MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	AGRO SOLVENT PRODUCTS PRIVATE LIMITED
Registered Office :	2^nd Floor Gopal Bhavan Sanjay Complex, Jayendraganj, Gwalior – 474009, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.05.1982
Com. Reg. No.:	10-001976
Capital Investment / Paid-up Capital :	Rs. 8.802 Millions
CIN No.: [Company Identification No.]	U15141MP1982PTC001976
TAN No.: [Tax Deduction & Collection Account No.]	BPLA00391G
PAN No.: [Permanent Account No.]	AACCA7855L
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Edible Oil, Feed Additives, Soya Lecithin and Acid Oil.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined which has resulted into dip in profit of the company during financial year 2014. However, the rating takes into consideration vast experience of the promoters of ASPPL with an established track record in the soya processing industry and decent liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 26, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	September 26, 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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mahesh Malhotra
Designation :	Director
Contact No.:	91-9993200510
Date :	27.10.2014

LOCATIONS

Registered Office :	2^nd Floor Gopal Bhavan Sanjay Complex, Jayendraganj, Gwalior – 474009, Madhya Pradesh, India
Tel. No.:	91-751-2323960/ 2320419
Mobile No.:	91-9993200510 (Mr. Malhotra)
Fax No.:	91-751-2320368
E-Mail :	sureshkharaj@agrosolvent.com gopalperiwal@agrosolvent.com
Website :	www.agrosolvent.com
Factory :	Govind Niwas, Datia – 475661, Madhya Pradesh, India
Tel. No.:	91-7522-237503
Fax No.:	91-7522-401275

DIRECTORS

As On 07.07.2014

Name :

Suresh Kalra

Designation :

Chairman cum Director

Address :

A-24, Basant Vihar, Gwalior – 474007, Madhya Pradesh, India

Date of Birth/Age :

10.11.1950

Date of Appointment :

01.06.2014

DIN No.:

00711192

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	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PVT LTD	Managing director	01/06/2014	26/05/1982	-	Active	NO
2	U64202MP2000PTC014373	ASPL IMPEX PRIVATE LIMITED	Director	05/09/2000	05/09/2000	-	Active	NO
3	U72200MP2001PTC014870	SYSTEMS LIFECYCLE PRIVATE LIMITED	Director	08/11/2001	08/11/2001	14/02/2008	Active	NO

Name :

Mahesh Kumar Malhotra

Designation :

Whole Time Director

Address :

Bhajanjeet Colony, Datia – 475661, Madhya Pradesh, India

Date of Birth/Age :

07.04.1952

Date of Appointment :

30.11.1989

DIN No.:

00206082

Name :

Jayant Kothari

Designation :

Director

Address :

129, Malvia Nagar, Bhopal – 462003, Madhya Pradesh, India

Date of Birth/Age :

02.11.1951

Date of Appointment :

31.08.1993

DIN No.:

00074306

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	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PVT LTD	Director	31/08/1993	31/08/1993	-	Active	NO
2	U64202MP2000PTC014373	ASPL IMPEX PRIVATE LIMITED	Director	26/10/2000	26/10/2000	-	Active	NO
3	U72200MP2001PTC014870	SYSTEMS LIFECYCLE PRIVATE LIMITED	Director	26/02/2002	26/02/2002	22/04/2008	Active	NO
4	L74999PN1990PLC059566	ATHARV ENTERPRISES LIMITED	Additional director	29/12/2010	29/12/2010	12/07/2011	Active	NO

Name :

Shyam Swaroop Shukla

Designation :

Director

Address :

B-9, Purshottam Vihar, Golaka Mandir, Gwalior – 474005, Madhya Pradesh, India

Date of Birth/Age :

05.08.1946

Date of Appointment :

03.02.2007

DIN No.:

01311989

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.07.2014

Names of Shareholders	No. of Shares
Suresh Kalra	54195
Sarita Kalra	19600
Mahesh Kumar Malhotra	10
Shamit Kalra	6600
Ankit Kalra	6600
HUF Suresh Kalra	1000
Jayant Kothari	5
Shyam Swaroop Shukla	5
Total	88015

As on 07.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Edible Oil, Feed Additives, Soya Lecithin and Acid Oil.
Terms :
Selling :	Advance Payment and Credit
Purchasing :	Advance Payment and Credit

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and Manufacturer
No. of Employees :	130 (Approximately)
Bankers :	State Bank of India, Commercial Branch, Gwalior – 474012, Madhya Pradesh, India

Banking Relations :	--
Auditors :
Name :	Saboo and Company Chartered Accountants
Address :	Saboo Bhawan, Naya Bazar, Gwalior-4174009, Madhya Pradesh, India
Tel. No.:	91-751-2325664
Mobile No.:	91-9200375310
E-Mail :	sks1944@yahoo.com
PAN No.:	AHIPS2376L

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88015	Equity Shares	Rs. 100/- each	Rs. 8.802 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.802	8.802	8.802
(b) Reserves & Surplus	955.097	786.034	558.476
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	963.899	794.836	567.278
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	39.000
(b) Deferred tax liabilities (Net)	45.331	40.973	31.136
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	45.331	40.973	70.136
(4) Current Liabilities
(a) Short term borrowings	237.590	631.104	403.288
(b) Trade payables	13.819	10.399	30.188
(c) Other current liabilities	57.907	87.289	90.069
(d) Short-term provisions	88.326	101.417	41.947
Total Current Liabilities (4)	397.642	830.209	565.492
TOTAL	1406.872	1666.018	1202.906
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	290.338	309.322	261.371
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.730	0.000	0.059
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	35.127	12.936	13.865
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.319	37.109	36.909
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	387.514	359.367	312.204
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	373.048	789.646	693.479
(c) Trade receivables	48.888	345.357	120.441
(d) Cash and cash equivalents	458.656	6.709	7.717
(e) Short-term loans and advances	138.766	164.939	69.065
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1019.358	1306.651	890.702
TOTAL	1406.872	1666.018	1202.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Total Revenue	5064.800	5613.800	4254.100
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION )		308.500	392.800	218.600
Less	FINANCIAL EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/(LOSS) AFTER TAX		182.700	228.600	93.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	302.602
	Earnings Per Share (Rs.)		2075.78	2597.28	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	0.25	0.79	0.78
Current Ratio (Current Asset/Current Liability)	2.56	1.57	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.802	8.802	8.802
Reserves & Surplus	558.476	786.034	955.097
Net worth	567.278	794.836	963.899
long-term borrowings	39.000	0.000	0.000
Short term borrowings	403.288	631.104	237.590
Total borrowings	442.288	631.104	237.590
Debt/Equity ratio	0.780	0.794	0.246

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	4254.100	5613.800	5064.800
		31.962	(9.779)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	4254.100	5613.800	5064.800
Profit	93.600	228.600	182.700
	2.20%	4.07%	3.61%

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 three 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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90205866	18/02/2013 *	706,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, GWALIOR, Madhya Pradesh - 47401  2, INDIA	B69254043
2	90202339	18/10/1986	1,200,000.00	STATE BANK OF INDIA	JIWAJI CHOWK, GWALIOR, Madhya Pradesh - 474009, IN  DIA	-
3	90206702	20/02/1988 *	600,000.00	STATE BANK OF INDIA	JIWAJI CHOWK, GWALIOR, Madhya Pradesh, INDIA	-
4	90204514	25/01/1985 *	6,350,000.00	STATE BANK OF INDIA	JIWAJI CHOWK, GWALIOR, Madhya Pradesh, INDIA	-
5	90204513	06/07/2002 *	104,700,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JIWAJI CHOWK, GWALIOR, Madhya  Pradesh, INDIA	-
6	90206599	03/01/1984	2,250,000.00	STATE BANK OF INDIA	JIWAJI CHOWK, GWALIOR, Madhya Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Buildings
• Plant and Machinery
• Vehicles
• Factory Equipment’s
• Furniture and Fixtures
• Computer
• Office Equipment’s

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. 61.35
UK Pound	1	Rs. 98.93
Euro	1	Rs. 77.92

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.