MIRA INFORM REPORT

Report Date :

26.02.2013

IDENTIFICATION DETAILS

Name :	PR AGRO NUTRI PRIVATE LIMITED
Registered Office :	H. No.7-1-396/2-8, G-1, Sai Keerthi Towers, Street No.3, B. K. Guda, Sanjeeva Reddy Nagar, Hyderabad-500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.05.2002
Com. Reg. No.:	01-039042
Capital Investment / Paid-up Capital :	Rs.7.000 Millions
CIN No.: [Company Identification No.]	U24299AP2002PTC039042
TAN No.: [Tax Deduction & Collection Account No.]	HYDP01315G
PAN No.: [Permanent Account No.]	AACCP5170D
Legal Form :	Private Limited Liability Company.
Line of Business :	Trading of Fertilizers and Agri Inputs.
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 198000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 :	H. No.7-1-396/2-8, G-1, Sai Keerthi Towers, Street No.3, B. K. Guda, Sanjeeva Reddy Nagar, Hyderabad-500038, Andhra Pradesh, India
Tel. No.:	91-40-23743192 / 23801288
Fax No.:	91-40-23743192 / 23801299
E-Mail :	pran_hd@yahoo.com ramaraju@pragro.com
Website :	http://www.pragro.com
Administrative Office	G –1, Sai Keerthi Towers, H No. 7-1-396/2-8, B K Guda, S R Nagar, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-23801288
Fax No.:	91-40-23801299
Area :	1550 Sq. fts
Location :	Leased
Branch Office :	Located at : Gujarat Madhya Pradesh West Bengal Maharashtra Andhra Pradesh Kerala Tamilnadu Karnataka

DIRECTORS

AS ON 26.09.2011

Name :	Mr. Dantuluri Venkata Rama Raju
Designation :	Managing Director
Address :	Plot No. 1320, H- No. 8-3-319/8/9, Yellaredyguda, Hyderabad – 500 073, Andhra Pradesh
Date of Birth/Age :	02.08.1963
Qualification :	M.Sc. (Ag.)
Date of Appointment :	11.11.2002
DIN No.:	00208061
Name :	Mr. Katikaneni Praveen Kumar
Designation :	Whole-Time Director
Address :	501, Naatha Residency, Satyam Enclave East, Pet Bhasheerabad, Secunderabad-500055, Andhra Pradesh, India
Date of Birth/Age :	16.07.1960
Qualification :	B. Sc. (Ag.)
Date of Appointment :	11.11.2002
DIN No.:	00208103
Name :	Mrs. Katikaneni Sri Lakshmi
Designation :	Whole-Time Director
Address :	303, Venkata Rama Apartment, Thakur Mansion Lane, Station No. 8, Somajiguda, Hyderabad – 500 082, Andhra Pradesh
Date of Birth/Age :	30.08.1967
Qualification :	B.Com
Date of Appointment :	11.11.2002
DIN No.:	00208193
Name :	Mrs. Dantuluri Parvathi Devi
Designation :	Whole Time Director
Address :	Plot No. 1320, H- No. 8-3-319/8/9, Yellaredyguda, Hyderabad – 500 073, Andhra Pradesh
Date of Birth/Age :	06.08.1967
Qualification :	B. Com
Date of Appointment :	29.05.2002
DIN No.:	00208141
Name :	Mr. Samantapudi Satyanarayana Raju
Designation :	Director
Address :	HIG – 78, Housing Board Colony, Bhimavaram, West Godavari District
Date of Birth/Age :	15.06.1938
Qualification :	Inter
Date of Appointment :	29.05.2002
DIN No.:	00208208

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
D. V. Rama Raju	183000
K. Praveen Kumar	179500
S. Satyanarayana N. Raju	11000
D. Parvathi Devi	21000
K. Sri Lakshmi	65500
Munmun Raut	5000
Battini Lakshmi	10000
Ganesh Sheshrao Mapari	10000
Anup Kaumar Raut JNI : Mummun Raut	35000
Battini Vinay Kumar	20000
Sachin Kulkarni	5000
Sonali Kulkarni	5000
D V Krishna Varma JNI : Rama Devi	10000
Manoj Pal JNI : Sheetal Pal	10000
V V Satyavathi Dantuluri	10000
Radhika Raju Dantuluri	10000
Shanmukha Saravanan JNI : Vijaya Nirmala Saravanan	20000
D Venkatapathi Raju	10000
NVSS Ravi Prased	52500
Cheruvu Karuna	7500
Mullapudi Srinivas	10000
Degala Sri Devi	10000
Total	700000

AS ON 26.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Fertilizers and Agri Inputs.
Products :	v KNO3 : 13-00-45 - AgriPLUS v M.A.P : 12-61-00 - AgriPLUS v M.K.P. : 00-52-34 – AgriPLUS v N-P-K’S : 19-19-19, 20-20-20, 13-40-13- AgriPLUS v S.O.P. : 00-00-50 - SoluPotasse v CaNO3: 15.5-00-00-18.8 Ca - CaNsol v Fe-EDTA – Rexoline ® v Fe-DTPA - Rexoline ® v Fe-EDDHA – Rexoline ® v Zn-EDTA – Rexoline ® v Ca-EDTA – Rexoline ® v EDTA Mix – Rexoline ®
Agencies Held :	v Haifa Chemicals Limited, Haifa, Israel v Tessenderlo Chemie N.V / S.A. Brussels, Belgium v Poni France Limited, Mont Pellier, France v Yara International ASA, Norway v Akzo Nobel Functional Chemicals B V, The Netherlands

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	v State Bank of India, Yellareddyguda Branch, Srinagar Colony Road, Hyderabad - 500073, Andhra Pradesh, India v Axis Bank Limited, Jubilee Hills Branch, Commercial Complex, Ground Floor, Plot No. 11, Road No. 1, Film Nagar, Jubilee Hills, Hyderabad – 500 034, Andhra Pradesh, India v ING Vysya Bank limited, Saradar Patel Road Branch, Secunderabad-500003, India

Banking Relations :	--
Auditors :
Name :	P. R. Datla and Company Chartered Accountants
Address :	6-3-788/A/9, First Floor, Lakshmi Prasanna Nilayam, Durganagar Colony, Ameerpet, Hyderabad – 500016, Andhra Pradesh
Tel. No.:	91-40-23408095
Fax No.:	91-40-23405014
E-Mail :	prdatlaandco@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 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		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.489	33.014	26.571
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.489	40.014	33.571
LOAN FUNDS
1] Secured Loans		8.596	0.000	0.000
2] Unsecured Loans		0.000	0.000	1.785
TOTAL BORROWING		8.596	0.000	1.785
DEFERRED TAX LIABILITIES		0.166	0.153	0.178
TOTAL		58.251	40.167	35.534
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.487	1.280	1.426
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	59.090	34.270	55.409
	Sundry Debtors	18.334	14.764	12.679
	Cash & Bank Balances	0.595	7.665	3.131
	Other Current Assets	9.753	13.597	11.794
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		87.772	70.296	83.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.681	14.731	35.199
	Other Current Liabilities	2.205	1.573	1.737
	Provisions	10.122	15.105	11.969
Total Current Liabilities		32.008	31.409	48.905
Net Current Assets		55.764	38.887	34.108
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		58.251	40.167	35.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	150.651	105.430	143.954
		Other Income	59.440	34.271	55.408
		TOTAL	210.091	139.701	199.362
Less	EXPENSES
		Office Expenses	194.006	128.174	183.303
		Administrative Expenses
		Advertising Expenses
		TOTAL	194.006	128.174	183.303
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.085	11.527	16.059
Less/ Add	DEPRECIATION/ AMORTISATION		0.369	0.279	0.269
	PROFIT BEFORE TAX		15.716	11.248	15.790
Less	TAX		5.262	3.825	5.545
	PROFIT AFTER TAX		10.454	7.423	10.245
Less	APPROPRIATIONS
		Transfer to General Reserve	1.045	0.742	1.024
		Dividend	0.840	0.840	0.840
		Tax on Dividend	0.140	0.140	0.143
	BALANCE CARRIED TO THE B/S		8.429	5.701	8.238
	Earnings Per Share (Rs.)		14.93	10.60	14.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.98	5.31	5.14
Net Profit Margin (PBT/Sales)	(%)	10.43	10.67	10.97
Return on Total Assets (PBT/Total Assets}	(%)	17.41	15.71	18.70
Return on Investment (ROI) (PBT/Networth)		0.32	0.28	0.47
Debt Equity Ratio (Total Liability/Networth)		0.82	0.78	1.51
Current Ratio (Current Asset/Current Liability)		2.74	2.24	1.70

LOCAL AGENCY FURTHER INFORMATION

Note: Registered office of the company has been shifted from Plot No.1320, House No.8-3-319/8/9, Yellareddyguda, Hyderabad-500073, Andhra Pradesh, India to the present address w.e.f. 01.07.2011.

REVIEW OF OPERATIONS:

During the year the Company has posted a Turnover of Rs. 150.651 Millions (Previous Year Turnover of Rs. 105.430 Millions) and after providing for depreciation which has resulted in a net profit after tax of Rs. 10.454 millions (Previous Year net profit after tax of Rs. 7.423 millions).

During the year, the company recorded sales growth of 50% over previous year.

As a result of shortage of raw materials, the prices of all fertilizers in the world market have been increasing once again since January, 2011 and their water soluble fertilizer prices have also been increasing since then, thus making the products unavailable and costly to farmers. However, due to Government of India decision to move from Product based subsidy to Nutrient based subsidy and de-control / de-regulation of some of the complex fertilizers, the price gap between conventional soil applied bulk fertilizers like DAP, UAP etc., and Water Soluble Fertilizers is narrowing. Due to the current shortage of conventional fertilizers availability in Indian Market, the company is targeting a 20% growth in Sales during the year 2011-12.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90117937
Corporate identity number of the company	U24299AP2002PTC039042
Name of the company	PR AGRO NUTRI PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 1320, House No. 8-3-319/8/9, Yellareddyguda, Hyderabad-500073, Andhra Pradesh, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of India, Yellareddyguda Branch, Srinagar Colony Road, Hyderabad - 500073, Andhra Pradesh, India
Email	sa03257@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement of loan cum hypothecation, arrangement letter, link letter
Date of instrument Creating the charge	15.03.2007
Amount secured by the charge	Rs.24.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working capital: interest at 0.75% above SBAR (SBAR=12.25%) with a minimum of 13.00% p.a. Terms of Repayment Repayable on demand. Facility available for 12 months and subject to review every 12 months Margin Fund based limits: raw materials(imported) 25%, finished goods 25%, domestic receivables (cover period of 90 days) 40% Non-fund based limited: foreign letters of credit 20% Extent and Operation of the charge Primary: Hypothecation of Stocks of Goods and Receivables/Book Debts Collatral: Equitable Mortgage of The Properties Detailed In The Annexure To The Letter of Arrangement and Personal Guarantees of D. V. Rama Raju, K. Praveen Kumar, S. Satyanrayana, Shantabai, D. Parvathi Devi, S. Chandravathi, NVSS. Ravi Prasad, Smt. Sreelakshmi.
Short particulars of the property charged	Primary: Hypothecation of Stocks of Goods And Receivables/Book Debts Collatral: Equitable Mortgage of The Properties
Date of latest modification prior to the present modification	24.01.2006
Particulars of the present modification	FBWC Enhanced From Rs. 7.500 Millions To 15.000 Millions, FLC Limit Remains Same At Rs.9.500 Millions. By This Modification The Total Limit Is Enhanced From Rs.17.000 Millions To Rs.24.500 Millions. Residential Plot No.151, Green Park Avenue, Kompally Road, Secunderabad Admeasuring 266 Sq.Yds Is Added As Collateral Security.

Fixed Assets

v Furniture and Fixture

v Computer

v Plant and Machinery

v Air Conditioners

v Cars

as per Website Details:

Company Profile

Subject is incorporated with an objective of improving quality and productivity per unit of cultivated area by Nursing, Nourishing and nurturing the plants with world’s best quality agri-inputs and state of the art technologies.

The Company is promoted by a group of professionals with experience unmatched by anyone in the specialty fertilizers industry in India. Since its inception in 2002, within 3 years, the company has grown to one of the top three leading 100% Water Soluble Fertilizers importers and marketers in India.

In its commitment to satisfy the needs of progressive farming community in India, Subject is importing and marketing wide range of quality plant nutrients in the form of Water Soluble Specialty Fertilizers for Modern Indian Agriculture. To achieve this, Subject has joined hands with world's leading producers of best quality  Water Soluble Fertilizers and Chelated Micronutrients.

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 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.54.04
UK Pound	1	Rs.81.80
Euro	1	Rs.71.41

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	5
--PROFITABILIRY	1~10	5
--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.