MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED
Formerly Known As :	PIONEER AGRITECHNOSCAN AND EXPORTERS PRIVATE LIMITED
Registered Office :	Plot No. 6-A, Kohinoor Planet, Near Spicer College, Aundh, Pune – 411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.04.1994
Com. Reg. No.:	11-077630
Capital Investment / Paid-up Capital :	Rs. 5.042 Millions
CIN No.: [Company Identification No.]	U70200MH1994PTC077630
TAN No.: [Tax Deduction & Collection Account No.]	PNEP02054D
PAN No.: [Permanent Account No.]	AABCP0342G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Import, Manufacturing and Marketing Specialty Agri Advanced Products and also trading of water soluble fertilizers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 450000
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 commitment. 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 – 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.

LOCATIONS

Registered Office :	Plot No. 6-A, Kohinoor Planet, Near Spicer College, Aundh, Pune – 411007, Maharashtra, India
Tel. No.:	91-20-25412413
Fax No.:	91-20-25412415
E-Mail :	mahafeed@pn2.vsnl.net.in mahafeed@vsnl.net mahafeed_finance@airtelmail.com
Website :	http://www.mahafeedwsf.com
Corporate Office:	City Mall, Office No. 114, 1^st Floor, Ganesh Khind Road, Near Pune University, Pune 411007, Maharashtra, India
Tel. No.:	91-20-66405736/ 66405737
Fax No.:	91-20-66405738
E-mail:	mahafeed@airtelmail.in mahafeed_jpraveenpat@airtelmail.in
Factory :	Gate No. 281/1, Plot No. 21, At Kasar Amboli, Taluka Mulsi, District Pune-412108, Maharashtra, India
Tel. No.:	91-20-22923648
Branch Office:	Located at Nashik Solapur Dhule- Nandurbar Madhya Pradesh Sangli – Kolhapur Vidarbha Aurangabad Gujarat Satara Jalgaon Karnataka Tamilnadu Andhra Pradesh

DIRECTORS

As on: 28.09.2012

Name :

Dr. Trimbakrao Trimbakrao. Patil

Designation :

Managing Director

Address :

Plot No. 6A, Kohinoor Planet, Near Spicer College, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

16.02.1948

Qualification :

MSC (Aqri) Ph. D.

Date of Appointment :

08.04.1994

DIN No.:

00615579

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U70200MH1994PTC077630	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED	Managing director	08/04/1994	08/04/1994	-	Active	NO
2	U24129PN1998PTC012997	NUTRI AHAR SPECIALITY PRODUCTS ( INDIA ) PRIVATE LIMITED	Director	14/12/1998	14/12/1998	25/10/2007	Active	NO
3	AAB-0571	PERCEPT AGRI-TECH SOLUTIONS LLP	Designated Partner	08/08/2012	08/08/2012	-	Active	NO

Name :

Mr. Praveen Trimbakrao Patil

Designation :

Whole Time Director

Address :

35/ 17, 3 Chandram Prabhat Road Lane, 8 Deccan Gymkhana, Pune – 411004, Maharashtra, India

Date of Birth/Age :

25.04.1975

Qualification :

B. E. (Chemical), MBA (Marketing)

Date of Appointment :

08.04.1994

DIN No.:

00615511

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U70200MH1994PTC077630	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED	Whole-time director	08/04/1994	08/04/1994	-	Active	NO
2	U24129PN1998PTC012997	NUTRI AHAR SPECIALITY PRODUCTS ( INDIA ) PRIVATE LIMITED	Director	14/12/1998	14/12/1998	02/10/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Praveen Patil	10
Trimbakrao Patil	10
Trimbakrao Patil Jointlywith Sindhubai Patil	252110
Sindhubai Patil Jointlywith Trimbakrao Patil	252110
Total	504240

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Import, Manufacturing and Marketing Specialty Agri Advanced Products and also trading of water soluble fertilizers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited, 1262/B, Sterling Plaza, Jangali Maharaj Road, Deccan Gymkhana, Pune-411007, Maharashtra, India
• Citibank N.A., 2413, Parmar House, East Street,, Pune - 411001, Maharashtra, India
• Bank of Baroda, Karve Road, Branch, Pune - 414004, Maharashtra, India
• Dena Bank, Kothrud Paud Phata Branch, Paud Phata, Kothrud, Pune – 411038, Maharashtra, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans – Banks Citi Bank Loan [Secured by charge on Corporate office, Pune	13.613	5.023
Axis Bank [Secured by Packing Machinery]	0.622	2.016
HDFC Bank [Secured by car]	0.000	0.645
b) Bank Overdraft Axis Bank [Secured by Packing Machinery]	2.002	16.326
TOTAL	16.237	24.010

Banking Relations :	--
Auditors :
Name :	RMR Shah and Company Chartered Accountants
Address :	208, 209, Nav Maharashtra House, 43, Shaniwar Peth, Pune-411030, Maharashtra, India
PAN No.:	AAJFR0709G

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
504240	Equity Shares	Rs.10/- each	Rs. 5.042 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		5.042	5.042	5.042
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.693	82.896	62.768
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		113.735	87.938	67.810
LOAN FUNDS
1] Secured Loans		16.237	24.010	43.354
2] Unsecured Loans		3.850	4.851	14.605
TOTAL BORROWING		20.087	28.861	57.959
DEFERRED TAX LIABILITIES		4.272	4.032	3.417
TOTAL		138.094	120.831	129.186
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.753	55.090	56.883
Capital work-in-progress		3.430	0.000	0.000
INVESTMENT		59.559	0.030	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.270	59.992	54.845
	Trade receivable	31.557	15.706	17.360
	Cash & Bank Balances	27.977	42.801	13.328
	Other Current Assets	5.389	5.232	12.459
	Loans & Advances	4.696	4.534	0.000
Total Current Assets		139.889	128.265	97.992
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	103.258	50.864	3.652
	Other Current Liabilities	14.587	10.652	17.554
	Provisions	1.692	1.038	4.483
Total Current Liabilities		119.537	62.554	25.689
Net Current Assets		20.352	65.711	72.303
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		138.094	120.831	129.186

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	443.374	314.896	228.418
		Other Income	NA	4.054	1.469
		TOTAL	NA	318.950	229.887
Less	EXPENSES
		Office Expenses	NA	288.898	215.901
		Administrative Expenses	NA
		Advertising Expenses	NA
		TOTAL	NA	288.898	215.901
	PROFIT BEFORE TAX		37.683	30.052	13.986
Less	TAX		11.886	9.951	5.050
	PROFIT AFTER TAX		25.797	20.101	8.936
	Earnings Per Share (Rs.)		51.16	39.86	27.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	6.30	3.89
Net Profit Margin (PBT/Sales)	(%)	8.50	9.54	6.12
Return on Total Assets (PBT/Total Assets}	(%)	26.94	23.43	14.27
Return on Investment (ROI) (PBT/Networth)		0.33	0.34	0.21
Debt Equity Ratio (Total Debt/Networth)		0.18	0.32	0.63
Current Ratio (Current Asset/Current Liability)		1.17	2.05	3.81

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

NOTE

Registered office of the company has been shifted from 9, Chandrama Prabhat Road, Lane 8, Erandawane, Pune – 411004, Maharashtra, India. to present address with effect from 10.08.2007

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
c) Deposits From Dealers	3.851	3.074
d) Loans and Advance from Related Parties (i) Mr. Trimbakrao Tulshiram patil - HUF	0.000	1.778
Total	3.850	4.851

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number (CIN) or foreign company registration number of the company	U70200MH1994PTC077630
Name of the company	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 6 -A, Kohinoor Planet, Near Spicer College, Aundh , Pune – 411007, Maharashtra, India Email-id:- mahafeed_finance@airtelmail.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10125956
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, 1262/B, Sterling Plaza, Jangali Maharaj Road Deccan Gymkhana, Pune – 411004, Maharashtra, India Email-id:- ruchi.Joshi@axisbank.com
Nature of instrument creating charge	Modification to Memorandum of Entry.
Date of instrument Creating the charge	12.06.2012
Amount secured by the charge	Rs. 70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the bank from time to time. Terms of Repayment On demand Margin Margin may stipulated by bank from time to time. Extent and Operation of the charge First pari passu charge with City Bank NA. Others Citibank N.A. has confirmed that the charge created/to be created on Company's immovable property in favour of Axis Bank for its Credit facility of Rs.70.000 millions shall rank first pari passu charge along with the charge created/to be created in favour of Citi bank N.A. for its facilities of Rs.70.000 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) Immovable properties lying and situated at Plot No.21, Gat No.281/A, at Kasar Amboli, Taluka-Mulshi. (ii) Immovable properties lying and situated at Unit No.1, 2 and 3, 2nd Floor, Aditya Shagun Mall, Bavdhan Khurd, Taluka, Pune. (iii) Immovable properties lying and situated at Flats No.9 and 10, Chandrama Apartments, Lane No.8, Prabhat Road, Pune. (owned by Trimbakrao Patil and Sindhubhai Patil)
Date of instrument modifying the charge	15.02.2012
Particulars of the present modification	By this modification immovable properties are provided as additional securities to charge amounting Rs. 70.000 millions.

OPERATIONS

During the financial year 2011-2012, the gross turnover of the company has been increased from Rs. 319.000 millions to Rs. 443.700 millions. During the year company has introduced improved Organic and Inorganic imported products and they have shown positive results. The International prices of most of the products were stable and reasonable compared to previous year which also helped to increase sales.

The company has been experiencing increase in the sales volumes during the first half of 2012-2013 as compared to the same period in the previous year. There has been indeed a positive trend in the market which is encouraging.

During the year company has purchased industrial land at MIDC Nardana and MIDC Dhule for expansion purpose.

CONTINGENT LIABILITY (As on 31.03.2012)

a) Contingent liability of Rs. 4.376 Millions towards customs duty on various goods demanded by authorities and disputed by the company. However, the said liability is already paid by the company and considering opinion obtained by the management, the said is not considered as expenses.

b) Bank guarantee outstanding as on 31.03.20011 is Nil.

FIXED ASSETS

• Land and Building
• Plant and Equipments
• Furniture and Fixtures
• Vehicle
• Office Equipment

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. 54.77
UK Pound	1	Rs. 83.31
Euro	1	Rs. 70.46

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.