset

· Printers

· UPS

· Motor Cycle

· Laboratory Equipments

· Computer Software

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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.65.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.