MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	Suman Agritech Limited (w.e.f. 20.12.2012)
Formerly Known As :	Suman Agritech Private Limited (w.e.f. 12.03.2009) MIRAGE IMPEX PRIVATE LIMITED
Registered Office :	Office No.302, Dev Krupa Building, 28, Raichur Street, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.11.1995
Com. Reg. No.:	11-094158
Capital Investment / Paid-up Capital :	Rs.38.502 Millions
CIN No.: [Company Identification No.]	U51900MH1995PTC094158
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Edible Oil
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic dip in sales and profit during 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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. Gautam Jain
Designation :	Finance Manager
Contact No.:	91-731-4018043
Date :	28.06.2013

LOCATIONS

Registered Office :	Office No.302, Dev Krupa Building, 28, Raichur Street, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66102209
Fax No.:	91-22-23724718
E-Mail :	gautam_jain@anikgroup.com sumanagri@indiatimes.com
Website :	www.sumanari.com
Location :	Owned
Corporate Office :	2/1, South Tukogan, Behind High Court, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2513285 / 4018009
Factory :	Village and Post Sakkadi, Kulharia Railway Stattion Road, Block – Kollwar District-Bihar, Ara - 480004, Bihar, India

DIRECTORS

As on 25.09.2012

Name :	Mr. Prahlad Rai Bajoria
Designation :	Director
Address :	G1/11, Gopal Bagh, Gopal Ganj, Jabalpur – 482002, Madhya Pradesh, India
Date of Birth/Age :	14.10.1949
Date of Appointment :	04.10.2002
DIN No.:	00306901
Name :	Mr. Deepak Kumar Chopra
Designation :	Director
Address :	435 Swapnil Apartment, Goyal Nagar, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	14.01.1963
Date of Appointment :	21.09.2009
DIN No.:	02796175
Name :	Mr. Mahendra Kothari Pal
Designation :	Director
Address :	Ch 50 Scheme No.74, Vijay Nagar, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	12.10.1968
Date of Appointment :	16.08.2010
DIN No.:	03205320

KEY EXECUTIVES

Name :	Mr. Gautam Jain
Designation :	Finance Manager
Name :	L.N. Joshi and company
Designation :	Company Secretary
Address :	306, Sterling Arcade, 3^rd Floor, 15/3, Race Course Road, Opposite IDA Building, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-4266708
E-mail	injoshics@yahoo.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Shield Tradelinks Private Limited, India	1261700
Ashok Phadnis S/o Madhav Rao Phadnis	120
Neptune Tradelinks Private Limited, India	1001000
Vishal Victory Metal Engg. Private Limited, India	982300
Chirayu Exports Private Limited, India	605000
Mahendra Pal Kothari	100
Suresh Chandra Shahra HUF	19006250
Total	22856470

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	16.84
Other top fifty shareholders	83.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Edible Oil
Imports :
Products :	Edible Oil
Countries :	Malaysia Indonesia
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

IDBI Bank Limited, Specialised Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore - 452001, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Long Term Borrowings

From Banks Term Loans

574.877

160.180

Less: Current Maturity of Long Term Debts

(75.000)

0.000

Short Term Borrowings

Working capital Loans From Banks

115.973

0.000

Total

615.850

160.180

Name of the Lender	Rate of Interest	Nature of Security	Terms of Repayment
Term Loan with IDBI Bank Rs.281.769 Millions	BR+3.25 %	First charge oh pari-passu basis on the entire fixed assests of the company’s project at Ara D strict, Bhojpur, Bihar Second Charge by way of hyphothicalion of stock, book debts and other current assets(both present and future). Personal Guarantee of Mr. Suresh chandra Shahra.	Repayment in 20 Equal quarterly installments of Rs.15.000 Millions each commencing from March 01,2013
Term Loan with Allahabad Bank Rs.293.108 Millions	BR+3.00 %	First charge on pari-passu basis on the entire fixed assets of the company’s project at Ara District, Bhojpur, Bihar Second Charge by way of hypothication of stock, book debts and other current assets(both piesent and future). Personal Guarantee- of Mr. Suresh chandra Shahra	Repayment in 20 Equal quarterly installments of Rs.15.000 Millions each commencing from June, 2012

Working capital loan from IDB) Bank is Secured against Hypothecation of entire current assets of the company and second charge on entire fixed assets of the company and personal guarantee of Mr. Suresh Shahra

Banking Relations :	---
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre Annex, R. N. T. Marg, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2517341 / 4069301
E-Mail :	ashokkhasglwala@yahoo.com
PAN No.:	AACFA7732P
Sister Concern :	Anik Industries Limited Address: Nariman Point, Mumbai Line of Business: Manufacturer of Edible Oil
Other parties where substantial Interest exists	Shield Tradelinks Private Limited Neptune Tradelinks Private Limited Vishal Victory Metal Engg. Private Limited

CAPITAL STRUCTURE

As on 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22856470	Equity Shares	Rs.10/- each	Rs.228.565 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3850220	Equity Shares	Rs.10/- each	Rs.38.502 Millions

1.1 The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder Is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approva of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 During the year ended March 31, 2010 the company allotted 3500200 equity shares as fully paid up bonus shares by capitalisation of Surplus in Statement of Profit and Loss Rs.35.002 Millions.

1.3 The details of Shareholders holding more than 5% shares:

Name of the Shareholders	No of shares held	% Held
Shield Trade Links Private Limited	1261700	32.77%
Neptune Tradelinks Private Limited	1001000	26.00%
Vishal Victory Metal Engg Private Limited	932300	25.51%
Chirayu Exports Private Limited	605000	15.71%

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	38.502	38.502
(b) Reserves & Surplus	11.811	10.714
(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)	50.313	49.216
(3) Non-Current Liabilities
(a) long-term borrowings	602.652	160.180
(b) Deferred tax liabilities (Net)	0.000	0.262
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	602.652	160.442
(4) Current Liabilities
(a) Short term borrowings	115.973	0.000
(b) Trade payables	474.275	120.971
(c) Other current liabilities	524.345	260.551
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1114.593	381.522
TOTAL	1767.558	591.180
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1020.299	10.855
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4.379	279.348
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	21.876	21.876
(c) Deferred tax assets (net)	0.337	0.000
(d) Long-term Loan and Advances	12.132	2.644
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1059.023	314.723
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	502.423	0.000
(c) Trade receivables	39.105	185.225
(d) Cash and cash equivalents	89.660	16.066
(e) Short-term loans and advances	34.960	73.104
(f) Other current assets	42.387	2.062
Total Current Assets	708.535	276.457
TOTAL	1767.558	591.180

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		38.502
2] Share Application Money		0.000
3] Reserves & Surplus		8.680
4] (Accumulated Losses)		0.000
NETWORTH		47.182
LOAN FUNDS
1] Secured Loans		34.568
2] Unsecured Loans		0.000
TOTAL BORROWING		34.568
DEFERRED TAX LIABILITIES		0.267
TOTAL		82.017
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.916
Capital work-in-progress		1.182
INVESTMENT		21.876
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	30.216
	Cash & Bank Balances	19.237
	Other Current Assets	0.000
	Loans & Advances	97.281
Total Current Assets		146.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.255
	Other Current Liabilities	9.326
	Provisions	2.425
Total Current Liabilities		99.006
Net Current Assets		47.728
MISCELLANEOUS EXPENSES		0.315
TOTAL		82.017

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	80.449	323.713
		Other Income	3.625	3.003
		TOTAL (A)	84.074	326.716	276.325
Less	EXPENSES
		Cost of Materials Consumed	116.166	0.000
		Purchases of Stock in- Trade	73.146	315.302
		Changes in Inventories of Finished goods Work-in-Progress and Stock-in-Trade	(117.909)	0.000
		Employee Benefits Expenses	0.878	0.043
		Other Expenses	7.184	5.010
		TOTAL (B)	79.465	320.355	271.161 (Including Financial and Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.609	6.361
Less	FINANCIAL EXPENSES (D)		2.816	3.230
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.793	3.131
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.192	0.062
	PROFIT BEFORE TAX (E-F) (G)		0.601	3.069	5.164
Less	TAX (H)		(0.497)	1.035	2.422
	PROFIT AFTER TAX (G-H) (I)		1.098	2.034	2.742
	IMPORTS
		Raw Materials	29.928	NA	NA
		Capital Goods	8.280	NA	NA
	TOTAL IMPORTS		38.208	NA	NA
	Earnings Per Share (Rs.)		0.29	0.53	0.64

Particulars	31.03.2013
Sales Turnover (Approximately)	1600.000
	Started a manufacturing unit in 2012

The above information has been parted by Mr. Gautam Jain

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.31	0.62	0.99
Net Profit Margin (PBT/Sales)	(%)	0.75	0.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.03	1.06	3.27
Return on Investment (ROI) (PBT/Networth)		0.01	0.06	0.11
Debt Equity Ratio (Total Debt /Networth)		14.28	3.25	0.73
Current Ratio (Current Asset/Current Liability)		0.64	0.25	1.48

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Due to Micro Small and Medium Enterprises Other	474.275	120.971	87.255
Total	474.275	120.971	87.255

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	Yes
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%	Yes
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)	Yes
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

NOTE:

The registered office address of the company has been shifted from 610, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India to present office w.e.f. 21.09.2009

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Intercorporate Deposits	102.775	0.000
Total	102.775	0.000

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2012	31.03.2011
Bank Guarantee	NIL	0.800
Total	NIL	0.800

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Fire Fighting Equipment
• Office Equipment
• Lab Equipments
• Furniture and Fixture

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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

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.