MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	RICHFIELD FERTILISERS PRIVATE LIMITED (w.e.f 09.10.2007)
Formerly Known As :	RICHFIELD FERTILISERS LIMITED
Registered Office :	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.04.2001
Com. Reg. No.:	11-131579
Capital Investment / Paid-up Capital :	Rs. 3.900 Millions
CIN No.: [Company Identification No.]	U24129MH2001PTC131579
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company meeting its normal commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings.

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/ Factory :	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2380062/63/64/2581406 ®
Fax No.:	91-253-2382710
E-Mail :	Preeti_patki@rediffmail.com mail@richfield-wsf.com
Website	http://www.richfieldfertilizer.com

DIRECTORS

As on 28.07.2011

Name :

Mr. Swapnil Murlidhar Bachchhav

Designation :

Managing Director

Address :

“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

12.05.1968

Date of Appointment :

09.08.2005

DIN No.:

00516131

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24129MH2001PTC131579	RICHFIELD FERTILISERS PRIVATE LIMITED	Managing director	1/10/2005	9/08/2005	-	Active	NO

Name :

Mrs. Pratibha Swapnil Bachchhav

Designation :

Whole Time Director

Address :

“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

08.01.1971

Date of Appointment :

09.08.2005

DIN No.:

00518710

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24129MH2001PTC131579	RICHFIELD FERTILISERS PRIVATE LIMITED	Whole-time director	1/10/2005	9/08/2005	-	Active	NO

Name :

Mr. Ashok Kundlik Auti

Designation :

Director

Address :

Flat No.2A, Indrayani Complex, ?Mangal Nagar, G Road, Nashik – 422002, Maharashtra, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

01.09.2005

DIN No.:

00525359

Name :

Mrs. Tanuja Uday Bhosale

Designation :

Director

Address :

Flat No.8, Raghavalaya Apartment, Chattanya Nagar, Gangapur, Near Nirmala Convent School, Nashik – 422 005, Maharashtra, India

Date of Birth/Age :

21.10.1971

Date of Appointment :

01.09.2005

DIN No.:

00525415

Name :

Mr. Vinayak Pundik Patil

Designation :

Director

Address :

G.No.465/3/1, Farm House, Satpur, Nashik – 425 001, Maharashtra, India

Date of Birth/Age :

19.08.1943

Date of Appointment :

01.09.2005

DIN No.:

00616009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L25200MH1981PLC025731	EPC INDUSTRIE LIMITED	Director	8/07/2003	8/07/2003	-	Active	NO
2	U24129MH2001PTC131579	RICHFIELD FERTILISERS PRIVATE LIMITED	Director	1/09/2005	1/09/2005	-	Active	NO

Name :

Mr. Murlidhar Budhaji Bachchhav

Designation :

Director

Address :

Plot No.30 B, S.No.38, Balwant Nagar, Anadvalli Shivar, Balwant Nagar, Near Kadlakmala Stop, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

03.12.1940

Date of Appointment :

09.08.2005

DIN No.:

00616030

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2011

Names of Shareholders	No. of Shares
Swapnil Murlidhar Bachchhav	194963
Pratibha Swapnil Bachchhav	194959
Murlidhar Budhaji Bachchhav	13
Mahesh Budhaji Bachchhav	13
Rahul Budhaji Bachchhav	13
Preeti Shrinivas Patki	13
Uday RAmrao Bhosale	13
Sulbha Murlidhar Bachchhav	13
Total	390000

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc.

Products :

Item Code No. (ITC Code)	310520
Product Description	NPK Fertilisers

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Actual Production
Fertilizers, Pesticides	MT	112916

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, B-50, Nice, A – Road, MIDC Satpur, Nashik – 422 007, Maharashtra, India

· Bank of Maharashtra, Lokmangal, 1501, Shivaji Nagar, Pune – 411005, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit/Overdraft (Secured by hypothecation stock and debtors and personal guarantee of Directors)	35.442	25.954
Hire Purchase Loan (Secured by hypothecation of a Vehicle) (Payable within one year Rs. 0.310 Million Previous Years Rs. 0.403 Millions)	0.720	1.125
Term Loan From A Bank (Secured by Mortage of Leasehold Premises and personal guarantee of Directors) (Payable within one year Rs. 2.016 Million Previous Years Rs. 1.333 Millions	4.871	3.368
Total	41.033	30.418
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Member	2.000	0.000
Total	2.000	0.000

Banking Relations :	--
Auditors :
Name :	Desai Associates Chartered Accountants
Address :	103/104-A, Anand Estates, 189A, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23001840/23051165/23080788
Fax No.:	91-22-23073055/23072981
Email:	iqma@vsnl.com
PAN.:	AAAFD4921H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
390000	Equity Shares	Rs.10/- each	Rs. 3.900 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		3.900	3.900	3.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.987	14.414	9.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.887	18.314	13.050
LOAN FUNDS
1] Secured Loans		41.034	30.418	13.775
2] Unsecured Loans		2.000	0.000	1.400
TOTAL BORROWING		43.034	30.418	15.175
DEFERRED TAX LIABILITIES		1.129	0.834	0.661
TOTAL		70.050	49.566	28.886
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.303	10.924	10.265
Capital work-in-progress		0.000	4.761	0.000
INVESTMENT		0.174	0.174	0.166
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.683	18.809	19.967
	Sundry Debtors	25.782	30.619	13.130
	Cash & Bank Balances	24.525	6.329	0.574
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.535	3.056	3.157
Total Current Assets		85.525	58.813	36.828
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.130	11.014	8.081
	Other Current Liabilities	15.329	13.136	8.906
	Provisions	5.501	0.972	1.409
Total Current Liabilities		40.960	25.122	18.396
Net Current Assets		44.565	33.691	18.432
MISCELLANEOUS EXPENSES		0.008	0.016	0.023
TOTAL		70.050	49.566	28.886

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	213.836	156.701	98.423
		Other Income	1.275	2.219	0.363
		TOTAL	215.111	158.920	98.786
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	203.921	151.183	93.962
	PROFIT BEFORE TAX		11.190	7.737	4.824
Less	TAX		3.617	2.473	1.955
	PROFIT AFTER TAX		7.573	5.264	2.869
	VALUE OF IMPORT ON CIF BASIS		97.331	74.925	29.496
	Earnings Per Share (Rs.)		19.42	13.50	7.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.52	3.31	2.90
Net Profit Margin (PBT/Sales)	(%)	5.23	4.94	4.90
Return on Total Assets (PBT/Total Assets}	(%)	13.08	13.16	13.09
Return on Investment (ROI) (PBT/Networth)		0.43	0.42	0.37
Debt Equity Ratio (Total Liability/Networth)		1.58	1.37	1.47
Current Ratio (Current Asset/Current Liability)		2.09	2.34	2.00

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	Yes
5) Type of Business	No
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	--
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

OPERATIONS

During the year under report, the turnover of the company has increased by 36.46% as compared to the previous year, whereas the Profit before tax stood at 5.23% as against 4.94% in the previous year.

During the year under report the Company has entered into exclusivity agreement with Nano Growth Technologies Pty Limited, Australia to bring in the Nano technology in the field of Water Soluble fertilizers for the first time in India. Nano technology is a process whereby a particle is micronized in its size in the ratio of 1:1000. These Nano particles get easy entry through the stomata and thus helps provide adequate nutrition to the plants in its requisite form. The company has brought Nano technology to India through its products Rich Herba Green and Rich Vita Flora.

The Company has introduced and added three new products viz. Rich Silicon Works, Rich Magnitech and Rich AZ Jaguar to its product range during the year under report.

Further as stated in the previous year, the construction of the factory building has been completed during the year under report.

The company has employed additional workforce in the marketing department to enhance its area of operation and quantum of sales in the States of Madhya Pradesh, Chhattisgarh and Gujarat.

The Company had started business activities in the North Fast India in the financial year 2007-08 in the States of Manipur, Sikkim & Nagaland which has increased substantially over the period.

During the Current year, the company has brought in a wide range of organic fertilizers such as Rich Top Mix, Rich Help Guard-1, Rich Help Guard-2, Rich Help Guard-3 and Rich Help Guard-7. Urea Phosphate, a non-organic fertilizer has also been introduced during the current year. All these products are receiving a remarkable response in the market.

Marketing Strategy-

During the year under report the 'Point Scheme' was declared for the dealers to promote sale and increase liquidity. Various gifts were given to the dealers on basis of their sale points in a grand Dealer Conference on 16^th May, 2011. The dealers of the company all over India shared the same platform through this dealer conference for the first time in the history of the Company.

A Lucky Draw was taken for the dealers who booked the specified material in advance and gold coins were given to the winners of the lucky draw.

Future plans:

The Company proposes to introduce a vast range of organic products and to explore the, business in the new states like Rajasthan, etc. The Company intends to explore the local market further by increasing the workforce in the near future.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24129MH2001PTC131579
Name of the company	RICHFIELD FERTILISERS Private LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India Email: preeti_patki@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10214279
Type of charge	· Immovable property · Any interest in immovable property
Particular of charge holder	Bank of Maharashtra, Lokmangal, 1501, Shivaji Nagar, Pune – 411005, Maharashtra, India Email: preeti_patki@rediffmail.com
Nature of instrument creating charge	Indenture of Further Charge
Date of instrument Creating the charge	04.04.2012
Amount secured by the charge	Rs. 97.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - Base Rate + 3.75% I.E. 14.35% P.A. Import LC - As May Be Stated By The Bank Buyers Credit - As May Be Stated By The Bank Terms of Repayment Renewed / Reviewed Within A Year Margin Cash Credit - 25% Import LC - 15% In Form of Fixed Deposit Buyers Cerdit - 15%N Form of Fixed Deposit Currency Hedging - 15% N Form of Fixed Deposit Extent and Operation of the charge First and Exclusive Charge Others BRANCH OFFICE : Specialised Hi Tech Agricultural Finance Branch Thattenagar, Gangapur Road, Nasik Nature of facilities: Cash Credit - Rs.64.500 Millions Import lc - Rs.25.000 Millions Buyers Credit - Rs.7.500 Millions ( Currency Hedging Rs.2.500 Millions -Sub Limit) ---------------- Total - Rs.97.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All piece of plot no b-27 in the additional nashik industrial area, within limits of vill. Ambad admg 1500 sq.mtrs more particularly described in the agreement
Particulars of the present modification	By the present modification property situated at ambad provided as security by way of mortgage to cover the cash credit facility of Rs. 24.500 Millions and buyers credit of Rs.7.500 Millions

FIXED ASSETS:

· Goodwill

· Land

· Factory Building

· Electrical Installation

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computers

· Vehicles

AS PER WEBSITE DETAILS

PROFILE

Started its operations in 1992, Richfield Fertilizers is the maiden organization that introduced the concept of “Fertigation” in India. Their extensive research, field trials and specialization has made us to successfully apply this concept of fertilization and foliar application on Indian soil and come up with miraculous results. Empowered by a team of skilled professionals and a state-of-art infrastructure.

They have become one of the most renowned manufacturers and exporters of a range of premium quality fertilizers which includes NPK fertilizers, Foliar Grades and Micro nutrients etc. The foundation of their success is laid down on the sincere and dedicated efforts of their team members who are backed by years of experience and skills behind them. This path to glory is also cleared by their State-of-Art infrastructure which is equipped with the latest technologies to carry out all the Experimentation and Implementation of the ideas.

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 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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.85

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.