MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	QUALITAS CROP SCIENCES PRIVATE LIMITED
Registered Office :	H. No.8-1-284/OU/446, 1^st Floor, O.U. Colony, Shaikpet, Hyderabad – 500 008, Telangana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.2009
Com. Reg. No.:	063324
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U73100TG2009PTC063324
IEC Code No.:	0911013521
TIN No.:	28377941378
TAN No.: [Tax Deduction & Collection Account No.]	HYDQ00188G
PAN No.: [Permanent Account No.]	AAACQ2108A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agri Seeds.
No. of Employees :	More than 20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financials after 2011 with Government Department. Mr. Moeen, Accounts Manager has provided general information and denied to provide financial information to us. As per financials of 2011, reserves of the company is low. However, trade relation are fair. Business is active. Payment terms are unknown. 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Moeen
Designation :	Accounts Manager
Contact No.:	91-40-23561083
Date :	02.08.2014

LOCATIONS

Registered Office/ Factory :	H. No.8-1-284/OU/446, 1^st Floor, O.U. Colony, Shaikpet, Hyderabad – 500 008, Telangana, India
Tel. No.:	91-40-23561083
Mobile No.:	91-8688119888 (Mr. D.K. Gupta – General Manager)
Fax No.:	91-40-23561083 91-8413-401351
E-Mail :	info@qualitascrop.com jitendraknigam@gmail.com
Website :	www.qualitascrop.com

DIRECTORS

AS ON 30.09.2011

Name :

Ranjana Nigam

Designation :

Director

Address :

H. No.10-1-654, Ram Nagar, Ward No.10, Santosh Nagar, Karimnagar – 505 001, Telangana, India

Date of Birth/Age :

15.06.1974

Date of Appointment :

28.12.2009

Date of Ceasing :

22.12.2011

DIN No.:

02668648

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	U73100TG2009PTC063324	QUALITAS CROP SCIENCES PRIVATE LIMITED	Director	28-12-2009	28-12-2009	22-12-2011	Active	NO

Name :

Mr. Jitendra Kumar Nigam

Designation :

Director

Address :

157, Shastri Bhawan, P.O. Pant Nagar, P S Lalkua, Udham Singh Nagar – 263 153, Uttarakhand, India

Date of Birth/Age :

01.07.1972

Date of Appointment :

13.02.2013

Date of Ceasing :

22.02.2013

DIN No.:

02668633

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	U73100TG2009PTC063324	QUALITAS CROP SCIENCES PRIVATE LIMITED	Director	13-02-2013	28-12-2009	22-02-2013	Active	NO

Name :

Mr. Vishal Aggrawal

Designation :

Director

Address :

Flat No.35, Building-B, Tulip, L and T Serene County, Gachibowli, Hyderabad – 500 032, Telangana, India

Date of Birth/Age :

23.11.1970

Date of Appointment :

01.03.2011

Date of Ceasing :

22.02.2013

DIN No.:

03367862

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	U73100TG2009PTC063324	QUALITAS CROP SCIENCES PRIVATE LIMITED	Director	01-03-2011	01-03-2011	22-02-2013	Active	NO

Name :

Mr. Ajay Jai Narain Pradhan

Designation :

Director

Address :

Actel Semiconductor India, 3rd-4th Floor, 6-3-552, Sriram Towers, Somajiguda, Hyderabad – 500 082, Telangana, India

Date of Birth/Age :

08.07.1968

Date of Appointment :

01.03.2011

Date of Ceasing :

20.06.2014

DIN No.:

03369664

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	U73100TG2009PTC063324	QUALITAS CROP SCIENCES PRIVATE LIMITED	Director	01-03-2011	01-03-2011	20-06-2014	Active	NO

Note:

All available directors are ceasing directors and no information could be gathered on the active directors.

KEY EXECUTIVES

Name :	Mr. Moeen
Designation :	Accounts Manager
Name :	Mr. D.K. Gupta
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares	% of Holding
Jitendra Kumar Nigam	5000	50.00
Ranjana Nigam	5000	50.00
Total	10000	100.00

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agri Seeds.
Products :	· Field Crop and Vegetable Seeds · Rice · Maize · Bajra · Sunflower Seed · Tomato · Chilli · Ladies Finger · Brinjal
Exports :
Products :	· Finished Goods
Countries :	· USA · Ethiopia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	More than 20 (Approximately)
Bankers :	· ICICI Bank Limited · State bank of India, Hyderabad Branch

Banking Relations :	--
Auditors :
Name :	Pavan and Associates Chartered Accountants
Address :	6-3-668/10/11, Durga Nagar Colony, Panjagutta, Hyderabad – 500 082, Telangana, India
Tel. No.:	91-40-66686110
E-Mail :	mail@capavan.com
Website :	www.capavan.com
PAN No.:	AAKFP6663N

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital : Rs.1.350 millions

Issued, Subscribed & Paid-up Capital : Rs.1.250 millions

AS ON 30.09.2011

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		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		1.078	0.000
3] Reserves & Surplus		0.043	0.000
4] (Accumulated Losses)		0.000	(0.004)
NETWORTH		1.221	0.096
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.221	0.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.265	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.517	0.000
	Sundry Debtors	0.389	0.000
	Cash & Bank Balances	0.285	0.082
	Other Current Assets	0.000	0.000
	Loans & Advances	0.190	0.000
Total Current Assets		1.381	0.082
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	0.415	0.004
	Provisions	0.025	0.000
Total Current Liabilities		0.440	0.004
Net Current Assets		0.941	0.078
MISCELLANEOUS EXPENSES		0.015	0.018
TOTAL		1.221	0.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	3.007	0.000
		Other Income	0.007	0.000
		TOTAL	3.014	0.000
Less	EXPENSES
		Change in inventories	(0.517)	0.000
		Direct Expenses	2.822	0.000
		Administrative Expenses	0.625	0.004
		TOTAL	2.930	0.004
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.084	(0.004)
Less/ Add	DEPRECIATION/ AMORTISATION		0.012	0.000
	PROFIT / (LOSS) BEFORE TAX		0.072	(0.004)
Less	TAX		0.025	0.000
	PROFIT / (LOSS) AFTER TAX		0.047	(0.004)
	Earnings / (Loss) Per Share (Rs.)		4.67	(0.40)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	1.56	0.00
Net Profit Margin (PBT/Sales)	(%)	2.39	0.00
Return on Total Assets (PBT/Total Assets}	(%)	4.37	(4.88)
Return on Investment (ROI) (PBT/Networth)		0.06	(0.04)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.14	20.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	0.100
Reserves & Surplus	(0.004)	0.043
Share Application money pending allotment	0.000	1.078
Net worth	0.096	1.221
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011
	(INR in Mlns)	(INR in Mlns)
Income	0.000	3.007
		#DIV/0!

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011
	(INR in Mlns)	(INR in Mlns)
Income	0.000	3.007
Profit	(0.004)	0.047
		1.56%

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 two years	Yes
12]	Profitability for last two 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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Notes:

· The registered office of the company has been shifted from Plot No.195, Flat No.303, Balajee Residency, Secretariat Colony, Pupplaguda, Hyderabad – 500 089, Andhra Pradesh to the present address w.e.f. 03.01.2012.

· No Charges Exist for Company.

BUSINESS REVIEW:

The Company has started the operations during the year and has achieved the turnover of Rs.3.000 millions and the management has succeeded in developing the best quality seed and also in introducing to the markets of North India. The directors are confident of achieving the turnover of Rs.20.000 millions in the FY 2011-12.

FIXED ASSETS:

· Plant and Machinery

· Car

· Furniture

· Laptop

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.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	SMN

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	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.