MIRA INFORM REPORT

Report No. :	319218
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :		FARMGATE AGRO MILCH PRIVATE LIMITED
Registered Office :		9, Park Area, Gangeshwar Dham Road, Karol Bagh, New Delhi - 110005
Tel. No.:	91-11-40405252
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		02.12.2010
Com. Reg. No.:		55-211008
Capital Investment / Paid-up Capital :		Rs. 18.860 Million
CIN No.: [Company Identification No.]		U15494DL2010PTC211008
TAN No.: [Tax Deduction & Collection Account No.]		DELF04725A
PAN No.: [Permanent Account No.]		AABCF6486D
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer and Exporter of Dairy Products and Milk Products.
No. of Employees :		Not Available

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 667700
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is engaged in manufacturing dairy products. It is an established company having a moderate track record. The company has reported low profitability during FY 2014. The rating further gets constrained due moderate liquidity, inadequate debt-protections measures. Trade relations are fair. Business is active. Payments 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.

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	CRISIL
Rating	Long term rating = B+ [Suspended]
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	December 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.

LOCATIONS

Registered Office :	9, Park Area, Gangeshwar Dham Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-40405252/ 5225
Fax No.:	Not Available
E-Mail :	rocddc@in.com
Corporate Office :	No. 1001, 10th Floor, Pearls Business Park, Netaji Subhash Place, Pitampura, New Delhi – 110034, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rakesh Kumar

Designation :

Director

Address :

16/216, Joshi Road, Karol Bagh, Delhi – 110005, India

Date of Birth/Age :

29.10.1959

Qualification :

Graduate

Experience :

35 Years

Date of Appointment :

02.12.2010

PAN No.:

AAHPK7643Q

DIN No.:

00463451

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	U01211DL1998PTC096907	SUSHILA MILK SPECIALITIES PRIVATE LIMITED	Director	03-11-1998	03-11-1998	-	Active	NO
2	U15209DL2000PTC104300	DAILY AGRO MILK FOODS (INDIA) PRIVATE LIMITED.	Director	09-03-2000	09-03-2000	13-12-2007	Strike off	NO
3	U74899DL1985PTC022552	B K RS LEASING PRIVATE LTD	Director	01-04-2000	01-04-2000	13-12-2007	Active	NO
4	U74899DL2005PTC132297	SUSHILA DAIRY PRODUCTS PRIVATE LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
5	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Director	02-12-2010	02-12-2010	-	Active	NO
6	U15203DL2011PTC219946	FARMGATE MILCH SPECIALITIES PRIVATE LIMITED	Director	27-05-2011	27-05-2011	-	Active	NO
7	U70101DL2008PTC180137	EMBARK BUILDCON PRIVATE LIMITED	Director	01-07-2013	04-05-2013	-	Active	NO
8	U40106DL2015PTC279426	FARMGATE ENERGY PRIVATE LIMITED	Director	23-04-2015	23-04-2015	-	Active	NO

Name :

Mr. Rajat Prabhakar

Designation :

Director

Address :

16/216, Joshi Road, Karol Bagh, Delhi – 110005, India

Date of Birth/Age :

24.06.1988

Date of Appointment :

02.12.2010

PAN No.:

BGCPP6701J

DIN No.:

03312710

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	Company/ LLP Status	Defaulting status
1	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Director	02-12-2010	02-12-2010	Active	NO
2	U15203DL2011PTC219946	FARMGATE MILCH SPECIALITIES PRIVATE LIMITED	Director	27-05-2011	27-05-2011	Active	NO
3	U70101DL2008PTC180137	EMBARK BUILDCON PRIVATE LIMITED	Director	01-07-2013	04-05-2013	Active	NO
4	U27101DL2005PTC139624	BANKEY BIHARI METALS PRIVATE LIMITED	Director	06-08-2013	06-08-2013	Active	NO
5	U74899DL1994PTC063841	JAI SHREE SHYAM ENTERPRISES PRIVATE LIMITED	Director	06-08-2013	06-08-2013	Active	NO
6	U40106DL2015PTC279426	FARMGATE ENERGY PRIVATE LIMITED	Director	23-04-2015	23-04-2015	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rakesh Kumar	1286000	52.58
Rajat Prabhakar	10000	0.41
Embark Buildcon Private Limited, India	870000	35.57
Sushila Milk Specialities Private Limited, India	165000	6.75
Sushila Dairy Products Private Limited, India	115000	4.70
Total	2446000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	47.02
Directors or relatives of directors	52.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dairy Products and Milk Products.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Standard Chartered Bank

10, Parliament Street, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1.855	5.549
SHORT TERM BORROWINGS
Working capital loans from banks	473.973	299.474
Loans taken for vehicles	4.687	5.565
Other loans and advances	2.572	10.868
Total	483.087	321.456

Banking Relations :	--
Auditors :
Name :	Devendra Dahiya and Company Chartered Accountants
Address :	BU-1 SFS Flats, Outer Ring Road, Pitampura, Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAAFO7506K
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,446,000	Equity Shares	Rs. 10/- each	Rs. 24.460 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,886,000	Equity Shares	Rs. 10/- each	Rs. 18.860 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	18.860	10.100	0.100
(b) Reserves & Surplus	221.841	106.580	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.100	0.100
Total Shareholders’ Funds (1) + (2)	240.701	116.780	0.200
(3) Non-Current Liabilities
(a) Long-term borrowings	82.691	52.409	0.000
(b) Deferred tax liabilities (Net)	5.229	2.787	0.000
(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)	87.920	55.196	0.000
(4) Current Liabilities
(a) Short term borrowings	481.232	315.907	0.000
(b) Trade payables	259.117	432.198	0.006
(c) Other current liabilities	112.180	33.443	0.305
(d) Short-term provisions	5.791	2.860	0.010
Total Current Liabilities (4)	858.320	784.408	0.321
TOTAL	1186.941	956.384	0.521
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.233	104.869	0.000
(ii) Intangible Assets	0.046	0.056	0.067
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.312	20.490	0.300
(e) Other Non-current assets	1.264	1.364	0.000
Total Non-Current Assets	130.855	126.779	0.367
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	235.898	355.516	0.000
(c) Trade receivables	590.363	374.598	0.000
(d) Cash and cash equivalents	61.986	12.921	0.154
(e) Short-term loans and advances	99.961	48.373	0.000
(f) Other current assets	67.878	38.197	0.000
Total Current Assets	1056.086	829.605	0.154
TOTAL	1186.941	956.384	0.521

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	4087.392	2791.835	0.000
Less	EXPENSES
		TOTAL (B)	3996.725	2728.373	0.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		90.667	63.462	0.000
Less	FINANCIAL EXPENSES (D)		50.102	34.138	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.565	29.324	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.636	4.652	0.000
	PROFIT BEFORE TAX (E-F) (G)		34.929	24.672	0.000
Less	TAX (H)		11.647	8.092	0.000
	PROFIT AFTER TAX (G-H) (I)		23.282	16.580	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1169.545	384.748	NA
	Earnings Per Share (Rs.)		12.34	16.42	0.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.94	2.58	0.00
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.00
Debt Equity Ratio (Total Debt/Networth)		2.34	3.15	0.00
Current Ratio (Current Asset/Current Liability)		1.23	1.06	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	10.100	18.860
Reserves & Surplus	0.000	106.580	221.841
Share Application money pending allotment	0.100	0.100	0.000
Net worth	0.200	116.780	240.701
Long-term borrowings	0.000	52.409	82.691
Short term borrowings	0.000	315.907	481.232
Total borrowings	0.000	368.316	563.923
Debt/Equity ratio	0.000	3.154	2.343

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)
Total Income	0.000	2791.835	4087.392
			46.405

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	2791.835	4087.392
Profit	0.000	16.580	23.282
		0.59%	0.57%

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	Yes
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	10480601	20/02/2014	400,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B97592984
2	10394929	12/05/2014 *	250,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	C26554402

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	80.836	46.860
Total	80.836	46.860

OPERATION AND FUTURE OUTLOOK

During the second year of operation, the company has achieved a Sales Turnover of Rs. 4087.300 Million as compared to previous year sales turnover of Rs. 279.18 Million. Due to positive trend, Company has been able to earn profit of Rs.23.282 Million after providing for depreciation and tax as compared to previous year profit of Rs. 16.580 Million.

Further, looking at the growth aspects, Directors are planning to expand its business. It is expected that company will do better in near future.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 63.40
UK Pound	1	Rs. 95.42
Euro	1	Rs. 68.49

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.