MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	GROWTECH AGRI SCIENCE PRIVATE LIMITED
Registered Office :	LG – 13, Vikram Square, Scheme No.71, Ranjeet Hanuman Road, Near HP Petrol Pump, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.09.2010
Com. Reg. No.:	10-024231
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24100MP2010PTC024231
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer in Agriculture Pump Sets, Machine Parts, Accessories, Ancillaries, Stores and Spares, Agriculture and all types of tools etc.
No. of Employees :	24 (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 500
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was established as partnership concern during 2007 by the name ‘Growtech Science’ and during 2010 it got reconstituted as a private limited company. Even though the company was incorporated during 2010, the business activities were started in the company during April 2011. The company has recorded sizeable turnover in its first year of operation as a private company. However, the profitability of the company appears to be low. The financial strength of the company is moderate. However, trade relations are reported as improving. Business is active. Payment terms are slow. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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. Sanjay Patidar
Designation :	Director
Contact No.:	91-9301514918
Date :	01.03.2013

LOCATIONS

Registered Office :	LG – 13, Vikram Square, Scheme No.71, Ranjeet Hanuman Road, Near HP Petrol Pump, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4031920
Mobile No.:	91-9301514918 (Mr. Sanjay Patidar)
Fax No.:	Not Available
E-Mail :	growtechagriscience@yahoo.com akmcafiling@gmail.com
Website :	http://www.growtechagriscience.com
Area :	400 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Sanjay Patidar
Designation :	Director
Address :	36-B, Brijvihar Colony, Near Panchal Aata Chakki, Annpurna, Indore, Madhya Pradesh, India
Date of Birth/Age :	05.07.1977
Date of Appointment :	01.09.2010
DIN No.:	03066813
Name :	Mr. Hemraj Ramkrishna Kose
Designation :	Director
Address :	6, Kose Velding Yannda Dekoreshan Javal, Navin, Nagar Parishad Samorun Gadegav
Date of Birth/Age :	05.07.1977
Date of Appointment :	01.09.2010
DIN No.:	03182749

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Sanjay Patidar	5000
Hemraj Ramkrishna Kose	5000
Total	10000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer in Agriculture Pump Sets, Machine Parts, Accessories, Ancillaries, Stores and Spares, Agriculture and all types of tools etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Mani Agro Chemical – Indore

Customers :

Wholesalers, Retailers and End Users

· Tirupati Agro Agencies – Kolhapur

No. of Employees :

24 (Approximately)

Bankers :

· HDFC Bank

Bhavanipur Colony, Indore, Madhya Pradesh, India

· State Bank of India

· The Cosmos Co-operative Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks
HDFC Bank (Car Loan)	0.424	0.000
Total	0.424	0.000

Banking Relations :	--
Auditors :
Name :	Bharat Kumar Agarwal and Company Chartered Accountant
Address :	62-Girdhar Nagar, Near Tilak Nagar, Indore – 452001, Madhya Pradesh, India
Tel No.:	91-731-4035623
Mobile No.:	91-9893399744
PAN No.:	AAIFB1214D
Email :	bharatca_ca@yahoo.co.in
Associates/Subsidiaries :	· Dharti Place For Agro Horti Solutions 95/1, Om Sairam Colony, CAT Road, Indore – 450012, Madhya Pradesh, India Activity: Manufacturer of Agro Products.

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.025	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.125	0.100
LOAN FUNDS
1] Secured Loans		0.424	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.424	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.549	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.592	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.020	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.141	0.000
	Sundry Debtors	2.001	0.000
	Cash & Bank Balances	0.247	0.073
	Other Current Assets	0.005	0.030
	Loans & Advances	0.170	0.000
Total Current Assets		2.564	0.103
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.914	0.000
	Other Current Liabilities	0.612	0.003
	Provisions	0.101	0.000
Total Current Liabilities		2.627	0.003
Net Current Assets		(0.063)	0.100
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		0.549	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operations	11.917	0.000
		Other Income	1.144	0.000
		TOTAL (A)	13.061	0.000
Less	EXPENSES
		Cost of Materials Consumed	7.413	0.000
		Employee benefit Expenses	2.017	0.000
		Others Expenses	3.367	0.000
		TOTAL (B)	12.797	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.264	0.000
Less	FINANCIAL EXPENSES (D)		0.058	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.206	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.170	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.036	0.000
Less	TAX (H)		0.011	0.000
	PROFIT AFTER TAX (G-H) (I)		0.025	0.000
	Earnings Per Share (Rs.)		2.53	--

Expected Sales (2012-13): Rs.20.000 Millions

The above information has been parted by Mr. Sanjay.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	0.19	0.00
Net Profit Margin (PBT/Sales)	(%)	0.30	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.14	0.00
Return on Investment (ROI) (PBT/Networth)		0.29	0.00
Debt Equity Ratio (Total Debt/Networth)		3.39	0.00
Current Ratio (Current Asset/Current Liability)		0.98	34.33

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	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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
34]	External Agency Rating, if available	No

BUSINESS REVIEW:

The company was able to earn Total Income of Rs.13.061 Million and Net Profit after tax for the year of Rs.0.025 Millions. The authorized share capital of the company is Rs.0.500 Million. The issued, Subscribed and fully paid up capital if Rs.0.100 Million at the end of accounting period.

TRADE REFERENCE:

· Mani Agro Chemical – Indore

· Tirupati Agro Agencies – Kolhapur

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] 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.54.29
UK Pound	1	Rs.81.94
Euro	1	Rs.70.02

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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	NO
--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
-	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.