MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	HIFIELD – AG CHEM (INDIA) PRIVATE LIMITED
Registered Office :	35, Nirala Bazar, Aurangabad – 431001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.11.1994
Com. Reg. No.:	11-082864
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U24200MH1994PTC082864
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pesticides Agro Chemicals.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 273400
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 concern 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 – 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

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. Bhagat Singh
Designation :	Director
Contact No.:	91-9822053700
Date :	10.05.2013

LOCATIONS

Registered Office :	35, Nirala Bazar, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2350788
Mobile No.:	91-9822053700 (Mr. Bhagat Singh)
Fax No.:	91-240-2351288
E-Mail :	agrochem@hifield-ag.com
	Sbj_associates@yahoo.co.in
Website :	www.hifield-ag.com
Location :	Owned
Factory :	G – 39/26, MIDC, Valunj, Dist. Aurangabad – 431136, Maharashtra India

DIRECTORS

As on 30.09.2012

Name :	Mr. Ashok Shivnarayan Darak
Designation :	Director
Address :	Plot No.4, Behind Dr. Panse, Pushpangiri, Aurangabad-431001, Maharashtra, India
Date of Birth/Age :	19.11.1947
Date of Appointment :	11.11.1994
DIN No.:	00137033
Voter ID No. :	MT / 32 / 186 / 189005
Name :	Mr. Bhagatsing Ashok Darak
Designation :	Director
Address :	Plot No.4, Behind Dr. Panse, Pushpangiri, Aurangabad-431001, Maharashtra, India
Date of Birth/Age :	16.06.1976
Date of Appointment :	11.11.1994
DIN No.:	00136866
Voter ID No. :	MT / 32 /186 / 189006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Ashok Shivnarayan Darak	13500
Bhagatsing Ashok Darak	1000
Badrinarayn S. Agrawal	500
Aruna Ahsok Darak	5000
Total	20000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pesticides Agro Chemicals.
Imports :
Products :	Raw Material
Countries :	UAE China Japan
Terms :
Selling :	Cash/Credit (30 Days)
Purchasing :	Cash/Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

55 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Jaggi's Building, Jalna Road, Aurangabad, 431005, Maharashtra, India

· ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Vehicle Loan From ICICI Bank (Secured Against Vehicle)	0.577
State Bank of India (Note: Secured Hypothecation of Stock and Debtors and Second Charge on Land and Building and Plant and Machinery)	0.969
Total	1.546
Secured Loan	As on 31.03.2011
State Bank Of India WLU C.C A/c Note: Secured Hypothecation of Stock and Debtors and Second Charge on Land and Building and Plant and Machinery of the company.	9.331
ICICI Bank Car Loan	1.790
Total	11.121

Banking Relations :	--
Auditors :
Name :	S.B Jaju and Associates Chartered Accountant
Address :	2, First Floor, Gopinath Chmabers, Adalat Road, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2332688 / 2487043
Mobile No.:	91-9325102688
E-Mail :	sbj_associates@yahoo.com
PAN.:	AAQPJ5314C

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		66.352	57.566	50.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.352	59.566	52.840
LOAN FUNDS
1] Secured Loans		1.546	11.121	4.811
2] Unsecured Loans		3.043	2.341	5.751
TOTAL BORROWING		4.589	13.462	10.562
DEFERRED TAX LIABILITIES		0.859	0.867	0.826
TOTAL		73.800	73.895	64.228
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.242	7.615	5.767
Capital work-in-progress		0.000	0.000	0.021
INVESTMENT		1.580	0.740	1.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.230	11.858	15.162
	Sundry Debtors	36.291	29.895	24.920
	Cash & Bank Balances	15.995	9.205	10.284
	Other Current Assets	0.166	7.601	5.234
	Loans & Advances	3.855	7.947	2.409
Total Current Assets		71.537	66.506	58.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.183	0.458	0.130
	Other Current Liabilities	1.566	0.034	0.090
	Provisions	1.810	0.474	0.349
Total Current Liabilities		6.559	0.966	0.569
Net Current Assets		64.978	65.540	57.440
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		73.800	73.895	64.228

PROFIT & LOSS ACCOUNT

Particulars	31.03.2013	31.03.2012	31.03.2011	31.03.2010
SALES TURNOVER (Approximately)	111.100	90.000	68.678	52.687
PROFIT BEFORE TAX	NA	13.315	9.757	7.390

Expected Sales (2013-14) : Rs. 140.000 Millions

The above information has been parted by Mr. Bhagat Singh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	14.79	14.21	14.03
Return on Total Assets (PBT/Total Assets}	(%)	18.21	14.51	12.52
Return on Investment (ROI) (PBT/Networth)		0.19	0.16	0.14
Debt Equity Ratio (Total Debt /Networth)		0.07	0.23	0.20
Current Ratio (Current Asset/Current Liability)		10.91	68.85	101.95

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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 LOAN :

(Rs. In Millions)

Particulars	As on 31.03.2012
Unsecured Loan from Director	3.043
Total	3.043

Particulars	As on 31.03.2011
From Share Holders	2.341
From Directors	0.000
Total	2.341

FIXED ASSETS :

· Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Electrical Installation

· Computer System

· Vehicle

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. 54.54
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.11

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.