MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	KRUSHICARE CONSULTANCY PRIVATE LIMITED (w.e.f. 07.05.2012)
Formerly Known As :	KRUSHICARE CONSULTANSY PRIVATE LIMITED
Registered Office :	14-A, Shivam Shopping Center, Near SBI Bank, Sadara Road, Chiloda, Gandhinagar – 382 355, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.03.2012
Com. Reg. No.:	04-069297
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74999GJ2012PTC069297
IEC No.:	Not divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not divulged
PAN No.: [Permanent Account No.]	Not divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier, Exporter, Service provider of Greenhouse, Polyhouse, Farm Management, Water Conditioner, Drip Irrigation, Solar Pump, Fertilizer etc.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 330
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scales of activities are limited. The rating is constrained on account of company’s small scales of business operations and small net worth of the company. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered for small business dealings with some caution. Note : Earlier when we have prepared report on the subject company our executive had word with Mr. Fanindra Bhushan, (Director of Subject Company) and he claimed that “KRUSHICARE” was established as proprietary concern and it got converted into private limited company in 2012 with the name of KRUSHICARE CONSULTANCY PRIVATE LIMITED. However, Mr. Fanindra Bhushan is now claiming that “KRUSHICARE” and “KRUSHICARE CONSULTANCY PRIVATE LIMITED” both are separate legal entity and “KRUSHICARE” is not converted in to private limited company.

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

N E W S

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Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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

Name :	Mr. Bhushan
Designation :	Director
Contact No.:	91-9725013378
Date :	10.11.2014

LOCATIONS

Registered Office/ Factory :	14-A, Shivam Shopping Center, Near SBI Bank, Sadara Road, Chiloda, Gandhinagar – 382 355, Gujarat, India
Tel. No.:	91-79-23273404
Mobile No.:	91-9725013378 (Mr. Bhushan)
Fax No.:	Not Available
E-Mail :	bharat@krushicare.com mhlhari@gmail.com amitpasare@gmail.com
Website :	www.krushicare.com
Owned:	300sq.fts
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Bharatkumar Dahyalal Patel

Designation :

Director

Address :

80, Juno Gadhodiya Was, Jinjava, Jinjava, Taluka Prantij, District Sabarkantha, Jinjava – 383 210, Gujarat, India

Date of Birth/Age :

26.10.1971

Date of Appointment :

07.03.2012

DIN No.:

02628715

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	U01111GJ2009PTC056966	D K KRUSHICARE PRIVATE LIMITED	Director	18/05/2009	18/05/2009	-	Active	NO
2	U74999GJ2012PTC069297	KRUSHICARE CONSULTANCY PRIVATE LIMITED	Director	07/03/2012	07/03/2012	-	Active	NO

Name :

Mr. Fanindra Bhushan

Designation :

Director

Address :

Sector - 12/A, 2156, Bokaro Steel City, Bokaro – 827 012, Jharkhand, India

Date of Birth/Age :

30.06.1982

Date of Appointment :

07.03.2012

DIN No.:

03585573

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	U51909PN2011PTC140515	NECTAR RICH SUPPLY SOLUTIONS PRIVATE LIMITED	Director	18/08/2011	18/08/2011	-	Active	NO
2	U74999GJ2012PTC069297	KRUSHICARE CONSULTANCY PRIVATE LIMITED	Director	07/03/2012	07/03/2012	-	Active	NO

Name :

Mr. Mukundbhai Patel

Designation :

Director

Address :

At Po. Zinzva, Taluka Pranjit District. Sabarkantha, Gujarat, India

Date of Birth/Age :

08.01.1969

Date of Appointment :

18.05.2009

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Bharatkumar Dahyalal Patel	5000
Mukundbhai Dahyalal Patel	5000
Total	10000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier, Exporter, Service provider of Greenhouse, Polyhouse, Farm Management, Water Conditioner, Drip Irrigation, Solar Pump, Fertilizer etc.
Products :	Green house product Water Conditioner
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Foods and Vegetables
Countries :	Dubai United Arab Emirates
Imports :
Products :	Seeds
Countries :	Israel
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Advance Payment

GENERAL INFORMATION

Suppliers :

Reference : 1

Company name :	Jain Irrigation Systems Limited
Name of the Person :	Mr. Gujarati (Marketin Head), Jalgaon Branch
Contact Number :	91-257- 2258011
Since How Long Known :	3 Years
Experience :	Having good experience with subject company. As claimed by Mr. Gujarati that they are satisfy with payment behaviour
Maximum Limit Dealt :	Not Divulged

Reference : 2

Company name :	Global Green Company Limited, Bangalore
Name of the Person :	Mr. Jadeja (Marketing)
Contact Number :	91-80-23536035/38/25527217
Report :	All no. are continuous ringing

Reference : 3

Company name :

D. K. Krushicare Private Limited J. J. Overseas U K Systems

Customers :

End Users, Others, Individual, Farmer and Corporate

Company name :	Global Green Company Limited, Bangalore
Name of the Person :	Mr. Jadeja (Marketing)
Contact Number :	91-80-23536035/38/25527217
Report :	All no. are continuous ringing

Company name :

Snroz Consultancy Private Limited Krushicare Hitch Solution

No. of Employees :

25 (Approximately)

Bankers :

Reference : 1

Bank name :

ICICI Bank, Gandhinagar, Gujarat, India

Reference : 2

Bank name :

State Bank of India, Chilara, Gujarat, India

Reference : 3

Bank name :	HDFC Bank, Himmat Nagar, Gujarat, India
Person Name :	Non co-operative

Banking Relations :	---
Auditors :
Name :	Paresh Parekh and Company Chartered Accountant
Address :	A-504, Shakamba Tower, Opposite Sterling Hospital, Gurukul, Ahmedabad -380052, Gujarat, India
Mobile No.:	91-9879120939/9825181889
E-Mail :	capareshparekh@yahoo.co.in cavimalsachdev@yahoo.co.in
PAN No.:	AAOFP8552A
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	D.K. Krushicare Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

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	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	0.015	0.002
(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)	0.115	0.102
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.001	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.001	0.000
(4) Current Liabilities
(a) Short term borrowings	0.580	0.379
(b) Trade payables	3.537	0.500
(c) Other current liabilities	0.005	0.000
(d) Short-term provisions	0.000	0.003
Total Current Liabilities (4)	4.122	0.882
TOTAL	4.238	0.984
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.265	0.211
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.025	0.025
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.290	0.236
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.666	0.000
(c) Trade receivables	3.085	0.670
(d) Cash and cash equivalents	0.174	0.078
(e) Short-term loans and advances	0.020	0.000
(f) Other current assets	0.003	0.000
Total Current Assets	3.948	0.748
TOTAL	4.238	0.984

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	5.671	0.170
	Other Income	0.000	0.000
	TOTAL	5.671	0.170
Less	EXPENSES
	Other expenses	0.000	0.168
	TOTAL	5.602	0.168
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.069	0.002
Less/ Add	DEPRECIATION/ AMORTISATION	0.051	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.018	0.002
Less	TAX	0.006	0.000
	PROFIT/ (LOSS) AFTER TAX	0.012	0.002
	Earnings / (Loss) Per Share (Rs.)	1.20	1.20

Particulars	31.03.2014
Sales Turnover (Approximately)	10.000

Expected Sales (2014-15) : Rs. 15.000 Millions

The above information has been parted by Mr. Bhushan

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.21	1.18
Operating Profit Margin (PBDIT / Sales)	(%)	1.22	1.18
Return on Total Assets (PBT/Total Assets}	(%)	0.42	0.20
Return on Investment (ROI) (PBT/Networth)		0.16	0.02
Debt Equity Ratio (Total Debt /Networth)		5.04	3.72
Current Ratio (Current Asset/Current Liability)		0.96	0.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	0.002	0.015
Net worth	0.102	0.115
long-term borrowings	0.000	0.000
Short term borrowings	0.379	0.580
Total borrowings	0.379	0.580
Debt/Equity ratio	3.716	5.043

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.170	5.671
		3,235.882

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.170	5.671
Profit	0.002	0.012
	1.18%	0.21%

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 three years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans and advances from related parties
Fanindra Bhushan	0.546	0.378
Bharatkumar Patel	0.026	0.000
Dhruv Patel	0.008	0.000
Total	0.580	0.378

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Plant and Machinery
• Equipments
• Computer Equipments
• 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.61.55
UK Pound	1	Rs.97.53
Euro	1	Rs.76.48

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KAR
Report Prepared by :	ART

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	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.