MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	ANKAR INDUSTRIES PRIVATE LIMITED
Registered Office :	141/1C, Lenin Sarani, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.04.1974
Com. Reg. No.:	21-029387
Capital Investment / Paid-up Capital :	Rs. 2.579 Millions
CIN No.: [Company Identification No.]	U24211WB1974PTC029387
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Chemicals, Insecticides, Pesticides and Herbicides.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 99800
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in profitability during 2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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.

INFORMATION PARTED BY

Name :	Mr. Sourav Banerjee
Designation :	Office Executive
Contact No.:	91-9830803656
Date :	09.07.2013

LOCATIONS

Registered Office :	141/1C, Lenin Sarani, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22363233/ 22372032
Mobile No.:	91-9830803656 [Mr. Sourav Banerjee]
Fax No.:	91-33-22361472
E-Mail :	ankar@cal2.vsnl.net.in sourav3333@rediffmail.com
Location :	Owned
Factory :	Jessore Road, Madhyamgram, Kolkata – 700055, West Bengal, India
Tel. No.:	91-33-25383367/ 25383266
Fax No.:	91-33-25383367

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Dipankar Banerjee

Designation :

Managing director

Address :

Block-CD-33, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

08.09.1948

Date of Appointment :

26.04.1994

Voter ID No.:

WB/13/090/0864408

DIN No.:

00860481

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	U51109WB1950PTC018573	PEOPLES ENTERPRISE PRIVATE LIMITED	Whole-time director	18/06/1980	18/06/1980	Active	NO
2	U24211WB1974PTC029387	ANKAR INDUSTRIES PRIVATE LIMITED	Managing director	26/04/1994	26/04/1994	Active	NO

Name :

Mrs. Rita Banerjee

Designation :

Additional director

Address :

Block-CD-33, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

31.08.1957

Date of Appointment :

10.09.1996

Voter ID No.:

WB/13/090/0864409

DIN No.:

00860547

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	U51109WB1950PTC018573	PEOPLES ENTERPRISE PRIVATE LIMITED	Director	14/11/1980	14/11/1980	Active	NO
2	U24211WB1974PTC029387	ANKAR INDUSTRIES PRIVATE LIMITED	Additional director	10/09/1996	10/09/1996	Active	NO
3	U18104WB1998PTC086265	RAI TREXIM PRIVATE LIMITED	Director	05/01/1998	05/01/1998	Active	NO

KEY EXECUTIVES

Name :	Mr. Sourav Banerjee
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Anima Banerjee	8535
Shanti Ranjan Banerjee	20
Dipankar Banerjee	7010
Peoples Enterprise Private Limited, India	20
Rai Trexim Private Limited, India	10000
Rita Banerjee	100
Sounar Banerjee	100
Total	25785

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	38.86
Directors or relatives of directors	61.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Chemicals, Insecticides, Pesticides and Herbicides.

Products/ Services :

ITC Code No.	Product Descriptions
Pesticides and Insecticides	310590.09

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pesticides		Not Applicable	Liquid 2500 Ltrs. Per day in Single Shift	--
Acricides	Ltrs	--	--	147230
Weedicides	Kgs.	--	--	24020
	Ltrs	--	--	426290
Insecticides	Kgs.	--	--	7800
	Ltrs	--	--	46750
Fertilizer	Kgs.	--	--	--
	Ltrs	--	--	7340
Captive Production
Weedicides	Kgs.	--	--	34943

GENERAL INFORMATION

Customers :

Companies

No. of Employees :

30 (Approximately)

Bankers :

v State Bank of Indore, 9, Brabourne Road, Kolkata – 700001, West Bengal, India [91-33-22428418]

v State Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Car Loans
From Banks
State Bank of India, Brabourne Road	0.000	0.236
State Bank of India, Brabourne Road	0.215	0.449
State Bank of India, Brabourne Road	0.231	0.392
State Bank of India, Brabourne Road	0.543	0.000
State Bank of India, Brabourne Road	1.513	0.000
SHORT TERM BORROWINGS
From Banks [Cash Credit : Working Capital Facility]
Short term of Letter of Credit	5.037	1.733
Cash Credit from Bank and Short Term Letter of Credit. the loan is payable on demand. The Loans are secured against hypothecation of Stocks, Book Debts, Plant and Machinery and Guaranteed by Equitable mortgage of the title deeds of the land adjacent to the factory owned by Managing Director of the Company.	5.047	18.228
Total	12.586	21.038

Banking Relations :	--
Auditors :
Name :	Kapoor Mehrotra and Associates Chartered Accountants
Address :	23, Ganesh Chandra Avenue, 3rd Floor, Kolkata – 700013, West Bengal, India
Telefax :	91-33-22114457/ 9019/ 5493
E-Mail :	campharpk@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AAFFK2315M
Related Party :	Rai Trexim Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
48,000	Equity Shares	Rs. 100/- each	Rs. 4.800 Millions
2,000	Preference Shares	Rs. 100/- each	Rs. 0.200 Millions
	Total		Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,785	Equity Shares	Rs. 100/- each	Rs. 2.579 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.579	2.579
(b) Reserves & Surplus	22.390	21.560
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	24.969	24.139
(3) Non-Current Liabilities
(a) long-term borrowings	2.608	1.181
(b) Deferred tax liabilities (Net)	0.006	0.000
(c) Other long term liabilities	3.374	3.374
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	5.988	4.555
(4) Current Liabilities
(a) Short term borrowings	45.623	37.488
(b) Trade payables	8.487	8.828
(c) Other current liabilities	4.674	4.714
(d) Short-term provisions	2.942	2.577
Total Current Liabilities (4)	61.726	53.607
TOTAL	92.683	82.301
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.182	2.863
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.384
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.104	0.101
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.286	3.348
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	34.383	32.744
(c) Trade receivables	40.910	39.891
(d) Cash and cash equivalents	4.607	1.861
(e) Short-term loans and advances	7.490	4.450
(f) Other current assets	0.007	0.007
Total Current Assets	87.397	78.953
TOTAL	92.683	82.301

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.579
2] Share Application Money		0.000
3] Reserves & Surplus		19.309
4] (Accumulated Losses)		0.000
NETWORTH		21.888
LOAN FUNDS
1] Secured Loans		39.366
2] Unsecured Loans		11.010
TOTAL BORROWING		50.376
DEFERRED TAX LIABILITIES		0.000
TOTAL		72.264
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.169
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.765
	Sundry Debtors	35.970
	Cash & Bank Balances	7.920
	Other Current Assets	0.000
	Loans & Advances	17.686
Total Current Assets		88.341
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.667
	Other Current Liabilities	8.504
	Provisions	4.075
Total Current Liabilities		19.246
Net Current Assets		69.095
MISCELLANEOUS EXPENSES		0.000
TOTAL		72.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	142.709	128.280	129.570
		Other Income	0.299	2.952	NA
		TOTAL	143.008	131.232	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	135.080	123.451	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.928	7.781	5.448
Less	FINANCIAL EXPENSES		6.727	4.273	1.895
	PROFIT BEFORE TAX		1.201	3.508	3.553
Less	TAX		0.371	1.257	1.320
	PROFIT AFTER TAX		0.830	2.251	2.233
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.004	0.003	0.010
Less	APPROPRIATIONS
		Transfer to General Reserve	0.830	2.250	2.240
	BALANCE CARRIED TO THE B/S		0.004	0.004	0.003
	CIF VALUE OF IMPORTS		1.508	22.174	23.276
	Earnings Per Share (Rs.)		32.20	87.29	86.60

Particulars	31.03.2013
Sales Turnover (Approximately)	160.000

The above information has been parted by Mr. Sourav Banerjee [Office Executive]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.58	1.72	NA
Net Profit Margin (PBT/Sales)	(%)	0.84	2.73	2.74
Return on Total Assets (PBT/Total Assets}	(%)	1.30	4.28	3.88
Return on Investment (ROI) (PBT/Networth)		0.05	0.15	0.16
Debt Equity Ratio (Total Debt/Networth)		1.93	1.60	2.30
Current Ratio (Current Asset/Current Liability)		1.42	1.47	4.59

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Security Deposit	0.106	0.104
SHORT TERM BORROWINGS
Loans and Advances from related parties
15% Inter Corporate loan repayable on Demand	19.047	8.526
15% Loans and advances from Directors	12.992	8.048
10% Loans and advances from related Parties	3.500	0.953
Total	35.645	17.631

FUTURE OUTLOOK

In order to improve the liquidity, Company has taken various steps and now it concentrative more on those markets where payments are much faster. All Possible efforts are being made to improve the overall performance of the company and effect of same will accrue to the company in the coming months.

FIXED ASSETS:

v Factory Building

v Plant and Machinery

v Equipments

v Office Equipments

v Air Conditioner

v Electrical Installation

v Furniture and Fixture

v Vehicles

v Tools and Implement

v Generator

v Computer

v Telephone Installation

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. 60.13
UK Pound	1	Rs. 89.52
Euro	1	Rs. 76.89

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.