MIRA INFORM REPORT

Report No. :	314518
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	NARMADA SUGAR PRIVATE LIMITED (w.e.f. 31.10.2002)
Formerly Known As :	JAWANDHYA SUGAR PRIVATE LIMITED
Registered Office :	25, Nasiya Road, Sarvate Bus Stand, Indore-452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.2000
Com. Reg. No.:	10-014147
Capital Investment / Paid-up Capital :	Rs. 16.995 Million
CIN No.: [Company Identification No.]	U01542MP2000PTC014147
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Exporting agricultural products, primarily soya and dairy
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves of the company are decent. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Facilities (BB)
Rating Explanation	Moderate risk of default.
Date	August, 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 DENIED

MANAGEMENT NON CO-OPERATIVE (TEL No. 91-731-2462850)

LOCATIONS

Registered Office :	25, Nasiya Road, Sarvate Bus Stand, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2462850
Fax No.:	Not Divulged
E-Mail :	ramdevsugar@yahoo.co.in

DIRECTORS

As on: 30.09.2014

Name :

Mr. Rajesh Maheshwari

Designation :

Director

Address :

3 Thaini, Taluka Bankhedi District, Hoshangabad, Bankhedi - 461990, Madhya, Pradesh, India

Date of Birth/Age :

09.08.1954

Date of Appointment :

30.03.2000

DIN No.:

00353937

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	U01542MP2000PTC014147	NARMADA SUGAR PRIVATE LIMITED	DIRECTOR	30/03/2000	30/03/2000	-	ACTIVE	NO
2	U15147MP2007PTC019435	JAI GIRIRAJ RICE AND AGRO MILLS PRIVATE LIMITED	DIRECTOR	11/04/2007	11/04/2007	-	ACTIVE	NO
3	U15122MP2006PTC018723	SHAKTI SUGAR MILL PRIVATE LIMITED	DIRECTOR	28/05/2008	28/05/2008	-	ACTIVE	NO

Name :

Mr. Kishore Kumar Maheshwari

Designation :

Director

Address :

Village Thaini, Bankhedi District Hoshangabad, Bankhedi - 461990, Madhya Pradesh, India

Date of Birth/Age :

01.03.1957

Date of Appointment :

30.03.2000

DIN No.:

00354081

Name :

Mr. Ashok Maheshwari

Designation :

Director

Address :

8 Thaini, Taluka Bankhedi District Hoshangabad, Bankhedi - 461990, Madhya Pradesh, India

Date of Birth/Age :

12.06.1955

Date of Appointment :

30.03.2000

DIN No.:

00355819

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	U01542MP2000PTC014147	NARMADA SUGAR PRIVATE LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
2	U63021MP2002PTC015223	SHRI SATPUDA WAREHOUSING PRIVATE LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
3	U15122MP2006PTC018723	SHAKTI SUGAR MILL PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO

Name :

Mr. Vivek Maheshwari

Designation :

Director

Address :

1 Thaini, Taluka Bankhedi Dist Hoshangabad, Bankhedi - 461990, Madhya Pradesh, India

Date of Birth/Age :

22.06.1971

Date of Appointment :

09.02.2010

DIN No.:

00356554

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	U01542MP2000PTC014145	RAMDEV SUGARS PRIVATE LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
2	U15511MP2006PTC019018	SHRINATH SUGARS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Strike off	NO
3	U15147MP2007PTC019435	JAI GIRIRAJ RICE AND AGRO MILLS PRIVATE LIMITED	Director	11/04/2007	11/04/2007	-	Active	NO
4	U15122MP2006PTC018723	SHAKTI SUGAR MILL PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
5	U01542MP2000PTC014147	NARMADA SUGAR PRIVATE LIMITED	Director	09/02/2010	09/02/2010	-	Active	NO
6	U74999TG2002PLC039517	BHARAT PRELAM INDUSTRIES LIMITED	Director	27/09/2011	16/04/2011	-	Active	NO
7	U15424MP2012PTC027495	SHRIJEE SUGAR AND POWER PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :

Mr. Vineet Kumar Maheswari

Designation :

Director

Address :

Village Thaini Bankhedi, Hoshangabad - 461001, Madhya Pradesh, India

Date of Birth/Age :

05.09.1964

Date of Appointment :

30.03.2000

DIN No.:

02700845

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Note: SHAREHOLDER FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	78.00
Other top fifty shareholders	22.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading and Exporting agricultural products, primarily soya and dairy
Products :	Soya and dairy
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

State Bank of India, SME Branch, Govindpura, Bhopal - 462001, Madhya Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan P.D. II (Against Hypothecation of Plant and Machinery and Building and personally guaranteed by all directors.)	0.017	1.044
Bolero Car loan from Central Bank	0.000	0.194
Innova Car Loan from Central Bank	0.650	0.847
Rapid Car Loan from SBI	0.715	0.867
Innova Car loan new from SBI	1.135	0.000
Verna Car loan from ICICI	0.217	0.517
Total	2.734	3.469
Short-term borrowings
Cash-Credit Balance with SBI Bhopal	0.434	98.019
Cash – Credit Balance with SBI Bankhedi	5.454	2.517
Overdraft with SBI Bhopal	0.000	30.151
Total	8.622	134.156

Auditors :
Name :	Mantri Ranjan and Associates Chartered Accountants
Address :	405-406, Manas Bhawan Extention, 11 RNT Marg, Indore- 452001, Madhya Pradesh, India
Tel. No.:	91-731-2511130/2514721
PAN N Income-tax PAN of auditor or auditor's firm :	AADFG4586G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.00 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1,699,500	Equity Shares	Rs.10/- each	Rs. 16.995 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	16.995	16.995	16.995
(b) Reserves & Surplus	241.842	186.688	149.022
(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)	258.837	203.683	166.017
(3) Non-Current Liabilities
(a) long-term borrowings	35.179	20.433	79.658
(b) Deferred tax liabilities (Net)	20.057	17.772	15.724
(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)	55.236	38.205	95.382
(4) Current Liabilities
(a) Short term borrowings	5.888	130.686	112.176
(b) Trade payables	365.860	207.212	210.441
(c) Other current liabilities	4.884	2.325	2.673
(d) Short-term provisions	0.248	5.576	0.315
Total Current Liabilities (4)	376.880	345.799	325.605
TOTAL	690.953	587.687	587.004
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	185.880	192.580	201.172
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.738	2.738	2.738
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1.810	1.686	0.000
Total Non-Current Assets	190.428	197.004	203.910
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	457.512	355.336	345.517
(c) Trade receivables	22.514	12.123	8.379
(d) Cash and cash equivalents	7.370	7.103	2.170
(e) Short-term loans and advances	12.821	16.071	24.168
(f) Other current assets	0.308	0.050	2.860
Total Current Assets	500.525	390.683	383.094
TOTAL	690.953	587.687	587.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	700.886	640.099	478.472
		Other Income
		TOTAL	700.886	640.099	478.472
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	603.222	561.684	416.698
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		97.664	78.415	61.774
Less	FINANCIAL EXPENSES		9.977	6.880	11.132
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		87.687	71.535	50.642
Less/ Add	DEPRECIATION/ AMORTISATION		14.918	15.486	13.646
	PROFIT BEFORE TAX		72.769	56.049	36.996
Less	TAX		17.614	18.384	12.060
	PROFIT AFTER TAX		55.155	37.665	24.936
	Earnings Per Share (Rs.)		32.50	22.20	14.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.57	9.58	6.33
Return on Investment (ROI) (PBT/Networth)		0.28	0.28	0.22
Debt Equity Ratio (Total Debt /Networth)		0.16	0.74	1.16
Current Ratio (Current Asset/Current Liability)		1.33	1.13	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	16.995	16.995	16.995
Reserves & Surplus	149.022	186.688	241.842
Net worth	166.017	203.683	258.837
long-term borrowings	79.658	20.433	35.179
Short term borrowings	112.176	130.686	5.888
Total borrowings	191.834	151.119	41.067
Debt/Equity ratio	1.156	0.742	0.159

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	478.472	640.099	700.886
		33.780	9.496

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	478.472	640.099	700.886
Profit	24.936	37.665	55.155
	5.21%	5.88%	7.87%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
19]	Payments terms	No
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	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

Note: Registered Office of the company has been shifted from “403, Manas Bhawan Main 11, R.N.T. Marg, Indore – 452001, Madhya Pradesh India” to the present address w.e.f. 20.09.2011.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Director	1.685	1.478
From Friend and relatives	30.760	15.486
Total	32.445	16.963

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10366921	11/07/2012	292,400,000.00	STATE BANK OF INDIA	SME BRANCH, GOVINDPURA, BHOPAL - 452001, MADHYA PRADESH, INDIA	B44301315
2	10221213	21/04/2010	230,000,000.00	STATE BANK OF INDIA	SME BRANCH, GOVINDPURA, BHOPAL - 452001, MADHYA PRADESH, INDIA	A86403094
3	90208960	03/06/2014 *	189,200,000.00	STATE BANK OF INDIA	SME BRANCH, GOVINDPURA, BHOPAL - 452001, MADHYA PRADESH, INDIA	C14188692
4	90203871	23/11/2001	11,000,000.00	STATE BANK OF INDIA	SSI BRANCH, INDUSTRIAL AREA, GOVINDPURA, BHOPAL,  MADHYA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture
• Computers
• Vehicles

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	MTN

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--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.