MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	AROMA AGROTECH PRIVATE LIMITED
Registered Office :	Shop No.145, First Floor, New Grain Market, Gharaunda, Karnal – 132114, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.09.2009
Com. Reg. No.:	05-039552
Capital Investment / Paid-up Capital :	Rs. 12.300 Millions
CIN No.: [Company Identification No.]	U01100HR2009PTC039552
TAN No.: [Tax Deduction & Collection Account No.]	RTKA06185E
PAN No.: [Permanent Account No.]	AAICA2887L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importers of Rice, Basmati Rice, Pusa basmati rice and sella rice.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company satisfactory track. As per registrar of companies the date of financial filed is shown as March 31, 2013 but the documents related to the financials are not available from the government department. As per indirect source, we found that the company possesses a favorable financial profile marked by adequate networth base, modest scale of operations along with efficient working capital management leading to an above average return on capital employed during FY 2013. The ratings also take into consideration, the susceptibility of revenue to fluctuations in raw material prices, unfavorable monsoons and changes in government policies. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of funding support from the promoters, the subject can be considered 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	21.05.2014

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	21.05.2014

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 (GENERAL DETAILS)

Name :	Mr. Anil Garg
Designation :	Director
Contact No.:	91-9813080451
Date :	03.06.2014

LOCATIONS

Registered Office :	Shop No.145, First Floor, New Grain Market, Gharaunda, Karnal – 132114, Haryana, India
Tel. No.:	Not Available
Mobile No.:	91-9813080451 (Mr. Anil Garg)
Fax No.:	Not Available
E-Mail :	cajagdish@aromatech.com info@aromaagrotech.com bharara_92@yahoo.co.in ccorma@gmail.com aromaagro@yahoo.com deepak_thus@yahoo.com
Website :	http://www.aromaagrotech.com
Area :	1000 Sq. ft.
Location :	Owned
Corporate Office/ Factory :	103, Milestone, V. Garhimultan, G.T. Road, Gharaunda, Karnal – 132114, Haryana, India
Tel. No.:	91-1748-252339/ 252139
Fax No.:	91-1748-253639
Location :	Owned

DIRECTORS

As on 30.09.2012

Name :	Mr. Anil Kumar Garg
Designation :	Director
Address :	D.D. 464, Ward No.4, Aggarwal Colony, Gharaunda, Karnal – 132114, Haryana, India
Date of Birth/Age :	07.05.1967
Date of Appointment :	30.09.2009
DIN No.:	02485221
Name :	Mr. Parveen Garg
Designation :	Director
Address :	D.D. 464, Ward No.4, Aggarwal Colony, Gharaunda, Karnal – 132114, Haryana, India
Date of Birth/Age :	02.12.1977
Date of Appointment :	30.09.2009
DIN No.:	02485232
Name :	Mr. Sushil Kumar Garg
Designation :	Director
Address :	D.D. 464, Ward No.4, Aggarwal Colony, Gharaunda, Karnal – 132114, Haryana, India
Date of Birth/Age :	17.03.1969
Date of Appointment :	30.09.2009
DIN No.:	02485241
Name :	Mr. Vinod Kumar Garg
Designation :	Director
Address :	D.D. 464, Ward No.4, Aggarwal Colony, Gharaunda, Karnal – 132114, Haryana, India
Date of Birth/Age :	02.01.1974
Date of Appointment :	30.09.2009
DIN No.:	02486553

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Anil Kumar Garg	218000
Sushil Kumar Garg	215000
Vinod Kumar Garg	211000
Parveen Garg	218000
Darshna Devi	228000
Evergreen Realcon Private Limited, India	8000
Krac Securities Private Limited, India	6800
Mayfair Infosolution Private Limited, India	6000
Madhuban Constructions Private Limited, India	4000
Jigyasa Infrastructure Private Limited, India	8000
Core Capital Services Limited, India	7200
Leo Sales Company Private Limited, India	6000
New Age Infrabuilders Private Limited, India	8000
Safari Tradex Private Limited, India	6000
Akshay Softech Private Limited, India	8000
SRK Pumps and Motors Private Limited, India	6000
Lavena Sales Company Private Limited, India	6000
Crew Infrastructure Private Limited, India	10000
Apri Beverages and Foods Private Limited, India	20000
First Hi-Fin Limited, India	14000
AHY Food Products Limited	10000
Supremo Marketing Private Limited, India	6000
Total	1230000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2012

Category	Percentage
Bodies corporate	11.38
Directors or relatives of Directors	88.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importers of Rice, Basmati Rice, Pusa basmati rice and sella rice.
Products :	v Rice v Basmati Rice 1121 Basmati Rice Pusa Basmati Rice Sella Rice

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

150 (Approximately)

Bankers :

UCO Bank, S.C.O. 55-56-57, Sectore-17B, Chandiarh-160017, Chandigarh, India

Facilities :

Secured Loan

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term loans from bank	52.819	39.398
Short Term Borrowings
Term loans from bank	526.429	415.492
Total	579.248	454.890

Banking Relations :	---
Auditors :
Name :	Deepak Thapar and Company Chartered Accountants
Address :	132-L Model Town, Karnal – 132001, Haryana, India
Tel. No.:	91-1748-2205263
Income-tax PAN of auditor or auditor's firm :	AAMPT3140J

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 13.935 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1230000	Equity Shares	Rs.10/- each	Rs. 12.300 Million

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	12.300	12.300
(b) Reserves & Surplus	84.495	55.811
(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)	96.795	68.111
(3) Non-Current Liabilities
(a) long-term borrowings	75.085	55.682
(b) Deferred tax liabilities (Net)	7.138	0.070
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	82.223	55.752
(4) Current Liabilities
(a) Short term borrowings	526.429	415.492
(b) Trade payables	136.601	146.944
(c) Other current liabilities	17.260	13.621
(d) Short-term provisions	8.707	2.523
Total Current Liabilities (4)	688.997	578.580
TOTAL	868.015	702.443
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	142.983	55.740
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.879	32.173
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.299	0.298
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.137	0.183
Total Non-Current Assets	146.298	88.394
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	522.127	297.711
(c) Trade receivables	174.517	275.045
(d) Cash and cash equivalents	8.890	15.761
(e) Short-term loans and advances	16.183	25.532
(f) Other current assets	0.000	0.000
Total Current Assets	721.717	614.049
TOTAL	868.015	702.443

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.100
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.062
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.062
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.001
	Provisions	0.000
Total Current Liabilities		0.001
Net Current Assets		0.061
MISCELLANEOUS EXPENSES		0.039
TOTAL		0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover
		Other Income
		TOTAL (A)	1582.875	1310.910	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1538.601	1302.525	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		44.274	8.385	NA
Less	TAX (I)		15.590	3.194	NA
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		28.684	5.191	NA
	Earnings / (Loss) Per Share (Rs.)		23.32	4.71	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.81	0.40	NA
Net Profit Margin (PBT/Sales)	(%)	2.80	0.64	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.12	1.25	NA
Return on Investment (ROI) (PBT/Networth)		0.46	0.12	NA
Debt Equity Ratio (Total Debt /Networth)		6.21	6.92	0.00
Current Ratio (Current Asset/Current Liability)		1.05	1.06	0.001

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.300	12.300
Reserves & Surplus	55.811	84.495
Net worth	68.111	96.795
long-term borrowings	55.682	75.085
Short term borrowings	415.492	526.429
Total borrowings	471.174	601.514
Debt/Equity ratio	6.918	6.214

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	1310.910	1582.875
		20.746

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	1310.910	1582.875
Profit	5.191	28.684
	0.40%	1.81%

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	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	No
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	Yes

Unsecured Loan

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loans and advances from director	7.470	0.455
Loans and advances from Others	14.796	15.829
Total	22.266	16.284

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490387	11/03/2014	1,000,000,000.00	CANARA BANK(LEAD BANK) WITH STATE BANK OF PATIALA  & UCO BANK	MAIN BRANCH, G. T. ROAD, PANIPAT, HARYANA -132103, INDIA	C03837952
2	10480034	21/02/2014	160,000,000.00	UCO BANK	S.C.O. 55-56-57, SECTOR-17B, CHANDIGARH, CHANDIGA  RH - 160017, INDIA	B97380729
3	10468494	04/11/2013	600,000,000.00	CANARA BANK	MAIN BRANCH, G. T. ROAD, PANIPAT, HARYANA-132103, INDIA	B92844174
4	10419029	22/02/2013	600,000,000.00	CANARA BANK (LEAD BANK)WITH STATE BANK OF PATIALA	MAIN BRANCH, G. T. ROAD, PANIPAT, HARYANA-132103, INDIA	B72984214
5	10271025	17/02/2011	46,000,000.00	CANARA BANK	MAIN BRANCH, G. T. ROAD, PANIPAT, HARYANA-132103, INDIA	B07116320

* Date of charge modification

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] 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.59.19
UK Pound	1	Rs.99.51
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	NYN
Analysis Done by :	SUB
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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		45

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.