MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	VICHI AGRO PRODUCTS PRIVATE LIMITED
Registered Office :	147 Prem Bhavan, Jayprakash Road, Andheri (West), Mumbai - 400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.11.2006
Com. Reg. No.:	11-165591
Capital Investment / Paid-up Capital :	Rs.17.711 Millions
CIN No.: [Company Identification No.]	U51101MH2006PTC165591
TAN No.: [Tax Deduction & Collection Account No.]	MUMV14735A
PAN No.: [Permanent Account No.]	AACCV3424A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of agro Products like Rice, Wheat.
No. of Employees :	60 (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 297000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the profit of the company during financial year 2013, also the profit margin of the company is low. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loans (BB-)
Rating Explanation	Moderate risk of default
Date	July 2013

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. Virag Shah
Designation :	Son of Director
Contact No.:	91-9004088051
Date :	25.03.2014

LOCATIONS

Registered Office :	147 Prem Bhavan, Jayprakash Road, Andheri (West), Mumbai - 400058, Maharashtra, India
Tel. No.:	91-22-41414600 / 27665364
Mobile No.:	91-9004088051 (Mr. Virag Shah)
Fax No.:	91-22-27782235
E-Mail :	rajshah@vichiagro.com v_raj@vichiagro.com mps_co@vsnl.net info@vichiagro.com
Website :	http://www.vichiagro.com
Location :	Owned
Corporate Office :	H – 57/58/60, APMC Market - 1, Mudi Bazar, Sector – 19, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	022-27665364/27782727
Factory 1 :	A/355 and A/299, TTC Industrial Area, MIDC, Mahape, Navi Mumbai - 400701, Maharashtra, India
Tel No.:	91-22-27782727
Factory 2 :	192/1 Golana Road, Village : Sokhda, Tal : Khambhat, District Anand - 388620, Gujarat, India
Tel No.:	91-2698-220090

DIRECTORS

As on 28.09.2013

Name :	Mr. Rajendra Tokarshi Shahs
Designation :	Director
Address :	601, Laxmanjulla, Near Navrang Cinema, J.P. Road, Andheri (West) Mumbai, Maharashtra, India
Date of Birth/Age :	27.04.1964
Date of Appointment :	16.11.2006
DIN No.:	00022112
Name :	Mr. Chirag Hitendra Shah
Designation :	Director
Address :	4 ID, Dhanratan Apartment, Off. Bhardawadi, J.P. Road Andheri (West) Mumbai, Maharashtra, India
Date of Birth/Age :	18.08.1981
Date of Appointment :	16.11.2006
DIN No.:	00770702

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Rajendra T Shah	1167220
Chirag H Shah	260870
Nimisha R Shah	53350
Chanchalben T Shah	148030
Pragna H Shah	91860
Hitendra T Shah	10
Rajendra T Shah - HUF	12800
Hitendra T Shah - HUF	7000
Sharad T Shah	6600
Nikhil C Gala	10
Viraj R Shah	23350
Total	1771100

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	99.60
Directors or relatives of Directors	0.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of agro Products like Rice, Wheat.
Exports :
Products :	Finished Goods
Countries :	Canada Brazil Madagascar
Imports :
Products :	Raw Material
Countries :	Madagascar Ethiopia
Terms :
Purchasing :	Depend

GENERAL INFORMATION

Customers :

Others

No. of Employees :

60 (Approximately)

Bankers :

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Secured Term Loans from Bank	7.667	13.160
Short Term Borrowings
Cash credit with banks	125.538	134.706
Total	133.205	147.866

Notes:

Long Term Borrowings

1. Secured Term Loans from Bank Includes loan taken for cars. Car is registered in the name of director, hence loan Is In the name of director. However company is beneficial owner of it. Accordingly, both loan and asset is recorded in the books of the company.

2. Secured Term Loans from Bank includes loan taken for commercial vehicle against the security of the commercial vehicle purchased.

3. Security for Term Loan

The company enjoys term loan facilities from HOFC banks of Rs.20.000 Millions for 48 months at an Interest rate of 11.5% p.a. The security against which term loans were obtained are as, follows

· Mortgage of the assets.

· Hypothecation of present and future ‘current assets of the company including book debts and Inventory.

· Personal Guarantee of the directors

·

Short Term Borrowings

a. Company enjoys cash credit facility of Rs.125.000 Millions from HDFC bank at a floating interest rate of 11 SO%. The security for loan Is as follows

· Hypothecation of present and future current assets of the company including book debts and inventory.

· Personal Guarantee of the director.

b. Company had availed Cash credit facility from SBI against warehousing receipts which has been closed during the year (Previous year closing balance Rs.30.769 Millions).

Banking Relations :	--
Auditors :
Name :	K P B and Associates Chartered Accountants
Address :	505, Rajhans Gaodevi Road, Above Rajmal Lakhichand Jewellers, Naupada, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-32918397
Fax No.:	91-22-25410049
E-Mail :	info@psaindia.net
Website :	www.kpbca.com
PAN No.:	AADFM0370N

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1771100	Equity Shares	Rs.10/- each	Rs.17.711 Millions

0FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.711	9.468
(b) Reserves & Surplus	56.661	27.465
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	15.000
Total Shareholders’ Funds (1) + (2)	74.372	51.933
(3) Non-Current Liabilities
(a) long-term borrowings	57.908	49.695
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	57.908	49.695
(4) Current Liabilities
(a) Short term borrowings	125.538	134.706
(b) Trade payables	43.334	40.160
(c) Other current liabilities	8.810	7.619
(d) Short-term provisions	2.141	2.342
Total Current Liabilities (4)	179.823	184.827
TOTAL	312.103	286.455
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.989	57.088
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.075	0.075
(c) Deferred tax assets (net)	0.145	0.016
(d) Long-term Loan and Advances	0.015	0.000
(e) Other Non-current assets	1.728	1.613
Total Non-Current Assets	53.952	58.792
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	196.720	163.398
(c) Trade receivables	53.441	57.251
(d) Cash and cash equivalents	3.200	2.805
(e) Short-term loans and advances	4.554	4.022
(f) Other current assets	0.236	0.187
Total Current Assets	258.151	227.663
TOTAL	312.103	286.455

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012
GROSS TURNOVER	727.041	554.278
PROFIT/(LOSS) BEFORE TAX	4.443	6.706
TAX	0.129	0.132
PROFIT/(LOSS) AFTER TAX	2.981	5.520
Earnings Per Share (Rs.)	1.68	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	2.47	3.55
Current Ratio (Current Asset/Current Liability)	1.44	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital		9.468	17.711
Reserves & Surplus		27.465	56.661
Share Application money pending allotment		15.000	0.000
Net worth		51.933	74.372
long-term borrowings		49.695	57.908
Short term borrowings		134.706	125.538
Total borrowings		184.401	183.446
Debt/Equity ratio		3.551	2.467

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Millions

PARTICULARS	31.03.2013	31.03.2012
Current maturities of long term debt	5.512	4.942
Total	5.512	4.942

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	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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Unsecured Loans from -
Directors	45.296	26.602
Shareholders	4.107	9.095
Intercompany deposits	0.838	0.838
Total	50.241	36.535

OPERATIONS

During the year company has able to maintain healthy growth in turnover in spite of slowdown in the global market.

BUSINESS OVERVIEW

1. Overall they remain steadfast in their resolve to grow in their activities by building on their strengths overcoming their weakness and by harnessing technology for competitive advantage.

2. As a result of establishment of company’s brand image and expansion the director expects better result in the year to come.

3. In order to manage the risk of business and to expand the customer and products base, company is spreading its wings through retail outlets.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10459119	28/10/2013	80,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B89119077
2	10319989	13/02/2013 *	145,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B68480201
3	10292319	05/02/2013 *	145,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B68038025

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.70
UK Pound	1	Rs.100.10
Euro	1	Rs.83.81

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		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.