MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	MEGA INNOVATIVE CROPS PRIVATE LIMITED
Registered Office :	C/O Anas Motors Private Limited, Teen Rasta Circle, ONGC Road, Ankleshwar – 393 001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.2008
Com. Reg. No.:	04-053246
Capital Investment / Paid-up Capital :	Rs.7.225 millions
CIN No.: [Company Identification No.]	U24239GJ2008PTC053246
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of agro fine chemicals, pesticides, fungicides, agro chemicals, calcium hydroxide, hydrated lime and lime stone.
No. of Employees :	Approximately 95 (In Office - 20 + In Factory - 75)

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 192000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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. P.D. Shuklaa
Designation :	Factory Manager
Contact No.:	91-9558761555
Date :	05.03.2014

LOCATIONS

Registered Office :	C/O Anas Motors Private Limited, Teen Rasta Circle, ONGC Road, Ankleshwar – 393 001, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9558761555 (Mr. P.D. Shuklaa)
Fax No.:	Not Available
E-Mail :	pdshuklaa@gmail.com mga@teammahindramail.com
Location :	Owned
Factory :	Plot No.415, G.I.D.C. Industrial Area, Panoli, Ankleshwar – 393 002, Gujarat, India
Tel. No.:	91-2646-272417/ 244532
Fax No.:	91-2646-243857

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Nasra Salahuddin Baig

Designation :

Director

Address :

51, Bhagyoday Society, Station Road, Ankleshwar – 393 001, Gujarat, India

Date of Appointment :

13.03.2008

DIN No.:

00135502

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	U24231GJ1995PTC026937	MEGA AUTOMOBILES PRIVATE LIMITED	Director	31-07-1995	31-07-1995	-	Active	NO
2	U50101GJ1998PTC034689	ANAS MOTORS PRIVATE LIMITED	Director	18-09-1998	18-09-1998	-	Active	NO
3	U24239GJ2008PTC053246	MEGA INNOVATIVE CROPS PRIVATE LIMITED	Director	13-03-2008	13-03-2008	-	Active	NO

Name :

Mr. Salahuddin Hasanuddin Baig

Designation :

Managing Director

Address :

51, Bhagyoday Society, Station Road, Ankleshwar – 393 001, Gujarat, India

Date of Birth/Age :

15.07.1961

Date of Appointment :

18.01.2011

DIN No.:

00135928

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	U24231GJ1995PTC026937	MEGA AUTOMOBILES PRIVATE LIMITED	Managing director	18-01-2011	31-07-1995	-	Active	NO
2	U50101GJ1998PTC034689	ANAS MOTORS PRIVATE LIMITED	Managing director	18-01-2011	18-09-1998	-	Active	NO
3	U24239GJ2008PTC053246	MEGA INNOVATIVE CROPS PRIVATE LIMITED	Managing director	18-01-2011	13-03-2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. P.D. Shuklaa
Designation :	Factory Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Salahuddn H. Baig	584700
Nasra S. Baig	44000
Ejaz Yusuf Laheri	2000
Yasmin S. Baig	2800
Rabiy Yusuf Laheri	2000
Hasanuddin K. Baig	3000
Mohd. Iqbal Ahmed Miya Shaikh	12000
Mohd. Rafiq Ahmed Miya Shaikh	52000
Ziyauddin H. Baig	10000
Nasra Z. Baig	10000
Total	722500

AS ON 27.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporting of agro fine chemicals, pesticides, fungicides, agro chemicals, calcium hydroxide, hydrated lime and lime stone.
Exports :
Products :	Finished Goods
Countries :	Vietnam
Imports :
Products :	Raw Materials
Countries :	China Japan
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	Approximately 95 (In Office - 20 + In Factory - 75)
Bankers :	Allahabad Bank, Athugar Street, Nanpura, Surat – 395 001, Gujarat, India (Tel. No.: 91-261-2470024) Allahabad Bank, Timiliyabad, Nanpura, Surat – 395 007, Gujarat, India State Bank of India Dena Bank

Banking Relations :	--
Financial Institutions :	Reliance Capital Limited, "H" Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400 710, Maharashtra, India
Auditors :
Name :	Jayantilal K. Shah and Company Chartered Accountants
Address :	17, Indraprasth Shopping Arcade, Near Ankleshwar Railway Station, GIDC, , Ankleshwar – 393 002, Gujarat, India
PAN No.:	AJHPS7669B

CAPITAL STRUCTURE

AFTER 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
722500	Equity Shares	Rs.10/- each	Rs.7.225 millions

AS ON 27.09.2013

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
722500	Equity Shares	Rs.10/- each	Rs.7.225 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	7.225	3.772	3.772
(b) Reserves & Surplus	29.678	15.646	14.995
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	11.000	17.265	17.265
Total Shareholders’ Funds (1) + (2)	47.903	36.683	36.032
(3) Non-Current Liabilities
(a) Long-term borrowings	14.754	19.016	29.675
(b) Deferred tax liabilities (Net)	1.332	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.629
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	16.086	19.016	30.304
(4) Current Liabilities
(a) Short term borrowings	31.382	32.344	21.518
(b) Trade payables	61.597	22.521	7.010
(c) Other current liabilities	10.152	9.379	0.000
(d) Short-term provisions	1.112	0.477	0.000
Total Current Liabilities (4)	104.243	64.721	28.528
TOTAL	168.232	120.420	94.864
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.156	59.095	51.340
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.951	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.181	0.567	2.727
(e) Other Non-current assets	1.290	1.316	0.046
Total Non-Current Assets	70.578	60.978	54.113
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.041	34.063	23.184
(c) Trade receivables	33.293	6.936	10.889
(d) Cash and cash equivalents	2.012	2.462	2.187
(e) Short-term loans and advances	9.451	13.050	0.000
(f) Other current assets	1.857	2.931	4.491
Total Current Assets	97.654	59.442	40.751
TOTAL	168.232	120.420	94.864

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013
TOTAL SALES	183.885
PROFIT / (LOSS)	2.119

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	0.96	1.40	1.42
Current Ratio (Current Asset/Current Liability)	0.94	0.92	1.43

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	3.772	3.772	7.225
Reserves & Surplus	14.995	15.646	29.678
Share Application money pending allotment	17.265	17.265	11.000
Net worth	36.032	36.683	47.903
long-term borrowings	29.675	19.016	14.754
Short term borrowings	21.518	32.344	31.382
Total borrowings	51.193	51.360	46.136
Debt/Equity ratio	1.421	1.400	0.963

LOCAL AGENCY FURTHER INFORMATION

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 one year	Yes
12) Profitability for last one year	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	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428780	17/05/2012	3,353,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B70643804
2	10147921	19/07/2013 *	122,569,000.00	ALLAHABAD BANK	ATHUGAR STREET, NANPURA, SURAT, GUJARAT - 395001, INDIA	B84130889

* 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 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.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

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	6
--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		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.